Is the world headed for an inflationary currency crisis?
*Dow Theory Letters, Richard Russell, February 9, 2007
“Ten or twenty years from now, who knows what will be left of the dollar or the euro or the yen? But one thing I can guarantee — come what may, an ounce of gold will still be an ounce of gold. In time, most of the world will understand this. And the latest great adventure in man-made fiat money will be over.
I lived through and was active during the great gold bull market of the 1970s. That bull market was based on fear of the loss of purchasing power of the dollar, in other words, fear of inflation and dollar weakness.. The current bull market in gold is still in its early stages. But I think in its later stages, this bull market in gold will be based on fears about the very survival of fiat money.
If the US government told you that they had suspended the laws of gravity would you believe them? Of course you wouldn’t. Then how about this — if the US government told you that they could print wealth would you believe them?”
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