Yanis Varoufakis: “All Europeans are Seeing The Collapse Coming”!

[youtube=http://www.youtube.com/watch?feature=player_embedded&v=fZwadVqi2eo]

• As banks after banks fall, there will be accelerated bank runs. To stem this, governments will explicitly guarantee all deposits. If not, banks will collapse even faster. Since practically all Eurozone governments are insolvent, in the end, central banks will create a massive amount of money out of thin air to bail out all banks. This means currency debasement. As everyone realizes fiat currencies are a CONfidence Job, hyper-inflation will kick in. All major currencies are toast when it reaches this stage. This collapse process will be repeated across the entire globe. Minor fiat currencies will also be toast. As currency debasement progresses, countries will adopt a beggar thy neighbour policy of competitive devaluations. Got physical gold yet?

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