Sleepwalking toward a crisis – got gold?
“The rapid increase in Fed money printing in just five weeks reflects serious problems developing in the global financial system. Actually, the problem is easy to identify: At every level – government, corporate and household – the level of debt has become unsustainable, with not insignificant portions of that debt in non-performing status (seriously delinquent or in default).”
USAGOLD note: The headline references a quote from former Bank of England governor, Mervyn King, who once said: “I am very struck by the fact that over many many years, central banks, governments and individuals have always, despite the protestations of economists, held some gold in their portfolio. Obviously, there is no high running return, but when unexpected things happen, particularly when governments rise and fall, then gold is a means of payment that everyone is always prepared to accept.” King made the ‘sleepwalking toward a crisis’ comment in a speech at a recent International Monetary Fund conference.
Repost from 11-5-2019