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Alasdair Macleod: The future for fiat
By Alasdair Macleod
Head of Research, GoldMoney, Toronto
via Schiff Gold, White Plains, New York
Thursday, November 2, 2023
The day of reckoning for unproductive credit is in sight. With G7 national finances spiralling out of control, debt traps are being sprung on all of them, with the exception of Germany.
Malinvestments of the last 50 years are being exposed by the rise in interest rates, increases driven by a combination of declining faith in the value of major currencies and contracting bank credit. The rise in interest rates is becoming unstoppable.
Do not be surprised to see a U.S. Government deficit exceeding $3 trillion this fiscal year, half of which will be interest payments. And in the run-up to a presidential election, there's every sign of deficit spending increasing even further.
... Dispatch continues below ...
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We now face America and her allies being dragged into another expensive conflict in the Middle East, likely to drive oil and natural gas prices higher; far higher if Iran becomes a target. With the Muslim world united against Western imperialism more than ever before, do not discount the closure of Hormuz, and even Suez, with unimaginable consequences for energy prices.
The era of interest rate suppression is over. G7 central banks are all deeply in negative equity. In other words, technically bankrupt, a situation that can be addressed only by issuing yet more unproductive credit. These are the institutions tasked with ensuring the integrity of the entire system of bank credit.
This is not a good background to a dollar-based global credit system that is staring into the black hole of its own extinction. ...
... For the remainder of the analysis:
https://schiffgold.com/commentaries/the-future-for-fiat/
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