The Phaserl



by Egon Von Greyerz, Gold Switzerland:

The general public doesn’t like hearing what some of us who are Cassandras have to say. Because our message is does not fit in with the choir of propaganda and lies. We are predicting a future for the world which is unpleasant for most people and therefore few believe our predictions. It is part of human nature to believe that the current state of affairs will go on forever. And that is the case whether times are good or bad. In bad times, everyone believes that it will never end. I remember vividly the 1970s in the UK when it felt like the severe recession was going to be permanent. It is the same now; conventional wisdom says that the economy will continue to grow at a steady pace and so will assets such as stocks and property. Very few realise that the growth we have seen in the last few decades is totally false and based on credit and printed money.

Cassandra’s accurate prophecies were ridiculed

Cassandra was the daughter of the king of Troy in Greek mythology. The god Apollo gave Cassandra the power of prophecy but when she resisted his approaches, Apollo inflicted a curse that no one would ever believe her prophies although they were all accurate. And this is exactly what is happening to Cassandras or soothsayers today. Many of us are totally clear about the consequences of the total mismanagement of the economy during the last 100 years. Gradually the situation has deteriorated to a point when there is no solution. Instead, at some point in the next few years the debt and asset bubbles will implode with dire consequences for the global economy and for most people on the planet. But just like with Cassandra, nobody believes what we are saying when we are predicting the likely outcome of the most massive, government led, global Ponzi scheme in history.

Don’t get me wrong, we were not knowingly given prophetic powers by Apollo or any other god. But a few of us are absolutely convinced that you cannot build prosperity on a lie, on printed money or by breaking laws of nature that have stood the test of time. We now live in a world where lies have become the truth.

As George Orwell said:

“The very concept of objective truth is fading
out of the world. Lies will pass into history.”

From Ponzi to Shangri-La

In order to run a successful Ponzi scheme, participants must be made to believe that they are all winners. Human beings’ inherent greed prevents them from seeing that a Ponzi scheme eventually runs out of money since it will require a few billion creatures from another planet for everyone to get their pay-out. In a modern economy, unlimited amounts of money can of course be printed or created electronically. And this governments will do in a final and desperate attempt to save the world. But just like with a Ponzi scheme, all this manufactured money will have zero value. Otherwise, why don’t we just print unlimited amounts of money and stop working and stop all production. This would be the perfect Shangri-La world with nobody working and everyone living in total affluence. But sadly, it is not that easy.

Governments’ money forging scheme which has lasted a century is now coming to an end. The value of all major currencies in the world has declined 97-99% in the last 100 years. In the next few years we will see money printing of a scale that make all these currencies worthless by declining the final 1-3%. Though, what we must remember is that this final move involves a 100% decline in value from today.

Because even if Orwell is correct that lies are the new truth today, fortunately the truth will always win over time.
As Winston Churchill said:

“The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.”

Fed, ECB and BoJ have printed $10 trillion since 2006

Since 2006, global debt has grown exponentially and is now around $250 trillion. This is all driven by the main central banks in their attempt to prevent the financial system from collapsing. The three major central banks’ balance sheets have all expanded rapidly during the same period. They have all taken turns in the race to become the most profligate money printer. For a few years the Fed was in the lead but since 2015, the BoJ and ECB have caught up quickly. All three have now printed around $4.5 trillion each, having grown from below $1 trillion at the beginning of this century. The seesawing is likely to continue and sometime during the next 12-18 months, the Fed will start accelerating the US money printing again by adding many trillion dollars or even tens of trillions to their balance sheet.

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