Federal Reserve
The Survival Podcast’s Jack Spirko Predicts U.S. Boom, Then Bust Probably ‘10 Years Into The Future Or More’
The other podcast material I said I was going to talk about today comes from The Survival Podcast, hosted by modern survivalist Jack Spirko. Also selected as a “Resource Of The Week,” I wrote back in March 2011 about TSP:
I can’t remember how I first heard about the podcast- but I’m glad I did. Spirko publishes new episodes several times a week. And they’re chock-full of useful information for the novice through expert homesteader/prepper/survivalist- or someone who just wants to be more self-sufficient in their daily living.
But TSP doesn’t focus solely on preparedness/survival topics. Spirko tosses economics and finance in there as well. And listening to him for a few years now- he undoubtedly gets it. Big picture included.
And here’s what the host of The Survival Podcast had to say about the “big picture” back on May 9 in episode 1127, “Risk Assessments and Readiness Audits”:
I do believe our biggest threat is economic. I believe that this country is in store for an economic boom. Yeah, I said boom. If you’ve not been listening to me, I think we’re about to have one of the best periods ever in the history of the country from an economic standpoint. Sadly, it will be driven by both fake and real factors. Fake economic factors, real energy factors. But that can only go on so long. And sooner or later we are going to get to a point where inflation, the devaluation of money, the ridiculous level of debt and the interest there on it, do their full-scale, whole cancer-style damage, eat the patient from the inside, and we wake up to terminal financial illness as a nation.
But that’s not happening tomorrow. That’s not happening next year. That’s not even happening in the next 5 years. There could be recessions and things in the middle. But that day is probably at this point 10 years into the future or more.
And I don’t claim to be Nostradamus. I don’t know the exact timeline. I can just do math and can say with mathematical certainty this system at some point must fail.
“10 years into the future or more”
I think I just heard a collective sigh of relief from many readers.
Not so fast.
Regular readers of Survival And Prosperity know that I’ve been warning about a coming U.S. financial crash for almost 6 years (2007-2010 Boom2Bust.com included). I’ve never thrown a “start” date out there because I’m well-aware the central bankers excel at “kicking the can down the road.” Look at the “Panic of 2008” and how that was “papered over”- for the time being. Spirko knows that our “financial reckoning day” can keep getting pushed back- a lot longer than many of his listeners might think is possible. And I think that was what he was trying to convey with that “10 years into the future or more” bit. I’m pretty sure he didn’t throw that out there to say “all’s well,” or that any new preparedness plan and program should incorporate a 10-year timeframe until the economy and larger financial system hits the proverbial brick wall.
Like I said before- Jack Spirko gets it. If he thinks the U.S. is heading for a boom, then a bust a decade or so out, then it’s a forecast worth considering.
In the meantime, he’d probably agree with me when I say it might be wise to take advantage of the “good times” to get squared-away for what’s in store for us down the road.
You can listen to the podcast of episode 1127 here via The Survival Podcast website.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
Peter Schiff On Recovery Talk: ‘Would Have Thought People Might Have Learned Something By Now’
In his latest entry on The Schiff Report YouTube video blog, Peter Schiff really called out the economic Pollyannas for their talk of a real, sustainable recovery. Schiff, who correctly-called the U.S. housing crash and “Panic of ’08,” warned in yesterday’s posting:
Don’t confuse rising asset prices with a real recovery. Asset prices are rising because the Fed is artificially-stimulating the economy. And as long as the Fed is artificially-stimulating, we will never have a legitimate recovery. Stocks and real estate prices are rising for the wrong reason. They’re rising for the same reason as they were rising in 2004, 2005, 2006. And we all know how that movie ended. Well this movie is going to have an even worse ending. This is basically the same movie, only we’re making the same mistakes on a grander scale.
And it’s amazing for me to watch it, as all the people who were so clueless back in ’04, ’05, and ’06, who said that “no one could have seen this coming.” In the aftermath of the crisis in 2008 and 2009, these are the same guys that are oblivious today. And people like me who did see it coming, we’re the ones that are warning about the next crisis. And our warnings are being received with the same reaction as they were the last time around. You would have thought people might have learned something by now.
Despite all the evidence that the economic recovery is just a story- it’s wishful thinking at best, and maybe, more like propaganda- the market continues to march on.
The CEO/Chief Global Strategist of Euro Pacific Capital revealed that he’s been buying gold. Schiff explained:
The only reason we’re getting the rally in the stock and bond market, the only reason it’s not “the end of the world,” is because the Federal Reserve and other central banks are doing precisely what I feared they would do, which is exactly why I’ve been buying gold. So the reasons to buy gold have never been greater. And I think this new-found pessimism is going to create the backdrop- the wall of worry- that can launch the market into new highs.
“Stocks rise as recovery fantasy fades, oil breaks out, potential bottom in gold & silver”
YouTube Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Former High-Ranking Treasury Official: Fed Ordered Attack On Gold
Speaking of manipulating the price of gold, there’s been a good deal of suspicion that the yellow metal has come under deliberate attack.
It doesn’t come as a surprise to me that some might think this, considering the following:
• A number of Federal Reserve officials keep blabbing on about how the central bank might dial back quantitative easing soon, helping to shore up the U.S. dollar when they do this while subsequently detracting from gold’s allure
• The seemingly-reformed financial news media (accused of being stock market cheerleaders in the 90s and early 2000s) has bared their true colors and have savaged gold with a barrage of negative press. Of course they fail to mention that “gold is still up by more than 400 percent from the lows in 1999, whereas the S&P is barely up 2 percent from their highs in 2000,” as Marc Faber reminded Yahoo! Finance viewers this morning.
• Then there’s that huge disconnect between the “paper” gold market- where traders are supposedly running for the hills- and the “physical” gold market, where buyers are paying significant premiums over spot to acquire tangible gold and dealers are describing current demand as being a buying frenzy, not seeing anything like this in years- even decades.
Enter Paul Craig Roberts, chairman of the Florida-based Institute for Political Economy. Roberts is a former associate editor and columnist for the Wall Street Journal who President Reagan appointed as Assistant Secretary of the Treasury for Economic Policy.
Roberts thinks the Federal Reserve has been orchestrating an attack on gold.
He wrote on the Institute’s website this past Saturday:
On Friday, April 12, 2013, short sales of gold hit the New York market in an amount estimated to have been somewhere between 124 and 400 tons of gold. This enormous and unprecedented sale implies an illegal conspiracy of sellers intent on rigging the market or action by the Federal Reserve through its agents, the BTBF that are the bullion banks.
The enormous sales of naked shorts drove down the gold price, triggering stop-loss orders and margin calls. The attack continued on Monday, April 15, and has continued since.
Before going further, note that there are position limits imposed on the number of contracts that traders can sell at one time. The 124 tons figure would have required 14 traders with no open interest on the exchange to sell all together in the same few minutes 40,000 futures contracts. The likelihood of so many traders deciding to short at the same moment at the maximum permitted is not believable. This was an attack ordered by the Federal Reserve, which is why there is no investigation of the illegality.
Note also that no seller that wanted out of a position would give himself a low price by dumping an enormous amount all at once unless the goal was not profit but to smash the bullion price.
Since the April 12-15 attack on the gold price, subsequent attacks have occurred at 2pm Hong Kong time and 2 am New York time. At this time activity is light, waiting on London to begin operating. As William S.Kaye has observed, no entity concerned about profits would choose this time to sell 20,000 to 30,000 futures contracts, but this is what has been happening.
Who can be unconcerned with losing money in this way? Only a central bank that can print it.
(Editor’s note: Italics added for emphasis)
Roberts isn’t the only one accusing the Fed of ordering an attack on gold. Back on April 29 I started off a post with the following April 17 statement from Ambrose Evans-Prtichard, international business editor over at The Telegraph (UK):
My view is that the US Federal Reserve and the Bank of Japan ‘caused’ the gold crash. The rest is noise…
The world is still in a contained depression. Sliding commodities tell us global money is if anything too tight. ‘There is a threat of deflation almost everywhere. A lot of central banks will have to follow the Bank of Japan, whatever they say now,’ said Lars Christensen form Danske Bank.
The era of money printing is young yet. Gold will have its day again.
You can read the entire Roberts’ piece on the Institute for Political Economy’s website here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
CNBC Tries Calling Out Peter Schiff Over Gold Price
Anyone remember those “Peter Schiff Was Right” YouTube.com videos that went viral right after the U.S. housing bubble popped and the global economic crisis really reared its ugly head in the fall of 2008?
Here’s probably the most popular one out there.
Well, I’m convinced a clip or more of Thursday’s installment of the CNBC show Futures Now, hosted by CNBC Reporter Jackie DeAngelis, will be included in a future “Peter Schiff Was Right About Gold” YouTube video. From an exchange between DeAngelis and the CEO and chief global strategist of Euro Pacific Capital:
SCHIFF: You’re talking about investors’ demand for gold going down. I would disagree. Because I own a gold company too, Euro Pacific Precious Metals. And we’ve never had more demand from our clients in the history of my company than we have now. I would say speculators, speculative demand, is what went down. I think a lot of people who came late to the gold rally were speculating in gold. They were simply buying it because the price was rising. They wanted to hop on that train. They use ETFs. They use futures markets. So I think the speculators have been flushed from the market in this pullback. But the investors- they’re still there. Because all of the reasons they’ve been buying gold for the past 10 or 12 years- those reasons have never been stronger. And so investor demand continues. We’ve flushed away the speculative demand. But I think the speculators will come back in the next rally.
DEANGELIS: Alright. Well, Peter, let’s step back for a second because you kind of jumped in there on the conversation we were having and I definitely appreciate your opinion on that. But I want to talk about the gold price that we’re looking at right now. $1,383.60. That is the price that we’re looking at at this point. We’ve had you on the show multiple times before, you said that gold was going to skyrocket, you say it’s going to be a bumpy ride and you can’t tell us exactly how we’re going to get there. But tell me today, Peter, why have you gotten it wrong?
(Editor’s note: Bold added for emphasis)
SCHIFF: I don’t think I have gotten it wrong. You just said I said it would be a bumpy ride. Look, it’s been bumpy, but I’ve been on this ride since gold was under $300 an ounce. It’s not like gold is down from that point. It’s off its highs. But I think what’s going on right now is you’ve got a false narrative out there that the U.S. economy is improving. It’s not. All the data points have been negative. A deluge of negative data came out today. The only evidence of a rebounding economy, is the stock market going up, or the real estate market going up. But that’s not because the economy is sound. That’s because of all the cheap money created by the Fed. That’s the same reason why stock and real estate prices were going up in 2006 or 2007. It is a bubble. The economy, meanwhile, is actually getting worse. And all this talk about the Fed getting ready to take away the punch bowl is all talk. They’re going to spike it even more. They’re going to up the size of QE. But people who are speculating of an early end are getting it wrong. Gold is going through a correction. All bull markets have a correction. It is a buying opportunity.
“Schiff: Gold a Generational Buy”
CNBC Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Peter Schiff Warns Of ‘Phony Jobs In A Phony Economy’
“Total nonfarm payroll employment rose by 165,000 in April, and the unemployment rate was little changed at 7.5 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, food services and drinking places, retail trade, and health care.”
-U.S. Department of Labor, Bureau of Labor Statistics, May 3, 2013
Peter Schiff, the CEO/Chief Global Strategist of Euro Pacific Capital who correctly called the U.S. housing bust and “Panic of ’08,” was critical of the latest U.S. jobs report in his latest entry on The Schiff Report YouTube video blog. Schiff pointed out:
The fact of the matter is, all of the jobs that were created, the reason they were created was because of QE. QE is the only reason we’re creating these jobs. And if the Fed ever were to taper it back, the jobs would disappear. As a matter of fact, the Fed is going to have to up the size of the QE to sustain these jobs. Just like with any drug, you develop a tolerance. And so the more you use, the more you have to use. So we’re going to need ever-increasing doses of QE to maintain these phony jobs.
Meanwhile, the data itself, was not even good.
(Editor’s note: Schiff’s look of disgust after saying this= priceless)
I mean, sure, it beat expectations. Because the bar had been lowered so much. It only created 165,000 jobs. All of those jobs were in the service sector. We didn’t create one manufacturing job. Zero. So we’re not creating the jobs that make us richer. We’re creating the jobs that are actually going to drain our wealth because we’re borrowing money to create them…
The bottom line is the media is going to cover this- the unemployment rate has gone down to 7.5 percent. It’s like a four-year low. We’re creating jobs. They’re going to say that things are getting better. They’re not. They’re not getting better, they’re getting worse. Government statistics don’t tell the whole story. In many cases, they tell the wrong story. And eventually, of course, when the music does stop, these jobs are going to disappear. Along with the phony economic growth that went along with it. One way or another, it’s going to happen.
“Jobs And Stocks — Behind The Numbers Lurks A Bubble Disguised As A Recovery”
YouTube Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Redfin CEO Identifies Most- And Least-Vulnerable Metro Housing Markets To Experience Another Bubble
Last week in my Sunday paper, I spotted yet another great article by Chicago Tribune real estate reporter Mary Umberger. It was an interview with Glenn Kelman, chief executive officer of Redfin, a real estate brokerage doing business in 20 U.S. housing markets.
Apparently, Redfin recently ranked 15 major metropolitan areas it perceived as most- and least-vulnerable to experiencing another housing bubble. Kelman told Umberger:
We’ve looked at several factors: income to home-price ratios, ratios of sale price to listing price, the frequency of flips (resales within 18 months of purchase), incidences of bidding wars, and rates of going under contract within two weeks of listing.
From looking at those things, we think there are four markets that are in mini-bubble territory, at risk of price correction: Washington, Los Angeles, San Diego and San Francisco.
At the other end of the list, the least likely to see a correction is Atlanta, followed closely by Chicago, Las Vegas and Dallas.
A new housing bubble. Something I’m starting to hear more of these days.
Anyone remember “crash prophet” Peter Schiff’s warning from last September? I blogged on September 18, 2012:
In his September 14 entry on the The Schiff Report YouTube video blog, Schiff, who correctly-predicted the bursting of the U.S. housing bubble and 2008 global economic crisis, explained to viewers what QE3 was really about:
This is the plan that Ben Bernanke has. Ben Bernanke’s plan to revive the U.S. economy, and create jobs, is to inflate another housing bubble. That’s it. That’s what the Fed’s got. That’s what it came up with. As if the last housing bubble worked out so well for the economy, that the Fed wants an encore.
You can read Umberger’s entire exchange with Redfin’s Kelman on the Tribune website here. Interesting stuff.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Gold Price Takedown Leads To Buying Frenzy
“My view is that the US Federal Reserve and the Bank of Japan ’caused’ the gold crash. The rest is noise…
The world is still in a contained depression. Sliding commodities tell us global money is if anything too tight. ‘There is a threat of deflation almost everywhere. A lot of central banks will have to follow the Bank of Japan, whatever they say now,’ said Lars Christensen form Danske Bank.
The era of money printing is young yet. Gold will have its day again.”
-Ambrose Evans-Pritchard, The Telegraph (UK), April 17, 2013
Since I started blogging nearly six years ago, if I had a dollar every time I read somewhere “gold is toast,” I’d be a millionaire by now.
Fine. I’d have a hell of a lot of singles.
And a raised eyebrow from my girlfriend.
Seriously though, what is it with people who absolutely detest the precious metal?
I’m not a big fan of paper assets, but I don’t make it my life’s mission to crucify them whenever I get the chance (website and blog comments come to mind here).
My take on investing is- keep an open mind. Lest you squander major money making opportunities. Certain asset classes simply perform better than others at different points in time.
There’s a time for stocks, bonds, currencies, what have you.
And for a number of global investors, now is the time for gold.
Sure, the precious metal really got hammered in the price department the other week. But this resulted in a buying frenzy of the physical bullion. John Noble reported on the Financial Times (UK) website on April 22:
Asia is witnessing one of the strongest waves of physical gold buying in 30 years, with bargain hunters using the drop in prices to secure jewellery and gold bars.
The feverish buying has left many of Hong Kong’s banks, jewellers and even its gold exchange without enough yellow metal to meet demand. In Shanghai, the gold exchange saw volumes – often seen as a proxy for demand – rising to a record on Monday, while queues formed outside some jewellery shops in Beijing.
To give you an idea of just how crazy the demand is in China, Noble, who’s writing from Hong Kong, added:
Haywood Cheung, president of the Hong Kong Gold & Silver Exchange Society, said the exchange had effectively run out of most of its holdings as members looked to meet a shortfall in supply amid rampant retail demand for gold.
“In terms of volume, I haven’t seen this gold rush for over 20 years,” he said. “Older members who have been in the business for 50 years haven’t seen such a thing.”
The Times piece noted demand for the yellow metal is also strong in India. Something Biman Mukherji and Debiprasad Nayak confirmed on the Wall Street Journal website on April 23. They wrote:
Indian gold retailers are paying more in order to meet immediate demand, as customers scoop up every gold bar they can lay their hands on in the wake of a plunge in international prices.
Indian retailers say they are paying premiums of $8-$10 an ounce over the international gold price, which is around $1,425 a troy ounce. That’s four or five times the premium retailers usually pay for imported gold during periods of peak demand in India, according to traders.
“We have not seen this kind of premium on gold imports in years,” said Suresh Hundia, president emeritus of the Bombay Bullion Association.
Gold demand is not too shabby in nearby Australia either. Jake Lloyd-Smith reported on the Bloomberg website tonight:
Australia’s Perth Mint, which refines nearly all of the nation’s bullion, said that demand has jumped to the highest level in five years after prices plunged, with the factory kept open through the weekend to meet orders.
There’s been strong interest, including from the U.S., with buyers speculating that the metal will rebound from the decline, Ron Currie, sales and marketing director, said in a phone interview from Perth…
“We haven’t seen levels like this since the 2008 global financial crisis,” Currie said yesterday. “Compared to March sales, April sales have doubled or tripled,” he said, without providing figures.
On Friday, April 12, the afternoon fix gold spot price was $1,535.50 per ounce. The price tumbled to $1,380 an ounce by Tuesday, April 16. Today, the London P.M. fix was back up to $1,467.50.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
Sources:
Noble, John. “Asian bargain hunters pile into gold.” Financial Times. 22 Apr. 2013. (http://www.ft.com/intl/cms/s/0/56244496-ab39-11e2-ac71-00144feabdc0.html#axzz2RuiP9ndw). 29 Apr. 2013.
Mukherji, Biman and Nayak, Debiprasad. “India Gold Premiums Soar as Demand Outstrips Supply” Wall Street Journal. 23 Apr. 2013. (http://online.wsj.com/article/SB10001424127887324874204578440242906344734.html). 29 Apr. 2013.
Lloyd-Smith, Jake. “Perth Mint Works Through Weekend as Gold Demand Surges on Price.” Bloomberg.com. 29 Apr. 2013. (http://www.bloomberg.com/news/2013-04-30/perth-mint-works-through-weekend-as-gold-demand-surges-on-price.html). 29 Apr. 2013.
Texas To Build Its Own Fort Knox?
“We’re trying to figure out the right amount of gold to have here in Texas. We don’t want just the certificates. We want our gold. And if you’re the state of Texas, you should be able to get your gold.”
-Texas State Representative Giovanni Capriglione (R-Southlake), who is carrying a bill to establish the Texas Bullion Depository, a state-based facility in which gold bullion belonging to the State of Texas and its citizens would be stored, on Forth Worth Star-Telegram website, March 21, 2013
Ever since I got back from Dallas, Texas, late Thursday night, people in Chicago have been asking me what I thought about the place since it was my first time in the “Lone Star State.”
“Buzzing” was how I described it. A vibe I hadn’t felt around these parts since the nineties (I was awake enough to see through the housing bubble-induced artificiality of the mid-2000s).
And the intensity of the buzz appears to have grown the last few days with news coming out of the former independent republic that a state-based and protected Texas Bullion Depository- a Texas “Fort Knox,” so to speak- may be in the works. From Aman Batheja and Emily Ramshaw on the website of the Forth Worth Star-Telegram on Thursday:
Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas.
And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Company, or UTIMCO, and currently stored by the Federal Reserve…
Capriglione said the bill is not about putting Texas on its own gold standard. Rather, a depository would give the state a reputation as being more financially secure in the event of a national or international financial crisis.
And bolster the perception of stability as the state continues efforts to attract business from other parts of the country.
On Thursday, Lauren Lyster of the Yahoo! Finance show The Daily Ticker discussed the proposed Texas Bullion Depository with Jim Rickards, senior managing director of Tangent Capital Partners. It was a good exchange, which you can watch in its entirety (less than 5 minutes) on the Yahoo! Finance website here.
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
Source:
Batheja, Aman and Ramshaw, Emily. “Tarrant lawmaker seeks to create Texas Bullion Depository.” Forth Worth Star-Telegram. 21 Mar. 2013. (http://www.star-telegram.com/2013/03/21/4720491/tarrant-lawmaker-seeks-to-create.html). 23 Mar. 2013.
Peter Schiff: U.S. Will Experience Cyprus ‘Bail-In’
Peter Schiff, Euro Pacific Capital CEO/Chief Global Strategist, talked about the proposed Cyprus “bail-in” despite Cyrpiot bank accounts having deposit insurance in his March 18 entry on The Schiff Report YouTube video blog. Schiff, who correctly-called the 2008 global economic crisis and U.S. housing bust, warned viewers:
You know, ultimately, the same thing is going to happen in the United States. We’ve got deposit insurance here in America. But eventually, we’re going to be faced with a similar problem. When interest rates rise, and big banks fail, the FDIC doesn’t have the money for a bailout. And, if the Fed is tightening, the Treasury doesn’t have the money to bail anybody out. So, we’re going to be in the same situation.
Schiff sees the Cyprus fiasco as being bullish for gold. He added yesterday:
I think, first of all, that this is a very positive development for gold. Now, the reason for that is that bank deposits are at risk. And if you think your money is at risk in a bank and you pull it out, what are you going to do with it? Well, putting it in gold is a great alternative. In fact, if you had euros deposited in a Cyprus bank, now you’ve lost about 10 percent, close to 10 percent of the value of those deposits, or 10 percent of your euros. But if you had gold in a safety deposit box in a Cyprus bank, you haven’t lost an ounce. So the people who have gold are whole, and those who have euros, or other currencies you had on deposit, but they’ve had a loss. So this highlights the safe haven aspect of gold.
“Insured Bank Deposits At Risk, America Burns While Obama Golfs”
YouTube Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
Jim Rogers: ‘This Is Artificial Floating Of Assets And It’s Going To End Badly’
Lots of Americans these days probably think higher stock and home prices reflect the economic reality of the times.
A strong economic recovery in America?
Try fiat currency printing presses around the world working overtime.
The famous investor Jim Rogers sat down with CNN International’s Nina Dos Santos, host of World Business Today, last Friday. From their exchange:
ROGERS: It’s the first time in world history, recorded history, when all major central banks at the same time are printing a lot of money. The Japanese in December said “we will print unlimited amounts of money.” So the Americans said “we can do that!”
DOS SANTOS: You don’t agree with that strategy?
ROGERS: No, of course not. Debasing your currency sometimes works in the short-term. It has never worked in the long-term. And it doesn’t ever usually work in the medium-term. Debasing your currency- lots of politicians like to do it because it’s an easy way. But then the Americans said “we’ll print money.” And then the English said “well, we’ll print money.” And the Europeans of course. This is artificial floating of assets and it’s going to end badly.
“Rogers: Printing money is unsustainable”
CNN International Video
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)
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