Today’s Daily Bell interview is with Andy Hoffman.
It can be summed up as follows: gold is completely suppressed and will eventually go to infinity, all fiat currencies will go to zero.
A few excerpts, interspersed with my thoughts:
Frankly, who knows if the Fed will even survive the inflationary carnage of [Yellen’s] four-year term?
I do. The Fed will still exist in four years.
In my view, Japan is likely to be the first "first world" nation to experience hyperinflation in the 21st century.
Keep in mind, when reading the rest of his comments, that this is an 86-year window. Eighty-six years. One.
…the handful of communists making the decisions have pushed [China] to the brink of implosion; an implosion, I might add, that will be remembered for generations.
ALL fiat currencies will ultimately crash against items of real value…
All fiat currencies will almost certainly lose value against real assets, but crash? Like, within a week, a month, or even a year “ALL” fiat currencies will go from being a functioning medium of exchange to becoming virtually worthless?
This hasn’t happened to the British Pound, even after centuries; nor the US Dollar after a century. It hasn’t happened to the fiat currency of any major industrialized country outside of cataclysmic defeat in war, to my knowledge.
The fact that such [gold] manipulation is finally going mainstream will only accelerate "the Cartel's" demise…
Does Andy really believe this? Let’s ask:
Daily Bell: Has the "hate" for gold dried up on Wall Street? Doesn't seem so.
Andy Hoffman: LOL. It never will – as gold is the enemy of the paper-loving, Fed-supported banks.
If Wall Street (cartel) hate will “never” dry up, what does “demise” of the cartel (Wall Street) mean?
Daily Bell: We've asked this before: Are gold and silver still in a bull market long-term?
Andy Hoffman: NEVER have fundamentals been better, NEVER have prices been more undervalued and NEVER have more potential catalysts been on the horizon. 'Nuff said!
NEVER? In all caps and everything? Ever, in history?
Daily Bell: Are we headed for a new gold standard? What kind of standard?
Andy Hoffman: Ultimately, we must go back to a gold standard; after the upcoming fiat crash, no one will accept anything else but REAL MONEY. Of course, there is no way of knowing when and how this will come about.
“Of course, there is no way of knowing when and how this will come about.” “Japan is likely to be the first "first world" nation to experience hyperinflation” sometime in the next 86 years.
…the only way to protect oneself from the ultimate "financial Armageddon" is to own gold and silver before the system comes crashing down.
When? Eighty-six years? For the first one?
Daily Bell: Let's discuss currencies, in particular. Where is the dollar headed, long-term?
Andy Hoffman: To ZERO, as have the previous 599 fiat currencies; and that goes for the other, nearly 200 fiat currencies worldwide.
Five-hundred-ninety-nine sounds so specific, so well researched.
It is a very safe statement – it is likely true over the course of centuries to come; it hasn’t been true of the Pound or the Dollar.
Daily Bell: The euro?
Andy Hoffman: ZERO…
Daily Bell: The yen?
Andy Hoffman: ZERO…
Daily Bell: The yuan?
Andy Hoffman: In its present form, it must collapse…
When? In my lifetime? In the lifetime of children yet to be born?
Daily Bell: Are central banks on the way out?
Andy Hoffman: Per above, YES! No central bank has ever survived…
Let’s take a look at the poster-child of central banks, one which manages a laughingstock of a currency:
The Central Bank of Argentina…Established by six Acts of Congress enacted on May 28, 1935, the bank replaced Argentina's Currency board, which had been in operation since 1899.
Either 80 years or 115 years, depending on when you want to start counting. Still alive and kicking.
Finally, as if to add good measure, some faulty economic thinking:
Ukraine's problems were likely catalyzed by the inflation created by Western central bank money printing, which is coming back to haunt them in a potentially cataclysmic way.
Every central bank has tools to deal with the results of inflation in another currency; that they choose not to do so for politically expedient reasons (kicking their own can) is their own decision.
The Daily Bell After Thoughts: A great interview, as always.
What good does such talk do? What useful information was learned in such an interview?
There have been many great interviews at DB. This isn’t one of them.