Barron:  “We are headed into January and February with a US government that’s not going to be funded.  So, it’s important once and for all for people to understand that QE-to-infinity will be a permanent fixture until the eventual collapse....

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“Any talk of tapering at this point is nonsense and just part of an increased use of propaganda by the Fed to manipulate markets.  The situation is not really improving in Europe for any of the PIIG countries other than Ireland.  Ireland has really embraced austerity and is really starting to climb its way out of debt. 

But things just continue to worsen for countries like Portugal and Spain.  These two countries have had more money thrown at them after the German elections, which is what I expected.  So, we will continue to see more money creation by the US Fed, the ECB, as well as other countries such as Japan.”

Eric King:  “Where does that leave the world?”

Barron:  “All of this is going to lead to increased inflation, and for certain parts of the world they will experience the terror of hyperinflation.  I saw a news item a couple of days ago on the BBC talking about Venezuela.  Venezuela is in a hell of a mess right now.  They have somewhere between a staggering 45% and 50% inflation.

They showed a Ford showroom in Caracas, Venezuela that was completely empty of cars, and which had no cars in it for some time.  This is because of the rigid currency controls in Venezuela.  Companies can’t get money out of Venezuela, and nobody wants to accept the local currency anymore.

This is the sort of situation I have seen firsthand in many countries in Latin America and around the world.  Right now in Argentina there is a stunning inflation rate of about 30%.  These are nasty things for the man or woman on the street, and it’s terrifying for the children.

It’s very difficult to watch this taking place.  The middle class is evaporating and losing what little they have left of their savings.  There are all kinds of barriers being put up to try to prevent people from putting their money into precious metals.  But Latin Americans don’t have a strong tradition of investing in precious metals.  If they did the people would be in a lot better shape than they are now.

What is also happening is people are sinking their money into used cars.  They are buying old cars in Venezuela as kind of a hedge against inflation.  They have to put their money into something that’s tangible, so out of desperation they are putting their money into old cars.  The reality is that human beings have various mechanisms to survive in these incredibly harsh circumstances, and what we are seeing right now in Venezuela is a great example of those mechanisms.

Even though Europe doesn’t have the inflation problem that Latin America is dealing with, we are still seeing similar suffering for people in countries like Spain, Portugal, and Greece.  Eventually, this suffering will spread to the entire Western world.  There is a great deal of rot in the system, and the fallout will be horrific as the West eventually implodes.”

Barron added:  “There is no end to the supply of bad news out there for the world economy, and gold’s next move higher will most likely come from something unexpected, and it could come from out of left field.  This will be the trigger to send gold vaulting higher -- It’s just a question of what, and when?”

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