Ambrose Evans-Pritchard details the smell of the roses as the World fiat monetary system slowly unravels in front of our eyes.
Its death cannot come soon enough:
“It is very scary: the flight to gold is accelerating at a faster and faster speed,” said Peter Hambro, chairman of Britain’s biggest pure gold listing Petropavlovsk.
“One of the big US banks texted me today to say that if QE3 actually happens, we could see gold at $5,000 and silver at $1,000. I feel terribly sorry for anybody on fixed incomes tied to a fiat currency because they are not going to be able to buy things with that paper money.”
What are they all so scared of? Gold has been money for 6,000 years, and it will continue to be money for possibly thousands more, until perhaps the cost of energy comes down so much that the millions of tons of gold in the world’s oceans can be extracted easily and conveniently and something else becomes humanity’s favourite money.
Why don’t they just all do it now, and save all this pain that’s going to be caused by putting it off?
It’s either going to be gold money again, or world fascism. One gets the feeling that the world’s ruling class would prefer world fascism, rather than give up their ability to print money out of thin air.