Financial expert Peter Schiff goes on to say, “This is going to be a huge crisis. Alan Greenspan was on CNBC saying this is the worst thing he has seen in his career. He’s not talking about what has already happened. He’s talking about what is about to happen. He understands how screwed up the economy is because he helped screw it up. . . . One of these days, you are going to see gold moving up at $100 clips routinely when people really perceive the dangers in the fiat world and come to grips with how much money these central banks are going to print. None of them have any integrity to honestly default, so they are going to take the coward’s way out and print.”
Make sure your positions are where you want them to be, because there may soon be no turning back. The recent economic turbulence surrounding the Brexit vote may well prove to be a starting point, but it is certainly only the beginning.
Money manager Peter Schiff says don’t believe the so-called “Brexit” was the real cause of the recent chaos in the financial markets. Schiff explains, “If the global financial system and the markets were healthy, ‘Brexit’ would be a non-event. […] That’s how fragile it is, and it’s all propped up with cheap money, negative interest rates and quantitative easing. Everybody is confident that the central banks and politicians can keep these bubbles in the air that they are juggling.
Now, all of a sudden, something goes wrong that they didn’t expect. It shows that the government is losing control, and this is the wake-up call. This is what has everybody so scared. This is the match that ignites the powder keg, but the powder keg was there all along.”
On gold and the dollar, Schiff says, “The big moves in gold are happening not in the dollar, but foreign currencies. Look at the Pound Sterling. You saw a 20% jump in the price of gold in two days. That is unprecedented in the UK. That is a huge loss of purchasing power of the Pound in gold terms. I think you are going to start seeing these losses in all these fiat currencies…
[…] They will launch QE4 and cut rates and say there is nothing wrong with our economy. It’s because of the problems with the global economy.” […] So, once the dust settles, the dollar is going down. If you are still in the dollar, this is your last chance to get out.
Pay attention. You don’t want to miss what is happening now, because it is about to happen very rapidly, and the entire global economy is vulnerable. And there will be plenty of tricks afoot.
Will it be a system-wide collapse? And how far will the contagion spread?