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The world currency system is riding down the road to catastrophe, says James Rickards, senior managing director of Tangent Capital Partners.
The world already has entered a currency war that began in 2010 on the heels of the Federal Reserve’s massive easing program, he tells Wall Street Journal Digital Network. Since then, plenty of nations have joined in, including Brazil, Switzerland and Japan, says Rickards, author of “Currency Wars: The Making of the Next Global Crises.”
“All major central banks are easing,” he says. “Eventually so much money will be printed that this will lead to inflation. The endgame is collapse of the international monetary system — sometime sooner than later.”
Weird stuff is definitely going on in the FX markets. I just looked at the US Dollar index at Kitco and it's making huge movements today in a very short period of time. You can find it quickly if you go to dollarCollapse.com and scroll down a little bit. Same-same with silver and gold. some entities are playing pretty hard lately, and I don't think it has anything to do with the Comex margin changes, since this has been going on since well before the change. It's like a war of attrition with these guys, and it doesn't look like it will end well at all.
While the rest of the developed world is scrambling here and there, politely prodding its central bankers to destroy their relative currencies, here comes Venezuela and shows the banana republics of the developed world how it's done:
VENEZUELA DEVALUES FROM 4.30 TO 6.30 BOLIVARS
And that, ladies and gents of Caracas, is how you just lost 46% of your purchasing power, unless of course your money was in gold and silver, which just jumped by about 50%. Coming soon to every "developed" world banana republic near you.
Does this mean lots of people living in or investing in the other developing countries are going to rush into gold in case they follow suit?
Max Keiser has been predicting, with 90% certainty, global fiat collapse by April.
yeah
and with my help he was going to break the morgue in 2011
Im still down on the deal by about £10k
I like Max though and even though none of his alarmist 'sky is falling' predictions have come to pass yet, theres still time :wave:
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