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The Big Reset, Part 3: Why China Bought JPMorgan’s Gold Vault
The US and China seem to be working together in advance towards a global currency reset whereby the US, Europe and China will back the SDR’s with their gold reserves so the dollar can be replaced.We have now arrived at the point where it is not the banks, but the countries themselves that are getting in serious financial trouble. The idea that we can ‘grow our way back’ out of debt is naive. The current solution to ‘park’ debts on to the balance sheets of central banks is just an interim solution.
A global debt restructuring will be needed. This will include a new global reserve system to replace the current failing dollar system, probably before 2020.
In Part 1 & Part 2, gold expert Willem Middelkoop explained why China is frantically acquiring physical gold, and how they plan to extricate themselves from the US dollar.
In part 3 below, Middelkoop informs leading Dutch paper NRC Handelsblad why gold will emerge victorious from the ongoing financial crisis:
I put my money where my mouth is. More than 75% of my assets are invested in the precious metals sector. Gold will retake its rightful place in the monetary system. Once the reset comes, the new world reserve currency will become partially backed by gold. When the Americans abandoned the gold standard in 1971, the current crisis was actually triggered. As money was no longer backed by gold, the unbridled creation of money – creating money out of nothing by central bankers – began. This created the current debt predicament. Previously central bankers were chained by gold.
History has shown that no single currency can survive without gold. When the rise happens, the price of gold will explode. I will only sell my gold if the price hits $5,000.
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