by Egon Von Greyerz, Gold Switzerland:
With the US shooting itself in the foot again, we are now certain that this is the final farewell to the bankrupt dollar based monetary system.
More about this follows but, in the meantime, an extremely important warning:
If you have never been a goldbug, this is the time to become one.
I decided 25 years ago that the destiny of the world economy and the financial system necessitated the best form of wealth preservation that money could buy.
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And physical gold performs that role beautifully just as it has done for several thousands of years as every currency or fiat monetary system has collapsed without fail throughout history.
Thus, at the beginning of this century we told our investor friends and ourselves to buy gold for up to 50% of investable liquid asset.
So at $300 we acquired important amounts of gold and have never looked back. We have of course never sold any gold but only added since.
I have never called myself a goldbug, just someone who wanted to protect assets against the risk of the destruction of the financial system including all currencies. But now is really the time to become a real gold bug.
So, today just over 20 years later, gold is up 7 – 8X in most Western currencies and multiples of that in weaker economies like Argentina, Venezuela, Turkey etc.
The total mismanagement of the US financial system has led to the dollar losing 98% of it’s value since Nixon closed the gold window in 1971. Most other currencies have followed the dollar down at varying speeds.
But now comes the really exciting phase of this race to the bottom.
We have only 2% left for the dollar based currency system goes to ZERO.
As Voltaire said in 1728, “Paper money always returns to its intrinsic value – ZERO.”
What we must remember is that the dollar doesn’t just have a further 2% to fall to reach zero. Because to reach zero, it will next fall 100% from where it is today.
I know the sceptics will say that this is not possible. But these sceptics don’t know their history. Since fiat currencies’ record is perfect, no one must believe that because we live today, it is different to a 5,000 year faultless record of success, or shall we call it failure, of currencies always reaching zero.
THE US CONTINUES TO SHOOT ITSELF IN THE FOOT
How many times can you shoot yourself in the foot and still walk upright with pride?
Well, the US government certainly has wounded itself mortally with both feet being so full of holes that there is hardly any space left for another hole.
So, the latest hole in the US dollar foot is a proposal to steal $300 billion of Russian reserves and use the funds for the reconstruction of Ukraine.
A deadline has been set for the G7 nations to come up with the detailed proposal by 24 February.
The proposal has obviously come from the US backed by its faithful lapdog the UK.
Now don’t get me wrong, I really like the US and also the UK and their people but that doesn’t mean that I concur with the idiotic decisions taken by their governments without the consent of their people.
So will 2024 be the year which, when all the evils which the West has created, erupt in the most violent chain of events political, civil wars, geopolitical, more war, terrorism, economic collapse including the fall of the monetary system.
Well the ingredients are certainly present to create a picture similar to The Triumph of Death painting by Bruegel.
We obviously hope that this is not where the world is heading but all the ingredients are sadly in place for the start of a series of events which will be both unpredictable and uncontrollable. “The Financial System has reached the End”
MOST MAJOR WARS SINCE WWII HAVE BEEN INSTIGATED BY THE US
As Merkel admitted, since the Minsk agreement in 2014, it was always the intention of the US to push Ukraine into a conflict with Russia.
This war is still going on with more than 500,000 having been killed. (Since propaganda from both sides is a major part of a war, we will never know the correct figure.)
It will obviously be very tempting for the G7 to use the $ 300 billion funds stolen, for the war since many countries’ parliaments are becoming reluctant to fund this war.
So is the US and its allies going to set a precedent that should also apply for other wars?
Since the US initiated the attacks on Vietnam, Iraq, Libya, Syria and many other countries, should not the US foreign reserves be applied for the reconstruction of all these nations?
But as always, it is one rule for the mighty US and another rule for its enemies.
As Bush Jr said, “Either you are with us or you are with the terrorists.”
THE LAST PHASE OF THE DOLLAR DEBASEMENT NEXT
This very final phase of the dollar debasement to zero really started on June 29, 2022 when the US decided to seize all Russian financial assets.
That action was the nail in the coffin (as well as the shot in the foot) of the Petrodollar system. This has been in place since 1973 to support the dollar with a payment system for black gold since yellow gold was no longer supporting the dollar.
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