Von Greyerz: The Financial System Has Reached The End

Authored by Egon von Greyerz via GoldSwitzerland.com,

The world is now witnessing the end of a currency and financial system which the Chinese already forecast in 1971 after Nixon closed the gold window.

Again, remember von Mises words: “There is no means of avoiding the final collapse of a boom brought about by credit expansion.”

History tells us that we have now reached the point of no return. 

So denying history at this point will not just be very costly but will lead to a total destruction of investors’ wealth.

POLITICIANS LIE WITHOUT FAIL

History never lies but politicians do without fail. In a fake system based on false values, lying is considered to be an essential part of political survival. 

Let’s just look at Nixons ignorant and irresponsible statements of August 15, 1971 when he took away the gold backing of the dollar and thus all currencies. 

Later on we will show how clearsighted the Chinese leaders were about the destiny of the US and its economy.  

So there we have tricky Dick’s lies. 

• The suspension of the convertibility of the dollar in 1971 is still in effect 52 years later.

• As the dollar has declined by almost 99% since 1971, the “strength of the…