Economic Tumult Or Total Currency Collapse: Detlev Schlichter: Whether The Fed Continue To Print Money Or Not, Holding Physical Gold Is The Safest Course Of Action.
November 20th, 2012
from Money News:
Economist and author Detlev Schlichter says governments now have two stark choices: stop printing money and spark economic tumult, or keep printing money and risk total currency collapse.
Both choices are grim, and holding physical gold is the safest course of action, he wrote on his website. Schlichter is the author of the book “Paper Money Collapse – The Folly of Elastic Money and the Coming Monetary Breakdown” and is a former asset manager.
“My three favorite assets are, in no particular order, gold, gold and gold,” he wrote, noting that the current global economic problems represent a paper money crisis provoked by central banks.
“Whenever paper money dies, eternal money — gold and silver — stages a comeback,” Schlichter said. He said that throughout history, every experiment with paper money has sooner or later ended in failure, with over-issuance the predominant cause.