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by Peter Zeihan on July 27, 2023 |
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Apparently, the wind on the saddle between Mt James and Mt. Bancroft is pretty bad, so apologies for the audio today. After today’s video, all the leprechauns out there might be mad because we’re talking about GOLD. And unfortunately, there’s no treasure at the end of the rainbow this time… At the start of the Ukraine War, many of the world’s advanced central banks placed sanctions and embargos on Russian financial assets. As Putin tries to repatriate gold reserves from these hubs worldwide, what does this mean for the leprechauns who think we should switch to an asset-backed currency? If you know your history, the answer is obvious. Every time we’ve used an asset-backed currency, it’s resulted in collapse. There’s just no asset, especially not gold, that can keep up with economic growth and expansion around the world. And when the currency becomes a brake on economic activity, you end up with a sharp crack in the system; which leads to depression and often state collapse. You can argue that fiat currencies aren’t perfect, but don’t say an asset-backed currency would be better. This isn’t financial advice, but if gold continues to be pulled from these hubs, its use case will only get smaller and smaller. |
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Please click below to watch video |
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YouTube Video Link: https://youtu.be/-rANSHB4q1Y |
