‘We’ve turned the dollar into toilet paper’, chief investment officer tells Keiser Report
Central banks and fiscal policy makers worldwide are launching huge stimulus measures in an effort to backstop the global economy, as the Covid-19 pandemic takes its toll.
RT’s Keiser Report talks to Mark Yusko of Morgan Creek Capital to figure out what lies ahead for the world economies, as entire industries are shutting down.
“The real issue today is that it’s not the virus that’s the threat,” Yusko says. According to him, there are lots of viral threats around the world that are actually worse than Covid-19. The “unprecedented response” from fiscal and monetary stimulus around the world will lead to a greater demise.
“We are at the tipping point… where we’ve now turned the dollar into toilet paper. We basically said it doesn’t matter how much we print; we will keep printing until the bleeding stops…“
What people forget is that rising asset prices is not necessarily a good thing, Yusko says, adding: “It’s definitely not a good thing for the 49 percent of people in this country that don’t own any assets.”
“So, what’s happening here is kleptocracy, it’s been going on for decades and it’s the plan. QE was not designed to create economic growth; QE was designed to impoverish the 99 percent and enrich the one percent. And everything that was going on in the last couple of weeks is greater degrees of that.”
According to the chief investment officer, we could be “on the verge of turning great recession into Great Depression again.”
For more stories on economy & finance visit RT's business section