Cassandra, Central Banks and Gold
The comments above & below is an edited and abridged synopsis of an article by Egon von Greyerz
“The general public doesn’t like hearing what some of us who are Cassandras have to say. Because our message does not fit in with the choir of propaganda and lies. We are predicting a future for the world which is unpleasant for most people and therefore few believe our predictions. It is part of human nature to believe that the current state of affairs will go on forever. And that is the case whether times are good or bad. In bad times, everyone believes that it will never end. I remember vividly the 1970s in the UK when it felt like the severe recession was going to be permanent. It is the same now; conventional wisdom says that the economy will continue to grow at a steady pace and so will assets such as stocks and property. Very few realize that the growth we have seen in the last few decades is totally false and based on credit and printed money.”
Von Greyerz discusses Cassandra’s accurate prophecies; from Ponzi to Shangri-La; the Fed, the ECB and the BOJ have printed $10 trillion since 2006; household, auto and student loans—the next disaster; and gold strength and dollar weakness.