We’re in the Eye of Gigantic Financial Hurricane (Video)
Doug Casey spoke with Greg Hunter of USAWatchdog. Just like Jim Rickards, Jim Grant, and Dr. Ron Paul, Casey believes we’re in the middle of a cataclysmic era of central bank intervention that will result in an unprecedented monetary collapse. In fact, Casey doesn’t think the United States ever got clear of the economic hurricane that devastated the markets in 2008. Instead, we’re simply in the eye of the storm, and things are going to get much worse before they get better. His advice? Buy gold and silver:
The average guy after he does these things I’ve just mentioned, should buy gold, frankly. Don’t keep your savings in a bank, so much as [in] gold coins… Or silver coins. Silver is more volatile than gold, and of course since it’s worth so much less, it’s harder to store if you have a significant amount of wealth. But absolutely [also buy silver]. In fact, I think there’s more upside in silver than there even is in gold… “
Highlights from the interview:
“I was saying in 2007 that we’re going into a gigantic financial hurricane. It hit in 2008 and 2009. For the last few years, we’ve been in the eye of the storm… Now, as we speak, we’re entering the trailing edge of this hurricane, and it’s going to be much worse and much longer lasting and much different than what we saw in 2008 and 2009. And that was ugly, if you’ll recall…
“All these central bankers are doing the same stupid things. Since the last crisis began in 2007, they’ve been printing trillions of new currency units – all of them. The American central bank, the Fed, the Europeans, the Japanese, the Chinese – they’ve all printed trillions of new currency units. Yeah, they’re doing this in concert, because they don’t want to see the markets collapse. But they’re going to collapse. The nature of this collapse is going to be different, because of the fact that they’ve created trillions and trillions of new currency units. That’s created bubbles all over through the world economy…
“Everybody watches these central banks and tries to second guess them. They’re populated by the same kind of bureaucrats that run the national post offices, except they’ve gone to better schools and they wear more expensive suits. Central banks serve no useful purpose. They should be abolished. They’re not necessary. They’re destructive…
“No, [the US is never going to repay its debt]. The concept is ridiculous. The only people that are happy about it are the top dogs and the running dogs in and around the government and New York. When central banks, like the Fed, create more money, some people get it before other people. The people that are hooked up with the deep state in Washington get it first. They get to stand right there at the fire hydrant and drink their fill. Eventually, it dwindles down – trickles down, if you would – to people in middle America. But there’s not much left at that point. That’s why the rich are getting richer. It’s because of exactly these things the government is doing. The rich guys get that money that the Fed is creating first…
“There’s an old saying: ‘Things that you expect to happen often take longer than you think to happen. But once they actually get underway, they happen much more quickly.’ I think that’s the way it will be here. Everything looks good, until all of a sudden it looks terribly bad. It’s like when you jump off the Empire State Building. Everything’s fine as you pass the 50th floor. It all happens at once when you hit the sidewalk. I think that’s what we’re looking at. We’re going to start hitting the sidewalk before the end of the year, quite frankly. This is very serious. This is the most serious thing since the 1930s. This might be the most serious thing since the industrial revolution overturned the previous basis of life…
“What should the average person do? You’ve got to liquidate to start with. Right now, while it’s still possible, you should get rid of the things that you don’t need. Clean out that storage unit. Clean out that attic, that basement. Have a yard sale. Get rid of stuff that you don’t really need or want and generate cash for it. Number two is consolidate. Consolidate your assets. Find out what you have, where you have, rationalize things. Certainly including any investments that you have. Generate. Work harder, while it’s possible. There’s an infinite demand for goods and services on the part of the market, on the part of other people… There’s no excuse for being underemployed or unemployed. Then you’re going to have to learn to speculate, because with all these dollars that are being created, the markets are going to be going up and down like an elevator with a lunatic at the controls, which is a very accurate analogy. It will be possible to make a fortune in these chaotic markets. Not easy. And dangerous, but it’s possible. That’s what I’d suggest.
“To start with, the average guy after he does these things I’ve just mentioned, should buy gold, frankly. Don’t keep your savings in a bank, so much as [in] gold coins… Or silver coins. Silver is more volatile than gold, and of course since it’s worth so much less, it’s harder to store if you have a significant amount of wealth. But absolutely [also buy silver]. In fact, I think there’s more upside in silver than there even is in gold…
“I won’t be surprised if by the end of this year things start coming apart. I can tell you I will be surprised if, by the time we talk a year from now, that we’re not in the middle of a real financial cataclysm. I may be eating my words with a fork and spoon a year from now when we talk, but I think we’re going to be right in the middle of it by that time. The scariest thing about that – if I’m right about next year things having already fallen apart – we’re going to be just before a presidential election. When people are scared, they’re going to want to vote for somebody who promises them the most and promises it with the most certainty. I don’t know who that’s going to be, but it’s not a good environment to elect a powerful political leader…”
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