30-Sep (ChrisMartenson.com) — David Stockman, former US Representative and Director of the Office of Management and Budget under Reagan, does not mince words. He sees the monetary systems of the world coming apart.

How did we get here? He identifies the root cause as the intentional over-leveraging of world economies by central planners in a misguided effort to enjoy growth without consequence.

Some choice quotes:

“I blame it on the Fed. I blame it on the 1971 decision by Nixon to close the gold window and let the dollar float. Because out of that has evolved — or morphed — a central banking policy in the world that absorbs unlimited amounts of government debt.”

“…we got away for twenty or twenty five years with “deficits without tears.”

“As far as I’m concerned, Bernanke is the monetary Darth Vader.”

“We effectively had, over the last thirty years, a national LBO – a leveraged buyout of the whole economy.”

“Washington thinks you can kick the can down the road, the debt is more or less free, and we’ll get around to solving the problem. But today, let’s not make any tough choices. That’s where we are.”

“The banking system has been saved on the back of the savers of the United States. We have totally destroyed any incentive for thrift, for deferred gratification.”

“Gold is becoming the de facto money. We’re going to be back to a gold standard, one way or another, through the back door in only a matter of time, simply because the central banks are dominated by the ritual incantation of dying Keynesian theory. And therefore, I would say that’s what someone needs to do to protect themselves.”

[source]

PG View: A compelling, if sobering, interview with a true political and policy insider. In that last quote, he very clearly indicates that people need to buy gold to protect themselves. Well worth listening to the entire interview.