by Egon Von Greyerz, Gold Switzerland:
Matterhorn Asset Management founder, Egon von Greyerz, sits down with Darryl and Brian Panes from as Good as Gold Australia to discuss the major economic and precious metal themes, including the slow and now more imminent demise of the global financial system in the wake of irrational and destructive credit expansion.
With necessary humor and humility, Egon discusses how this otherwise serious and destructive debt and currency cycle, warned decades ago, is reaching its objective (and exponential) culmination following the American closing of the gold window in 1971.
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Toward this end, von Greyerz tracks how US debt/GDP in particular and the global debt/GDP in general foreshadows inevitable and greater money creation. This leads to an equally inevitable (and accelerating) currency destruction for which current global leadership is either too ignorant or arrogant to openly comprehend (or at least honestly confess).
As von Greyerz reminds, not only does basic math confirms such trends, but history even more so. Unfortunately, leaders and citizens are often blind to (and hence ripe to repeat) these historical lessons/examples, from Ancient Rome to today.
As debt levels grow so high that only debased currencies can sustain them, credit systems suffer, inflation becomes the end game, one that is marked by attendant and rising social and geopolitical conflicts, answered by increasingly centralized governmental policies.
In this backdrop, including the rise of the BRICS and the slow trend away from the USD due to myopic (stupid) Western sanctions against Russia, the discussion turns to preparing for, rather than arguing over, the inevitable, regardless of how impossible such massive shifts are to time with precision. Despite the USD’s relative strength, its inherent purchasing power, like that of all fiat currencies, will sink to the bottom, and there is “no first prize for falling to the bottom first.”
The conversation naturally turns toward gold as an obvious asset to protect against these open currency and hence wealth risks.
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