“Gold, unlike all other commodities, is a currency…and the major thrust in the demand for gold is not for jewellery. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.” – Alan Greenspan, ex-US Federal Reserve Chairman, August 23, 2011
The astonishing strength behind the most recent rally in gold is known to all readers. Also, the reasons behind gold’s change in fortune have been well documented by such writers as Michael Pento, Egon Von Greyerz, Peter Schiff, Marc Faber, James Turk, Rick Rule and on this site by Clive. Hence, there is no need to discuss this here. Suffice it to say that the scale of the developing global financial and economic crisis has no historic precedent.
Furthermore, such is the parlous state of the Central Bank based global banking system that interest rates can no longer be used to stimulate or correct the excesses of a world drowning in an ocean of debt where the lifeblood of the economy is being absorbed by unproductive banks and financial institutions and enormously bureaucratic, inefficient and vastly oversized governments hooked on a battery of taxes ranging from graduated personal income tax, corporate tax, value added tax, capital gains tax, death duties, habitation tax, stamp duties and so on and on. Indeed, so complicated have tax systems become that the 2016 tax guides for the UK, US, Canada, Australia and Europe virtually rival major encyclopaedia in size. The misallocation of capital and resources has reached epic heights with taxation, debt, corporate and unprecedented personal regulation and loss of liberty closely akin to Communist Russia and other dictatorial regimes. To say the world has never been in such an appalling mess would be putting matters mildly. The reader is highly recommended to read www.zerohedge.com which daily documents how things really are, rather than the totally misleading Orwellian “Disney World” like fantasy presented by the mainstream media.
The latest proposals of the Central Bankers, led by the very desperate Bank of Japan and the increasingly desperate ECB moving ever deeper into Negative Interest Rate Policy (NIRP) country, after years with Zero Interest Rate Policy (ZIRP) and QE1, 2 and 3 from the US Fed, testifies to the absolute lack of options left on the table and maniacal nature of the elite in their pursuit of Global Government and control of the planet and the sustaining of the surreal “all will be well” and “strong economy” nonsense purveyed on all controlled media outlets to the Joe Public.
To add to the systematically unravelling economic and financial shambles, the world is now faced with not one imminent “black swan” event but an entire flock of them hitting almost simultaneously, as follows:
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