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IPFS News Link • Economy - International

Greyerz " The World Is Minutes From Total Collapse As Panic Across The Globe Escalates

•, Egon von Greyerz

August 26 (King World News) – Egon von Greyerz:  "The world is now standing before a seminal moment and virtually nobody can see it. There has not been a more critical moment in the last 50 or even 100 years than what we are now facing. In 1971, the world faced a similar situation. At that time, only the Chinese understood the consequences of Nixons decision to close the gold window. The People's Daily in China said in August 1971:

"These unpopular measures reflect the seriousness of the US economic crisis and the decay and decline of the entire capitalist system."

2 Comments in Response to

Comment by olde reb
Entered on:

The collapse of the system is inherent in thr design of the Federal Reserve system. Every “dollar” [since 1933] in circulation is created as the principal of a [debt] Treasury security. The obligation requires the debt to be repaid at maturity with interest. The interest does not exist; it has not been created. The only way to pay the interest is to issue more debt and pay the interest due from the principal of the new security. The result is an exponential increase in debt that must be continually rolled over. That is the essence of a Ponzi scheme. All Ponzi schemes have the same termination. Benjamin Ginsberg compiled records of historical repetition of such economic events in FATAL EMBRACE.

Comment by Ed Martin
Entered on:

What's the motive behind quoting The People's Daily in China who put the label of "capitalist system" on a monetary system?