Opinion (Egon von Greyerz Interview): “No major nation in the West can repay its debts…. So we will see twin $200 trillion debt and $1.5 quadrillion derivatives implosions.
“That will lead to the most historic wealth destruction ever in global stock, with bond and property markets declining at least 75 – 95 percent. World trade will also contract dramatically and we will see massive hardship across the globe….the Social Security safety net that people in the West have been used to will disappear. Eventually the total money printing will be in the hundreds of trillions and possibly even quadrillions of dollars. That will be the final phase of taking the value of today’s paper money to its intrinsic value, which is zero. Virtually all paper currencies are already down 97 – 99 percent against gold in the last 100 years since the Fed was founded. So there is only 2 – 3 percent left that has yet to disappear.”
My Comment: Just as I always say, the system of management of our world, of our ego, is entirely the same on all levels of nature (still, vegetative, animate, and speaking), and so the crisis is being revealed in our world simultaneously in all areas, from ecology to our lives. A higher management conducts all the parts of nature, beginning with the human, the highest, smartest, and most sensitive creature towards whom is directed all of the activity and influence of this management, to all the strata and parts of nature. Since everything depends upon humans, it is up to them to bring our entire world, all of the systems, into balance. But as long as we haven’t started to do this, then the general collapse, the Armageddon, will approach us. The collapse is coming not to annihilate us but to force us to bring nature into balance.