The world is going up in monetary smoke. From Egon von Greyerz at goldswitzerland.com:
When the sh-t hits the global fan, it often does it at the optimal time for the maximum amount of damage and with the worst kind of sh-t to soil the world.
For years I have been clear that the world is reaching the end of an economic, financial and monetary era which will affect mankind catastrophically for decades.
The world will obviously blame Putin for the catastrophe which will hit every corner of our planet. But we must remember that neither Putin nor Covid is the reason for the economic cataclysm that we are now approaching.
These events are catalysts which will have a major effect because they are hitting a gigantic debt bubble of a magnitude that has never been seen before in history. And it obviously takes very little to prick this epic bubble.
What is unequivocal is that all currencies will finish the 100+ year fall to ZERO in the next few years. It is also crystal clear that all the asset bubbles – stocks, bonds and property – will implode at the same time leading to a long and deep depression.
We had the warning in 2006-9 but central banks ignored it and just added new worthless debt to existing worthless debt to create worthless debt squared – an obvious recipe for disaster.
So as is often typical for the end of an economic era, the catalyst is totally unexpected and worse than anyone could have forecast.