Respected economist John Williams, editor of ShadowStats.com, a popular website that tracks real inflation figures, is advising that people hoard physical gold as well as food items in bulk so that they have some means with which to barter as the economic crisis turns ugly.
“Three or four years into the future I think we could be in a hyperinflation, within the current year you’re going to see much higher inflation than most people are looking at,” Williams told MarketWatch.
Williams said that his definition of hyperinflation would be a situation in which a $100 dollar bill would become more functional as a piece of toilet paper than a store of value.
“This is a time when you want to preserve your wealth and assets because inflation will knock the value out of it,” he added, advising that people buy physical gold and assets other than the U.S. dollar.
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How Bad will it GET?
Morning Edition, February 18, 2009 · Around the world, unemployment is rising and incomes are falling, and it isn't clear how long the recession will last or how deep it will get. The global economic situation is so serious that the head of U.S. intelligence agencies now says it has surpassed terrorism as the top threat to national security.
National Intelligence Director Dennis Blair's dramatic report last week — that the economic crisis is now the United States' top "near-term security concern" — caught some members of Congress by surprise. But it makes sense.
The global economic downturn could easily change the world. Previously stable countries could become unstable. The geopolitical lineup could shift sharply, some countries becoming more powerful while others get weaker. Allies could turn into adversaries.
And no one knows for sure how things will turn out.
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I have said this before and I will say it again, it doesn't matter what denomination; it is unsanitary to use money as toiletpaper.
ReplyDeleteI wish Obama and Bush were on a bill...I would love to smear their faces in it.
ReplyDelete"within the current year you’re going to see much higher inflation than most people are looking at,” Williams told MarketWatch."
ReplyDeleteSorry bro not this year you ain't at least not in the US. Deflationary spiral.
"within the current year you’re going to see much higher inflation than most people are looking at,” Williams told MarketWatch."
ReplyDeleteSorry bro not this year you ain't at least not in the US. Deflationary spiral.
Anon, you're wrong. Don't look at commodities like oil that are deflated because hedge funds are pulling out to raise cash. Look at the cost of food which has been steady climbing over the past couples years due to inflationary pressures and drought across the world..