Greyerz – Terror In Venezuela May Spread To The West
Greyerz – Terror In Venezuela May Spread To The West from King World News
As we get ready to kickoff trading at the start of a new week, today the man who has become legendary for his predictions on QE and historic moves in currencies, told King World News that the terrifying conditions in Venezuela may spread to the West.
The Emperor Has No Clothes
February 26 (King World News) – Egon von Greyerz: “Gold is hated by governments around the world because it reveals their deceitful actions in totally destroying the economy. It is not an accident that gold is the only money which has survived for 6,000 years. Gold is the only money that tells the truth. And gold is nature’s money which means it cannot be destroyed and it cannot be manufactured.
This is why governments cannot live with gold as money for more than short periods. Because over time governments always spend more than the country earns. At that point their survival can only be assured by buying votes. And printing money is a very cheap way of buying votes. It costs nothing when you own the printing presses (or computers) and it is very effective short term. The problem is when that little boy shouts out: “The emperor has no clothes.” At that point everybody will realize that we all live in a world based on lies and debt.
In the next few years, country after country will find a naked emperor and empty coffers…
“The irresponsibility and incompetence of regimes know no borders. Take a country like Venezuela which hit the jackpot by sitting on free oil reserves of massive quantities. Venezuela has the biggest oil reserves in the world. But in spite of that, Venezuela has today reached economic misery.
This is what Charles Dickens said in David Copperfield:
“Annual income twenty pounds, annual expenditure nineteen, nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”
But that simple rule seems impossible to follow for any nation today. Almost every country in the world is on the side of misery with the deficit being made up by debt or printed money. Margaret Thatcher said it better than anyone: