Overnight Devaluation of Dollar is Likely, Keith Barron tells King World News!

• The question is what will the USD devalue against since it is the world reserve currency. Can the US devalue the dollar against the Chinese Yuan? I don’t think so since the exchange rate is tightly managed/fixed by the Chinese government. It is also politically sensitive. In the end, the US government will devalue the USD against gold ie. revaluation of the price of gold higher. This is a defacto devaluation against all currencies. Since, it is not targeted at any nation, it is less politically sensitive. Countries all over the world will then have to decide whether they will follow suit and revalue the price of gold higher. I believe they will ! This will lead to worldwide currency debasement against gold ie. hard assets! Expect rampant inflation and destruction of fiat currencies!
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  Overnight devaluation of dollar is likely, Keith Barron tells King World News! 
  by http://www.gata.org/ 
  Mining entrepreneur Keith Barron today offers King World News the scenario that your secretary/treasurer long has considered most likely: an overnight devaluation of the dollar.
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  Central banks can’t survive a steady outflow from their currencies like what is happening now. With an overnight devaluation, people will either have their monetary metals or not and it will be too late for those who don’t have them to flee the fiat system to escape the devaluation. Your secretary/treasurer sees such overnight devaluation as encompassing all the major currencies, thus becoming a devaluation against the monetary metals and other hard assets, a scenario outlined lately by Paul Brodsky and Lee Quaintance of QB Asset Management in New York:
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  http://www.gata.org/node/11373
  http://www.gata.org/node/11754
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  As Barron notes, this sort of thing has happened before and will happen again, as it happened overnight in 1985:
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  http://en.wikipedia.org/wiki/Plaza_Accord
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  In a study written in 2006, the Scottish economist Peter Millar outlined the purpose of such a devaluation, the prevention of debt deflation:
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  http://www.gata.org/node/4843
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  Barron says: “In this environment people are being forced to turn to gold and silver. It’s happening today and it’s going to continue to happen. This will continue over the coming weeks and months. King World News readers have to remember that these types of events are nothing new. France had five currencies in the last century, and it went to zero every time. This is what happens occasionally.”
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  An excerpt from Barron’s interview is posted at the King World News blog here:
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  http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/1_Ex…

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