Brace For “Massive Wealth Destruction”

Reminiscent of the 1970s and the U.S. fiscal and monetary conditions which soared gold from $35 to $875 per ounce by Jan. 1980, Marc Faber, author of the Gloom Boom Doom Report warned investors of the dire implications of the world’s central banks presently engaged in a global currency war.

But unlike the 1970s and the problems with the U.S. dollar, this time, in addition to the dollar, the euro, pound sterling and yen are also devaluing against everything of tangible value. And the speed at which these currencies depreciate in the coming years will most likely dwarf the decade which included the Vietnam War, Middle East conflicts, U.S. budget deficits and resulting stagflation. Get my next ALERT 100% FREE

“Somewhere down the line we will have a massive wealth destruction that usually happens either through very high inflation or through social unrest or through war or credit market collapse,” he told CNBC, Monday. “Maybe all of it will happen, but at different times.” Read more......