by Clive Maund
Today, after another devastating day in the markets we are going to stand back and take a “big picture” view of what is going on.
This is not some ordinary run-of-the mill bearmarket that is starting here – it is the beginning of a devastating collapse that is necessary to clear the system of all the accumulated dross that has built over many years. A “reset” is an apt word to describe it.
The rot can really be traced back to when Nixon got rid of the gold standard in 1971, or in other words got rid of sound money. This gave governments and politicians carte blanche to print more and more money and to go ever deeper into debt, since the greater the debt, the more money they could print to service it.