Saturday, March 31, 2012

Billionaire Hugo Salinas Price - World May Go Down in Flames

Today multi-billionaire Hugo Salinas Price told King World News a complete catastrophe is unfolding in Europe. He also called Fed Chairman Bernanke “a vampire” and urged people to hold gold and silver because they will be the last things standing. But first, Salinas Price warned about the serious dangers we are facing: “I think that unless we see legislation, somewhere, that is rational and recognizes that gold and silver are really different forms of money, and that this whole scheme of paper is unworkable, then the world is going to go down in flames. The only thing that would last will be people’s savings of gold and silver.”

Hugo Salinas Price continues:
But what kind of a world that will be? I think it will be a very nasty world. In spite of having gold and silver, that may not be enough to save you. They’re good things to have, but what we actually need to do is save our civilization and not go down in flames.

I think the first thing to do would be to insert silver coins into the monetary system. That would be a healthy thing to do. I was very happy to see Ron Paul pull out a silver coin. To me it’s like he was facing the vampire Ben Bernanke with a silver coin, instead of a silver bullet.”

Hugo also issued this warning regarding Europe: “I was thinking this problem in Europe is going to eventually have to be felt here....
“I don’t think we can be isolated from such an enormous problem as Europe foundering. The great French economist Jacques Rueff, back in 1950, when the idea of a closer union of European nations was being studied, he said, ‘Europe will be built upon a gold coin or it will not be built.’

In other words he knew perfectly well the relations between the European nations could find a satisfactory basis for mutual cooperation and growth only through gold. That message of his was not heeded.

Now we are seeing that the result is a complete catastrophe in Europe. It’s going to be very grim. I don’t really know what they are going to do at this point. They are going into a terrible depression. That is what they have right now and I think it’s going to get worse.

What happened to European society when the gold standard was abandoned was the same thing that happened to the United States. Their industry has been undermined by accepting imports which can be paid for with euros, instead of with exports.

It used to be that all trade was paid. Exports paid for imports. If you didn’t export, you couldn’t import. A country that wanted to sell had to buy at the same time.

The Chinese have not been doing that as the Southeast Asians have accumulated enormous reserves of dollars because they could sell without purchasing. That is the root of the world imbalances in trade which are leading to such conflicts.

Now we are going to have protectionism. I think we are going to see a rise of protectionism in Europe, maybe even between the different countries. Sarkozy seems to be waffling if you noticed statements recently.

He wants to protect the French. Well, that doesn’t go with the plan of the original project, does it? They are reverting back to protectionism. I don’t know how, out of these ruins, Europe is going to rebuild.”

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