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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Mike Kosares: Establishment economist warns more dangers now than 2007

By cpowell
Created 2017-09-13 13:41

9:40a ET Wednesday, September 13, 2017

Dear Friend of GATA and Gold:

USAGold's Mike Kosares today calls attention to an interview just given by William R. White, the former official of the Bank for International Settlements who in 2005 candidly admitted (to an audience he considered reliable) that a primary purpose of central banks is to "influence" the price of gold. (See http://www.gata.org/node/4279 [1].)

Kosares notes that White told Bloomberg News that the world economy today faces greater dangers than it did just before the financial crisis of 2008, that central banks have been "stoking debt bubbles," that much debt can never be repaid, and that bank bail-ins will be required to restore the financial system.

... Dispatch continues below ...



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Kosares writes: "I consider White's argument one of the strongest I have seen for gold and silver ownership as long-term safe-haven hedges. The catalyst for that debt deflation could be the realization in global financial markets that the central banks, as White describes it, have backed themselves into a corner over the past 10 years with nowhere to go. In other words, the next time around -- the next time the black swan lands -- we will be on our own, walking the high wire without a central bank safety net."

Kosares' commentary is headlined "Prominent Establishment Economist William White Warns 'More Dangers Now than 2007" and it's posted at USAGold here:

http://www.usagold.com/cpmforum/2017/09/13/prominent-establishment-econo... [3]

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [4]

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Source URL:
http://www.gata.org/node/17633