But the printing of money will not have any effect (on the economy). The central banks’ policies have caused debt to expand exponentially. This has greatly enhanced the wealthy, and given the masses the illusion that they are better off, when all they have is a massive debt that can never be repaid. If we just look at the richest 1% in the US, they have an average of 20% debt vs assets. But the masses, 80% of the people, have 90% debt vs assets. This, of course, doesn’t include government debt that is also the people’s debt.
The implosion of this debt will be extremely unpleasant for the world. So I am sad to say that it will be a horrible time that the world is going to go through. It will take a very long time to unwind all of this (debt), but the start (of this unwind) could be very quick. In my view we will see a very long decline.
- Source, Egon von Greyerz via King World News: