Paul Brodsky - Gold, Silver, Lost Confidence & Systemic Failure
With 2012 off to a volatile start, today KWN wanted to speak with the firm that is calling for $10,000 gold to get their take on what readers should be focused on at this point. Paul Brodsky, who co-founded QB Asset Management Company, had this ominous warning for KWN readers globally, “It seems to me that we are getting close, we’re not there yet, but we’re getting close to a situation where confidence is lost as it relates to currencies and global monetary systems. We have a confidence based global monetary system. They are debt based currencies and we don’t have enough money with which to repay the debts.”
Paul Brodsky continues:
“We have fractional banking and there isn’t enough reserves in our banking system to cover the debt, let alone repay depositors should everyone come in at the same time for their money. Now we are starting to see this play out and I don’t think that MF Global story has permeated the psyche of Americans, but I think there’s a general unease of confidence.
Certainly among investors we see this (unease of confidence) in volume and daily participation and trading. Investors are leaving the financial marketplace. I think it’s ringing loud and clear that we are seeing the status quo system of commercial trade and transactions and monetary settlements start to fade.
Obviously the thing of the moment is Europe and how that’s going to (shake out). I was very interested to hear Jim Rickards, his conversation with you where he is calling for something to occur by May, which makes total sense. We tend not to be that tied to timing, (but) we couldn’t agree more with the setup that he (Rickards) provides....
Continue reading Paul Brodsky interview
Paul Brodsky continues:
“We have fractional banking and there isn’t enough reserves in our banking system to cover the debt, let alone repay depositors should everyone come in at the same time for their money. Now we are starting to see this play out and I don’t think that MF Global story has permeated the psyche of Americans, but I think there’s a general unease of confidence.
Certainly among investors we see this (unease of confidence) in volume and daily participation and trading. Investors are leaving the financial marketplace. I think it’s ringing loud and clear that we are seeing the status quo system of commercial trade and transactions and monetary settlements start to fade.
Obviously the thing of the moment is Europe and how that’s going to (shake out). I was very interested to hear Jim Rickards, his conversation with you where he is calling for something to occur by May, which makes total sense. We tend not to be that tied to timing, (but) we couldn’t agree more with the setup that he (Rickards) provides....
Continue reading Paul Brodsky interview
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