The Demise of all Fiat Currency: European Banking Crisis Coming with Alasdair MacLeod

from Financial Survival Network

Alasdair MacLeod is finally back… Print, print, print and print still more. Italy, Germany, France and Spain are all throwing money at the problem. The aftermath is going to be that economies will be failing all over the place. The credit cycle was turning down when the pandemic hit. And now the solution to create new money and credit. We were just about to fall off the cliff and along came the Coronavirus. Businesses no longer have clients willing to buy their produce unless they’re supplying essentials. The dollar is central to the entire system. Within a month there will be a banking crisis in Europe. That will be remedied by money printing.

In the US the supply chain has been interrupted. Payments are not flowing. This has a cascading effect. It’s enormous, it’s bigger than GDP. This is having a major negative impact upon total production and this will result in bankruptcies. Banks will reduce their lending to lower risk. The money coming from the Fed must help the payment streams and solve the credit contraction problem. There will come a point when it becomes practical for a country to back its currency with gold. It must have a credible currency and must get it’s financial house in order. You cannot have a gold standard and be running a deficit. It cannot be done.

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