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18 Aug, 2020 13:08

Banks will fail, GET OUT of FIAT, economist tells RT’s Keiser Report

Banks will fail, GET OUT of FIAT, economist tells RT’s Keiser Report

In the latest episode of Keiser Report’s annual Summer Solutions series, Max and Stacy talk about the big moves in gold prices and the signals that the US dollar’s days as the world reserve currency may be coming to an end.

They talk to hard money advocate Alasdair Macleod of GoldMoney.com about what’s happening in the global economy.

“There was a day earlier this year when everything changed, and that was March 29,” when the US Federal Reserve said “We will throw however much money it takes at resolving our economic problems.”

From that moment the markets switched from being worried about deflation to suddenly thinking the outlook is inflation, says Macleod. According to him, “That was when the world changed.”

What started on March 29 will evolve into a banking crisis and then it will evolve into a currency and market crises, the economist explains.

“The Fed and US Treasury are basically taking control of the whole banking system. So, they will prevail, but in order for that to happen, banks will fail first…” The nationalization of banks will be happening everywhere, Macleod says.

“The problem that the Fed has, is how to keep financial assets maintained at high levels, so they can finance US Treasury debt. At some stage that game is going to fail and when that game fails, then the purchasing power of the dollar will go down with it.”

“You’ve really got to get out of fiat,” he suggests, advising to look at bitcoin, gold and silver.

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