What is it going to look like to the man on the street when the economy melts down again?
Financial expert Doug Casey says, “The country [USA] has been living way above its means. The U.S. runs about a trillion dollar trade deficit with the rest of the world, but it’s a great deal for us. The U.S. prints up dollars and we ship them dollars, and they send us Sonys and Mercedes and coffee and all sorts of things imported into this country, but that can’t go on forever. So, what’s it going to look like? It will be very high levels of inflation. In 2007 to 2009, people lost their jobs. When a society is living above its means, people like waiters and bartenders . . . they’re fired because people are going to have to do those things for themselves. So, you are going to see lots of unemployment. There could be a lot of social upsets in this country.”
What about gold and silver?
Casey says, “A number of governments around the world, not the U.S. but the Russians and the Chinese, are buying a lot of gold. Why? Because it’s the only financial asset that is not simultaneously somebody else’s liability. It doesn’t matter whether we have runaway inflation or catastrophic deflation, the gold is there. It’s an actual asset unlike the paper governments’ print up. There is no point in owning paper today because interest rates are so low. Interest rates are below the level of actual inflation at this point. People should buy gold and they should buy silver. . . . They’re going to both go up. I’ll say this again, gold and silver are the only assets that are not simultaneously someone else’s liability. So, there is going to be a panic into them at some point, and some point soon I think.”
Greg Hunter of USAWacthDog.com and Doug also discuss:
- Why the Greater Depression will be worse but different than the Great Depression.
- How all the currency units created post the last financial crisis will come back to bite in the years ahead.
- The issue of the high level of debt globally combined with record low interest rates.
- How people forget that back in the 1980’s interest rates were 15% on government bonds.
- How as interest rates head up again in the coming years this increased level of debt will come home to roost.
- Why the “rich have gotten richer” – All the money that has been created has flowed into stocks and bonds.
- Why unemployment will rise, along with inflation.
- How the level of hatred and antagonism is so high in the US currently.
- What to do to protect yourself?
- Why if the value of the US dollar goes down in the coming years this will have a flow on effect to pension holders.
- Is it big money players coming into the gold and silver markets that is causing precious metals to rise currently?
- Why everybody should buy gold and buy silver.
- But why you should have at least a couple of weeks of emergency food on your shelves to begin with.
- Stores will have supplies – unless governments implement price controls.
- Why the government isn’t your friend and isn’t the solution.
- Why it will end badly for Trump. Why he won’t be able to “drain the swamp” particularly as he has added “swamp creatures” to his own team. Why Trump will be blamed for a collapse simply because he will be in office.
- Why the US government should default on its debt. For both practical and moral reasons.
- Why there are a lot of geopolitical dangers out there currently
- Why gold will triple or quadruple in real terms in the next 5 years. Silver will do even better.
- Why gold and silver will be the “last bubble”.
Join Greg Hunter as he goes One-On-One with financial expert Doug Casey and the best-selling author of his new novel called “Speculator.”