Greyerz – There Is No Way Out And This Is Why The Global Collapse Will Be Devastating
KingWorldNews.com
June 03, 2018
As the world edges closer to the next crisis, today the man who has become legendary for his predictions on QE and historic moves in currencies, told King World News there is no way out and this is why the global collapse will be devastating.
20th Birthday Celebration!
June 3 (King World News) – Egon von Greyerz: “The ECB (European Central Bank) just had its 20th birthday. But there is really nothing to celebrate. The EU is in a total mess and the Euro, which was launched on January 1, 1999, is a failed currency. Every president of the ECB has had to deal with fires that had very little to do with price stability but were more a question of survival. Most of these fires were a lot more serious than the candles in the Euro cake above which Draghi is trying to blow out. During the Frenchman Trichet’s watch, he had to deal with the Great Financial Crisis that started in 2006…
West Racing Toward Full-Blown Collapse
Egon von Greyerz continues: “The only mandate of the ECB is to maintain price stability. Well that clearly has been a very costly exercise. Between 2006 and 2011 the ECB balance sheet tripled from €1 trillion to €3 trillion. But the crisis didn’t finish in 2011. After a brief reduction in debt, the balance sheet expanded fast from €2.3 trillion in 2014 to €4 trillion today. It is quite remarkable to watch the creation of a supranational bank which automatically creates a purpose for its own existence in the form of massive money printing. This is no better than burning money and serves no purpose whatsoever. And it is of course far distant from its purpose of price stability.
The Rest…HERE
