Expert Keith Barron says that the whole world is in an incredible slump and the only way they can stop the problem is by "shutting the door" and bringing out a whole new currency. He believes governments can never stop printing money and have gone down the road of no return.
September 20, 2012
King World News
Today a legend in the business told King World News, “The only way they can stop this now is by shutting the door and bringing out a new currency.” Keith Barron, who consults with major gold companies around the world, and is responsible for one of the largest gold discoveries in the last quarter century, also said, “The whole world is in an incredible slump.”
Here is what he had to say: “I don’t think they can ever stop printing money now. They are down the road of no return. I’ve seen this happen in Russia. I’ve seen it happen in Brazil. I lived in Brazil for a few years and saw it happen twice. The currency went to zero.”
Keith Barron continues:
“Then you pressed the start button again, and away you go. That’s probably what’s going to happen to America. This is not the first time. It happened during the Continental Congress, it happened during the US Civil War. It’s a very sad commentary on history, but it looks like it’s going to happen again.
It’s very interesting what’s happening (with gold)....
“The price seems to be holding up nicely after the Bernanke announcement. We’ve seen some very interesting stuff in the last couple of days. In the last 24 hours Japan has announced they are going to embark on a QE program.
Brazil is also doing something. It’s interesting to see what’s happened. The American dollar dropped as soon as Bernanke said that he was going to do the open-ended QE3. The result of that has been various countries around the world, in order to protect their export markets, have decided to drop their own currency.
There’s a phrase for this in economics, it’s called, ‘Beggar thy neighbor devaluation.’ So they haven’t really devalued, but they’ve de facto devalued their own currencies. So this is kind of a race to the bottom. But I can tell you right now, Eric, it (money printing & devaluation) has never, ever in history, in hundreds of years, resulted in a rebound for an economy. This is a desperate measure.
The whole world is in an incredible slump. The only way (they feel) they can get out of this is by printing tremendous amounts of money, and producing a lot of liquidity. Bernanke has said publicly that he knows when to turn the faucet off, and it’s not going to produce inflation.
I don’t think he’s that clever. You can go back through 100 years of monetary history, and see that other people who thought they were clever like Bernanke, turned out not to be. It resulted in things like the Weimar inflation in Germany.
We’re headed down that path. It is extremely bullish for precious metals. This is why we’ve seen gold and silver react so strongly to the Bernanke news. The only way they can stop this now is by shutting the door and bringing out a new currency.”
To see original article CLICK HERE