It is quite ominous that 100 years after Weimar, the world is standing on the cusp of a similar debt and currency collapse with hyperinflation as a consequence.
100 years ago it was primarily the problem of one country whose debt the world could afford to write off. Well they had no choice since it was worthless anyway.
But this time it is a global problem with every country in the same situation. There will be no one to save individual countries or the global financial system. Yes, all major central banks will print endless amounts of money. But that will only exacerbate the situation.
A debt problem can never be solved with more debt. And a dying currency cannot be resurrected.
So the world is in for a major shock in the next few years. The problems will be at all levels – financial, social, political and geopolitical.
Egon von Greyerz
Gold Vs Bitcoin & The Death Of Money
[Chet and I used to discuss this sort of thing for hours back in the 2009 to 2010 timeframe. It was impossible for us to put a due date on the implosion we imagined we saw coming. One could claim that since it hasn’t happened yet that we were wrong about it happening at all.
Still, it seems to be impossible that the national debt can ever be paid off. And from a political standpoint I doubt it can even be reduced. And that has to have consequences, doesn’t it? I keep seeing a reset of some sort in the future. And no matter how the reset goes down I see rough times for a lot of people.
We live in interesting times.—Joe]