by Greg Hunter, USA Watchdog:
Precious metals expert and financial writer Bill Holter says the recent underreported announcement by the UBS CEO Sergio Ermotti in Switzerland that his bank might need a “rescue” is yet another sign on the short road to the end of the global Ponzi scheme backed by the US dollar reserve currency. Holter points out, “You’ve got a sick bank (Credit Suisse) that is being bailed out by another bank (UBS) that may turn out to be sick. My question is who is going to bail out these central banks? You have got the Fed with a $9 trillion balance sheet. The last time, the Fed went from $900 billion to $9 trillion. Can the Fed now go from $9 trillion to $90 trillion? Who is going to bail out the Fed? Who is going to bail out the US Treasury? Who is going to bail out the Bank of England, the ECB or the Bank of Japan? These central banks have completely blown up their balance sheet and have no ability to save anything. My question is who is going to save them?” TRUTH LIVES on at https://sgtreport.tv/
Can’t they cut interest rates again like they did in 2009? Holter says, “If they cut interest rates from here, you would see the dollar absolutely crash. The only reason the dollar has not crashed is interest rates have basically gone from 0% to 5%. They have done that in a year and a half which is the fastest increase in interest rates in all of history.”
So, rate cuts will devalue the dollar. Can you pay trillions of dollars borrowed in Treasury Bond back in confetti dollars? Holter says, “Yes, you absolutely can pay back your debt in confetti. It’s been done many, many times before as currencies get lost. The US Treasury can certainly pay back in dollars, confetti dollars that certainly will have no purchasing power. What that does is it shuts the credit spigot off to the biggest debtor in the world. The biggest debtor in the world is the US Treasury. They owe more than any other entity anywhere. . . . I have long said this is going to be a credit event. . . . People are not going to buy Treasuries and be paid back in monkey money. The world is going to shun dollars and shun US Treasuries. . . . In short, confetti dollars are going to shut the credit markets down. . . . Then, it’s game over because everything runs on credit. The financial markets run on credit, and the real economy runs on credit. If there is no credit, nothing works.”
Holter is not surprised by the recent rise in gold. He also says “watch silver, it is being suppressed because if silver rises uncontrollably, it will be like pulling the silver pin in the gold grenade.”
There is much more in the 40-minute interview.
