Greenspan Warns A Crisis Is Imminent, Urges A Return To The Gold Standard

• For Alan Greenspan’s 36 minutes interview on Bloomberg TV, click here.
• The world is returning to the Gold Standard. ‘As we speak’, actions are being taken to introduce a ‘domestic dollar’, or ‘Treasury dollar’ (Jim Willie’s Scheisse Dollar) for local ie. domestic US usage. This Scheisse Dollar will be devalued 30% out of the gate. It will be further devalued (at least another 30%) down the road. America will be made to pay for imports with hard asset or a ‘hard’ currency ie. asset backed currency. Unless this Scheisse Dollar is gold backed (or asset backed) it will not be accepted for trade settlement. (Think hyperinflation.)
  –
• The existing Federal Reserve Note ie. US Dollar, will be phased out gradually. Holders of the US Dollar outside of America will be allowed to convert them to the IMF’s Special Drawing Rights(SDR). My understanding is that, the SDR will be made into the One World Currency backed by gold (as Lindsey Williams put it: a #3 World Currency backed by gold).
  –
• These actions are already in motion. It can be triggered at any moment. Got physical gold/silver yet?
  –
• Greenspan Warns A Crisis Is Imminent, Urges A Return To The Gold Standard
  by Tyler Durden, www.zerohedge.com  
  On Friday afternoon, after the shocking Brexit referendum, while being interviewed by CNBC Alan Greenspan stunned his hosts when he said that things are about as bad as he has ever seen.
  –
  “This is the worst period, I recall since I’ve been in public service. There’s nothing like it, including the crisis — remember October 19th, 1987, when the Dow went down by a record amount 23 percent? That I thought was the bottom of all potential problems. This has a corrosive effect that will not go away. I’d love to find something positive to say.”
  –
  Strangely enough, he was not refering to the British exodus but to America’s own economic troubles.
  –
  Today, Greenspan was on Bloomberg Surveillance where in an extensive, 30 minutes interview he was urged to give his take on the British referendum outcome. According to Greenspan, David Cameron miscalculated and made a “terrible mistake” in holding a referendum. That decision led to a “terrible outcome in all respects,” Greenspan said. “It didn’t have to happen.” Greenspan then noted that as a result of Brexit, “we are in very early days a crisis which has got a way to go”, and point to Scotland which he said will likely have another referendum on its own, predicting the vote would be successful, and Northern Ireland would “probably” go the same way.
  –
  His remarks then centered on the Eurozone which he defined as a truly “vulnerable institution,” primarily due to Greece’s inclusion in its structure. “Get Greece out. They’re a toxic liability sitting in the middle of a very important economic zone.” Ironically, the same Eurozone has spent countless hours doing everything in its power to show just how unbreakable the union is by preserving Greece, while it took the UK just one overnight session to break away. Luckily the UK was not part of the monetary union or else it would be game over.
  …
  Of course, Greenspan ignores his own role in the creation of the boom-bust cycle which has doomed the world to series of ever more destructive bubbles and ultimately, hyperinflation which will likely be unlashed once the helicopter money inevitably arrives. In retrospect, the 90-year-old, who clearly is looking forward not backward, has a simple solution: the gold standard.
  –
  If we went back on the gold standard and we adhered to the actual structure of the gold standard as it exited prior to 1913, we’d be fine.  Remember that the period 1870 to 1913 was one of the most aggressive periods economically that we’ve had in the United States, and that was a golden period of the gold standard.  I’m known as a gold bug and everyone laughs at me, but why do central banks own gold now?
  –
  read more.

end