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Home Blog Gold hits record against euro

Gold hits record against euro

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By Henry Law

We have been warning about the possibility of 1970s style inflation since last July and noted in October that the first pieces were being put in place for a Zimbabwean style hyperinflation. Subsequent actions have all been movements in the same direction. Fears about this are now being reflected in the rising demand for gold, the price of which has surged to an all-time high against the euro, sterling, and a string of Asian currencies on mounting concerns that global authorities are embarking on a "Zimbabwe-style" debasement of the international monetary system.

The news at present is of concerns about deflation, and this is how pumping huge amounts of money in the system has been justified up till now.

It is just my personal view that sooner or later, this dammed-up river of money could burst, with unstoppable hyperinflationary consequences. The fact that monetary authorities around the world are playing the same game means that individual governments will be able to excuse themselves by claiming that they are victims of a global phenomenon, even though none of them could postulate an extra-terrestrial cause.

If they do not pull back very soon, this is going to get ugly because people do not take kindly to the loss of a lifetime's hard-earned savings. I hope I am wrong about this, but if I am not, there will be political consequences which do not bear thinking about.

Read full article in the Daily Telegraph
 

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