How To Speculate Your Way to Success: Doug Casey

Posted: April 21, 2012 in Uncategorized

If it were just the banks and the governments, I wouldn’t care; they’re just getting what they deserve. The problem is that many prudent middle class people are going to be wiped out. These folks have tried to produce more than they consume for their whole lives and save the difference. But their savings are almost all in government currencies, and those currencies are held in banks. However, the banks are unable to give back all the euros that these people have entrusted to them. It’s a very serious thing. So European governments are trying to solve this by creating more euros. Eventually the euro is going to reach its intrinsic value – which is nothing. It’s the same in the U.S. The banks are bankrupt, the government’s bankrupt and creating more dollars so the banks don’t go bust and depositors don’t lose their money.

more from Doug Casey – http://burndownthefreakingmission.com

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