Tuesday, June 21, 2016

Currencies Are All Heading To
Their Intrinsic Value .. ZERO
Here’s The Jaw-Dropping Roadmap 
To $10,000 Gold & $500 Silver
"The financial system almost went under in the financial crisis .. With $25 trillion of printed money, credit and guarantees, the system was given a temporary stay of execution. But this $25 trillion was just the initial package. Since 2006 global debt has increased by $90 trillion plus unfunded liabilities and derivatives of several hundred trillion dollars. ... the financial system cannot survive intact. Global debt has gone from $20 trillion to $230 trillion, a more than 10 times increase in the last 25 years, and none of this debt can be repaid with real money ... In their desperate attempts to save the financial system, they have manipulated every single market and financial instrument. They print money, they set interest rates (now negative), they buy their own debt, they support stock markets and they also sell gold (paper NOT physical) ... All of this deceitful manipulation is just creating bigger bubbles that will eventually lead to a total implosion of the financial system ... The world believes that the Shangri-La state that central bankers, led by the Fed, have created in the last 100 years will last forever. A privileged few have accumulated extraordinary wealth. Most normal people in the West believe that they are better off, not realizing that their higher standard of living is based on government debt and deficit spending as well as a massive increase in personal debt .. But before the financial system implodes, there will be the most massive money printing program that the world has ever seen. They will need to print money in a final and futile attempt to save the bankrupt banks. With $1.5 quadrillion in derivatives outstanding, the printing presses (or the computers) will run hot. With Deutsche Bank’s derivatives at $75 trillion and JP Morgan at almost $100 trillion, just those two banks need support at 2.5 times the world's GDP. It is of course not just the financial system that will need support. Governments will run out of any significant tax revenue and will need to print money for all their expenditures. Soon there will be virtually no social security and no pensions. Remember that Japan already prints 50% of its annual expenditures. All of this printing will result in ... the dollar, euro, yen and pound all reaching their intrinsic value of ZERO."
- Egon von Greyerz
LINK HERE to the article

1 comment:

Anonymous said...

In the second half, Max interviews Chris Whalen about negative rates, outlook downgrades and central bank policies.