“Personally, I would rather buy tulip bulbs than bitcoin. At least tulip bulbs give you some pleasure in the spring.” – Egon von Greyerz

from KingWorldNews:

“Yes, gold will continue to reflect the printing of money by Central Banks worldwide just as it has throughout history. Gold will always reveal the inevitable consequences of governments’ mismanagement of the economy. There are numerous examples of this in history. As the decadent Roman Empire started to crumble, laden with debt, their currency – the Denarius – went from virtually 100% silver content to 0%. That took almost exactly 100 years between 190 AD and 290 AD….

Most currencies have declined between 97% and 99% against gold since the creation of the Fed in December 1913. The remaining fall of 2-3% of the dollar and other currencies will most probably take place in the next 3-5 years. A fall of 2-3% doesn’t sound much but that will involve a total destruction of most major currencies until they reach their intrinsic value of ZERO.

The race to the bottom of the currencies has gone on for a few decades now. One currency which has been well controlled and relatively stable has been the Renminbi. The problems in the Chinese banking and shadow banking system is now putting pressure on the Chinese currency which has recently started to weaken.

Egon von Greyerz Audio Interview @ KingWorldNews.com