September 30, 2020, by Egon von Greyerz
NOTE: When I need help with technology, I look for a young techie. When I am seeking insight about finances, I look for a geezer who understands history and finance. Egon von Greyerz is one of those people, with rare insight.
The Chinese understand the long game and they have infinite patience. China will gradually emerge as the next dominant economy and super power. But this will take time. Before that we will have chaos in the global financial system, economic collapse in many countries, political upheaval, riots, and wars.
US debt to GDP has now reached 135% against 35% in 1969 and growing. These debt levels are unsustainable for future growth. Whilst US GDP is up 20x since 1969, China’s GDP is up 175x. The dollar’s 98% fall against gold and 79% against the Swiss franc confirms China’s 1971 prediction. 2021 will be the Chinese year of the Metal or Golden Ox. As the golden ox rises in China, the US bald eagle will crash to the ground as a symbol of the crashing dollar and US economy.
2021 is likely to be an ominous year in the global economy. We may not see the “final and total catastrophe of the currency system” completed already then but we are likely to see the start of the final dollar collapse and a major surge in gold and silver. Anyone holding depreciating dollars and other currencies will soon regret not holding real money in the form of physical gold and silver.
NOTE: I am quite aware of the passage about people throwing their gold and silver into the streets, but I understand that comes later, after the crash of our currency.