“Nothing is improving. The confidence numbers and the PMI’s in Europe are weak. The PMI in China has shown contraction for six months in a row here. So, anybody who thinks the world’s economic picture is improving is being sorely disappointed.
I don’t think it can be resolved unless you just keep printing money. It looks like that’s the way they’ve decided to do it. But obviously somebody’s taking on an obligation here which they are not going to be able to fund. There’s no doubt in my mind that most countries can’t possibly pay back their debt.
Having seen what all of these governments and central banks are prepared to do, that is if you can’t sell the bonds we’ll just print up the money and buy them, would suggest things hold together, but that currencies get debased.
The primary winner here is going to be gold and silver. People should worry significantly about having money in a bank. They should have a good part of their portfolio in physical gold or the mining shares. It’s so obvious they should be a winner.”