No Currencies Will Survive What Lies Ahead, But That’s OK
KingWorldNews.com
October 9, 2012
Today 40 year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson, who is founder of The Portola Group, warned about a chaotic future where, “Along the way, various currencies will become the safe haven of the day, but none will survive what lies ahead.” He also cautioned, “No amount of printing or economic growth can prevent our destiny of currency destruction and entitlement collapse.”
Below is Fitzwilson’s exclusive piece for KWN:
October 19, 1987 was a shocking day as the U.S. stock market declined by a stomach churning 23 percent in that one session. It is impossible to convey the sense of desperation, on that day, felt by anyone whose savings or livelihood was dependent upon the equity markets.
Most of the financial disasters since the early 1980s were caused by well meaning professors espousing new insights derived from their research. In the case of ’87, institutions were convinced to take a much higher allocation to equities. The research showed that if a problem ensued, the institutions could simply sell a futures contract, thereby immunizing their portfolio’s exposure to the effects of any subsequent decline. It worked great in their computer simulations.
The markets began to roll over on the preceding Friday….
The Rest…HERE
