Our Near Future
https://kingworldnews.com/greyerz-explosive-setup-in-silver-as-a-
debt-binge-world-faces-two-grim-alternatives/
Egon von Greyerz
Explosive Setup In Silver
As Debt Binge World Faces Two Grim Alternatives
October 15, 2017
debt-binge-world-faces-two-grim-alternatives/
Egon von Greyerz
Explosive Setup In Silver
As Debt Binge World Faces Two Grim Alternatives
October 15, 2017
Egon von Greyerz
With continued uncertainty around the globe, today the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News that the setup in the silver market is explosive as debt binge world faces two grim alternatives.
The Dollar Is In The Terminal Phase
October 15 (King World News) – Egon von Greyerz:
The dollar is dead but the world doesn’t know it.
It has been a slow death and the final stages will be very painful for the US and for the rest of the world.
The History
The US empire is finished financially, militarily and also politically and morally…
Egon von Greyerz continues:
“It all started with the establishment of the Fed in 1913 and escalated with Nixon. For anyone old enough to still remember him, the thing that most people will remember is the Watergate scandal.
It was corruption and bribery at the highest level in the Nixon administration, including the president himself. In order to avoid impeachment which would have been a certainty, Nixon resigned.
All this broke out 11 months after Nixon’s disastrous decision to take away the gold backing of the dollar on Aug 15, 1971. Nixon should not have been impeached for the Watergate scandal but for his decision to end the gold backing of the dollar.
That disastrous decision is what will lead to a total collapse of the world economy and the financial system, starting sooner than anyone can imagine.
By 1971, the US had already been running chronic budget deficits for 10 years consecutively.
At the end of the 1960s, President Gaulle of France realized what would happen to the dollar and demanded payment in gold instead of dollars, which was a savvy move.
This led to Nixon closing the gold window since this was the only way that the US could continue to live above its means.
And this is exactly what the US has done for more than half a century now. Not only have they run a real budget deficit every year since 1961 but also a trade deficit every year since 1975.
Three things have allowed the US to do this:
1) The dollar being the reserve currency of the world.
2) Having a mighty military machine.
3) The Petrodollar system.
But the rest of the world now knows that the weakening US empire is losing out on all three fronts.
The dollar has lost 50-70% against most major currencies in the last 46 years.
And against gold, nature’s only permanent money, the dollar has lost 97% since Nixon’s fatal decision.
The US military superiority has been crumbling for many years.
In spite of military spending higher than the next 8 largest countries combined, the US has struggled in military actions for decades from Vietnam, to Afghanistan, Iraq, Libya and many, many more.
This weakening of the US military power will make it impossible in the future to enforce the petrodollar. The US attacks on Iraq and Libya were as result of these countries intentions of abandoning the petrodollar.
China and Russia are now seeing what de Gaulle saw in the late 1960s. They know that it is only a matter of time before the dollar will lose its status as the world’s reserve currency.
They also know that before this happens, the dollar will start crumbling and eventually disappear into a black hole, resulting in an implosion of all the dollar assets and debts.
China and Russia are not waiting for this to happen They are actually going to orchestrate the fall of the dollar, not by attacking the dollar itself but buy killing the petrodollar.
China will start to trade oil with Russia, with Saudi Arabia, Iran, Turkey etc.
https://www.cnbc.com/2017/10/11/china-will-compel-saudi-arabia-to-trade-oil-in-yuan--and-thats-going-to-affect-the-us-dollar.html
All these countries are now negotiating a number of agreements to facilitate the trading of oil and other commodities in yuan and rubles.
These agreements cover a wide area such as new payment systems and Forex trading between Russia and China as well as gold imports by China from Russia.
The intention of the Trump administration to repudiate the Iran nuclear agreement and to impose new sanctions will further strengthen the resolve of these countries to abandon the petrodollar.
Sadly, it is also likely to lead to yet more terrorism in the West.
This is all happening at a much faster pace than the world is
realizing.
And this time the US cannot do anything about it because the US is unlikely to attack China, Russia or Iran.
A US attack with conventional weapons on any of these countries would be guaranteed to fail.
The US wouldn’t stand a chance except in a nuclear war, which would be the end of the world as we know it.
But it is not only the US empire which is crumbling.
The decadent socialist system in Europe will not survive either.
Socialism works until you run out of Other People’s Money.
And this is happening fast in many European countries.
Greece
Greece is totally bankrupt and should have defaulted on their debts many years ago and introduced a new devalued Drachma.
This is the only way that Greece can ever progress and prosper. Instead, the EU insisted on them staying and imposed yet more loans that Greece will never repay, leading to massive poverty and misery for the Greek people.
There Are Only Two Grim Alternatives
In addition, Brussels has forced them to process a massive number of migrants which Greece can ill afford.
The same goes for Italy with their massive debt to GDP and crumbling economy.
But it doesn’t stop there as Spain, Portugal, France, Ireland and the UK are all economies with massive debts.
Since these debts can never be repaid, there are only two alternatives; either a default by the ECB and most European countries, or money printing on a scale that the world has never seen.
The likely outcome is that we will see both options.
First money printing by the ECB in the €100s of trillions and then default, as the euro becomes worthless.
The Eurocrats in Brussels, including the European Commission, are only interested in protecting their own position. Their main concern as unelected and unaccountable representatives of 500 million people is to hold their empire together at any cost.
What they are doing is not for the good of the European people, but rather to serve these bureaucrats’ self-interest.
The Brussels elite is more concerned about their own massive expense accounts and pensions than the Greek or the Irish people.
The European Commission in Brussels, with Junker leading, is now doing all they can do sabotage the Brexit decision by the UK electorate.
They just can’t stand that anyone breaks rank in this very unholy alliance. Interestingly, the word sabotage, derives from the industrial revolution in Belgium when the workers threw their “sabots” (clogs) into the new machines that were taking their jobs away.
So the Brussels tradition of sabotage is not a new phenomenon.
The EU is a failed experiment that will eventually collapse. So will the euro which is an artificial currency that can never work for 19 Countries with different backgrounds such as growth and inflation rates, productivity, industrialization and cultures.
The dollar is likely to fall before the euro as they both
compete in the race to the bottom.
Just think about it, here we have the two richest regions in the world, North America and Europe, both on the verge of collapse, economically, financially, politically and morally.
How can anyone ever believe that all the bubble assets can survive under those circumstances. They won’t. That is absolutely guaranteed.
It is only a question of how soon it starts and how deep it will be. The sad thing is that no one is prepared for it and it will be a devastating shock the whole world.
Having just flown from Europe to the US, I watched “The Wizard of Lies,” the film about Bernie Madoff. This was a $65 billion Ponzi scheme that went on for at least 20 years without being discovered.
The combination of gullibility (returns 10-12% every year without fluctuations), greed and vested interest led to very few ever questioning this massive fraud. Banks, brokers, asset managers, introducers and investors all loved it and therefore no one questioned it.
Just like the world never questioned the massive Madoff Ponzi scheme, no one ever questions the $250 trillion Ponzi scheme that the whole world is now investing in.
Madoff was a saint compared to what the world is now being subjected to.
So why is no one protesting and why does everyone believe that this will continue. Well, for exactly the same reasons that they believed in Madoff – greed and vested interest. Governments, central bankers, bankers, fund and asset managers and investors don’t want anyone to cry wolf. The whole world wants this wonderful Ponzi fraud to go on forever.
But it won’t. Instead it will come to a very abrupt end in the next few years and virtually no one will be prepared.
Currently, investors love the stock markets around the world and why shouldn’t they. Everyone is making so much money, just like with Madoff, that their greed prevents them from looking at the risk. With Nasdaq up 5x since 2009, investors are oblivious of risk.
Silver Set For Explosive Move
Silver on the other hand is down 65% since 2011. The chart below shows the Silver / Nasdaq spread. Silver has crashed against the Nasdaq since 2011 and is almost down to the 2001 level when the silver price was $4.
This spread is likely to have bottomed and the next move should be back to the 2011 high – a 450% move.
The Dollar Is In The Terminal Phase
October 15 (King World News) – Egon von Greyerz:
The dollar is dead but the world doesn’t know it.
It has been a slow death and the final stages will be very painful for the US and for the rest of the world.
The History
The US empire is finished financially, militarily and also politically and morally…
Egon von Greyerz continues:
“It all started with the establishment of the Fed in 1913 and escalated with Nixon. For anyone old enough to still remember him, the thing that most people will remember is the Watergate scandal.
It was corruption and bribery at the highest level in the Nixon administration, including the president himself. In order to avoid impeachment which would have been a certainty, Nixon resigned.
All this broke out 11 months after Nixon’s disastrous decision to take away the gold backing of the dollar on Aug 15, 1971. Nixon should not have been impeached for the Watergate scandal but for his decision to end the gold backing of the dollar.
That disastrous decision is what will lead to a total collapse of the world economy and the financial system, starting sooner than anyone can imagine.
By 1971, the US had already been running chronic budget deficits for 10 years consecutively.
At the end of the 1960s, President Gaulle of France realized what would happen to the dollar and demanded payment in gold instead of dollars, which was a savvy move.
This led to Nixon closing the gold window since this was the only way that the US could continue to live above its means.
And this is exactly what the US has done for more than half a century now. Not only have they run a real budget deficit every year since 1961 but also a trade deficit every year since 1975.
Three things have allowed the US to do this:
1) The dollar being the reserve currency of the world.
2) Having a mighty military machine.
3) The Petrodollar system.
But the rest of the world now knows that the weakening US empire is losing out on all three fronts.
The dollar has lost 50-70% against most major currencies in the last 46 years.
And against gold, nature’s only permanent money, the dollar has lost 97% since Nixon’s fatal decision.
The US military superiority has been crumbling for many years.
In spite of military spending higher than the next 8 largest countries combined, the US has struggled in military actions for decades from Vietnam, to Afghanistan, Iraq, Libya and many, many more.
This weakening of the US military power will make it impossible in the future to enforce the petrodollar. The US attacks on Iraq and Libya were as result of these countries intentions of abandoning the petrodollar.
China and Russia are now seeing what de Gaulle saw in the late 1960s. They know that it is only a matter of time before the dollar will lose its status as the world’s reserve currency.
They also know that before this happens, the dollar will start crumbling and eventually disappear into a black hole, resulting in an implosion of all the dollar assets and debts.
China and Russia are not waiting for this to happen They are actually going to orchestrate the fall of the dollar, not by attacking the dollar itself but buy killing the petrodollar.
China will start to trade oil with Russia, with Saudi Arabia, Iran, Turkey etc.
https://www.cnbc.com/2017/10/11/china-will-compel-saudi-arabia-to-trade-oil-in-yuan--and-thats-going-to-affect-the-us-dollar.html
All these countries are now negotiating a number of agreements to facilitate the trading of oil and other commodities in yuan and rubles.
These agreements cover a wide area such as new payment systems and Forex trading between Russia and China as well as gold imports by China from Russia.
The intention of the Trump administration to repudiate the Iran nuclear agreement and to impose new sanctions will further strengthen the resolve of these countries to abandon the petrodollar.
Sadly, it is also likely to lead to yet more terrorism in the West.
This is all happening at a much faster pace than the world is
realizing.
And this time the US cannot do anything about it because the US is unlikely to attack China, Russia or Iran.
A US attack with conventional weapons on any of these countries would be guaranteed to fail.
The US wouldn’t stand a chance except in a nuclear war, which would be the end of the world as we know it.
But it is not only the US empire which is crumbling.
The decadent socialist system in Europe will not survive either.
Socialism works until you run out of Other People’s Money.
And this is happening fast in many European countries.
Greece
Greece is totally bankrupt and should have defaulted on their debts many years ago and introduced a new devalued Drachma.
This is the only way that Greece can ever progress and prosper. Instead, the EU insisted on them staying and imposed yet more loans that Greece will never repay, leading to massive poverty and misery for the Greek people.
There Are Only Two Grim Alternatives
In addition, Brussels has forced them to process a massive number of migrants which Greece can ill afford.
The same goes for Italy with their massive debt to GDP and crumbling economy.
But it doesn’t stop there as Spain, Portugal, France, Ireland and the UK are all economies with massive debts.
Since these debts can never be repaid, there are only two alternatives; either a default by the ECB and most European countries, or money printing on a scale that the world has never seen.
The likely outcome is that we will see both options.
First money printing by the ECB in the €100s of trillions and then default, as the euro becomes worthless.
The Eurocrats in Brussels, including the European Commission, are only interested in protecting their own position. Their main concern as unelected and unaccountable representatives of 500 million people is to hold their empire together at any cost.
What they are doing is not for the good of the European people, but rather to serve these bureaucrats’ self-interest.
The Brussels elite is more concerned about their own massive expense accounts and pensions than the Greek or the Irish people.
The European Commission in Brussels, with Junker leading, is now doing all they can do sabotage the Brexit decision by the UK electorate.
They just can’t stand that anyone breaks rank in this very unholy alliance. Interestingly, the word sabotage, derives from the industrial revolution in Belgium when the workers threw their “sabots” (clogs) into the new machines that were taking their jobs away.
So the Brussels tradition of sabotage is not a new phenomenon.
The EU is a failed experiment that will eventually collapse. So will the euro which is an artificial currency that can never work for 19 Countries with different backgrounds such as growth and inflation rates, productivity, industrialization and cultures.
The dollar is likely to fall before the euro as they both
compete in the race to the bottom.
Just think about it, here we have the two richest regions in the world, North America and Europe, both on the verge of collapse, economically, financially, politically and morally.
How can anyone ever believe that all the bubble assets can survive under those circumstances. They won’t. That is absolutely guaranteed.
It is only a question of how soon it starts and how deep it will be. The sad thing is that no one is prepared for it and it will be a devastating shock the whole world.
Having just flown from Europe to the US, I watched “The Wizard of Lies,” the film about Bernie Madoff. This was a $65 billion Ponzi scheme that went on for at least 20 years without being discovered.
The combination of gullibility (returns 10-12% every year without fluctuations), greed and vested interest led to very few ever questioning this massive fraud. Banks, brokers, asset managers, introducers and investors all loved it and therefore no one questioned it.
Just like the world never questioned the massive Madoff Ponzi scheme, no one ever questions the $250 trillion Ponzi scheme that the whole world is now investing in.
Madoff was a saint compared to what the world is now being subjected to.
So why is no one protesting and why does everyone believe that this will continue. Well, for exactly the same reasons that they believed in Madoff – greed and vested interest. Governments, central bankers, bankers, fund and asset managers and investors don’t want anyone to cry wolf. The whole world wants this wonderful Ponzi fraud to go on forever.
But it won’t. Instead it will come to a very abrupt end in the next few years and virtually no one will be prepared.
Currently, investors love the stock markets around the world and why shouldn’t they. Everyone is making so much money, just like with Madoff, that their greed prevents them from looking at the risk. With Nasdaq up 5x since 2009, investors are oblivious of risk.
Silver Set For Explosive Move
Silver on the other hand is down 65% since 2011. The chart below shows the Silver / Nasdaq spread. Silver has crashed against the Nasdaq since 2011 and is almost down to the 2001 level when the silver price was $4.
This spread is likely to have bottomed and the next move should be back to the 2011 high – a 450% move.
Wealth preservation investors should of course not go short Nasdaq (the bubble can get bigger) but if they get out of their stocks and buy silver, they are likely to avoid the most massive wealth destruction in the next few years.
Bitcoin
Bitcoin is continuing its meteoric rise and is almost at $6,000. This is a massive speculative bubble that could go a lot higher. But is has nothing to do with wealth preservation.
The price explosion in Bitcoin has been meteoric. Just in the last two years it is up 25x!
Once gold and silver start to move, we are likely to see a similar
price explosion.
But the big difference is that the precious metals represent
real wealth preservation.
Bitcoin
Bitcoin is continuing its meteoric rise and is almost at $6,000. This is a massive speculative bubble that could go a lot higher. But is has nothing to do with wealth preservation.
The price explosion in Bitcoin has been meteoric. Just in the last two years it is up 25x!
Once gold and silver start to move, we are likely to see a similar
price explosion.
But the big difference is that the precious metals represent
real wealth preservation.
I might sound like the Roman Senator Cato who always finished every speech with “Praeterea censeo Carthaginem delendam esse.” –
“Furthermore I consider that Carthage should be destroyed.”
I also always have the same message for an oblivious world which doesn’t realize what will hit them:
To avoid total wealth destruction, buy insurance in the form of
physical gold and silver while there is still time.
When history’s biggest Ponzi scheme collapses, it will probably be impossible
to get hold of physical gold and silver at any price.”
Egon von Greyerz coming to the US!
Egon von Greyerz is coming to the United States!
Mr. Greyerz will be in Boca Raton, Florida, from October 22 – 25 to meet with wealthy clients.
This is a rare opportunity for wealthy individuals to secure a private meeting with Egon von Greyerz to discuss their assets. If there are any KWN readers who will be in Boca Raton on those dates that are looking to purchase or vault over a million dollars of physical gold or silver with GoldSwitzerland — which has the best storage platform on the planet in countries such as Switzerland, Singapore, etc -- email
contact@goldswitzerland.com to set up a private meeting with Egon von Greyerz!
Also, to listen to the man who counsels the biggest money on the planet, Michael Belkin, discuss the fortunes to be made investing in mining shares CLICK HERE OR ON THE IMAGE BELOW.
ALSO JUST RELEASED: This Long-Term Buy Signal Shows Gold Finally Set To Surge Above
$2,000 CLICK HERE.
© 2017 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the articles is permitted and encouraged.
“Furthermore I consider that Carthage should be destroyed.”
I also always have the same message for an oblivious world which doesn’t realize what will hit them:
To avoid total wealth destruction, buy insurance in the form of
physical gold and silver while there is still time.
When history’s biggest Ponzi scheme collapses, it will probably be impossible
to get hold of physical gold and silver at any price.”
Egon von Greyerz coming to the US!
Egon von Greyerz is coming to the United States!
Mr. Greyerz will be in Boca Raton, Florida, from October 22 – 25 to meet with wealthy clients.
This is a rare opportunity for wealthy individuals to secure a private meeting with Egon von Greyerz to discuss their assets. If there are any KWN readers who will be in Boca Raton on those dates that are looking to purchase or vault over a million dollars of physical gold or silver with GoldSwitzerland — which has the best storage platform on the planet in countries such as Switzerland, Singapore, etc -- email
contact@goldswitzerland.com to set up a private meeting with Egon von Greyerz!
Also, to listen to the man who counsels the biggest money on the planet, Michael Belkin, discuss the fortunes to be made investing in mining shares CLICK HERE OR ON THE IMAGE BELOW.
ALSO JUST RELEASED: This Long-Term Buy Signal Shows Gold Finally Set To Surge Above
$2,000 CLICK HERE.
© 2017 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the articles is permitted and encouraged.
The Chinese Yuan Takes Over the Leadership of the US Dollar
https://kingworldnews.com/chinas-new-oil-exchange-where-
countries-will-be-able-to-take-gold-as-payment/
China’s New Oil Exchange Where Countries Will Be Able To Take Gold
As Payment Plus A Worldwide Paradigm Shift
countries-will-be-able-to-take-gold-as-payment/
China’s New Oil Exchange Where Countries Will Be Able To Take Gold
As Payment Plus A Worldwide Paradigm Shift
Petro-yuan vs. Petrodollar
https://www.youtube.com/watch?v=cknkeksFPk0
Warning: China Russia Saudi Arabia & Iran To Use Yuan For Trading Oil Next Step Is WW3
https://www.youtube.com/watch?v=ULFaAcKhkXI
"PETRIFIED": Is JPMorgan Preparing for a MASSIVE Silver Spike? | Bill Murphy
https://www.youtube.com/watch?v=RF9Iq9hGees
https://www.youtube.com/watch?v=cknkeksFPk0
Warning: China Russia Saudi Arabia & Iran To Use Yuan For Trading Oil Next Step Is WW3
https://www.youtube.com/watch?v=ULFaAcKhkXI
"PETRIFIED": Is JPMorgan Preparing for a MASSIVE Silver Spike? | Bill Murphy
https://www.youtube.com/watch?v=RF9Iq9hGees
https://kingworldnews.com/greyerz-says-one-of-the-two-largest-banks-in-switzerland
MAJOR ALERT:
Greyerz Says
One Of The Two Largest Banks In Switzerland
Just Refused To Hand Over Clients’ Physical Gold.
MAJOR ALERT:
Greyerz Says
One Of The Two Largest Banks In Switzerland
Just Refused To Hand Over Clients’ Physical Gold.
November 19, 2017
It’s happened again. For the third time in the past six weeks, the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News that another scandal unfolded in Switzerland as one of the two largest banks in Switzerland refused to return a clients’ gold the bank was supposedly storing for the client. Even more surprising is what the client did next.
3rd Swiss Bank Scandal Unfolding, But First…
November 20 (King World News) – Egon von Greyerz: “What is absolutely certain is that global wealth will be totally decimated in the next 4-8 years. It doesn’t matter if you are very rich or “just own a house” with some equity left.
Most of it will come down in value by 75-95% in the next few years as the debt and asset bubbles implode. But what very few people realize or plan for, is the confiscation of wealth that will take place in coming years. There will be confiscation of wealth on many levels.
With times deteriorating, governments will be thrown out as ordinary people become dissatisfied with their rapidly declining ability to survive. Many people will lose their jobs, and governments’ ability to help the poor and hungry will decline rapidly due to falling tax revenues.
During that process, opposition parties will promise the earth. Thus we will see a society in upheaval due to political turbulence, social unrest, dire economic circumstances as well as anarchy.
Many parties in the West have turned socialist or communist in latter years, and this trend will continue as the climate deteriorates.
With the ruling party desperately fighting for its own survival, their task becomes increasingly impossible as there is no money left in the coffer and printed money no longer has any value.
Opposition parties will promise solutions to all the problems and will have no difficulty becoming elected. But as they get into power they will also fail desperately. In most Western countries there will be left wing parties ruling but we might also see far right leaders emerging due to the anarchic situation.
As tax revenues decline rapidly, governments will desperately look for new ways of increasing the state’s income. Normal people at this stage will be very poor so it will serve no purpose to tax them. The obvious target will of course be the wealthy.
At that stage, the wealthy might already have lost half of their fortune or more, but socialist governments looking for revenue will ensure that most of their remaining wealth also disappear.
Wealth taxes will be confiscatory and reach levels of 75% at least and possibly up to 90%.
This will not only be popular with ordinary people, who at that point will be poor and suffering. It will also be what the desperate masses will demand, whether it is done peacefully or with violence.
What is happening in Saudi Arabia presently with the Saudi Crown Prince Mohammed bin Salman confiscating the wealth of other Saudi Princes and Saudi businessmen might set an example.
Governments in the US, UK or Germany, for example, could just decide to freeze the assets of the wealthy and issue arrest warrants demanding transfer of say 85% of their wealth.
Refusal would not be an option since it would lead to a long prison sentence plus confiscation of 100% of the wealth.
Now is the time to plan for the risks of confiscation and punitive taxation. Soon it will be too late.
All this sounds totally Draconian and unrealistic in today’s “civilized” society, but anyone who doubts that these measures could happen only needs to study history. There are endless examples of confiscation of wealth. Often it is linked to periods of excess and decadence with major gaps between the rich and the poor, just as we are seeing today.
During the French Revolution in 1789 , the aristocracy not only lost much of their wealth, they also lost their lives. It was the same way in the Russian Revolution in 1918 when both wealth and lives of the aristocracy were extinguished.
We could easily reach a state of anarchy due to the suffering of the masses. At that point they would turn against banks, governments and the wealthy. Leading to major violence as history repeats itself. Anything representing wealth will be despised by the masses, whether it is houses, cars, jewelry, clothes or other luxury assets. The flaunting of wealth that we see all over the world today could be very dangerous or even fatal at that time.
Because the majority of people are not able to fathom this, many of them would call this scaremongering. The problem is that because we live today, we think it is different now.
Many believe it is totally acceptable to see bespoke Rolls Royces, or Ferraris in New York, London or Hong Kong costing $250,000 or more. Today very few protest against the enormous top prices paid for a house in the same cities costing $100 million. And to buy a painting for over $100 million happens regularly.
But if you want a Leonardo da Vinci, you must pay the neat sum of $450 million as an anonymous buyer did this week at the Christie’s auction in New York. A price level which very few can fathom.
Will almost $1/2 trillion be the record for a painting for decades or longer. Yes, in today’s money, that could certainly be the case.
11 tonnes of gold for a painting will probably not be beaten for the next 100 years or more. In the next 4-8 years, that painting can probably be bought for much less than 1 tonne of gold, more probably for 100 kilos or less (100 kg gold is today worth $4.1 million).
For ordinary people, most of whom are not aware of these excesses, $1/2 billion for a painting is the ultimate decadence. This dangerous trend will not go unpunished in the future.
And nobody must believe that law and order including police or military will function when society breaks down. Sadly, there will be no protection for the target groups.
Weapons will hardly help against the crowd. Best is to live in a place where you are surrounded by like minded or in a country which is less exposed. All this is not an option for many people but worth thinking about while there is still time.
Let me stress that I sincerely hope that none of what I have outlined will happen. But looking at risk and probabilities, we are now at a point in history when these events are likely to take place, whether it is in the next few years or at some later point.
Excesses of the magnitude we are seeing today as well as the gap between rich and poor will not continue without returning to the mean at least.
Coming back to confiscation, it looks like banks are already playing that game. In a recent KWN article, I discussed how banks don’t have the physical gold that their clients have bought. I also mentioned how banks are refusing to release the gold that the client holds in the bank.
A 3rd Swiss Bank Refuses To Hand Over Clients’ Gold
This week I was contacted by a person who went to his bank in Zurich — one of the two largest in Switzerland — to get his physical gold out. He had seen my KWN article on the subject.
The bank, one of the biggest Asset Management banks in the world, told him that he couldn’t have his own gold because of new rules within the bank.
What The Client Did Next Was Even More Surprising
But this man did not give up that easily. He asked for a letter from the bank confirming that they refused to hand his gold to him.
He told the bank that he would take this letter to the police. The bank clearly got scared and after three hours wait, the gentleman was told by the bank that they would hand his gold to him. So very generous of the bank to hand the client’s asset bank to him!
This is yet another confirmation that banks are not going to give the clients their assets back without a major legal fight. But that is just the first stage, in my view. Soon banks will be under such pressure that they will hold on to clients’ assets.
Few people believe that this is possible, but it is guaranteed that, in the not too distant future, insolvent banks will not be in a position to hand anything back to clients. Again I urge people to get assets out of the banks, in Switzerland or any other country. The financial system is already bankrupt, regardless of what central bank chiefs say.
Holding physical gold outside the banking system and in the right jurisdiction is the best insurance agains these risks. But as I said above, tax planning is just as important as holding the right investment.
It’s happened again. For the third time in the past six weeks, the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News that another scandal unfolded in Switzerland as one of the two largest banks in Switzerland refused to return a clients’ gold the bank was supposedly storing for the client. Even more surprising is what the client did next.
3rd Swiss Bank Scandal Unfolding, But First…
November 20 (King World News) – Egon von Greyerz: “What is absolutely certain is that global wealth will be totally decimated in the next 4-8 years. It doesn’t matter if you are very rich or “just own a house” with some equity left.
Most of it will come down in value by 75-95% in the next few years as the debt and asset bubbles implode. But what very few people realize or plan for, is the confiscation of wealth that will take place in coming years. There will be confiscation of wealth on many levels.
With times deteriorating, governments will be thrown out as ordinary people become dissatisfied with their rapidly declining ability to survive. Many people will lose their jobs, and governments’ ability to help the poor and hungry will decline rapidly due to falling tax revenues.
During that process, opposition parties will promise the earth. Thus we will see a society in upheaval due to political turbulence, social unrest, dire economic circumstances as well as anarchy.
Many parties in the West have turned socialist or communist in latter years, and this trend will continue as the climate deteriorates.
With the ruling party desperately fighting for its own survival, their task becomes increasingly impossible as there is no money left in the coffer and printed money no longer has any value.
Opposition parties will promise solutions to all the problems and will have no difficulty becoming elected. But as they get into power they will also fail desperately. In most Western countries there will be left wing parties ruling but we might also see far right leaders emerging due to the anarchic situation.
As tax revenues decline rapidly, governments will desperately look for new ways of increasing the state’s income. Normal people at this stage will be very poor so it will serve no purpose to tax them. The obvious target will of course be the wealthy.
At that stage, the wealthy might already have lost half of their fortune or more, but socialist governments looking for revenue will ensure that most of their remaining wealth also disappear.
Wealth taxes will be confiscatory and reach levels of 75% at least and possibly up to 90%.
This will not only be popular with ordinary people, who at that point will be poor and suffering. It will also be what the desperate masses will demand, whether it is done peacefully or with violence.
What is happening in Saudi Arabia presently with the Saudi Crown Prince Mohammed bin Salman confiscating the wealth of other Saudi Princes and Saudi businessmen might set an example.
Governments in the US, UK or Germany, for example, could just decide to freeze the assets of the wealthy and issue arrest warrants demanding transfer of say 85% of their wealth.
Refusal would not be an option since it would lead to a long prison sentence plus confiscation of 100% of the wealth.
Now is the time to plan for the risks of confiscation and punitive taxation. Soon it will be too late.
All this sounds totally Draconian and unrealistic in today’s “civilized” society, but anyone who doubts that these measures could happen only needs to study history. There are endless examples of confiscation of wealth. Often it is linked to periods of excess and decadence with major gaps between the rich and the poor, just as we are seeing today.
During the French Revolution in 1789 , the aristocracy not only lost much of their wealth, they also lost their lives. It was the same way in the Russian Revolution in 1918 when both wealth and lives of the aristocracy were extinguished.
We could easily reach a state of anarchy due to the suffering of the masses. At that point they would turn against banks, governments and the wealthy. Leading to major violence as history repeats itself. Anything representing wealth will be despised by the masses, whether it is houses, cars, jewelry, clothes or other luxury assets. The flaunting of wealth that we see all over the world today could be very dangerous or even fatal at that time.
Because the majority of people are not able to fathom this, many of them would call this scaremongering. The problem is that because we live today, we think it is different now.
Many believe it is totally acceptable to see bespoke Rolls Royces, or Ferraris in New York, London or Hong Kong costing $250,000 or more. Today very few protest against the enormous top prices paid for a house in the same cities costing $100 million. And to buy a painting for over $100 million happens regularly.
But if you want a Leonardo da Vinci, you must pay the neat sum of $450 million as an anonymous buyer did this week at the Christie’s auction in New York. A price level which very few can fathom.
Will almost $1/2 trillion be the record for a painting for decades or longer. Yes, in today’s money, that could certainly be the case.
11 tonnes of gold for a painting will probably not be beaten for the next 100 years or more. In the next 4-8 years, that painting can probably be bought for much less than 1 tonne of gold, more probably for 100 kilos or less (100 kg gold is today worth $4.1 million).
For ordinary people, most of whom are not aware of these excesses, $1/2 billion for a painting is the ultimate decadence. This dangerous trend will not go unpunished in the future.
And nobody must believe that law and order including police or military will function when society breaks down. Sadly, there will be no protection for the target groups.
Weapons will hardly help against the crowd. Best is to live in a place where you are surrounded by like minded or in a country which is less exposed. All this is not an option for many people but worth thinking about while there is still time.
Let me stress that I sincerely hope that none of what I have outlined will happen. But looking at risk and probabilities, we are now at a point in history when these events are likely to take place, whether it is in the next few years or at some later point.
Excesses of the magnitude we are seeing today as well as the gap between rich and poor will not continue without returning to the mean at least.
Coming back to confiscation, it looks like banks are already playing that game. In a recent KWN article, I discussed how banks don’t have the physical gold that their clients have bought. I also mentioned how banks are refusing to release the gold that the client holds in the bank.
A 3rd Swiss Bank Refuses To Hand Over Clients’ Gold
This week I was contacted by a person who went to his bank in Zurich — one of the two largest in Switzerland — to get his physical gold out. He had seen my KWN article on the subject.
The bank, one of the biggest Asset Management banks in the world, told him that he couldn’t have his own gold because of new rules within the bank.
What The Client Did Next Was Even More Surprising
But this man did not give up that easily. He asked for a letter from the bank confirming that they refused to hand his gold to him.
He told the bank that he would take this letter to the police. The bank clearly got scared and after three hours wait, the gentleman was told by the bank that they would hand his gold to him. So very generous of the bank to hand the client’s asset bank to him!
This is yet another confirmation that banks are not going to give the clients their assets back without a major legal fight. But that is just the first stage, in my view. Soon banks will be under such pressure that they will hold on to clients’ assets.
Few people believe that this is possible, but it is guaranteed that, in the not too distant future, insolvent banks will not be in a position to hand anything back to clients. Again I urge people to get assets out of the banks, in Switzerland or any other country. The financial system is already bankrupt, regardless of what central bank chiefs say.
Holding physical gold outside the banking system and in the right jurisdiction is the best insurance agains these risks. But as I said above, tax planning is just as important as holding the right investment.
During the French Revolution in 1789 , the aristocracy not only lost much of their wealth, they also lost their lives. It was the same way in the Russian Revolution in 1918 when both wealth and lives of the aristocracy were extinguished.
We could easily reach a state of anarchy due to the suffering of the masses. At that point they would turn against banks, governments and the wealthy. Leading to major violence as history repeats itself. Anything representing wealth will be despised by the masses, whether it is houses, cars, jewelry, clothes or other luxury assets. The flaunting of wealth that we see all over the world today could be very dangerous or even fatal at that time.
Because the majority of people are not able to fathom this, many of them would call this scaremongering. The problem is that because we live today, we think it is different now.
Many believe it is totally acceptable to see bespoke Rolls Royces, or Ferraris in New York, London or Hong Kong costing $250,000 or more. Today very few protest against the enormous top prices paid for a house in the same cities costing $100 million. And to buy a painting for over $100 million happens regularly.
But if you want a Leonardo da Vinci, you must pay the neat sum of $450 million as an anonymous buyer did this week at the Christie’s auction in New York. A price level which very few can fathom.
Will almost $1/2 trillion be the record for a painting for decades or longer. Yes, in today’s money, that could certainly be the case.
11 tonnes of gold for a painting will probably not be beaten for the next 100 years or more. In the next 4-8 years, that painting can probably be bought for much less than 1 tonne of gold, more probably for 100 kilos or less (100 kg gold is today worth $4.1 million).
For ordinary people, most of whom are not aware of these excesses, $1/2 billion for a painting is the ultimate decadence. This dangerous trend will not go unpunished in the future.
And nobody must believe that law and order including police or military will function when society breaks down. Sadly, there will be no protection for the target groups.
Weapons will hardly help against the crowd. Best is to live in a place where you are surrounded by like minded or in a country which is less exposed. All this is not an option for many people but worth thinking about while there is still time.
Let me stress that I sincerely hope that none of what I have outlined will happen. But looking at risk and probabilities, we are now at a point in history when these events are likely to take place, whether it is in the next few years or at some later point.
Excesses of the magnitude we are seeing today as well as the gap between rich and poor will not continue without returning to the mean at least.
Coming back to confiscation, it looks like banks are already playing that game. In a recent KWN article, I discussed how banks don’t have the physical gold that their clients have bought. I also mentioned how banks are refusing to release the gold that the client holds in the bank.
We could easily reach a state of anarchy due to the suffering of the masses. At that point they would turn against banks, governments and the wealthy. Leading to major violence as history repeats itself. Anything representing wealth will be despised by the masses, whether it is houses, cars, jewelry, clothes or other luxury assets. The flaunting of wealth that we see all over the world today could be very dangerous or even fatal at that time.
Because the majority of people are not able to fathom this, many of them would call this scaremongering. The problem is that because we live today, we think it is different now.
Many believe it is totally acceptable to see bespoke Rolls Royces, or Ferraris in New York, London or Hong Kong costing $250,000 or more. Today very few protest against the enormous top prices paid for a house in the same cities costing $100 million. And to buy a painting for over $100 million happens regularly.
But if you want a Leonardo da Vinci, you must pay the neat sum of $450 million as an anonymous buyer did this week at the Christie’s auction in New York. A price level which very few can fathom.
Will almost $1/2 trillion be the record for a painting for decades or longer. Yes, in today’s money, that could certainly be the case.
11 tonnes of gold for a painting will probably not be beaten for the next 100 years or more. In the next 4-8 years, that painting can probably be bought for much less than 1 tonne of gold, more probably for 100 kilos or less (100 kg gold is today worth $4.1 million).
For ordinary people, most of whom are not aware of these excesses, $1/2 billion for a painting is the ultimate decadence. This dangerous trend will not go unpunished in the future.
And nobody must believe that law and order including police or military will function when society breaks down. Sadly, there will be no protection for the target groups.
Weapons will hardly help against the crowd. Best is to live in a place where you are surrounded by like minded or in a country which is less exposed. All this is not an option for many people but worth thinking about while there is still time.
Let me stress that I sincerely hope that none of what I have outlined will happen. But looking at risk and probabilities, we are now at a point in history when these events are likely to take place, whether it is in the next few years or at some later point.
Excesses of the magnitude we are seeing today as well as the gap between rich and poor will not continue without returning to the mean at least.
Coming back to confiscation, it looks like banks are already playing that game. In a recent KWN article, I discussed how banks don’t have the physical gold that their clients have bought. I also mentioned how banks are refusing to release the gold that the client holds in the bank.
But if you want a Leonardo da Vinci, you must pay the neat sum of $450 million as an anonymous buyer did this week at the Christie’s auction in New York. A price level which very few can fathom.
Will almost $1/2 trillion be the record for a painting for decades or longer. Yes, in today’s money, that could certainly be the case.
11 tonnes of gold for a painting will probably not be beaten for the next 100 years or more. In the next 4-8 years, that painting can probably be bought for much less than 1 tonne of gold, more probably for 100 kilos or less (100 kg gold is today worth $4.1 million).
For ordinary people, most of whom are not aware of these excesses, $1/2 billion for a painting is the ultimate decadence. This dangerous trend will not go unpunished in the future.
And nobody must believe that law and order including police or military will function when society breaks down. Sadly, there will be no protection for the target groups.
Weapons will hardly help against the crowd. Best is to live in a place where you are surrounded by like minded or in a country which is less exposed. All this is not an option for many people but worth thinking about while there is still time.
Let me stress that I sincerely hope that none of what I have outlined will happen. But looking at risk and probabilities, we are now at a point in history when these events are likely to take place, whether it is in the next few years or at some later point.
Excesses of the magnitude we are seeing today as well as the gap between rich and poor will not continue without returning to the mean at least.
Coming back to confiscation, it looks like banks are already playing that game. In a recent KWN article, I discussed how banks don’t have the physical gold that their clients have bought. I also mentioned how banks are refusing to release the gold that the client holds in the bank.
Will almost $1/2 trillion be the record for a painting for decades or longer. Yes, in today’s money, that could certainly be the case.
11 tonnes of gold for a painting will probably not be beaten for the next 100 years or more. In the next 4-8 years, that painting can probably be bought for much less than 1 tonne of gold, more probably for 100 kilos or less (100 kg gold is today worth $4.1 million).
For ordinary people, most of whom are not aware of these excesses, $1/2 billion for a painting is the ultimate decadence. This dangerous trend will not go unpunished in the future.
And nobody must believe that law and order including police or military will function when society breaks down. Sadly, there will be no protection for the target groups.
Weapons will hardly help against the crowd. Best is to live in a place where you are surrounded by like minded or in a country which is less exposed. All this is not an option for many people but worth thinking about while there is still time.
Let me stress that I sincerely hope that none of what I have outlined will happen. But looking at risk and probabilities, we are now at a point in history when these events are likely to take place, whether it is in the next few years or at some later point.
Excesses of the magnitude we are seeing today as well as the gap between rich and poor will not continue without returning to the mean at least.
Coming back to confiscation, it looks like banks are already playing that game. In a recent KWN article, I discussed how banks don’t have the physical gold that their clients have bought. I also mentioned how banks are refusing to release the gold that the client holds in the bank.
Paper Gold Games No Longer Working
The short term moves in the gold price are not important since we we will see multiples of today’s price. But this week gold finished on a high and the normal shenanigans of the BIS and bullion banks of dumping billions of dollars of paper gold after hours were unsuccessful.
Therefore, It looks like the latest small correction is finished and the uptrend has resumed. Possibly we need to wait for the Fed decision in December before a major move up in gold. Whatever the Fed does will only have a very short term effect.
Gold is going substantially higher regardless of central bank policy or paper gold manipulation. 5,000 years of history is much more powerful than ephemeral central bankers and manipulators.”
Do Not Let Banks Steal Your Gold
In a King World News interview I spoke with the man who predicted the Swiss National Bank would experience staggering losses and that the Fed would also experience massive losses that will destabilize the global financial system!
His company is the only one in the world offering a precious metals investment service outside the banking system, with direct ownership and full control by the investor.
He has also become legendary for his predictions on QE, historic moves in currencies, and major global events. To find out what he and his company can do to help answer that age old question for you CLICK HERE.
***KWN has now released the powerful James Turk audio interview where he discusses his prediction for a massive squeeze higher in the gold and silver markets CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: The Man Who Predicted Friday’s Gold & Silver Surge Now Says Metals May Be Ready To Fly CLICK HERE.
The short term moves in the gold price are not important since we we will see multiples of today’s price. But this week gold finished on a high and the normal shenanigans of the BIS and bullion banks of dumping billions of dollars of paper gold after hours were unsuccessful.
Therefore, It looks like the latest small correction is finished and the uptrend has resumed. Possibly we need to wait for the Fed decision in December before a major move up in gold. Whatever the Fed does will only have a very short term effect.
Gold is going substantially higher regardless of central bank policy or paper gold manipulation. 5,000 years of history is much more powerful than ephemeral central bankers and manipulators.”
Do Not Let Banks Steal Your Gold
In a King World News interview I spoke with the man who predicted the Swiss National Bank would experience staggering losses and that the Fed would also experience massive losses that will destabilize the global financial system!
His company is the only one in the world offering a precious metals investment service outside the banking system, with direct ownership and full control by the investor.
He has also become legendary for his predictions on QE, historic moves in currencies, and major global events. To find out what he and his company can do to help answer that age old question for you CLICK HERE.
***KWN has now released the powerful James Turk audio interview where he discusses his prediction for a massive squeeze higher in the gold and silver markets CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: The Man Who Predicted Friday’s Gold & Silver Surge Now Says Metals May Be Ready To Fly CLICK HERE.