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Overnight devaluation of dollar is likely, Keith Barron tells King World News
2:30p ET Monday, October 1, 2012
Dear Friend of GATA and Gold:
Mining entrepreneur Keith Barron today offers King World News the scenario that your secretary/treasurer long has considered most likely: an overnight devaluation of the dollar.
Central banks can't survive a steady outflow from their currencies like what is happening now. With an overnight devaluation, people will either have their monetary metals or not and it will be too late for those who don't have them to flee the fiat system to escape the devaluation. Your secretary/treasurer sees such overnight devaluation as encompassing all the major currencies, thus becoming a devaluation against the monetary metals and other hard assets, a scenario outlined lately by Paul Brodsky and Lee Quaintance of QB Asset Management in New York:
http://www.gata.org/node/11373
http://www.gata.org/node/11754
As Barron notes, this sort of thing has happened before and will happen again, as it happened overnight in 1985:
http://en.wikipedia.org/wiki/Plaza_Accord
In a study written in 2006, the Scottish economist Peter Millar outlined the purpose of such a devaluation, the prevention of debt deflation:
Barron says: "In this environment people are being forced to turn to gold and silver. It's happening today and it's going to continue to happen. This will continue over the coming weeks and months. King World News readers have to remember that these types of events are nothing new. France had five currencies in the last century, and it went to zero every time. This is what happens occasionally."
An excerpt from Barron's interview is posted at the King World News blog here:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/10/1_Ex...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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