Silver Can Protect You from a Worldwide Debt Bomb (Video)

David Morgan, a precious metals expert and creator of the Morgan Report, spoke with Greg Hunter of USAWatchdog about the value of silver as a universal currency and how people are starting to wake up to the lies of central banks. He believes that the world is now facing a dangerous “debt bomb” that central banks are avoiding by printing money. However, Morgan says the days of the financial elite are numbered, and silver is already being used again for everyday transactions.

Highlights from Morgan’s responses:

“This is what I wrote more than a decade ago: When all else fails, there is silver. No one likes to be a prophet of doom, but the simple truth is that silver is the world’s money of last resort. Should a severe economic collapse occur, leaving other assets worthless, silver will be the primary currency for the purchase of goods and services. Gold will be a store of wealth, but will be priced too high for day to day use. Thus every investor should own some physical silver… That’s the bottom line. Currencies have always failed when they’re unbacked…

“Well [the debt bomb] the underlying crux of the entire system, and it relies not only on debt of the US government, which is primary, since we’re the reserve currency, but it filters into all other nation states. Basically we, the United States, have exported their inflation to every other country. For them to stay competitive they are required to weaken their own currencies for competitive advantage… In order to keep trade flowing, other countries are required to do what the United States government does, which is export a great quantity of unbacked paper promises that at this point are impossible to pay back… Either you default on the debt and you make adjustments to it — this is called a reset — or you pretend everything is ok and continue to debase the currency…

“The debt bomb is just an extrapolation of lying and lying and lying. What I mean by that is the idea that you can get something for nothing. The fact that you can print yourself wealthy is ridiculous. Zimbabwe has proven that you can’t, Argentina has proven that you can’t, Greece has proven that you can’t, and on and on it goes…

“So when is this world going to wake up and start acting like adults rather than a bunch of kids that expect a bunch of stuff that they don’t have to work for? And I’m not talking about the general class that’s out there working like crazy. That’s not who I’m addressing. I’m talking about the parasite class — the banking elites that have conned everybody into thinking that they have the mastermind race or whatever you want to call it… that they have the superior ability to dictate to us low-lives exactly how the cow eats the cabbage. I’m fed up with it and I think a lot of people are waking up to it…

“The bankers’ last vestige of hope is to con everyone into thinking that one currency is better than another currency. I’m not saying that currencies don’t fluctuate… They’re all worthless pieces of paper, and when that truth resonates with enough people, that is when the exits start to get hit very hard and people start to seek a non-fiat currency or actual real money in gold and silver… There will be a time when you’ll either have it or you won’t have it. And I would rather be six months too early than six minutes too late…

“A piece of paper with somebody’s picture on it that says ‘one dollar’ is a fraud. It’s a fractional reserve accounting unit denomination put out by a private bank to con the public.

“The supply of paper is infinite. You can create an infinite supply of paper that says ‘gold’ on it or an infinite supply of [paper] that says ‘silver’ on it. So the supply has been distorted to such degree that true market fundamentals aren’t at play… Although they can create infinite amounts of paper gold or paper silver, there’s only so much physical. So the day will come that either you’ll have it or you won’t. And that day of reckoning is getting closer and closer. The Chinese, the Indian population, North Americans — in fact, the globe in general is buying physical day after day after day.

“You can’t get something for nothing. You can’t have a central bank or a private consortium of bankers run by the Federal Reserve that can create something from thin air and put it into the economy and make things better… The truth that came out in 2008, and anyone who was paying attention saw that truth. the reality is that nothing’s gotten that much better since 2008 other than the propaganda press that keeps telling us, ‘don’t look behind the curtain. Things are great, things are great, things are great. Look at the job report… we’ve got more jobs.’…

“Money’s very important. It should be honest, it should be true, it should be reliable… People are waking up to the fact that the elite class gets it — no one else does. Everyone else has to, through blood, sweat, and tears, earn it and then they have to give a portion of it back. People are getting fed up….

“If you took a silver dime prior to 1964, you could take that out of your pocket, you could show that to a five-year-old kid, and within about three minutes you could convince him rather easily that that is a ninety percent silver coin… it’s very easy to explain what silver is and why it’s valuable. I don’t thank we’ve got to far to go into the near future where people will start to use it more and more. Let’s go to Craigslist — there are people who accept silver for rent, people who accept silver for a bicycle.”

Get Peter Schiff’s latest gold market analysis – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!