Egon von Greyerz: The Wealth Transfer Will Devastate The Rich And Send Gold To $15,000
SilverDoctors.com
November 17, 2017
And the support level for the coming stock market crash is likely DOW 1,000. Here’s why…
by Egon Von Greyerz of Gold Switzerland
THE BIGGEST WEALTH TRANSFER IN HISTORY
What will happen between now and 2025? Nobody knows of course but I will later in this article have a little peek into the next 4-8 years.
The concentration of wealth in the world has now reached dangerous proportions. The three richest people in the world have a greater wealth than the bottom 50%. The top 1% have a wealth of $33 trillion whilst the bottom 1% have a debt $196 billion.
The interesting point is not just that the rich are getting richer and the poor poorer. More interesting is to understand: How did we get there? and what will be the consequences?
PANAMA & PARADISE PAPERS – SENSATIONALISM
As the socialist dominated media dig into the Panama Papers and now recently the Paradise Papers to attack the rich and tell governments to tackle the unacceptable face of capitalism, nobody understands the real reasons for this enormous concentration of wealth. Sadly no journalist does any serious analysis of any issue, whether it is fake economic figures or the state of the world economy.
Instead, all news is accepted as the truth while in fact a lot of news is fake or propaganda. The media is revelling in all the disclosures of offshore trusts and companies. The British Queen is being accused of having “hidden” funds. The fact that offshore entities have been used legally for centuries for privacy, wealth preservation and creditor protection purposes is never mentioned. The media sell more much news by being sensational rather than factual.
INEQUALITY IS DUE TO IRRESPONSIBLE MONETARY POLICY
Let me first put the facts right. It is not capitalism in its traditional sense which has created this enormous concentration. One definition of capitalism is:
“An economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state”
The “controlled by private owners” part of the definition fits our current Western system. But what is missing is that the current economic system could not function without complete state sponsorship and interference. This is the clever construction that a group of top bankers devised on Jekyll Island in the US, in November 1910. This was the meeting that led to the creation of the Fed in 1913. The Central Bank of the US was set up as a private bank, and thus controlled by private bankers for their own benefit.
The bankers devised what one of their forefathers, Mayer Amshel Rothschild had preached:
From the bankers’ point of view, this was a brilliant idea. They now had total control of the money without having to risk more than a smaller part of their own capital. And the government found this system perfect for buying the people’s votes. By issuing more and more debt and allowing banks to leverage their balance sheets, the nation saw their standard of living increase significantly. More cars, televisions, holidays, iPhones etc. Little did the people realise that their improved standards were all at the expense of massive increases in government debt and personal debt.
US DEBT UP 1800X IN 100 YEARS
The Rest…HERE
