Hello Jim and Bill,
I’m a listener for a long time. I tried to prepare as much as I could also by buying your stock but am still preparing, which will take me a few more months to finish everything.
I listened to the last interview of Bill Holter who said that you both believe that there will be a collapse in September/October (before the winter). My question is, do you believe this will be the next big crash or already the final crash which will activate the reset of the current system?
It would be really nice if you could share us your opinion since we are a small group of Germans trying to prepare and understand as much as possible.
Thank you and regards,
This is a great question. We can give you our opinion but it is just that, opinion. No one has an all seeing crystal ball. We do believe the next crash will be the “final crash” that sweeps away the current Western financial system. The problems as you know are numerous, too much debt on all levels, undercapitalized banks and brokers in relation to assets carried, grossly bloated derivative balances and counterparty risk, not to mention the fact that no currency in the world is anything more than a “promise to pay” …more of that very same currency.
We believe what will come very (and is happening now before your very eyes) soon is a “holiday” but not the “fun type”. Markets, banking, credit and thus distribution of goods will break down. A re set of prices and relative values will emerge along with new currencies aplenty. We think the key to the re opening of markets will hinge on how fast new currencies are brought forth and whether they are trusted. Any new currency will need “confidence” to be accepted by the masses. “Confidence” will be gold! Gold has been coming back into the system for years, not away from.
The last 4 years has been a last gasp effort on the part of central banks to retain the current system and push gold away from it. The West has substantially lost gold to the East and the reason why we believe the East will emerge as “wealthy” and why the West will need to get “back to work” to better a crashed standard of living. This will take many years if not several generations to accomplish.
As for “preparing”, move as quickly as you can and do the best you can do. No matter who, how smart, or how wealthy you are, you will forget or miss something. DO NOT beat yourself up! You are at least awake and aware of what is coming, can you imagine yourself completely unaware and thus not prepared for anything at all? Just do the best you can do, it is all you can ask of yourself. Good luck and Godspeed to all!