King World News weekly – May 10, 2014
In this week’s interview Egon relates what happened in the UK in the 1970’s to what will happen next in many other countries; collapsing currency, high inflation and soaring gold
Greyerz: “Eric, every day we get reminders that hyperinflation is on its way. The Congressional Budget Office now estimates that U.S. government debt will rise by $10 trillion to $27 trillion by 2024. This of course means that deficits will escalate and money printing likewise because with the U.S. running chronic deficits, no one will buy the Treasury debt.
This means it all needs to be monetized, and thus bought by the Fed.
Into perspective: $1.4 quadrillion = 1.4 x 1015 = 1,400,000,000,000,000 = 20 x World GDP
‘correction: where the link or text in the KWN article says 1.4 trillion, read 1.4 quadrillion’