from USA Watchdog:
Gold expert and money manager Egon von Greyerz says Japan is leading the parade to the bottom of the currency heap.
Greyerz says, “Japan is printing unlimited amounts, and we can see that yen is leading the race to the bottom of the currencies. Gold in yen is now only 10% below the peak because printing is debasing the currency. That is what gold reflects.”
“Gold just reflects the destruction of paper money. That’s happening in Japan, and it will happen in most other countries. Greyerz goes on to say, “The Eurozone is under tremendous pressure, and it is virtually going into a deflationary implosion, and the ECB (European Central Bank) cannot let that happen because there will be no chance of the European banking system surviving with a deflationary implosion. Therefore, I am absolutely convinced the ECB is not far from starting to print major amounts of money, and that will accelerate in the next year. The U.S. is just a little bit behind, and the U.S. will also have to start printing money.”
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