The euro won’t survive this crisis

Voima/Jan Nieuwenhuijs interview of Finland economist Tuomas Malinen

“JN: How can people best prepare for the coming financial turmoil?

TM: Hold physical cash and physical gold. All through history, gold has been the best crisis hedge.

JN: What do you see the gold price doing going forward?

TM: We did an analysis of the historical prices of different asset classes, and it seems that gold first—when the crisis starts—goes down like the rest of the assets, but then it starts to rise very fast.”

graphic image of flags of the European Union
  Malinen paints a very bleak picture for the European economy saying that he at first viewed the coronavirus as a trigger and now he sees it as a driving force of its own.  In one captivating section, he talks about the possibility of central banks failing – a subject few economists have addressed, although we do recall, James Grant recently raising the prospect.

Repost from 3-26-2020

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