Precious metals analyst Bill Haynes raised an interesting point recently on King World News.
Imagine that in 2005 you told your peers and colleagues about some of the events that we would witness in the next decade. That Lehman Brothers and Bear Stearns would no longer exist. That the Federal Reserve’s balance sheet would be almost $3 trillion. That the Nikkei would rise by over 40% as the Japanese government sought to trash the yen. You would have likely lost most of your credibility. The latest debacle is the EU attempting to directly confiscate money out of Cyprus depositor accounts. It is a startling development and further indication that we are reaching another 2008-style crisis point. The importance of owning physical gold and silver should be obvious.
The recent developments in Cyprus are just the latest in a series of events that sound more like a science fiction novel than free market economics. If the proposed EU/IMF plan goes through successfully, is there really much difference between this action and what MF Global did with its client’s money in late 2011?
Ironically, one can make the argument that this is actually more honest than what central banks have previously been doing. Unlike the inflation financing policies currently in place, at least the proposed tax is being clearly proposed to the public. However the net effect…
Read the complete article at GoldMoney here.
Please Note: This article is to inform your thinking, not lead it. Only you can decide the best place for your money, and any decision you make will put your money at risk. Information or data included here may have already been overtaken by events – and must be verified elsewhere – should you choose to act on it.