| Managing Director of Global Gold Claudio Grass from Switzerland discusses paper money vs. hard assets… the flow of wealth from West to East…how likely a global monetary collapse is… and the chances of a global return to some form of gold standard.
Here are a few takeaways: “The people have to understand that … we were born as free people and that we should not act as rulers and slaves. And therefore we should not accept a fiat money system where a few central banks or individuals basically can print money out of thin air, and they decide how much the money will be worth and how much the interest rates will be and who is going to receive the money. I think this kind of system is completely nuts.” “And when we look at the velocity of money, then we are maybe 30% down vs. 2007—so that clearly shows that all this newly created money hasn’t gone into the real economy, it has not ended up with the consumer. Most of the money has been going into the stock market, real estate market, government bonds” “One fine day, we are going to see hyperinflation or we are going to see a deflationary collapse, which has basically the same outcome… Fiat money will be worthless.” “[Gold is] the canary in the coal mine. I mean, the rising price of gold is basically reflecting the distrust in the paper money system. So the funny stuff we are experiencing is that in the paper price of gold we have a bear market, and in the physical market we have a bull market… When I talk to the refineries, the books are filled up until 2016.” |
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