Canadian Billionaire Predicts The End Of The Dollar As Reserve Currency; Warns "It's Likely To Get Ugly"
Beginning with how Kissinger and Nixon enabled the USD as the world's de facto reserve currency through oil, Canadian Billionaire Ned Goodman explains in the brief but far-reaching clip how it is both inevitable (and rapidly approaching) that the rest of the world will turn its back on the dollar. With China and Russia (among many others that we have detailed in the past) agreeing on non-USD swap terms for energy, the cracks are starting to show and as Goodman details, "in the 1930s, everyone wanted USD (backed by silver)," but today, backed by nothing, "everyone wants to get rid of them." Buying hard assets is crucial (he has never been more bullish of gold) as we head into a period of stagflation or even high inflation; and as Goodman previously commented "the world is totally upside down right now - it's completely crazy," in fact, he adds, "I'm keen on anything that's going to live with higher inflationary numbers, because I can't see the world getting out of the problems that it's in."
Grab your pre-FOMC popcorn and watch for a brief few minutes as sense is spoken on everything from the reality of the USD reserve currency's dwindling support, the stupidity of Obama's Syrian debacle, China and Russia's deals, the inevitable inflation when "the United States losing the privilege of being able to print at its will."
Goodman warns - "during this period, it is likely to get quite ugly...." and its all related to politics and money... interest rates and confidence will turn overnight... there is no time to hedge when the truth takes place
He goes on to discuss part-time jobs, the understating of employment, the looming US recession, the US can't afford higher rates of interest, don't deserve their bond rating, and will be downgraded...
And previously Goodman's thoughts (via Financial Post),
Goodman, 75, said in an interview at Bloomberg’s Toronto office Aug. 1. “I’m more bullish on gold now than I’ve ever been.”
“The world is totally upside down right now — it’s completely crazy,” Goodman said, clicking off his Rolex watch and slinking the chain between his fingers. “I don’t know of another time when every country in the world was printing money.”
Goodman said he doesn’t know when inflation will rise or how drastically, but that his investment strategy is a pre-emptive strike against that risk.
“I don’t wait for inflation,” he said. “It’s hard to call, but it’s impossible for me to see the U.S. getting out of trouble without printing more money and it’s impossible to see how Europe survives in the form that it’s in. You look around the world and you say: ‘We’re going to have to have some inflation.’ I want to own assets that are inflation-proof.”
Miners of precious metals are “dirt cheap,” Goodman said.
“I’m keen on anything that’s going to live with higher inflationary numbers, because I can’t see the world getting out of the problems that it’s in.”
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