Gold and What Moves it.
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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
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“Major Catalyst” About To Send Gold & Silver Prices Surging

“Major Catalyst” About To Send Gold & Silver Prices Surging | Gold and What Moves it. | Scoop.it

Today a legend in the business told King World News that a “major catalyst” is about to send gold and silver prices surging.  Keith Barron, who consults with major gold companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also spoke about something else investors should keep an eye on, as well as what to expect going forward in both the gold and silver markets.

 

Here is what Barron had to say:  “We are starting to see some discoveries in both the gold and uranium sectors.  But the situation is dire.  I haven’t seen sentiment like this since post-Bre-X in 1997.  So while it’s been a very tough market out there, I strongly believe we are at a bottom now.”


“The gold price has picked up a little bit today, but I think it will gain even more strength as the Dow turns around and begins to correct.  The strong stock market has continued to attract new money so it has distracted from the gold and silver markets for the time being.

 

The bottom line is that QE is going to start to kick-in at some point and produce tremendous inflation....


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Silver To Eclipse $100 On Skyrocketing Chinese Demand

Silver To Eclipse $100 On Skyrocketing Chinese Demand | Gold and What Moves it. | Scoop.it

With gold and silver rebounding today, acclaimed money manager Stephen Leeb told King World News that silver is now setting up to eclipse $100.  “Silver under $30 is a joke,” Leeb said.  Leeb believes that China, which has been the primary driver in the gold market, is now going to push silver over $100 as their consumption of silver is poised to skyrocket.  Here is what Leeb had to say in this powerful, exclusive interview:  “Yesterday headlines were saying there is massive demand for photovoltaics in Japan and China.  There is also massive demand for silver in the Middle-East for this type of energy infrastructure.”


“King World News was way ahead of the curve on this because I have been discussing photovoltaics here for quite some time and this is just now starting to hit the mainstream media a little bit.  But another circumstance that is of great concern in the Middle-East is the water tables have really crashed.  They can’t effectively drill for water anymore.


So in the Middle-East they are going to have to go for desalinization of the ocean and guess what that takes?  That takes a lot of silver for photovoltaics energy infrastructure. ...



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Gold, Destructive Hyperinflation & The Final End Game

Gold, Destructive Hyperinflation & The Final End Game | Gold and What Moves it. | Scoop.it

On the heels of gold and silver surging, today King World News wanted to check in with the firm that is calling for $10,000 gold.  Paul Brodsky, who co-founded QB Asset Management Company, had this piece regarding the Fed’s so-called exit, destructive hyperinflation and the gold market:  “The markets have begun to wonder whether the Fed (and other central banks) will ever be able to exit from its Quantitative Easing policy. We believe there is only one reasonable exit the Fed can take. Rather than sell its portfolio of bonds or allow them to mature naturally, we believe the Fed’s only practical exit will be to increase the size of all other balance sheets in relation to its own.”


“This ‘exit’ will be part of a larger three-part strategy for resetting the over-leveraged global economy, already underway. The first stage is policy-administered monetary inflation – QE in which the Fed is de- leveraging bank balance sheets by adding bank reserves. The second phase will be policy-induced price inflation – hyper-inflating the general price level enough to diminish the burden of debt repayment and gain public support for monetary system change. (Imagine today the Fed proclaims all one dollar bills are ten dollar bills. Goods and service prices would increase 10x, more or less, as would wages, asset prices, revenues, costs, etc. The only item on the balance sheet that would not increase 10x would be the notional amount of systemic debt owed.) We believe the third phase of the strategy will be a monetary reset that recaptures popular confidence following the hyper-inflation. ...

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Trader Dan's Market Views: Gold Clears Initial Hurdle

Trader Dan's Market Views: Gold Clears Initial Hurdle | Gold and What Moves it. | Scoop.it

Gold put in some strong gains in today's session clearing its first overhead level of resistance in the process. Since the beginning of the month of March, it has not been able to clear $1585 - $1587 as it attracted selling on approaches to this region. Buying in today's session was strong enough to absorb the offers that emerged in a rather easy fashion which is a bit surprising to me considering the duration of this resistance zone. I would have expected shorts to put up a bit more of a fight up here. That they did not has to be rather disconcerting if you are a bear as it illustrates that they are wavering in their conviction of lower prices ahead.

Hal's insight:

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Eric De Groot: Mass Exodus Out of Paper Gold Continues

The mass exodus out of paper gold has held the 13DEMA at 0% since February 28th.  This is the lowest reading since the inception of the gold ETF and gives new meaning to an old phrase "get me out at whatever the cost."  Meanwhile ...

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Fed's Bubbles Will Slaughter Middle Class

By MICHAEL PENTO | MARCH 12 2013 10:33 AM

When central bankers dedicate their existence to re-inflating asset bubbles, it shouldn't at all be a surprise to investors that they eventually achieve success. Ben Bernanke has aggressively attempted to prop up the real estate and equity markets since 2008. His efforts to increase the broader money supply and create inflation have finally supported home prices, sent the Dow Jones Industrial average to a record nominal high and propelled the bond bubble to dizzying heights.

 

The price of any commodity is highly influential towards its consumption. This concept is no different when applied to money and its borrowing costs. Therefore, one of the most important factors in determining money supply growth is the level of interest rates. The Federal Reserve artificially pushed the cost of money down to 1% during the time frame of June 2003 thru June 2004. It is vitally important to note that these low interest rates were not due to a savings glut; but were rather created by central bank purchases of assets. This low cost of borrowed funds affected consumers' behavior towards debt and was the primary reason for the massive real estate bubble.

 

Today, the Fed Funds rate has been pushed even lower than it was in the early 2000's. In addition, unlike a decade ago when the Fed held the overnight lending rate at 1% for "just" one year, the central bank is in the process of pegging short-term rates at near zero percent for what will amount to be at least seven years. However, this time the primary borrower of the central bank's cheap money isn't consumers as much as it is the Federal government. Mr. Bernanke has already increased the monetary base by over $2 trillion since the Great Recession began in late 2007, which has helped cause the M2 money supply to grow by $3 trillion--an increase of 40%!

 

Therefore, it isn't such a mystery as to why there are now partying down on Wall Street like it is 1999; and we are once again ...

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The Chart That Proves That The Mainstream Media Is Lying To You About Unemployment

The Chart That Proves That The Mainstream Media Is Lying To You About Unemployment | Gold and What Moves it. | Scoop.it

The mainstream media is absolutely giddy that the U.S. unemployment rate has hit a "four-year low" of 7.7 percent.  But is unemployment in the United States actually going down?  After all, you would think that it should be.  The Obama administration has "borrowed" more than 6 trillion dollars from future generations of Americans, interest rates have been pushed to all-time lows, and the Federal Reserve has been wildly printing more money in a desperate attempt to "stimulate" the economy.  So have those efforts been successful?  Well, according to the mainstream media, the U.S. unemployment rate is falling steadily.  Headlines all over the nation boldly declared that "236,000 jobs" were added to the economy in February, but what they didn't tell you was that the number of Americans "not in the labor force" rose by 296,000.  And that is how they are getting the unemployment rate to go down - by pretending that huge numbers of unemployed Americans don't want jobs.  Sadly, as you will see below, the truth is that the percentage of working age Americans that have a job is just 0.1% higher than it was exactly three years ago.  And we have not even come close to getting back to where we were before the last economic crisis.  For example, more than 146 million Americans were employed back in 2007.  But today, only 142.2 million Americans have a job even though our population has grown steadily since then.  So where in the world is this "economic recovery" that they keep talking about?

 

At this point, the "unemployment rate" has become so meaningless that it really isn't even worth paying much attention to.  If you ...

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The Economic Zombie Apocalypse

The Economic Zombie Apocalypse | Gold and What Moves it. | Scoop.it

The end of civilization is already here. Most of humanity has been turned into an unthinking mass of economic zombies that are looking to feast on the still living flesh of the few survivors. This may explain the increasing popularity or obsession with all things zombie. From fiction to pub crawls, the zombie apocalypse seems to be on a lot of minds, probably as an unconcious manifestation of economic reality.

 

According to Clemson University professor Sarah Lauro in a recent AP article:

 

We are more interested in the zombie at times when as a culture we feel disempowered. And the facts are there that, when we are experiencing economic crises, the vast population is feeling disempowered. ... Either playing dead themselves ... or watching a show like "Walking Dead" provides a great variety of outlets for people.

 

If you were to ask the participants, I don't think that all of them are very cognizant of what they're saying when they put on the zombie makeup and participate. To me, it's such an obvious allegory. We feel like, in one way, we're dead.

 

The growing popularity of the genre, along with the popularity of these zombie crawls, may reflect something deeper about people in general. Sure, the average brainwashed Westerner doesn't understand liberty or economics. But they sense something is amiss. They may not know enough to blame the state and its violent interference for their economic condition. But many people probably sense that they are economically the walking dead.

 

It started with just a few welfare queens in the form of lobbying corporations and the poor who live on the poisonous drug of the dole. ...

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Silver - Keep It Simple! | GE Christenson | Safehaven.com

Silver - Keep It Simple! | GE Christenson | Safehaven.com | Gold and What Moves it. | Scoop.it

KEEP IT SIMPLE! Debt is increasing, money supply is increasing, silver and gold prices are increasing.
 

There is no political will to make any material change in the system until a crisis forces change upon all of us. After the crisis, would you rather own gold, silver, Goldman promises, paper dollars, or sovereign debt paper issued by an insolvent government?Read Ten Steps To Safety.
 

Buy silver at depressed prices (like now).

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Gold Price “Weakness” Explained By The Ongoing Currency War — Non-Stop Gold

It is almost unprecedented how bearish the sentiment is against gold (and silver) in the media. Every piece of news is used “against” the metals. Take for

 

... One common misconception is that people talk about the price of gold going up or down which is not correct. Jim Rickards points out that gold is not going up or down, but the value of the underlying currency is moving.

 

The truth is that gold is constant, it is not going anywhere. What happens is the dollar (or another currency) goes up and down. If they say that gold goes down, what they really mean is the dollar is going up. I think of gold as the “numéraire”, the unit of account, how you measure things. If you would think the Fed would tighten, and you thought the Fed would raise interest rates, it would strengthen the dollar and gold would go down.

 

The key question remains: how does it come the dollar remains “strong”? This is how Jim Rickards explains this phenomenon, by looking at the core objectives of the US Fed:

 

The Fed and the Treasury want a cheaper dollar. There is no doubt about that; it is clear from monetary policy, their actions and speeches. They try to get it through quantitative easing, but they are not getting it. The dollar remains fairly strong because every time there is a panic it goes with a flight to quality. The dollar has been stronger than the Fed would like which means they will try harder (they will print more). What I think will happen is that the dollar maintains its value, so will keep on printing, until very suddenly and unexpectedly, there will be a loss of trust in the dollar (and all paper currencies). It happens not overnight, but it can happen very quickly. ...

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The Last Laugh: Illinois Pension System Charged For Not Disclosing "Structural Underfunding" | Zero Hedge

The Last Laugh: Illinois Pension System Charged For Not Disclosing "Structural Underfunding" | Zero Hedge | Gold and What Moves it. | Scoop.it

The topic of Illinois' various insolvent pension systems is not news to regular Zero Hedge readers. One needs but to recall our articles from mid/late 2010: "61% Underfunded Illinois Teachers Pension Fund Goes For Broke, Becomes Next AIG-In-Waiting By Selling Billions In CDS", "Illinois' Pension Fund Death Spiral Revisited: "10 Years Of Money Left" or "Illinois Teachers' Retirement System Enters The Death Spiral: AIG Wannabe's Go-For-Broke Strategy Fails As Pension Fund Begins Liquidations" in which we clearly explained how the state's teachers pension fund was systematically doing everything in its power to mask its massive underfunding, and the fact that it was rapidly running out of money. ...

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Asteroid mining to dominate the industry: experts | MINING.com

Asteroid mining to dominate the industry: experts | MINING.com | Gold and What Moves it. | Scoop.it
Geologists believe that asteroids hold iron ore, nickel and precious metals at much higher concentrations than those found on Earth.

 

Profiting from the riches that asteroids, stars and unknown planets have to offer not only seems closer than ever, but experts think space mining will likely dominate the extractive industry in the short term.

 

That was the main conclusion of the Canadian Space Commerce Association (CSCA) conference held last week in Toronto.

 

Arny Sokoloff, the head of the organization, told attendees that mining off the planet would one day become one of the major factors in the development of space.

 

For him, there is no doubt that space mining will go farther than earth mining, he told Canadian Press, adding that governments should encourage the industry by offering tax benefits similar to those given to mining companies.

 

Colleagues, such as CEO of Moon Express Bob Richards, shared Sokoloff’s views. The leader ...

Hal's insight:

A dream that won't go away.

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Norway Fund Flees Currencies Tainted by Stimulus Addiction

Norway Fund Flees Currencies Tainted by Stimulus Addiction | Gold and What Moves it. | Scoop.it
Norway’s $713 billion sovereign
wealth fund is turning away from the world’s biggest currencies
and their debt-laden governments as policy makers undermine
their exchange rates through unprecedented stimulus measures.

 

The Government Pension Fund Global, the world’s largest wealth fund, cut its holdings in French and U.K. government bonds by almost half last year as it raised its share of government bonds in emerging-market currencies to 10 percent of its fixed-income holdings by adding investments in Turkey, Russia and Taiwan.

 

“It’s what we perceive as a risk-reducing investment strategy,” Yngve Slyngstad, chief executive officer of Norges Bank Investment Management, said in a March 8 interview in Oslo. Cutting dollar, yen, euro and pound investments is a “prudent” move, he said. “These four major currencies all have structural issues, with regards to government debt, to private sector debt, to unconventional monetary policy, and to growth and the demographic profile of the countries.” ...

Hal's insight:

Hat tip to http://www.jsmineset.com/2013/03/11/in-the-news-today-1476/ ;

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Now is the time to buy gold: Bianco | MINING.com

Now is the time to buy gold: Bianco | MINING.com | Gold and What Moves it. | Scoop.it
VIDEO: Gold is the hard money currency in a world of devaluing currencies.

 

Bianco said three weeks ago ETFs owned 84 Moz of gold and today they own 79 Moz. The price hasn't gone down even though 4.5 to 5 Moz have been sold off.

 

"There’s a huge underlying demand for gold in the last couple of weeks," he said, adding that what's been sold in just a few weeks is the the equivalent of about 7% or 8% of world production.

 

"That's bullish," Bianco said, "You can find a buyer for all that gold."

 

When asked who's buying it, he said, "Everybody else."

 

Bianco said ETFs are usually bought by retail investors and when the price broke $1600 they started to run for the exits — everybody else has absorbed their selling. ...

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150,000 Greek Public Sector Job Cuts Pending As Greece Launches Another Grexit "Plan B" Movement | Zero Hedge

The eye of the hurricane over Southeast Europe may soon be shifting, exposing Greece to the same 150 mph gale turmoil everyone has grown to love and expect over the past three years as soon as this month, when a new proposal by Greece is due on how to cut a massive 150,000 public sector jobs: a move which will result in an immediate surge in public unrest, and an exponential jump in strike activity. As Bloomberg reports, "Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing. Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets a 2.8 billion-euro ($3.6 billion) aid installment due this month. More than a week of talks on that has so far failed to clinch an agreement."

 

“Public sector job cuts are a major part of the program and they are one of the most politically difficult parts to achieve,” said Holger Schmieding, chief economist at Berenberg Bank in London. “And for the Greek government, which has two left-of-center parties, it is extremely difficult to really implement those job cuts. I’m afraid this will likely stay a point of contention, review after review after review.” ...

Hal's insight:

The Eurozone crisis is no where close to finished.

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UK on track for triple dip - NIESR - Telegraph

UK on track for triple dip - NIESR - Telegraph | Gold and What Moves it. | Scoop.it
Britain is on track for a triple dip recession, one of the nation’s leading forecasters has signalled, as new figures on the UK’s manufacturing industry dealt a blow to recovery hopes and sent sterling crashing to a fresh two-and-a-half year...
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Hat tip to www.jsmineset.com 

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Rob Arnott - We Are Now In A Very Dangerous Environment

Rob Arnott - We Are Now In A Very Dangerous Environment | Gold and What Moves it. | Scoop.it

Today King World News interviewed the man who oversees more than $130 billion, and who has won an unprecedented six Graham & Dodd Awards.  Rob Arnott, Chairman of Research Affiliates, spoke with KWN about what is fueling the global markets, and also warned investors we are in a, “... very dangerous environment.”  Here is what Arnott had to say:  “The main thing that is pushing the market higher is liquidity.  You’ve got the Fed monetizing the nation’s debt, buying practically all of the new bond issuance by the federal government.”


“With the Fed monetizing the debt they run a risk of debasing the currency, but meanwhile that money has to go somewhere.  People don’t want to put the money to work in start-ups and developing new enterprises.  So what we have is the effort to prop things up is really just propping up the stock market, not the macro economy. 

 

It’s wonderful when you see this kind of thing happening to just say, ‘Well, I’m going to be along for the ride and then I will get out of harms way before things unravel.’  But how do you do that?....

 


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Lead Counsel Of Silver Manipulation Complaint: A Missing Key Ingredient May Be Needed For This Case To Survive | Bull Market Thinking

Lead Counsel Of Silver Manipulation Complaint: A Missing Key Ingredient May Be Needed For This Case To Survive | Bull Market Thinking | Gold and What Moves it. | Scoop.it

I had the opportunity yesterday to connect with lead counsel of the Silver Class Action Complaint, Christopher Lovell, partner of New York City law firm, Lovell Stewart Halebian Jacobson LLP. It was a fascinating interview, as Chris and his firm have won many of the largest settlements in commodity exchange act & antitrust law history, with their highest recovery being over $1.02 billion dollars.

 

During the interview Chris provided an update on the silver class action complaint, as well as announcing a key missing ingredient, one which may be needed for the survival of the case. 

 

Starting out with, Chris explained that, “The status of the action is that the court ruled the [silver] complaint and all [it's] claims will be dismissed, unless plaintiffs are able to improve their allegations.”


In response to the court dismissal, Chris said, “The plaintiffs have filed a proposed amended complaint, and the defendants (JP Morgan), have opposed the motion, and the plaintiffs have replied, and the motion is pending before the court to make a determination. The normal procedure in a case, is that a complaint is filed to start the action, then the defendants respond either by answering, or making a motion to dismiss. Here they made a motion to dismiss, [and] that might indicate that the case isn’t as strong as those cases in which an answer is filed. Because after an answer is filed, discovery goes forward.” ...

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Jim Rogers: "This Is The First Time In Recorded History Where All Governments & Central Banks Are Printing Money" | Bull Market Thinking

Jim Rogers: "This Is The First Time In Recorded History Where All Governments & Central Banks Are Printing Money" | Bull Market Thinking | Gold and What Moves it. | Scoop.it
I was able to reconnect for an interview with legendary Quantum Fund manager and commodities bull, Jim Rogers. Jim shared thoughts on...

 

... When asked about the contrasting boom occurring in the general equities markets, Jim said that, “We certainly have money printing [going on] everywhere in the world. This is the first time in recorded history where nearly all major governments and all central banks are printing a lot of money at the same time. So naturally, we’re having something of a boom, but to me it’s an artificial boom, because it’s all based on printed money. Maybe it’s real, or maybe it’s going to turn real. Central bankers hope that it’s going to turn real, or at least that it lasts before they have to resign or retire. I don’t think it’s a very real situation but it’s happening—[so] it doesn’t matter whether I think it’s real or not.” ...

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The MONEY CURE - The Prospector Blog

The MONEY CURE - The Prospector Blog | Gold and What Moves it. | Scoop.it

A death by cholera is horrid. The body literally dies from dehydration by not allowing the digestion of water. Without water our only solution is death. Today we can only imagine the anguish, of both patient and caregiver, as someone loved loses life’s battle to such a horrible disease.

 

I apologize for today’s morbidity but the correlation between 1848 London and today is one we cannot take lightly. Like the cholera outbreak, today’s approach to solving our monetary disease only worsens the problem.  The course taken spreads both fear and poverty because the problem solvers refuse to approach today’s monetary outbreak with John Snow insight.

 

Dr. Snow didn’t solve the world’s cholera problem. What this amazing doctor accomplished was the ability to disconnect a human life from the tiny bacteria carrying this infectious disease. His abstract approach, certainly abstract to the medical world of 1848, proves why knowledge is a better cure than more medicine.

 

Today’s monetary leaders try to fix our economic disease with more medicine, and it’s not working, In fact, like the cholera treatment circa 1848, it’s compounding the devastation. Dr. Snow realized the water source was the problem. The cholera disease found its way into humans through tainted water sources. Caregivers unknowingly worsened the dehydration problem by administering more tainted water into a cholera stricken person. ...

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This is a great post! Be sure to click over.

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Gold and Silver | Florian Grummes | Safehaven.com

Gold and Silver | Florian Grummes | Safehaven.com | Gold and What Moves it. | Scoop.it
Gold and Silver long term: Nothing has changed. Precious Metals bull market. continues and is moving step by step closer to the final parabolic phase (could start in 2013 and last for 2-3 years or maybe later) ...

 

Nothing has changed
 Precious Metals bull market. continues and is moving step by step closer to the final parabolic phase (could start in 2013 & last for 2-3 years or maybe later)
 Price target DowJones/Gold Ratio ca. 1:1
 Price target Gold/Silver Ratio ca. 10:1
 Fundamentally, Gold is still in 2nd phase of this long term bull market. 1st stage saw the miners closing their hedge books, 2nd stage is continuously presenting us news about institutions and central banks buying or repatriating gold. 3rd and finally parabolic stage will bring the distribution to small inexperienced new investors who then will be acting in blind panic.
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Gold Still Appears To Be the Ultimate Currency | Przemyslaw Radomski, CFA | Safehaven.com

... Inflation is definitely something to take into account when investing to meet future needs. Central bankers can print all the fiat currency they like but they can't manufacture gold. Its supply is more or less fixed (discoveries are made, but you can't suddenly increase gold production by 500% and you can do that in case of fiat currencies). It cannot be inflated by central banks, which is why it is considered an inflation hedge and the ultimate alternative currency (or the only true one). The reason a glass of soda cost a penny in the beginning of the last century and now costs several dollars is not that soda water was cheaper then, but rather that the dollar had more value.

 

Some of the big hedge funds still are betting on the price of gold, even though a large number have sold most in the last quarter of 2012 (who knows if that happened in the past few weeks when volume was so high...), if not all, their shares in SPDR Gold Trust ETF (GLD -0.09%). Hedge fund manager John Paulson and his firm, Paulson & Co., remain solidly in the gold camp. Paulson continues to hold the largest position in GLD with nearly 22 million shares, worth an astonishing $3.344 billion. ...

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Myanmar Admits Phosphorous Usage In Mine Protest Crackdown

Myanmar Admits Phosphorous Usage In Mine Protest Crackdown | Gold and What Moves it. | Scoop.it

A parliamentary report in Myanmar released Monday acknowledged that police used smoke bombs that contained phosphorus during a crackdown on a protest against a Chinese-backed mine last year leaving 108 people with serious burn injuries.

 

The incident in November at the Letpadaung copper mine in Monywa in northwestern Myanmar was the biggest use of police force against protesters in the country since President Thein Sein’s semi-civilian government took charge in March 2011. ...

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Eldorado stands up for its gold project in Greece | MINING.com

Eldorado stands up for its gold project in Greece | MINING.com | Gold and What Moves it. | Scoop.it

Close to 15,000 people took the streets of Thessaloniki, Greece's second largest city, on Saturday to protest a planned gold mine by Canada’s Eldorado Gold Corp. (TSX:ELD) (NYSE:EGO).

 

Opponents believe the project represents a high environmental risk. But the company’s vice-president, Nancy Woo, told Canadian Press on Monday their concerns are unfounded, as the mine will follow the essential European Union and Greek environmental rules. ...

Hal's insight:

Kind of makes you scratch your head, doesn't it?

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oftwominds-Charles Hugh Smith: The Global Endgame

oftwominds-Charles Hugh Smith: The Global Endgame | Gold and What Moves it. | Scoop.it
... The key dynamics here are debt saturation and diminishing returns: piling on more debt (i.e. borrowing more money) to stimulate spending only leads to fantastic excesses of speculation and mal-investment: $70,000 biopsies, $200 million fighter aircraft, $200,000 bachelor's degrees, McMansions in the middle of nowhere, and so on.

The actual yield on all that borrowed money keep falling: ever-larger sums are borrowed and spent, but there are fewer jobs created and ever-diminishing returns of value created.

Even though central banks are holding interest rates near zero to enable governments to borrow vast sums, substituting debt expansion for actual value creation eventually leads to debt-serfdom as interest payments start crowding out all other spending.

All too soon governments and households alike are borrowing more just to pay the interest on the mountain of existing debt. This is the inevitable result of incentivizing credit expansion and speculation.

The central banks are attempting to nullify ...
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