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A death spiral for savers
on 14 October 2014
Excellent on the causes and effects of the crash of 2007-8 and particularly good on Quantitative Easing and its (long-term) risks. The case that it makes, i.e. that QE is deliberate theft from savers to save the banks, is, in my opinion incontrovertible. The case that "fiat money" - that is Government backed currency is now an illusion (just pieces of paper in your hand - or, worse, only digits in a computer) is frankly terrifying. Years of saving, work, thrift and prudence can vanish instantly (see Weimar and what followed).
Sadly it does not offer the prudent middle class investor or saver a afe real choice. Shares ("stocks" in US) are over-priced because of easy money. Governments and companies may have to default - and higher interest rates would slash their price. So are we back to gold? Well, in a crisis - like in the US in the 30s - the government will steal that too. Great analysis, but no solution offered that I can see