MAR 6, 2018
Byron King, editor of Jim Rickards’ Gold Speculator newsletter, describes a future world when the extent of the unpayable debts of governments are recognized, and fiat currencies no longer offer the mirage of stored value they do now.
“If you take the global money supply, back it with 40 percent gold, you need $10,000 gold to make the math work, and that’s just using a 40 percent backing.”
“It’s kind of like a story about the man who went bankrupt, slowly at first and then all of a sudden. It’s the same thing with the US dollar, with the euro, with the yen. We’ve created trillions and trillions, dozens of trillions, almost hundreds of trillions of dollars, of obligations that simply can never be repaid. It will have to happen,” the analyst said.