Wednesday, August 26, 2015

Hugo Salinas Price - We’re Going to be Drowning in Worthless Paper

Gold update and a big problem is the huge amount of bond debt floating around in the world. The world central banks are trying to “stop a deluge of liquidations.” Mexican billionaire Hugo Salinas Price explains, “It means that the owners of the debt get wiped out. Somebody owns all that debt. It can’t be liquidated. It’s going to go into default, and that will mean a loss for all those holders of debt. . . . People think they have jillions of dollars or euros or whatever currency, and it’s all going to come to nothing, it can’t be liquidated. The debtors cannot pay. . . .Greece is the whole world. The whole world is in huge debt, which is unpayable. . . . So, this thing is like a cloud that is hanging up there, and then it begins to rain. The whole debt is going to come down like a cloud burst. We are going to be drowning in worthless paper. . . . I think the world is going to have an epileptic fit.”