Jun 2, 2012
Zerohedge, one of our favorite financial sites, because the proprietors are wired to the real insiders. They excerpted a piece by legendary investor and Goldman alum, Raoul Pal. He explains that at best there's six more months to go before the global financial reset takes place. He details the end of fractional reserve banking as we know it. There's no avoiding the ultimate crash because $70 trillion of Western Sovereign Debt is holding up over $700 trillion worth of derivatives. No wonder he likens all this to the eye of a hurricane, from which we are just emerging. We're not talking about any ordinary hurricane, like Katrina which was a category 4-5. Rather, we're talking about a category 10 storm that will leave no financial edifice standing in its path. But gold and silver will help get us through, and this nuclear economic winter will pass.
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