The world is quickly approaching a hyperinflation disaster.

November 10 (King World News) – Gerald Celente:  The world is moving toward a hyperinflation catastrophe that could spark the worst financial crisis since World War II, the Elliott Management Fund warned in a letter to clients last week obtained by the Financial Times.

The fund is the world’s sixth-largest hedge fund by assets, with a $56-billion portfolio, according to Investopedia.

Investors face an “extremely challenging” environment in which it will be difficult to make money, the fund said.

The end of central banks’ cheap money era has sparked a constellation of “extraordinary” financial distortions that “has made possible a set of outcomes that would be at or beyond the boundaries of the entire post-WWII period,” the letter said.

Investors should not assume they have ‘seen everything’,” just because they have survived the 1970s oil market shock, the 1987 market crash, and the Great Recession, the letter cautioned.

Investors’ assumption that “’we will not panic because we have seen this before’ does not comport with current facts,” it added.

The letter’s alarm follows a disastrous year in financial markets, with equities erasing $28 trillion in value, Bloomberg has calculated.

The NASDAQ has lost a third of its value from its 2021 peak; the Standard & Poor’s 500 index has given up about 20 percent so far this year.

Bond markets also have puckered, leaving investors fewer places to store and protect wealth…

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The fault lies with central bankers who were “dishonest,” blaming inflation on “temporary” supply chain tangles instead of the cheap money policies enacted during the COVID era, the letter said.

The world economy is “on the path to hyperinflation,” which could spark “global societal collapse and civil or international strife,” Elliott wrote. That outcome is not certain but the most likely result of current trends, the fund explained.

Markets have further to fall because of the array of risks they face, Elliott predicted, citing “frightening and seriously negative possibilities” that indicate “a seriously adverse unwind of the everything bubble” lies ahead.

Markets could ultimately fall by half from the peak of the “buy everything” rally that followed the COVID War, the fund said.

Elliot is confirming our Dragflation megatrend: Declining economic growth and rising inflation. Therefore, the higher inflation rises, we forecast so too will precious metal prices, with gold leading the way. And since silver prices are so low and the metal is used in high tech, solar etc., as inflation spikes, we forecast silver prices will rise at a higher percentage rate than gold. 

Turkey’s inflation rate in October added 3.54 percent from September, reaching 85.51 percent, the fastest pace since 1998, the government statistics office announced.

However, price increases at the wholesale level rocketed up 157 percent, the office noted, which presages even higher inflation ahead.

Independent analysts peg consumers’ rate of inflation at more than double the official figure.

The country’s actual inflation rate is 185 percent, according to the private Independent Inflation Research Group.

Analysts who contradict government figures can be subject to criminal charges.

Costs for food and transportation have doubled, year on year, at a time when global energy prices have moved higher.

Economic shutdowns during the COVID War and the resurgence afterward, Russia’s war in Ukraine, and resulting Western sanctions all have set off runaway global inflation.

However, Turkey’s inflation is the worst among G20 countries, largely because of president Recep Erdogan’s insistence that low interest rates cure inflation, a policy he has enforced through the central bank.

Central bank officials who have defied his wishes have been summarily sacked…

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Erdogan claims that high inflation’s silver lining is a weakening lira, the country’s currency. A weak lira will make Turkey’s exports cheaper, creating jobs and prosperity, he maintains.

The lira has lost about half of its value against the dollar this year, settling at 18.42 to the buck on 7 November.

In October, the central bank cut rates for the third consecutive month, dropping it to 10.5 percent on the way to fulfilling Erdogan’s pledge to bring the country’s interest rates into single digits. 

In a 2 November speech, he predicted that his “new economic model” will become a beacon for the world.

“Many institutions, organizations, and individuals—from the United Nations to many economists—agree with the cause-and-effect relationship we have established between inflation and interest rates,” he said.

“After the new year, you will see the world…lower interest rates,” he said.

Erdogan is probably right in one respect: central banks could begin to lower interest rates next year as nations sink into recession. 

However, if lowering interest rates could lower inflation, why has Turkey’s rate of price increases been accelerating for more than a year while the central bank has cut its rates repeatedly?

Erdogan is up for re-election next year and his popularity is sinking with the lira’s value. 

However, he has tied himself so tightly to an obviously failed economic policy that he will be unable to let go of it and admit his colossal mistake.

He has sought to burnish his image by attempting to insert himself as a peacemaker between Ukraine and Russia.

As Turkey’s economy continues its tailspin, Erdogan will seek grander distractions, including blaming “foreign enemies” and risking military adventures. 

As Gerald Celente often says, “When all else fails, they take you to war.”…

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US Has To Raise Money, Plus Bitcoin Plunge
Peter Boockvar:
  There is a lot of money that the US government needs to raise in coming years on top of the almost $24 Trillion of marketable US Treasuries to finance all that spending. And this gets to the US Treasury market where we know the Fed is essentially selling, banks are buying less as are many foreigners. Make sure to read the WSJ article today, “Japan’s waning appetite for Treasury’s fuels anxiety on Wall Street.”

What’s scary and incredible about the FTX/Binance drama is how quickly what was once thought as assets can evaporate in value as quickly as they do. There are a bunch of things that can survive on zero rates and QE and we’re learning still what can’t without them…

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***To listen to Nomi Prins discuss what this means for the US dollar and the gold market going forward as well as what else investors should be aware of in global markets as we near the end of 2022 CLICK HERE OR ON THE IMAGE BELOW.

***To listen to Alasdair Macleod discuss the massive gold and silver deliveries from COMEX as well as the short squeeze in the metals markets CLICK HERE OR ON THE IMAGE BELOW.

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