QE – Taking on More Debt to Pay off Existing Debt – Just Another Big Banking Scam

As the Greek crisis approaches a possible denouement (April 9th is when Athens may decline to repay an IMF tranche) gold experts say every fiat money system collapses in time. 

Max Kaiser says QE is a way of taking on more debt just to pay off existing debt

If the Eurozone were to breakup over the appalling handling of the Greece crisis by Eurogroup ministers in Brussels, governments might have to revert temporarily to a gold standard, pushing the price of that commodity into the stratosphere.

Meanwhile “very serious people” are finally admitting that US/UK/EU Quantitative Easing (QE) also known as currency debasement, will “permanently impair living standards for generations to come.”

As the raucous but astute TV financial commentator Max Kaiser (who has a reputation of being right more than he is wrong) notes, big banks “remain bankrupt” however much they tell us they are not.

Basically he adds, because governments failed to let the big institutions go to the wall when they collapsed the global economy in 2007/8 the developed world economies remain in a terrible state, with low to zero GDP growth and massive youth unemployment and disillusionment.

In this episode of his well known TV money show he continues an interview with a Swiss banker and gold expert, Egon von Greyerz of GoldSwitzerland.com about QE, gold and the economic and financial disasters wrought by central banks.

In his earlier interview below (listen here from 16 .05 minutes into the programme) he and Egon von Greyerz discuss the “capital controls” recently imposed in France where the government has introduced stricter conditions for people withdrawing large amounts of cash from their bank accounts. France, says Egon von Greyerz, “is the next financially sick man of Europe”.

One possible solution to the banking/money-system crisis was suggested by Iceland in this recent report by London’s Daily Telegraph:  Iceland looks at ending boom and bust with radical money plan

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