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International
man and well known investment strategist Doug Casey warns that the world’s economic, financial and monetary systems have passed the point
of no return and a change of ownership
over global resources will
soon take place.
At the 2012 Investment Conference
in New Orleans, Casey explains
why neither Presidential candidate will
change anything, where
the real wealth in the world is
found, why gold is a must-own survival asset, and what to expect next:
We’re going to go through a really, really rough spot starting anytime between tomorrow morning and the next year.
We’re exiting
the eye of the hurricane where
we’ve been in since
2007… We’re going
into the trailing edge of the hurricane, it’s
going to last a long time, and it’s
going to be very, very severe.
…
All
the real wealth in the world – the skills in peoples’ hands, the knowledge
in their minds, the factories, the farms – that’s all going to be here. It’s
not going to go away.
It’s just the financial system, the economic system that’s going to collapse.
There’s going to be a huge change of ownership for those things, which is going
to be very unpleasant and inconvenient for
a lot of people.
…
It
is beyond the point of no
return as far as I am concerned
for Europe, and for Japan, and the U.S., and China
– all the developed economies,
quite frankly.
…
Gold
remains the only financial asset that’s not simultaneously
somebody else’s liability.
All
of these governments all
over the world are printing up trillions of currency
units and they’re accelerating the pace of doing so.
There’s going to be a panic into gold. There’s going to be a mania in gold. There’s going to be a bubble in gold in the
future.
Even though,
as we speak now, it’s at $1700, it’s no longer cheap,
but it’s going a
lot higher…
We’re looking
at the biggest economic upset since the industrial revolution.
…[Predicting
the price] is crystal ball gazing; it depends on how stupid the government is and how out of
line the mob psychology becomes.
But,
by the time this comes to
a peak I wouldn’t be surprised – in real terms, today’s dollars
– to see the equivalent
of $5000 per ounce.
Of
course, that may be 10 or 15 considering how badly they’re going to inflate the currency…
Watch
Doug Casey:
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