Don't believe the mainstream media. Things are not getting better, and Martenson contends, "It's getting worse. It is a tale of two stories inside China and outside China. Inside China, we have been suspicious of their reporting, and they have been underreporting the cases at least by a factor of 10 and maybe more. This is both for infections and deaths. . . . The Chinese government would not lock down 90% of their economy just to save a couple of lives. They don't roll that way. So, there is something there that is very worrisome to them. . . . Outside of China, we trust the numbers a lot more. . . . So, when we are looking outside of China, we are seeing the cases of the coronavirus are now increasing exponentially. It's got a very short doubling time and a very high rate of infectivity. It's not the flu. It's not SARS. The mainstream media is trying to tell people there is nothing to worry about, and we don't take that view at all. . . . Covid19, as they call it now, is a real beast."
What should you do? Martenson explains, "This is a very dangerous pandemic kind of a virus. We have never seen anything like it before since the Spanish flu. This thing is almost certainly going to romp around the world. . . . For people who are listening, you have to be prepared for the idea . . . if they say we are going into an imposed quarantine in a city. How do I prepare for that? You need to ask yourself what would I need if I was stuck inside my home for 30 or 60 days? That is probably a reasonable amount of time to plan for."
How bad economically will the Covid19 virus crisis get? Martenson points out, "One in eight companies are so-called zombie companies." Meaning, they have to keep borrowing cheap money to stay in business. Martenson says governments are hooked on huge deficits and cheap money too, and now the China virus chaos hits an already over-leveraged economy, and more massive money printing is needed to keep debt from defaulting. Martenson says, "This is taking the world's most important manufacturing center and shutting it down all at once. That's like throwing a car into reverse at 60 miles per hour on the highway. . . . Supply chain disruptions are going to be legendary. . . . This isn't like one company having trouble like AIG where Hank Paulson has to ride to the rescue with $700 billion of fresh U.S. taxpayer money. We are talking about a system of tens of thousands of interlocking components that are frozen, and nobody quite knows how to unravel all of that. I think that is well beyond the capability of the Federal Reserve to throw more QE money into the market and goose stocks a little longer. This is the real deal. This isn't a dress rehearsal. It is happening. People need to be able to make sense of this, and in the absence of being able to make sense of all of this, having some gold makes a lot of sense. I think that's why we are seeing it pop here."
Martenson likes physical silver, too.
Join Greg Hunter as he goes One-on-One with Chris Martenson, co-founder of PeakProsperity.com.
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