Richard Russell: What Central Banks Don’t Want You To Know About A $199 Trillion Nightmare!

- “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.” – Austrian economist Ludwig von Mises in his seminal work ‘Human Action’ (originally published by the Yale University Press in 1949)
– - Richard Russell – What Central Banks Don’t Want You To Know About A $199 Trillion Nightmare!
by www.kingworldnews.com
As the world continues to digest breaking news out of Greece, today the Godfather of newsletter writers, 90-year old Richard Russell, discussed what central banks don’t want you to know about a $199 trillion nightmare. Russell also discussed what this will mean for the gold and silver markets.
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Richard Russell: “As subscribers know, I consider God’s greatest gift to be peace of mind. Gold and silver are peace of mind.
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One thing I am certain of is that a hundred or a thousand years from now, silver and gold will still represent earthly wealth. If you own wealth, it is only yours while you’re alive on earth. God is the source of all wealth and we only borrow it while we are alive. Even Bill Gates and Warren Buffet know this, and they have willed their wealth to charity upon their death.
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“IT’S A ROLLOVER WORLD AWASH WITH MORE DEBT THAN BEFORE FINANCIAL CRISIS.”
That’s the headline that greets us in today’s Financial Times. In 2007, world debt was $142 trillion dollars and in 2014 world debt was $199 trillion dollars. The world’s balance sheet today is insane. Incredibly, instead of deleveraging, the world is continuing to leverage, sending world debt to $199 trillion dollars, which is twice its level in 2000.
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