There is no global recovery. We reflated a debt bubble around the world. You can’t borrow your way into prosperity anywhere.
This is what the illusion is and that is everything is okay, but it’s not. Everything is being propped up on the back of the debt bubble, which is a financial Frankenstein.
What is going to happen is nothing new, although the magnitude of this one is going to be worse than we have ever seen before. We are going to have a correction to fair value. They are going to be caught on the wrong side of this, and there is no way out of this for them.
If you took every single bubble that we’ve had in the past and put them all on top of each other, we are still not reaching the magnitude of this one.
This is going to be it, and we are going to watch a systematic destruction of the middle class. We are going back to a two-tier society.” To protect yourself, Mannarino says, “You have to be your own central bank. You need to do the opposite of debt.”
That means own real assets such as gold, silver, farmland, art, a house and even a car title. Simply own your stuff and get out of paper.
- Source, US Watchdog
