As global markets await the final day of the Fed meeting, the world is on the verge of monetary and financial chaos.
This note from the late, great Richard Russell is perfect as the Fed heads into the final day of its meeting: “As for the dollar, it is currently seen as the only safe haven currency on the planet. Since the current fiat dollar is a fantasy created by the Fed, I have little faith in its future.
Over the next few years I envision the collapse and probably the extinction of all fiat currencies. In my opinion, the creation and acceptance of fiat currencies is a great evil that has befallen the economies of the world since the first central banks were established. Example: the Federal Reserve was created in 1913, and since 1913 the purchasing power of the dollar has declined by 97%. The 1913 dollar is now worth three pennies.
Deflation is in the air and its chief component is oil. The chart of oil confirms the deflationary aura of today’s markets. Trend followers accept the crash of oil prices as a confirmation of the deflationary environment. In the meantime I am happy with my position in physical silver and gold. Oil companies can theoretically go broke, but gold has been around for 6,000 years, and remains the basis of every monetary system.
Gold cannot go bankrupt … Silver cannot go bankrupt … Diamonds cannot go bankrupt … since all of these represent eternal wealth.
In the meantime, literally every nation in the world is attempting to deflate its currency in order to aid its exports. So we have all the central banks simultaneously degrading their currencies. Thus by default, the US dollar reigns supreme. Money around the world is pouring into the dollar.
A New Monetary System That Includes High-Priced Gold
Wait, there is one superior safe haven. And that safe haven is gold. My thinking is that one way or another, a new monetary system will develop and will be a mixture of a number of major currencies, plus high-priced gold. Thus gold, by necessity, will sneak into the new monetary system.”
***KWN has just released the remarkable audio interview with Gerald Celente and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***Also Just Released: Gold Price Set To Skyrocket To $2,300 In 22 Months Click Here.
***KWN has also just released the powerful audio interview with the man who helps oversee more than $90 billion CLICK HERE OR ON THE IMAGE BELOW.
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