Economic expert Doug Casey warns of a looming financial meltdown bigger and longer than before by the end of the year.
As quoted by USA Watchdog, Casey asserts that “All these central bankers are doing the same stupid things. . . . The American central bank, the Europeans, Japanese and the Chinese have all printed trillions of new currency units and, yes, they are doing this in concert. They don’t want to see the markets collapse, but they are going to collapse, and the nature of this collapse is going to be different because they have created trillions and trillions of new currency units, and that has created bubbles all over the world economy.”
Going further into the discussion, Casey likens the next crash to jumping off the Empire State Building: “Everything is fine as you pass the 50th floor, but it all happens at once when you hit the sidewalk. I think that’s what we’re looking at, and we’re going to start hitting the sidewalk before the end of the year.”
He foresees a “catastrophic deflation” where loans are defaulted on, causing banks to close, and eventually, the stock market to crash further down.
In order to prepare for this coming catastrophe, Casey advises people to liquidate and stock up on gold and silver coins. In his own words:
“I think the depression has already started, and I call it the Greater Depression because it’s going to dwarf what happened between 1929 and 1946. It’s already started. We are just in the eye of the storm, but we are leaving that now. What should the average person do right now? You’ve got to liquidate right now, while it’s still possible. You should get rid of things that you don’t need . . . have a yard sale and get rid of stuff you don’t need and generate cash for it. That’s number one. The average guy should buy gold. Don’t keep your savings in a bank. Store it in gold coins . . . or silver coins . . . Silver is volatile but has a much bigger upside than gold.”
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