Economist John Williams warns, “This is a very dangerous time both domestically and globally.” Maybe this is why gold and silver prices keep steadily climbing higher. Williams says, “As things get worse here, there is going to be a flight from the dollar into other currencies and, in particular, into gold. Gold is the long term store of wealth here. . . . Where we are ultimately headed here, the precious metals are a long term store of wealth. They preserve the purchasing power of your assets . . . if you have high inflation, you will still have your purchasing power. With debt collapsing and currencies collapsing, you are going to end up with inflation. Expanded debt is rapid money supply growth. It is debasement of the currency and debasement of the currency means inflation. . . . . It’s the type of thing that can be accelerated very rapidly if you have another crisis such as a big stock market crash. The economy is tanking and people start fleeing the dollar means you are going to be seeing rising inflation. If you see a big hit on the dollar, gasoline prices will go up.”
Join Greg Hunter as he goes One-on-One with economist John Williams, founder of ShadowStats.com.