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28 Jul, 2020 11:47

End of fiat money era: We’re switching to gold/bitcoin standard – RT’s Keiser Report

End of fiat money era: We’re switching to gold/bitcoin standard – RT’s Keiser Report

Deutsche Bank’s top credit strategist Jim Reid has described himself as “a gold bug,” and reckons “fiat money is a passing fad in the history of money,” RT's Keiser Report recalls for the show’s viewers.

It always has been a passing fad and there’s always a return to gold, ‘Keiser Report’ presenter Max Keiser agrees, explaining that “when you have fiat money printers in charge and you can pull the levers of political power with your fiat money and acquire assets with your fiat money, it gives you that God complex that we have so much of it around the world… And now it’s all going crashing down.”

Max points out that this is “the chance to crash the fiat money system because, when you pull money out of fiat and put it into bitcoin, gold and silver, you are decapitalizing the fiat money system even more.”

According to him, “It’s inevitable, it’s like a cycle of the planets or the seasons… This is always without doubt and forever more reoccurring phenomenon, where paper money collapses and we’re going to some kind of gold [or] bitcoin standard.”

For more stories on economy & finance visit RT's business section