Bond Bust Will Be Biggest Crash in History-Mike Maloney

1By Greg Hunter’s

Precious metals expert Mike Maloney says we are experiencing a “rollercoaster crash.” Maloney explains, “The second half of the economic storm that started in 2007 and crashed in 2008, we’ve been in the eye of the hurricane from 2009 until today.  The second half of this economic storm is about to start.  I believe in 2016, we are going to see something happen, and 2017 will probably be pretty bad for the general economy.  . . . If we have a currency crisis, a recession, and this changing monetary system all together, it will be absolute chaos.”

Maloney says you can blame a lot of this wild ride on the Federal Reserve. Maloney contends, “We’re going into the Bernanke bust.  The 2008 global financial crisis was of Alan Greenspan’s making.  Ben Bernanke just reacted to it.  It was caused by Alan Greenspan’s reaction to the crash of the NASDAQ.  So, we had a crash of the stock market in 2000.  Alan Greenspan over reacted and held interest rates down too long to try and get the stock market reflated and get it back up.  He accidentally created a real estate bubble.  The next crash was both stocks and real estate.  This time, it will be stocks, real estate and bonds.  So, this is going to be the biggest crash in history.  This bond market bubble is something that has been constantly inflated for the past 35 years.  When it pops, it’s going to be devastating.  A bond bubble bursting is deflationary.”

Where does that leave gold and silver? Maloney says, “In the last great deflation, which was well studied, the Great Depression, gold rose 70%. . . . If you owned gold, you ended up with two and a half times more purchasing power. . . . One of the few assets that actually did well in the last great deflation was gold.”

Join Greg Hunter as he goes One-on-One with Mike Maloney of

(There is much more in the video interview.)

After the Interview:

Mike Maloney also points out the Fed and other central banks have printed a lot of currency and gold has to increase in price with the money supply. Maloney says, “Gold has to catch up. Every time throughout history the money supply has been dramatically increased, gold has gone up in price to keep pace.”  You can get the latest Maloney videos by going to  You can also find free information and videos on

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  1. David Morris

    Love the interview (and video) . Disagree with stock and bond crash. The bonds and are in a bubble when it bursts the money will move to safer places stocks will be probably be one ( QE has been ‘good’ for the stock market).
    We could globally lower the pain of this transition if we persue the TREE dividend (Transcending, Real Food, Exercise, Education).
    Talk to David Lynch, Ohprah celebraty trancenders (prepare spirituality)
    Gary Fetke, low carbohydrate Hi fat advocating medical Doctor.

    • terry44

      Isn’t most of the money propping up the stock market debt? I think a bond crash will take down everything, including stocks, derivatives and the dollar.

  2. David Morris

    The cycles Mike is talking about sound like Martyn Armstrong’s Pi cycle 8×8.6 years fall of communism 1917 to 1987. Western ‘ socialism ‘ 1934 to 201????

  3. Dan

    Nice interview Greg. Mike Maloney is a smart guy. Everyone should watch all the videos from his Hidden Secrets of Money series; even the average Joe could understand how the current monetary system works the way he explains things in a simple manner.

    I also just watched the 6th episode of the series with his guest Harry Dent. Dent did a fantastic job explaining deflation and more. I especially like his take on cycles as they ring true time and time again.

    I like the way he called Japan’s economy of the last 30 years as a “Coma Economy” (which basically means a flat-lined one). I’m afraid in the absence of a crash either this year or before the end of the 2016 election cycle, the U.S. (Canada, U.K, and EU) will likely see the same fate.

    Everyone should have a look at this 6th episode.

    Thanks for the variety in guests Greg. Great stuff!

  4. Paul

    People like Harry Dent are smart?? … because they are of the opinion that gold (money) is going to “fall in value” because there is less of it around (as China and Russia, etc. buy it up taking it out of circulation)? … and then tell us that fiat debt paper dollars (currency) will “rise in value” because there will more of it printed during wartime (when almost all belligerent nations print currency in order to conceal the staggering costs of war from their citizens rather than raising taxes to pay for it)? … the US has been at war “forever” … and to pay for the cost of these “forever wars” (and other unfunded liabilities) the US prints fiat debt paper dollars (currency) at ever increasing rates … and this supposedly is going to make the US currency so valuable that it will take “less” dollars to buy ever “rarer” gold? … give me a break from such loony tunes … what we have is real money (gold) in a deflation of supply ( making “it” more valuable) … and phony currency (fiat debt paper dollars) in infinite supply (making “it” less valuable).

    So just to get this straight in my mind … people like Dent are going to tell me that because we have “more” fiat paper currency chasing “less” gold … that gold is going to fall in price?? … what kind of wack-a-do loony tune can be so utterly confused about “real money” (who’s supply is being constantly deflated) and “phony fiat paper currency” (that is being constantly inflated)? … so Dent is going to tell me with a straight face that less dollars of “an ever increasing inflated currency” is going to buy me an ounce of gold that “is getting rarer and rarer”? … this is like saying to a man on the beach he will soon be able to take even “fewer grains of sand” to a jeweler to buy a very rare and exquisite diamond engagement ring for his girlfriend! … where do these wack-a-do loony tunes come from???

    • Paul

      Mike Maloney knows that the Fed and other central banks around the entire planet have printed and are still printing so much paper currency that gold “has to increase in price” with the inflating paper currency supply … so why is he subscribing to Harry Dent’s thesis that the bond bubble will burst pushing the gold price down? … does he also believe that our infinitely expanding universe will also burst? … God won’t let our universe burst … and neither will the Fed allow the bond market to burst … if the bond market (the life blood of the Fed bursts) the Fed will die … do you think the Fed will allow its own demise? … the Fed won’t allow bonds, real estate or the stock market to burst … they would rather see hyper-inflation first (as John Williams is predicting from what he sees happening) … so as things begin to roll over and begin to look really bad next year the Fed will simply “reflate” to what ever degree is necessary to get the markets back up … why Maloney has gone over to the Dent “dark side” is beyond me???

      • Greg Hunter

        He clearly said gold is where he and Dent disagreed.

        • Paul

          Sorry Greg … I stand corrected … I tend to get a bit emotional … but everyone needs to keep in mind what the “real difference is” between paper currency and physical gold in order not to be conned into selling gold by the many wack-a-do loony tunes out there.

          “Good money” is money that has “commodity value” often made of precious metal, nickel, or copper … “bad money” is money that has had its “commodity value” striped out of it (fiat paper currency is the worst form of “bad money” as “all commodity value” has effectively been striped out of it) … now when a government or people like Dent overvalue the “paper type” of money … and undervalue the “gold type” of money … the undervalued money (gold) will tend to leave the country (go to China or Russia) and disappear from circulation … while the overvalued money (paper) will flood into circulation … this is commonly stated as an economic law: “bad money drives out good” … this economic law dates from Aristophanes in the 5th century BC and has retained its validity up to the current time (in 1858 it was named “Gresham’s Law”) … the law applies when two forms of
          “commodity money” are in circulation where the “artificially” overvalued paper money (the dollar) tends to drive the “artificially” undervalued money (gold, silver, nickel, copper) out of circulation as a consequence of manipulative price control … but in the absence of any legal-tender laws metal coins (commodity money) such as the Canadian Maple Leaf, the South African Krugerrand, the American Eagle will always retain value better then “non-commodity” paper money … as Gresham’s Law takes effect the “bad” paper money (that has almost no commodity value) in circulation with good money (gold, silver, nickel, copper having commodity value) … results in the “commodity less” money (reduced by fraud and other debasing manipulation by governments or Fed inflation) looses value in relation to the copper, nickel, silver and gold coins … making the commodity based coins disappear from circulation as citizens begin to retain them “to capture the current and future intrinsic value of their metal content” over the inflated paper money.

          Gresham’s law is currently beginning to take effect … today’s circulating currency consisting of both “good” and “bad” money is quickly becoming dominated by “bad” paper money because intelligent people (like China, Russia, USAWathDogger’s, etc.) are simply spending the “bad” money and keeping the “good” money for themselves.

          • da diz

            Great explanation using the term “commodity value” as interchangeable for money, and then linking to Gresham’s law. thank you. good job.

    • Mark Maples

      I don’t understand your hostility towards Dent. Cant anyone have an educated opinion that isn’t in line with yours? Just curious

      • JC Davis

        Mark Maples What Paul is saying is paper money can be printed and when it is old it disappears and then new paper must be printed to keep a corrupt system of lies going. Gold on the hand of a good minded person can see it is rare, and of true value.
        Deflation can not last but a very short time as a crisis because more money can be printed. In fact billions are sitting in the federal reserve ready to send out to stop deflation in its tracks. Deflation is happening right now, and has been for the last year or two. When the banks feel the pain of deflation the non money -currency will be released causing hyper inflation. Hope this helps. Keep in mind gold copper silver land water and things real are money paper is kindling.

        • Mark Maples

          Jc. Thanks for your comments. I have thought for years that printing money and accelerating our debt is having a negative impact on our way of life and our future. I just observe that alot of smart people differ on how that future will play oht. I try to be respectful and open minded to all educated opinions, rather I agree with them or not. Thanks again for your comments.

          • JC Davis

            Mark Maples I personally don’t believe there will ever be a gold backed money for the common man. There are too many people in the world to have a gold backed currency for all. It could someday be a trade currency for the countries / governments , and banks.

      • Darren

        I enjoyed Mike’s point on Dent on Gold,” We agreed to disagree” nuff said.

      • Jonny R

        He is upset because it’s not working out as he thinks it should, and he is out of pocket. The gold is money theory is totally flawed … it was only ever money for a limited group and in limited times. Armstrong de-bunks the whole thing.
        Gold is just another commodity, with lots of speculators trying to outsmart the market. During the siege of Stalingrad, a loaf of bread was worth its weight in gold.

      • Paul

        When someone has “an educated opinion” that makes him tell children for instance that putting their hand in a gas flame on the stove won’t burn them … I get mad … sorry … I am who I am … I don’t want (what I clearly see as completely wrong and hurtful) being told to kids or people even if it is a completely well meaning educated opinion … yes, people have a right to their own thoughts and opinions … but if they are going to “clearly inflict harm” by my experience and reasoning … I react forcefully against it … just as I think you would if someone exercised their right to yell fire in a crowded theater when you knew for sure there was no fire!

        • Mark Maples

          Paul. Fair enough. Thanks for the explanation.

    • Evan J


      I’m with you but Dent is saying that dollars will rise because of debt destruction; a whole lot of them are going to disappear when the bond markets crash. That’s my understanding of his point.

  5. Ross

    The question is , can they continue to manipulate the price of metals? This has been happening for over 100 yrs. China has just been invited into the IMF SDR basket of currencies. I suspect that the invitation was to stop China from backing the Yuan with Gold.
    Their ponzy debt money creation system cannot continue with the anchor of precious metals. The plan is to trash most of our currencies and continue the scam via the IMF . The central banksters do not want anchor of gold but the power of the micky mouse money of digital creation. Perhaps they are offering China/Russia equal power in this debt money scam of SDRs and no nuke threat as the carrot. Will China and Russia play along ?

  6. Neil

    This is all very interesting but I think we are in a rut. When is it going to happen? What will it look like? How much will gold and silver be worth? How do I make the most out of others misfortune?…
    Several bleak possibilities for the future exist.
    1) the shadow government’s ‘strange love’ sicko’s succeed in inducing another world war to ‘solve’ an economic dead end. (using proles to beat the sh*t out of other proles is always easier than facing reality of our shortcomings and applying reason.) Hence the US engages in the lowest behaviour to emerge the rightful winner of the competition to be the most exceptional from a radioactive rubble. The prize is a food chain collapse that actually began with Fukushima.
    2) the FED continues to print money and pass it around the back way. Eventually the only recourse is to give it away on street corners. That is until it is recognised by all as being worthless. The slow acting quack cure destroys every economy and all manufacturing leading to a collapse of civilisation, subsistence for a few survivors and a new dark age.
    3) self anointed globalists impose their new world order on a world brought to crisis and chaos by various means and in the process exterminate the majority of unnecessary feeders and enslave the remainder in a trans-human dystopia.

    These possibilities are likely to come about because of peoples paralysis and indifference despite being aware of the implications or consequences identifiable now. I think the energy bound up in fear and uncertainty would be better applied to combining ideas to offer a workable solution. People can solve this if they come together with a common purpose. How about instead of being deer in the headlights waiting for the next bad news we form up a global action to fix things? There has to be a better way and a brighter future than on offer by default doesn’t there?

    • Ima Prole

      Neil, I agree with your assertion. Divided we are doomed. We somehow need to come together. I have been thinking about this a lot lately. The internet is the only way to bring together like minded people from around the world, to unite, to force change.

      A platform similar in concept to Crowd Funding or Wikipedia or even a Trading platform. These are places where like minded people come together to discuss ideas, to strategize, to become educated, to make a difference. Efforts like joining the Labour party or backing Bernie or hanging out on Wall Street with a placard are noble but frankly ineffective. It is not like unplugging from the matrix, reading Zero Hedge or other alternative media sites. It is much, much bigger.

      Greg Hunter is awesome. The guy gives up his life to help others. A real saint. There are other Greg’s out there. People with ideas. People with solutions. People with a historical perspective. Somehow this proposed site becomes a magnet for all the ideas out there which can effectively force change. It needs a big brain to pull off. Much bigger than mine. But I can visualize it. And I think there would be tremendous support globally. Whoever comes up with this platform wins the prize. Kind of like a Tyler Durden of Zero Hedge + USA Watchdog + WikiLeaks + RussiaToday all rolled into one but with a difference … People are looking for real change, for real solutions.

      From little things, big things grow. Peace.

    • Terry

      Neil, I wish we had an upvote arrow.

  7. frederick

    On a different subject I just read a story at Zero Hedge that claimed that a Spanish judge has ruled that Benjamin Netanyahoo is liable for the Mavi Marmara attack where something like 13 people including an American citizen were killed by IDF commandoes while in International waters My advice stay off Iberian for awhile

  8. Ralph C Romano

    Mike Maloney is INCORRECT in his statement Government income reliant on most peoples W2 “Income’ or “Wages” in the last depression. The following is from Peter Hendrickson’s book “Cracking The Code The Fascinating Truth About Taxation In America” page 47 ( In a 1941 report titled “Collection at Source of the Individual Normal Income Tax”, the Treasury Department’s Division of Tax Research noted that, “For 1936, taxable income tax returns filed represented only 3.9% of the population.”, which percentage would have included all regular federal workers, PWA workers, license-holders, etc.. , along with any misled private persons. The same report also informs us that: ” The largest portion of consumer incomes in the United States is not subject to income taxation. Likewise, only a small proportion of the population of the United States is covered by the income tax.” )

    • Occasnltrlvr

      Unless one cites the percentage of federal government receipts which came from income tax on wages, one has not refuted Mr. Maloney’s point.

    • Jim

      Just because someone didn’t file a return doesn’t mean they didn’t pay.

      In New Zealand hardly anyone files a return – they don’t need to unless they expect a refund.

      Unless the actual statistic of who paid what is quoted this information is meaningless.
      We are talking about actual money paid and not IRS paperwork gathered, right?

  9. Richard Mchenry

    Well done again Greg Hunter, you have brought on the best and brightest people in the financial market analysis field.I just watched episode 1-5 of Mike s presentation Tuesday morning and was going to finish this morning with episode 6 today right after checking in with USA Watchdog and there was Mike Maloney front and center,can’t say enough about the quality of new and relevant information that is presented here on your website. I took note that both you and Mike gave credit to Harry Dent and others for their hard work and analysis of our hard and perilous economic times, God looks favorably on a humble heart, and with Thanksgiving next week I would like to take this time and space to tell you and all of your guests that there are hundreds and thousands of people watching and reading that may never be able to say or write to you to tell you how much your contribution,hard work and commitment and insight means to our and your listening family. Please continue to fight the good fight and to continue to prepare spiritually above all things. Gods peace to you and your family,

  10. Roderick

    I always enjoy how Mike Maloney can take the subject of money and break it down in simple terms. His sincerity always comes thru and he is a real patriot. Thanks Greg and Mike!

  11. Ken

    Hi Greg

    Mike Maloney always comes across as a man of integrity and honesty.

    I would have liked to have had his opinion on whether he believes the PM markets are rigged. It’s ok to say in the real world he has to pay way over spot to buy product but try selling at over spot.

    Anyone interested in economics should read his series, he has done a major service to explain the Central Bank con on people.

    Your site just gets better and better – all power to your elbow !!

  12. ED

    Another good interview, Greg. Kudos to you and Mr. Maloney. It’s to my belief Mr. Maloney knows his economic history quite well.

    Keep up the good work.


  13. Tommy

    Same song, different singer. Could someone explain to me how you will buy bread, put gas in the car, pay your electric bill, etc. with an ounce of gold?

    • Greg Hunter

      Same way as today. You convert it to currency you wish to transact in.

      • NC Gal

        Greg, that’s only true if you CAN convert it to a currency. Under what’s coming, none of what Mike Maloney and others are talking about regarding “markets” will hold true. See for a list of reasons why PMs won’t get you through. Even there, owning farming land won’t hold up under what coming via Agenda 2030. No private ownership will exist except for the elites and their henchmen. Nothing of our present system will survive except the corporations and military, all taking orders from the elites at the top of the food chain.

        • Linda louin

          NC Gal:
          You’re correct. In regards to the crash and the coming NEW WORLD that is in the works, private ownership of land will be discontinued. I
          talk to folks who are so proud of themselves for paying off their mortgages, and under normal circumstances I’d agree with them. However when the ‘blank’ hits the fan, if folks are lucky enough to have a home that is still standing, they may either have to vacate the abode…next stop the streets……or lease their homes back from foreign invaders or the government if the means are provided to do so. In the end, a deed isn’t going to protect anyone.

          • Occasnltrlvr

            So, NC Gal & Linda louin,
            What do you suggest? Surrender?

        • Agent P

          They ‘know’ perfectly well, NC Gal, but knowing doesn’t sell newsletters, gold coins or other forms of profiteering off ‘doom’… That is not to suggest that doom isn’t on the menu however, far from it…

          You are correct in your view that what awaits is far more than simply economic turmoil. Basic freedoms and just staying alive, or out of a government prison camp for ‘malcontents’ (read: Those who believe in self-sufficiency, liberty and preparedness) are what is at stake.

          This will all be reduced down at frightening speed as well, once the combination of economic and geopolitical stress begin to cascade. People’s heads are going to spin in a state of suspended disbelief at how fast this all goes down —

          • Jeff L

            Armstrong doesn’t SELL his newsletter ?

            • Jim

              Then maybe someone is PAYING him to produce it.

              Bill Holter recently demolished one of his messages.

              Armstrong said gold was DEVALUED in 1934. (his emphasis) That is a strange mistake for someone like him to make.

        • Richard Mchenry

          NC gal,
          this is how it will go down for real,
          I have two ounces of silver which I bought for six dollars each in 1999, it’s the year 2017 and you have a truck I need to transport my my produce to market 20 miles away,I can hire you to 1. Drive me to the market and back with my produce and pay you in corn or beans,2 pay you with 1oz of silver for your time,3 buy your truck depending on the value of silver and your truck,,or 4 just take your truck at gun point. Which one of the 4 would you think works best for you?
          P.S. I would not trust just anybody on you tube to tell me about what PMs would do or not do in a crisis,and that guy is no farmer….He will need some silver to buy next years seed corn in the spring cause the stuff he has growing now ain’t gonna make it.

          • Charles H

            And if the transportation of food becomes illegal without government sanction and ID and current passwords for inspection points? I find it hard to conceive just how far controls will be placed. My apprehension is the “Live Free or Die” motto will become more than a simple phrase.

        • Seeker

          This article is a must read, bet you didn’t know all of this…

          Are Goldbugs Howling at the Moon with $100,000 Prices?

          How Stocks Rise in an Economic Decline

      • Linda louin

        Maybe initially hold on to the gold that one is lucky enough to have after a crash for later purposes, and trade in dollars/coins for as long as they’re accepted. And when our currency is no longer accepted, use SILVER coins for the smaller purchases/trading? Great interview. Thank you Greg.

    • Occasnltrlvr

      Let me ask the same question of you, with only a slight change:
      “How are you going to put gas in your car with a piece of paper?”

      The question isn’t centered upon the thing being used as currency, but rather upon the perception of the person or business with which one intends to transact.

      Who owns the gas station? Would they recognize a Pamp 1 gram carded piece of gold as having value? If confidence in the paper we now use is lost, I believe perhaps they would.

    • JC Davis

      Tommy sell your gold to me for currency and buy bread. Wait I am obligated to God to tell you your currency will not buy bread or more gold. So how to do? Good question in fact. If a new system is desired you will be better off with three ounces of silver then 10 loaves of bread. For you to decide.

      • Paul

        The reason gold and silver are “better bread” then bread made of flour is because the gold and silver loafs don’t go stale or get green molded like flour bread even if held for years … so when stacking some unlevered bread for use in trade (for some other life necessities you may need) you will likely get a better deal for your gold and silver “bread” then for a stale piece of matzoh … and you will be able to “outlast” any farmer selling “surplus produce” because his products will rot in time while your gold always remains fresh … making a farmer very likely to trade his produce to you before it rots and becomes worthless to him … for something that “he can then save” that has an infinite shelf life.

        • JC Davis


    • brian

      Yeah Tommy, I think your getting close to understanding how bad this is gonna be when it falls apart. Just expand your question a little wider:

      How are you going to buy bread, gas and electricity with failed paper?

      Get it, if the money fails, and it will, there is no economy, there is no bread, no gas, no electric bills, just you and whatever assholes happen to be standing around you looking for stuff to eat.

      • Tommy

        Exactly! That’s what I believe. If this thing ever gets nearly as bad as some predict there will be no order, just chaos. And whoever owns the biggest guns will own the currency.

  14. Spanky

    So, as I understand it, since the money that is needed to pay the interest on all outstanding debt depends on more debt being created, doesn’t that suggest the Federal Reserve system is a humongous Ponzi scheme? And just like all other Ponzi schemes in history, the system needs more suckers (borrowers) to keep the scam afloat. So, whenever there is a lack of borrowers, everything collapses, like all Ponzi schemes should.

    • frederick

      @Spanky you pretty much understand how it works obviously frederick

    • Silence is Golden

      Yes Spanky.
      That lack of borrowing is symptomatic of the non-existant growth. Debt cannot be deployed in an economic manner (to achieve desired ROI), instead it is gambled at the casino by the players who control the body that creates new debt.
      This is what kills economies…. as debt increasingly is used unproductively and inefficiently.

    • Art Barnes

      And now you know why America has the immigration, both legal and illegal, polices since the inception of the Federal Reserve (the creature from Jekyll Island), they need fresh blood and a lot of it to continue the Ponzi scheme. As implied and expressed, the Fed Reserve commenced about the same time as the “huddled masses” & the 1916 income tax law; coincidence, I say not, the bankers can’t make money without the debt suckers.

      • Silence is Golden

        You are correct …both USA and EUR face immigration crisis.
        Whether this is to satiate the quest for more blood to advance the Ponzi scheme…or is it the planned agenda….to bring about social upheaval from within ? Harvesting new blood does not support the ideology of taking care of ones own citizens and industries. It smacks of intentional and delusional undermining of established class and existing social structure. This is true at a time where we see record unemployment, depressed economic metrics and a higher dependency on Govt. welfare.
        The Ponzi scheme cannot be inflated with more bodies…..because there is nothing REAL about the economy.

        • Charles H

          Nailed it.

      • Paul

        So if the bankers need ever more suckers to keep their Ponzi scheme going … which part of the Military/Industrial/Banking complex want to reduce Earth’s population? … we know it can’t be the Bankers … and the Industrialists need more and more people to buy their manufactured products … so that leaves the loony tune Neocons (like Mr. USAF man) in the Military who must want to kill us all in a nuclear holocaust!

  15. Mark

    I would never make it through the week without your interviews. The MSM doesn’t have a clue. This Maloney interview tops the cake. I believe that Marvin Hamlisch wrote a song about you…
    “Nobody does it better.”

  16. Jerry

    Greg, Simply brilliant interview!
    As I have stated repeatedly over the past several months, there is no way the Federal Reserve Bank can continue to keep this debt bubble inflated, if they cannot continue to sell Treasury Bonds. There is only so much tail a snake can swallow before it runs out of length and eats its own head.

    Americans need to understand that the rest of the world is going to move away from the dollar come November 30th when the IMF give the Yuan Reserve Currency Status. The shift will not only effect the entire Pacific rim, but Europe as well.

    The argument will now shift to how much time do we have left before the impact of this move will be felt in the western markets. Conservative estimates indicate the dollar will lose approximately 13% of the market once the Yuan makes it in the IMF basket. When you consider that the Chinese intend to back their currency with Gold, that figure may be very, very, conservative.

    I keep going back to what the General told the Guerilla Economist 18 months ago. He stated that the globalist will allow the U.S. economy to bottom bounce through most of 2015 and then fall of the table (possibly in December). He then stated that the United States would enter a depression period sometime in 2016 and that U.N. troops would be brought in to restore order under martial law. He then said that the United States would no longer exist as a republic by 2017.

    Could the General be telling the truth? I honestly don’t know, but it does make me wonder when I consider the following.
    – The timetable for the Yuan as Reserve Currency being pushed up by the IMF.
    – Our Government being insistent on flooding our nation with immigrants from Latin America and the Middle East. ( Cloward and Pevin overload strategy)
    – The implementation of Jade Helm 15 ( which is a prelude to martial law)
    – Our government running programs to take down the grid (Gridex)

    • Jerry

      Addendum to my last post.
      There is a two pronged attack on the dollar. Here is the other prong.

      Question? What would happen to the dollar if Gold was re-priced at $5000. a troy ounce at about the same time the RMB went online with the IMF? Just asking.

      • frederick

        @Jerry I sold my house in Sag Harbor NY over a year ago in anticipation of just what you are describing but the problem is Im still mostly in the dollar What would you do at this point to diversify People seem to think gold and silver are still going lower.

        • Linda louin

          Selling your house is prudent, however just out of curiosity, what are you doing now? Are you renting in the city, or did you make enough from the sell of your house to pay cash for a dwelling somewhere remote? I’m just wondering what folks are doing for shelter after sell? I’m not particularly comfortable about the idea of renting because of the owner’s ability to easy entry.

        • Jerry

          Its different for each persons situation, and what they can afford to do . I myself am following the same formula my grandfather used before the depression. It worked for him.
          – Pay off your mortgage.
          – Stay out of debt.
          – Have your own long term food resources.
          – Have DHA (diversified hard assets). I have some diamonds, some silver, some cash, some real estate. I’d have gold if I could afford it. I was lucky enough to find 100 silver dollars coins in my wife’s aunts basement when she passed away. People that lived through the depression always seemed to have silver around.

          • frederick

            @Jerry I am doing virtually the same as you I married a Turkish girl and moved over here to the Aegean Coast and am planning to buy a large piece of farmland and build a bnb while growing my own organic food and no mortgage Also they use mostly solar for hot water here and I plan to use wood for the little heat that I need Not sure about solar electric yet Cheers Frederick PS Health insurance is covered under my wife so no Obamacare for me

          • WD


            Are you well armed and somewhat away from large cities? Close to a very small but “reliable” small town?

      • Ross

        Jerry that Reuters article talks about a gold fix happening partially in China. They don’t want gold to go too high because a Yuan too expensive, will curtail Chinese exports. It seems gold and silver will be a good hedge against inflation but the price will not be determined by market forces.
        In the Aluminium Industry they subsidise the price of electricity to manufacturers, so it can compete with steel. Silver is an essential industrial metal with over 10,000 uses and they cannot afford for it to become too expensive.
        We have to move to mutual banking societies that do not have share holders. Depositors and mortgagees should be the owners. This centralist banking system is nothing more than communism that profit a few elites. We could limit the expansion of money linked to real growth say 3-4%. So with mutual banking societies + the concept of Bitcoin, banking would enable real prosperity and kill this present parasitic system that has the world on the path to total destruction.

        • Occasnltrlvr

          Why would a high gold price make the yuan more expensive relative to other currencies?

          • Ross

            If China backs their currency with gold this makes their Yuan stronger than other currencies especially if they have lots of it. It all depends upon what % of gold backs their currency. China is the number one exporting nation and the world economy is shrinking.
            The strong US $ reduces their exports but the US banks make money on the exchange rates since most trade is still is in US $. The US banks also make money on a strong $ because of loans to other countries. If the gold price is influenced more by China they may decide to control it to keep exports up. A very high silver price will definitely affect the cost of their manufacturing. Silver should be 4 times its present price based on scarcity. For China it is a matter of finding the right balance.

            • Paul

              Ross … the Chinese have lowered the amount of gold in their 2016 Panda coins … so it looks like the balance they seek may be to give us less gold for the money … especially as that money (US dollars) is being printed hand over fist by Janet Yellen but she doesn’t want that fact to be “more transparent” as she recently said: [being more transparent] “would be a grave mistake” … right … I wonder just who’s “grave” she is taking about … the Fed’s??

            • Occasnltrlvr


    • Jeff L

      Jerry My understanding is they will only VOTE on including China in November. They will not be actually included till NEXT November (2016). Is that your read ? If so, this will be a non-event like all the rest….. Now if China acknowledges their real gold holdings that’s another story.

      • Occasnltrlvr

        Jeff L, you are correct.

        The timetable for the changes to the SDR were not moved up, but rather delayed, by the better part of a year.

      • Jerry

        I thought so to. Then I thought, why the rush for a decision by the IMF if they were going to postpone it anyway? Somebody is obviously digging their spurs in.

        • Jeff L

          I only state this because there have been countless times such events have been presented as “the deciding point” only to find we were conned again…… I believe China “encourages” these low prices and will do nothing to bolster them till “D” day. So I’m not convinced voting them in (IMF) and adding then to the London trading pool will do anything but give them an excuse to drop the price even more. At least it wouldn’t surprise me…… I’ve been wrong before but so has the Jackass and he has 40 days and nights till 2015 ends……I expect “something”will happen by then myself as do the rest of us here………I have come to the point where I am thankful for each and every additional day we are blessed with before “something” happens….. Take care to all.

    • Occasnltrlvr

      “When you consider that the Chinese intend to back their currency with Gold… .”


      Yes, they will set the price at the SGE, and hopefully a true price. Yes, they likely have some 30,000 tonnes. Yes, the peg to the USD will be further loosened, and likely broken altogether, eventually.

      Outside of being done by a large bloc of economically-strong nations, pegging their currency to gold would be economic suicide (despite the aforementioned), and the Chinese will not do it.

      • Jerry

        Its time to cut through the B.S. This is what Jim Willie said.
        I’m sorry but I would believe him before I would believe you.

        You seem like a nice enough guy, but you need to get your facts straight. The Chinese loaned us 2 Trillion dollars. We didn’t loan them anything. The Chinese purchased the JP Morgan Chase building in New York City for pennies on the dollar, just so they could have the largest gold vault in the world to store their Gold. If you are so sure that the United States is financially sound, then please tell me what our Gold holding are presently? I am sure we will find out soon enough when the Chinese demand an audit by the IMF.

        • Occasnltrlvr

          Did I once imply that the government of the United States is financially sound?

          Get my facts straight? Can you disprove one thing I’ve written?

          I’ve BEEN trying to cut through the B.S., Jerry, but it just isn’t sinking in.

          Best wishes.

          • Silence is Golden

            Both reading the same book…just different versions.

          • Jeff L

            Occas…… How’s it feel to be misread or being misinterpreted because posters here THINK they know you and what you’re trying to say ? I know the feeling and left for a few months…… Rule #1 … don’t step on the toes of those who enjoy running the show here.

            • Occasnltrlvr

              That’s a very kind question, sir. One shares what they can.

      • Jeff L

        ” pegging their currency to gold would be economic suicide ” …….. Not if the price is high enough. $50,000, $100,000 ? If the price is high enough AND you hold all the gold YOU WIN. He who has the gold wins….. I don’t remember anywhere the statement, “he who has the most BREAD wins.

        • Occasnltrlvr

          How long would 30,000 tonnes of gold feed 1.3 billion people?

          The social order within China rests in large part, and in many ways indirectly, upon their export-driven economy.

          If China pegs their currency to gold, regardless of any other factors (e.g., price), their social order would become…disorderly.

          There are a few dots to connect here (which I’ve attempted to do in previous comments), the Triffin Paradox being paramount.

          • Faith

            @Occas: Wrong question. You are the worst kind of troll in a forum like this, you throw out random comments and don’t back them up with anything. No links. No supporting evidence. Nothing. And you lurk and respsond with quips and act like a know-it-all but you don’t even try to explain your point of view or teach anyone. There are plenty of elititsts like you around the world that think you know better. I despise that kind of petty thinking.

            China will do fine feeding its population if they are able to set the price of gold. As to whether or not you will be eating, I have no idea.

            I read this interesting article about the Triffen paradox:


            Aslo, Charles Hugh Smith has an interesting article on his blog, but he doesn’t really come clean in that article. He posts a few charts and leaves it up to the reader to fill in the blanks. What did CHS say? Here is a link:


            CHS says nothing in his article. He dances around the triffen paradox as you do Occas and says nothing, he comes to no conclusion, he offers no sage advice nor any alternative.

            Theories are great but the thing about intellectual theories is they don’t always work in real life.

            I prefer history as a proven indicator with regard to what is used as money and what is determined to be the best currency with regard to being called the World Reserve Currency. History shows that world reserve currencies are replaced, on a regular basis. Often the currency that is replaced seems to be caught off guard and the population unawares when this happens. One need only go back to when the British Pound / Sterling was replaced by the USD and before that the Dutch Guilder. Every country thinks that their currency will last forever and that their currency is the best.

            Bubbles pop and currencies that were popular become unpopular. The USD is currently nothing but a ponsie scheme. It will work until the world decides that it is worthless (many native born US citizens already know the USD is worthless and backed by nothing) and once that happens the world will flip and a new World Reserve Currency will be born and this will give financial theorists more fodder for their never-ending theories.

            Reality is harsh. Look at how Martin Armstrong was treated by the US Judicial system. I just watched the movie, “The Forecast.” Everything works fine when the system is corrupt and you can buy the outcome.

            In the end the world will decide which currency and country to favor. Given present trends the USD may hang on for a while. But China has been clear that they intend to be the new World Reserve Currency and I believe them. Once China declares their physical gold reserves that will be the end of the USD. No matter what fancy theory you want to quip.

            • Occasnltrlvr

              Faith, you’re filling in a lot of blanks, but none of the right ones.

  17. Russ

    Thank you Greg, Mike Maloney is a great guest. This was a very informative and educational interview. His perspective cleared up a lot of issues in my mind regarding inflation v. deflation. We paid off our mortgage to get debt free and now I learn/realize that that was a deflationary event; taking on a mortgage allows the bank to create debt/money, hence inflation. Paying that mortgage off is just the opposite, he debt goes away so the “money is destroyed and that is deflationary, my apologies to Ben B. for causing a little ripple of deflation in his ocean of debt.
    Coffee is excellent this morning; I’m going to start this interview again and take notes.

  18. Mark


    Mike Maloney is one of my favorite guests to see videos on. My financial education began, in earnest, with his Hidden Secrets of Money series years ago. IMHO Mr. Maloney is the best at speaking to the everyday person on the subject of financial matters and how the whole system operates. After viewing his video series and that of other guests in alternative media I quickly changed my position from stocks to PM’s and haven’t looked back!

    I saw episode 6 and the bonus presentation from Mike Maloney and it was the best in-depth interview of Harry Dent to date. I agree with Mike that PM’s should do well in either inflation or deflation and cycles of all types need to be watched closely. Harry Dent was a great guest for Mike’s latest episode and I hope you bring him back on soon to respond.

  19. PingPong

    Great interview, very common sense stuff. He is a voice of reason and can back his views rationally. I like how he stays away from predictions and hard timelines but at the same time he informs on what is likely to come. He really wants to get the message out and inform people to prepare for the coming crisis. Thanks Greg.

  20. Wayne

    I like Mr. Maloney very much but it was disingenuous for him to say gold went up 70% during the Depression. Most people who follow gold are aware the Gold Reserve Act of 1934 which made it illegal for US citizens to own gold raised the price from $20/oz to $35, so it was NOT market forces that caused this but government decree. Its just not a fair statement to make regarding gold prices in the US during the Depression.

    • JMiller

      The Gold Reserve Act of 1934 did not make it illegal to own gold. Gold has never been illegal to own. Executive Order 6102 signed on April 5, 1933, by President Franklin D. Roosevelt, forbid the HORDING of gold. Every person was still allowed to own $100 in gold coins (5 ounces) as well as gold numismatic coins and gold jewelry.

      • Paul

        Five (5) ounces at $50,000 dollars per ounce … guess this means we can eventually “safely own” a quarter of a million dollars in gold without fear of confiscation … so it looks like we can put 5 ounces of gold away for each member of the family … and put the rest into silver and jewelry … the 5 ounces of gold will probably buy a decent house once gold reaches the target set by Sinclair … so buying 5 gold coins now (for about $5000 dollars) may eventually provide a decent roof over your head down the road … does this mean everyone should sell their current home now (especially if along a coast line) and rent an apartment on higher ground toward the center of the country? … not easily done if your job has you locked down … and renting near your job in a big city apartment house takes away your food growing ability in a home garden … lots to consider … but at least get the 5 ounces under your belt!

        • Linda louin

          I agree that everyone should be buying precious
          metals. However, I have to wonder what $50,000
          per ounce of gold in a new monetary system would really be worth? With a new monetary reset and associated values changing, maybe it might cost $5,000 for a week’s worth of groceries.
          Who knows….I guess we’ll have to wait to see..

          • Paul

            Linda … Buy soon and buy well … as I see the Chinese are already cutting back on the amount of precious metal in their Panda coins … instead of one full troy ounce (31.1 grams) their coins have now been cut back to 30 grams … this means under Gresham’s Law all the previous “one troy ounce coins” sold will begin to disappear from circulation! … once the Chinese begin to “clip” their coins others like the Maple Leaf, Eagle, etc. are sure to follow … and all the older coins will begin to disappear from circulation (and be worth more then the phony spot price)! … Hmmmm! … you know … now that I think about it … perhaps Dent will eventually be right when just 1 gram of gold (mixed with copper) makes up “a one ounce gold coin” … such a coin selling for $300 dollars each means the coins “we currently own” containing 31.1 grams of gold will be worth $9,330 dollars apiece!

    • Occasnltrlvr

      You of course are quite right that it was not market forces but rather government decree that caused the change in value of gold vs. currency.

      But, Mr. Maloney’s point is still valid. Think to The Bernanke’s speech of 2002 concerning deflation, where he laid out steps that the Fed has been following:

      I think the salient point is that the final step taken was to revalue the currency lower against gold, not the mechanism by which it happened. To me, The Bernanke’s speech implies that such a revaluation is in our future.

      Back then, most people had some gold in their pocket/piggy bank/cookie jar, whereas today, most people don’t. Hence, I don’t see confiscation as a necessary prerequisite to revaluation.

      Taking that a step further, setting a true price for physical gold by the Shanghai Gold Exchange may be the very mechanism needed for this same revaluation of the currencies against gold, and this may very well have been the plan for several years.

      • Clare Doll

        OH MY GOSH Occasnltrlvr! I get it! You “don’t see confiscation as a necessary prerequisite to reevaluation” because the de-facto reevaluation is occurring NOW as we speak. Through the suppression of the precious metals, people willingly and supposedly by free will and free market give up their metals because the world (U S Comex) no longer values them. THAT speaks volumes to the point in the last Depression that we currently correspond to now. Well done Sir!

        • Clare Doll

          Sorry, I meant the de-facto CONFISCATION is occurring now.

    • freebreezer

      Wayne – All perspective … did gold go up in value or did the paper dollar go down in value?

  21. woody188

    Gold worked out great in the Great Depression, until the government confiscated it.

    • Linda louin

      Way back when the government confiscated gold, do you think that Americans may have had more positive feelings for their country…
      Maybe they felt that they were in some way contributing towards the general welfare/survival of the country by giving up their gold?
      Today, I just don’t see this happening because so many folks realize that we have an extremely sinister government in power that doesn’t have the best interests of their own citizens in mind (decaying environment/ruthless power grabbers). As a result of the political climate that we are surviving in, I think that people who are smart enough to possess precious metals will fight tooth and nail before they give up their hard earned gold to this government now.

      • Mary Casey

        Linda, your comment reminded me of our family vacation to California in the late 1950’s. I was riding in the middle seat of our station wagon; listening to my father and aunt discuss the coming end of the silver certificate. I was very young and didn’t really understand the conversation, but I understood their attitudes; that sense of fear for America has stayed with me all these years. That may even explain why I follow this website today. (btw, they had experienced the end of gold in the 30’s which I’m sure influenced them.)

      • Terry

        Most,the vast majority, of people in the 30s did not have “a few gold coins in their piggy bank”. When FDR, the king of idiot liberals that had no idea what he was doing, grabbed the gold from the “rich”, the people cheered. Taking the rich down was popular among the peasantry in the USA. The fact that FDR made the dollar in their pocket worth slightly less than half its value soared right over their heads. Just like the social justice warriors, OWS,BLM, and other cool college kid playing grownup games fads, they were being told it was the rich and productive that were “taking all the money”. FDR was taking it. Commie just like obama. They just never use the C word. I know this; I don’t need an expert to tell a pile of treasure from a pile of crap.

  22. Al

    I guess the blatant 300:1 paper/gold ratio and the admitted manipulation of the precious metals markets, crude, and all other commodities in question along with the LIBOR rigging and so forth is all part of the deflationary cycles huh? Not much was mentioned about that. All theory, no reality in my mind.
    It is very evident to me that the ruling forces screwed up big time and are now desperate. Remember, desperate people do stupid things as evidenced by the Federal Reserve waffling for years about a mere 1/4 point rate increase. YEARS!
    So when someone like Mike and Harry get on and start showing charts and graphs without taking in to account the lawlessness, corruption and blatant worldwide financial rigging, that is a great disservice.
    I agree with most of what they say but the CRIMEX price of precious metals are not part of a deflationary scenario, rather they are part of blatant corruption!
    I’ve seen $100 up days in gold back when it was in the $400 range then the $700 range. Any “deflationary” hammering will ultimately be met with a spike upwards, depending on the catalyst it may be several $100 days or maybe more.

    • JMiller

      “I’ve seen $100 up days in gold back when it was in the $400 range then the $700 range”

      How? Several articles from September 17, 2008 say that gold had it’s biggest one-day price gain which was only $70, which settle at $850.50 an ounce. Gold’s previous single-day record was a $64 gain on January 29, 1980.

      So gold never had anything close to $100 up days when gold was in the $400 range nor even in the $700 range.

  23. mushoom

    Very clever well organized interview. All good doctors and lawyers always create a detailed case timeline from start til present and this interview rhetorically does as much of this as possible within it’s allotted timeframe.

    Also – audio quality is vastly improved with this interview!

    Thanks again….

  24. Don Burman


    Have you ever interviewed Dan Oliver of Myrmikan Capital LLC? His research is the best that I have seen in 26 years as a professional (and is free). Thanks for your great work!

    Don Burman

  25. tulip

    very good, clear, honest interview.

  26. tulip

    I thought this was a reasoned response to Mr Maloneys..

    Bond Revulsion?
    Nominal Prices and Yields
    The greatest bubble ever in bond prices has been accomplished. Credit markets are inevitably cyclical. While the peak is in and prices have declined, we are not now looking for ending action. That comes later. However, bond markets appear vulnerable to another critical loss of liquidity.
    The 1970s taught that bond prices went seriously down with soaring commodities. More recently, long-dated Treasuries went up – no matter what was happening to commodities. In previous post-bubble contractions bond prices were trashed during weak or quiet action in commodities.
    We have called these Bond Revulsions.
    The party has been in all classes of bonds and so will be the bear market.
    Junk (JNK) was the first to peak, which was on June 24th, 2014. Our June 12th Pivot noted that we were “Pounding the table on technical excesses recorded in Junk.” The Weekly RSI soared to 80. The price-high for JNK was 41.81 and the advice was to get out of lower-grade stuff.
    The low with the August panic was 35.83 and with the pressures into late September it was 35.10. The rebound clocked an impressive swing in momentum and made it to 36.65. The 50-Day moving average stopped the rally and the price has remained below the line. Not constructive.
    However, long Treasuries enjoyed an outstanding rally as crude oil collapsed into January. This along with the rush to bizarre yields in Europe prompted a special study “Ending Action”. Dated January 20th, it concluded that the greatest bubble in financial history was completing. The ChartWorks of February 3rd noted that the plunge in US yields had registered a rare Downside Exhaustion reading.
    We expected that the reversal in the US market would eventually hit the European market, which started on April 11th.
    The low yield for Treasuries was set on January 30th and the rising trend since is now attempting to extend the move. Also technically, the action in Junk is deteriorating.
    Real Interest Rates
    The central bank drive to negative interest rates is without precedent and overly discussed. Perhaps it is symptomatic of an impractical theory. The theory that central

    bank easing always forces business expansion has not been working. But the central bankers won’t quit easing.
    Actually, the public, not central bankers, decide which will be the next speculative item to be leveraged up. Often to its own surprise, it also decides when speculation will fail.
    So let’s consider that negative nominal rates indicate radical application of policy and failure. Rather than unique brilliance.
    Historically, what really counts during great bubbles and their inevitable collapses has been the course of real interest rates (nominal rate net of inflation). The path has been methodical, with real rates plunging to a significant low during the mania. This can be to negative levels as in the 1873 and 1825 Bubbles. The lows were minus 8% and minus 5%, respectively. In 2007 it was minus 1 percent.
    On some examples such as in 1929 the decline was distinctive but did not get down to negative levels.
    But, and it is a very big point. In each of the five post-bubble contractions from 1720 to 1929, real rates increased by some 12 percentage points. It seems that a massive increase in the real cost of money is needed to end the massive abuse of credit, otherwise known as a New Financial Era.
    As the 2007 Bubble completed, the real rate declined to minus 1 percent. On the bust it increased to 6 percent for an overall increase of 7 percentage points. Clearly it wasn’t enough to end the endless speculation.
    On the latest zoom in speculation, the real rate declined from 3 percent to 1 percent in 2014. It has since increased to the 3 percent level and it is worth reviewing the mechanism behind the rise.
    Nominal interest rates increase as the rate of CPI inflation declines and commodity prices decline.
    During the Greenspan chairmanship, there were times when bond prices went up with commodities. This was considered unusual and called the “Conundrum”. We described the bond rally as yet another asset class being inflated in yet another New Financial Era.
    Deflation in bond prices began when Junk peaked in 2014 and Treasuries earlier in the year. This will likely continue along with generally weak commodities. The other part of the recipe is the basic feature of the post-bubble world.
    The senior currency is chronically firm against most other currencies and most commodities for most of the time.
    By way of summary, the latest hit to both JNK and commodities started in June 2014. Both are close to breaking down. Since January, Treasuries have set a series of lower highs in price and are also close to breaking down.
    This is the basic recipe for rising real interest rates and some charts follow. Above 3 percent would be a significant event.
    Real Interest Rates
     One of the characteristics of a great bubble has been a significant decline in real interest rates.
     With the 2007 example, the rate declined to –1.5%.
     In the consequent contraction real rates soar, with the typical rise amounting to
    some 12 percentage points.
     In 2009, the rate rose to 6%, making the increase some 7 percentage points. Bad as it was it was not the full hit.
     There has been a remarkable effort to lower nominal interest rates, but real rates have been going up.

    • Greg Hunter

      Please cut the cut and past way back and post a link with a short description. Thank you for your comments though.

      • tulip

        I apologize . You are absolutely right, too long. Will do in future.

    • Terry

      Tulip, All of this was with somewhat earnest people doing jobs they were probably good at. Greater still, they were likely afraid of being hanged or jailed. This time it’s the “We are the ones we’ve been waiting for” communists in charge. They simply do not use the “C” word. Strangely, neither do most of the people who are supposed to be our watchdogs.[No swipe at you Greg.] Normal rules and limitations no longer apply. Just my opinion. They have made tremendous progress since 08.

  27. Andrew de Berry (Rev)

    Yes v.helpful like so many. Thank you Greg, A

  28. Jim

    The problem I see is, he doesn’t separate inflation/deflation from supply and demand. His opening line regarding housing, as an example of inflation, is a good example. In 2006, they couldn’t build houses fast enough there was so much demand. That demand drove the prices up. Then the economy crashed, people had no money and prices crashed along with demand. This is normal price changes caused by supply and demand. Inflation/deflation only occurs when prices rise/fall with no significant change to supply/demand. Mike’s not the only one off on this issue, I hear it all the time. Same holds true with oil and many other commodities. You want to know whether we have inflation or deflation, check out a bar of soap.

    • Occasnltrlvr

      Jim, I would posit that the 2006 rise in demand for housing was due to inflation, and then pricing followed the rise in demand.

      Similarly, the drop in demand was due to deflation, and prices followed.

      Nonetheless, I appreciate, and will plagiarize, your “bar of soap” illustration (thanks).

    • Occasnltrlvr

      Jim, maybe that was your point. I don’t quite fully grasp your point about the separation. Aren’t demand and pricing both affected by inflation/deflation?

    • JC Davis

      Right on Jim. I went to help a friend buy some plumbing supplies at Lowes today. All the way home I kept saying I can believe it. He did not know what I was talking about, and I brushed it off. The prices have gone crazy on steroids in 5 years. I was a plumber for many years, If a person would have bet me I would have bet I would never see the prices now in this present time. Un freaking believable. I cant believe it even now.

      • Faith

        @JC Davis: What were you trying to say? I agree with your friend as I don’t know what you are talking about either. What got you so excited? Are plumbing part prices at Lowes higher or lower? I see a lot of price inflation with regard to food.

        The money people usually jumble their message when they start talking about inflation and deflation. It infuriates me to no end. Most of the time they are talking about the money supply versus prices. This confused me for the longest time, and still does, if someone is not absolutely precise when speaking or writing about this topic!

        • JC Davis

          Faith I was saying what Jim is saying. (You want to know whether we have inflation or deflation, check out a bar of soap). Some things are in deflation like my income, and things like plumbing parts have more then doubled in 5 years.

          • Faith

            @JC Davis: Thank for the clarification. In other words you are talking about price inflation. I have noticed similar inflation, at the grocery store, this past year. Prices double and packages shrink. I have seen pasta that used to be .99 double, or increase in price 100%, to 1.99. In the past year.

    • Jeff L

      More directly, the housing boom was instigated by cheap money (Fed) and lax requirements (congress). Anyone with a heart beat could get a “liar loan” and everyone was making money flipping to the next sucker. The mentality was that you couldn’t lose…… Sound like 2000 tech stocks ? How about now….. The Fed is responsible for all the busts AND the ability to finance our endless wars. They caused our countries bankruptcy…. Ron Paul was and continues to be right all along…… Now there’s a guest for you Greg.

    • Mary Casey

      When you do check out that bar of soap, check it well. My rectangular bar of Dial soap used to be solid and firm; now they have pumped it full of air, scoped out a few ounces from the center, and rounded off the corners…..of course it’s only for the customer’s convenience so the bar of soap will not be so slippery in the shower.

      Hey, have you seen how they raised the bottom of the round ice cream containers to siphon off a few more ounces? Outwardly, the carton is the same size, they have just pushed the bottom further up inside the carton.

      Product deflation to cover up price inflation (…and resource shortages).

  29. NC Gal


    A great interview, spoken in a rational, measured tone, as if to say “Everything will work out over time, just like it always has.” However, I don’t think it will. With Agenda 2030 formally launched and the moves taking place to pit the West against the East (the West is trying to keep its empire going, despite the fact that it’s already being undermined), Gold and silver may not help in the new system and I’m not sure anything will, since private ownership of assets of any kind might be swept away under the coming totalitarian regime. Hard to see what’s coming, but I don’t think history is about to repeat itself again.

  30. Dale

    Very short but interesting videos.

    • Greg Hunter

      One flip flop, or one lie after another.

  31. don

    I’m frankly a little tired of guys thinking we can have a foreign policy based on the way the world was in 1780. It’s unfortunate that people are unaware the first war we ever fought was against Islam. The reality is Islam has been at war with the non-Muslim world for 1400 years….what’s going on today is just a continuation of that global struggle between two ideas…Democracy and Islamic Theocracy…The silly idea we can retreat back behind the Pacific and Atlantic Oceans is long gone in an age of nuclear weapons, ICBMS and global travel. Best case strategy is no Muslim immigration, declare the Muslim Brotherhood a terrorist organization, and shut down any Mosque that advocates Sharia Law.

    • Tommy

      Most people think that Islam in just a religion. Muhammad was a religious leader, a political leader and a military leader all rolled into one. Nothing has changed in 1300 years. If Muhammad was alive today he would be labeled a radical Islamist.

      • Linda louin

        That’s right. Those folks who refer to themselves as “moderate Muslims” are not thoroughly reading their Quran.

    • Occasnltrlvr

      “…To the shores of Tripoli.”

    • JC Davis

      Don we don’t allow conspiracy to commit murder in our laws period Why should we allow it in our religions brought to us????? Any religion that teaches murder is acceptable should not ever touch the soil of The United States Of America. Thank you.

    • Art Barnes

      That certainly is a good start to the religion of peace. So true that its been war against the infidels for the last 1400 years and we have been so stupid not to have recognized it all along.

      • Art Barnes

        Postscript, and we still don’t recognize the war against us, at least according to our good leaders or should I say our good traitors.

      • Linda louin

        Art: That’s right. And space cadet Hillary says that were not at war with radical Islam. Can you imagine this kind of stupidity running for the highest office of the land..

        • Jeff L

          Sounds like what we have now

  32. pat the rat

    Why don’t you use the gold itself ? 1/10 of a gram of gold the size and look of the dollar $10.00 at Valaurum .com easy!

  33. Thomas

    Government does what it is paid to do, not what the people want. The creators of money want, above all else, that their created money has value. That their printed money has value is their power. A hyperinflation will destroy the perceived value of their created money. If the money is worthless then their power to create the money is worthless. If they choose a deflationary collapse, then the people starve, a new group of crooks get elected to government, but the value of the money that they create is retained. Thus their power is intact. All other considerations are disposable. Understand, the creators of money will choose scorched earth rather than have the world reject their phoney money.

    • Occasnltrlvr

      I also have thought this for a long time. No one would relinquish the power to create perceived value from nothing.

      Although I do not ascribe to any theory of USD hyperinflation, it cannot be discounted on your premise, thusly: the perceived value could change, to some other currency (e.g. the SDR, ala Rickards). Those who now have that power simply retain it, through a new mechanism.

  34. Thaddeus Thurston Thistlethwaite III

    Nice to hear Michael’s crystal clear thought process. Well done!

  35. Joselin

    Did he said the same thing in 2014? And it never hapened

  36. oneno

    Mike Maloney mentions the possibility of a second real-estate bust because the elderly will down-size because the kids are at college or moved-out.

    The stats show children remaining at home longer and sharing the cost of living with parents. Also, many home owners (“tenants of the city”) rent rooms out to supplement their income and to remain outside of the systems health-care system.

    Add to this increasing population (domestic + immigration legal/illegal + refugees). At the present time, refugees are in the single digit millions but this is forecast to rise into the tens and hundreds of millions as a result of war.

    Add to this a “natural” warming (not due to anthropogenic climate change) and increasing desertification will push more refugees to regions where thee is food. Billy Meier says “the deserts will win!”.

    History has demonstrated the destruction of supply by the so-called authorities whenever there was a glut. The so-called authorities see everything as being their property.

    So it becomes difficult to see a likelihood of a real-estate glut and decreasing prices.

  37. Don

    This makes me wonder if MM thinks Au is not manipulated but the price is down because of deflation.

  38. steve

    The money supply has being increasing for over 7 years now in dramatic fashion, the gold price in the last 5 years has been decreasing- he needs to find another pitch

  39. Jerry

    Greg, you may want to look at this. One in Seven oil companies are about to default on their loans. What will that do to Feds balance sheet?

    • Silence is Golden

      Forget about the FED in the immediate future…concern yourself with those BANKS that have exposure to the soon to be wound up Oil Companies. Some Bad Debt is about to hit the fan at twice the speed of sound. Prepare for Crash Landing … the word. A week or two back I mentioned in a comment of mine about the forgotten time bomb that is the Oil/Gas Sector. Off the radar…now its back on suddenly. Hmmmmmm…!!!

      • oneno

        The oil/gas sector will consolidate (takeover) to stabilize prices.

        • Silence is Golden

          True …but the BAD DEBT is going to stink up the M & A Room..!!!

      • Jerry

        There is so many moving pieces with this mess its hard to keep up with. I know I shared a link with Greg several months ago about several Banks in Texas that were in trouble because of the oil companies defaulting there. Its all coming to head. Now I’ hearing about a major false flag event on 12/21.

        • Silence is Golden

          I dont have actuals….but I can say with a fair degree of certainty that the Banks that did have derivatives exposures to the Oil/Gas Sector (AND THEY DID IN A MASSIVE WAY – $$$ TLN x)….have been taking hidden QE proceeds from the FED through the reverse repo mechanism to stay affloat. The Collateral the Banks have been putting up is re-hypothecated Bonds…ones that the Banks dont own …or even exist for that matter. Back door bailouts implies nothing can fail…especially the Banks.

  40. Occasnltrlvr

    Have you noticed the 2016 Au and Ag Pandas?

    “Death by a thousand cuts, not a single rock to the forehead.”

    • Karen

      Yes, I noticed the silver pandas!!! Less than 1 troy oz of silver! Of course this is NOT reflected in the price or premium.

      • Occasnltrlvr

        More specifically, they are abandoning the quaint, Western “troy ounce.”

        • Terry

          Then don’t buy them. That’ll teach em.

  41. Alyce

    Around last September, after the market dropped by 1,000 pts, Harry Dent predicted the Dow would crash much more by October 16, 2015. …… ????

    • Terry

      I pay little heed to most soothsayers and financial forecasters. But Jesus is coming and the economy is going to crash. Sure as the sunrise. As the Lord said somewhat “No one knows the time. So be ready.”

  42. Edward Ulysses Cate

    Here’s a short quote to use when discussing China and their respect for gold.
    “The Chinese originated paper money when Europeans were largely barbarians,
    and suffered many typical inflations from it for 800 years before
    the civilized Europeans thought they invented it.”
    From the 1941 book “Will We Have Inflation” by Harry Scherman (Page 98).

    • oneno

      Economic dislocations are a function of misallocation of resources stemming from central planning that fails to reflect real supply and demand and which does not account for capacities in the natural environment.

  43. Art Barnes

    Greg, the religion of peace is here, its everywhere out here on the western front, sad to say the western front will bleed when the Muslims decide to commence the hot war as opposed to their current suck up all the entitlements cold one at present.

  44. JC Davis

    Site. Why do soldiers sometime show such great courage the get a metal of honor. Why not a paper of honor.
    I just got a phone call Libby’s corp is closing down because they ran out of pumpkin for thanksgiving . Is that funny or what.

  45. Mike Huff

    Greg, I’ve been a steadfast supporter/reader of your site for about 1 year now, and love the articles + your insights. I’m also a Canadian, which by most US standards means we’re the crazy relative living in the attic.

    Is it time to go to the secluded cottage and weather the storm ? Because of almost 12 months use of educating myself via your site I have tried to prepare & protect my family from the brewing storm but it just never seems to be enough.

    I make a better than average living and I keep only minimal $$$ in the bank. I have a few months food supply but that will go quick.

    Any thoughts ? Do you think it is really going to get to the 1929 desperation levels and people will being going ‘Mad Max’ to survive ?

  46. Grafique

    Mike Maloney and Willem Dafoe – twins separated at birth?

  47. Grafique

    A national embarrassment –

    John Kerry spoke in France on Tuesday –
    “It has nothing to do with Islam; it has everything to do with criminality, with terror, with abuse, with psychopathism,” Mr. Kerry said. “All of the leaders of the Muslim world, the real leaders, all of the leaders of every country in the region that are affected – Jordan and Lebanon and Iran and Turkey and Saudi Arabia and the Emirates and Kuwait and Egypt – they’re all opposed to Daesh (another name for IS) and all distressed by the way in which a great religion is being inappropriately presented.”

    Can you believe that this child idiot would speak these words in France, after what happened there?

    The Hussein Obama administration is dangerous.

    • Occasnltrlvr

      Lurch and his ilk either really think people are as stupid as they themselves are, or they are really trying to piss everyone off.

      I think it’s either sociopathy, or skillful implementation of the Perestroika deception. Maybe both.

    • sk

      You are soooo transparent, Grafique. And befuddled (didn’t want to use another, more explicit word). If you get a Bush/Rubio/Cruz/McCain/Graham type as POTUS, don’t you realize that ALL of the Mideast will be a radioactive glass parking lot. Thank God for Obama and his restraint.

      • Grafique

        @SK –
        My intention is to be transparent. I want everyone to know what a danger Hussein Obama and the leftist/socialist/atheist/Marxist/Communist Democrat Party are to America and the world.
        It’s the liberal leftists who need to be more transparent. They lie about conservatives, and call us more dangerous to America than ISIS and al Qaeda. It’s the Democrat Party which boos the name of God, which demands the slaughter of innocent babies, which lies about “global warming”, which has opened the border to terrorists, which has brought America, and the world, to the very brink of economic ruin.

        Thank God that somebody is transparent in exposing Hussein Obama.

        • sk

          You are SUCH a saint…LOL…but I was talking about US foreign policy, Fabrique.

      • frederick

        @sk İ totally agree with you İf one of those neocon warmongers became POTUS we would all be in deep doo doo Not that Obama has been so great either quite frankly frederick

  48. s. grove

    Good interview

    If you don’t mind my saying so, you look great in black.
    Not so many do. Takes 10 yrs off for you.
    BTW, you were not hostile toward Dent.

  49. red

    In the 1930’s catastrophic contraction in credit was caused by a massive banking collapse, failing producers walking away from debt. None of these these things have happened nor will they be allowed to happen. The shortness of the collective’s memory is unbelievable sorry these people forgot TOO BIG TO FAIL. The interference in the markets’ by central banks and government is in plain view and simply won’t stop. They have known all along that introducing just the right amount of liquidity into the market (for them of course) will keep this sham going . No Mike the deflation has been and is happening right now. The next stage is hyper inflation. For the 1930’s style catastrophic deflation some one has to be allowed to fail and it just ain’t happening and won’t be allowed to happen. Next stop Zimbabwe those people hanging on to piles of paper money thinking they’re gonna clean up are in for huge shock. I do love Mike Moloney though, just disagree on this.

    • Occasnltrlvr

      “TBTF” vs. “pulling the plug” is simply a decision, and that decision may very well change.

      I am of the opinion that it is a plan. And, I am afraid a part of that plan is a 0.125% rise in the Fed discount rate in December.

    • frederick

      @Correct me but wasn’t Lehman bros allowed to fail

      • red

        Lehman sacrificial lamb 1 Bank? in the 1930’s it was over 2/3 rds’ of the banking industry give me a break and also massive corporate, manufacturing and primary industries that went broke over night. This has not happened (and wont). But seriously if you believe all the Harry Dent stuff, you hang on to your paper money. Personally I have other plans and I think he is just talking his “book” like all of them.

  50. Isabel

    First of all thanks Greg for trying to bring some reason, awareness and truth to the public. I enjoy the various guests you have on. Some more informed then others. I guess it’s up to us to discern what the truth is.
    Many of us have opinions, some more informed than others. Personally I have to side with the Jim Willie, Bill Holter, Jim Sinclair camp. Our markets, at all levels are managed by the rogue US Corporate Government. They hide behind democracy and everything we hold dear. They use everything we trust and believe in against us. They use race, religion, patriotism to divide and conquer us. As such, it blinds many of us from seeing the real truth. We need to get out from behind our hearts for a while and just use our heads.
    I don’t see how Mr. Maloney, or any guest for that matter, can say things will be normalized by 2016 or any other date for that matter. Derivatives have allowed the US Corporate Government to extend and pretend for far longer than most of us would have ever believed. In my opinion, it’s going to take a Sovereign, or a group of Sovereigns, to right this ship, and it coming. Systematically the BRIC’s are taking us apart bit by bit. Unfortunately Western Countries citizens are going to pay a heavy price for allowing the Khazarian Mafia to run our countries.
    We need to open our hearts and our minds to reduce/manage the damage these Satanic fools have done and work hard to get our collective countries back on track for the betterment of all.
    Thank you for all your efforts to bring the truth forward.

    • frederick

      Exactly my thoughts Isabel TPTB are definitely using all kinds of psychops to divide and conquer using the ensuing chaos to “save” us I have understood this reality ever since 2001 We need to see through the smoke and mirrors and Gregs site helps us to do just that

    • Jerry

      I totally agree. My advice. Save yourself, and your family. Its to late to save this country.
      We have been sold out on every level, and the American people have become no more than bond slaves to oligarchs who run it.

    • NC Gal


      I agree. You (and others) might find it interesting to see this 10-minute video, in which political author Gearoid O Colmain discusses the Paris attacks with RT International. He refers often to the tactic of divide and conquer and goes so far as to say, “There’s no such thing as ISIS.” This is one of the most breathtakingly brilliant summations I have heard in a long time. It’s at . Our MSM would never have the courage to say these things. He makes it clear that this is all part of the globalist agenda.

  51. Occasnltrlvr

    “We’ll see your B-52 flyover, and raise you 24 SU-35s”:

  52. Jerry

    I think I’ve come up with the real reason as to why the IMF moved up its timetable granting Reserve Currency Status to the Yuan November 3oth. And why Frankford was named as the central trade hub for the Yuan in Europe. Answer: 75 Trillion dollars in derivatives that Deutsche Bank was getting ready to default on.

    I thought it was suspicious that a Bank as large as Deutsche Bank would lay off 15000 employee’s at about the same time the Chinese were setting up their trade platforms in Frankfort. We’ll see what happens. Can you imagine what a 75 Trillion dollar derivative default would do?

    • Greg Hunter

      That is a scary fact. The German economy is about $3.8 trillion. One bank with that much exposure, what could go wrong??

      • Paul

        I bet Deutsche Bank thought they were being very conservative by only putting on debt 20 times larger then the German economy because they knew the COMEX was doing 300 times each ounce of gold they possessed … so what I want to see is some investigative reporter give out the name(s) of the loony tune University(s) teaching these bankers “economics”?? … and see exactly who is running these Universities … like perhaps elites who “want to see” a worldwide financial crash??

        • Paul

          Actually a derivative default would be a very very good thing for the world economy … just let the financially dumb bank fail … so that all the people who owed that $75 Trillion to the bank (even if they only have 30% of that $75 Trillion available) can be free to put that money (about $22 Trillion dollars) to more efficient use in “growing the world economy” … instead of giving the money to “a bunch of economic morons” who got their phony degrees at Universities likely run by evil elites who are always trying in every way they can to destroy the world economy!

    • JMiller


      When you say that Deutsche Bank was getting ready to DEFAULT on $75 Trillion in derivatives, what do you mean by DEFAULT? If you mean having $75 Trillion in loses, that is not going to happen. Very rarely does anyone lose close to the notional amount of a derivatives contract. Also not all Deutsche Bank derivatives are going to be complete losers. Also most interest rate swaps are based on the LIBOR rate.

      Has the LIBOR rate or other interest rates moved dramatically that would cause large derivative losses? Sure I can see several trillion dollars in losses that they could currently have if they made too many bets the wrong way. But please clarify for me what you mean by DEFAULT.

    • Occasnltrlvr

      So, changing from Jan. 1, 2016 to Oct. 1, 2016 is “moving up,” huh?

      Good luck, Jerry.

  53. Randy

    Good day Greg. This was a fantastic interview with Mike Maloney. I have followed Mike and Harry Dent for quite a while. I am one, who believes that real money is gold and silver, and a debt-based currency is slow suicide; however, I get concerned when listeners get upset with Harry Dent because he is not a gold bug. I believe as a libertarian (not Libertarian, lower case l) or a classic liberal (Jeffersonian era when liberal was a critical thinker) that you must keep an open mind. I believe having gold/silver as an insurance policy is a great plan for anyone, so I agree with Mike. I also believe Harry’s idea of holding cash, is a prudent idea. Additionally, my wife and I have a large food supply. Does think make me a nut case? I don’t think so, any national or local disaster could happen; in fact, most Black Swans come from something you don’t see. How can I help family, friends, and neighbors if we are not prepared? In an emergency if you are not prepared, you are part of the problem, and not part of the solution. I would encourage your listeners to always have a plan, but always keep an open mind. Stick with your plan, but don’t be afraid to modify your plan. Things are constantly dynamic and hardly ever stay static. The private discussion that Mike and Harry had was a great listen on Gold Silver. Would it be possible to have both Mike and Harry on at the same time? I thinks your listeners would discover that these two are not that far apart. Keep up the great work, and I also sent Betty a small donation today. God bless

  54. CLB

    Jerry, as always you nailed it, appreciate the insight and please keep them coming. Gregg, maybe you can bring a guest on who can expand on this topic, IMF, SDR, Reserve, Comex, Gold, Yaun, and the exiting of the U.S. dollar by many countries.

  55. JC Davis

    Greg the clock that went tic tock is now going tic tic.

  56. Roxane Premont

    Mike Maloney stated that we would not have any inflation if gold were money. History shows otherwise. First, governments have often debased currencies by clipping coins. But even if governments were angelic; there is a second cause of inflation that occurs even when gold is money. When you have a society that charges interest on loans, you are demanding an increase in the money supply to service those interest payments. Afterall, where does the money to service interest come from? When you buy a house for $100 K, where does the other $150 K in interest payments come from (assuming a 30 year loan at about 5%)? History shows that those societies that allow for charging interest on loans, always found that their money (gold) supply never seemed to be enough. The short term European solution was to send out explorers to the New World trying to find more gold. Your guest today, seems to be highly informed by the Austrian economic perspective. I find it instructive that The Austrian School of Economics traces its origins to the Jesuits at the School of Salamanca in Spain about 500 years ago. It is interesting because they are largely responsible for forming new theological arguments for allowing the charging of interest on loans . (Before then Christendom called the charging of interest on loans “an abomination” and it was a punishable crime.) It is interesting because while the Austrians are very good at questioning many fundamental assumptions of modern economics; they are totally unable to see the plank in their own eye—interest. Given the storm that faces us , it behooves us all to rethink this very basic assumption. Please consider asking each of your guests, where does the money to service interest payments come from? Think of a small island with 20 gold coins, 2 people and 1 banker who issues a loan.

  57. Rob

    Greg, I know you’ve blocked me but I hope you’ll take the time to look at this. NCGal and linda are correct, please watch Agenda 21 Explained full version. At the 14 minute mark listen to Maurice Strong , he’ll explain everything about the UN’s duty to collapse the industrialized economies. Also notice just about the time of the UN’s Sept meeting (with the pope in attendance) Agenda 2030, Agenda 21 “on steroids” was commenced. Looks like the western economies are being collapsed to me. I think they’ve pulled the trigger.

  58. Bradford

    Mike’s opinion and $1 will get you a cup of coffee. He doesn’t have a clue as to the timing of things-the FED could quite possibly extend this thing for another 20years. Japan is a perfect example of what Central Banks and governments are capable of doing. Maloney and all the rest have called for something major to occur in our economy for the last several years, all the while telling people to invest/secure themselves with pm’s purchases. Bad advice then and probably now. Listen to guys that make their living selling pm’s at your own risk. Buying booze and storing it might possibly be just as good a bet.

  59. Mike R

    Those holding gold or silver are going to have to wait much much longer, and endure a far lower price, as the US dollar is going to continue to be ‘stronger’ relative to every other currency. Say what you want about the Fed, but it has no choice but to raise rates, and rising rates don’t necessarily mean declining stocks, when the US dollar is the world’s reserve currency, and every other country is desperately debasing their currency, so they can keep on exporting to the US or to larger economies like China. Gold holders who bought with prices above $800, are going to throw in the towel, as prices could easily decline to $700 or lower, as long as the dollar gets stronger, and oil prices stay low. Look at when oil prices last peaked, and that was 2011, the same time gold peaked. That was a secondary peak after 2008. Oil and gold will continue to decline in sympathy with each other, as the Fed raises rates. The FED is actually behind the curve on raising rates, and once all commodities bottom, then we will begin to really feel effects of inflation, beyond the inflation on things we can’t import (i.e healthcare insurance, college educations) versus the inflation we’ve been ‘exporting’ in terms of the ‘stuff’ like electronics we buy. You all will be still reading/checking out these interviews a couple years from now, waiting for the next of 100 guests to tell you gold is going to rise. (Eventually). Rather than listening to the same source for your confirmation bias (hearing what you want to hear, and for what you have chosen to believe), ask yourself how on earth will the gold price rise, when the dollar keeps getting stronger, and oil keeps falling, and after years of non-stop QE, gold has been falling for 4 years straight now, and on to its 5th year. Obviously its your choice to hold gold, or silver, or a stock or bond, but you could be holding it far far longer, and have to endure far lower prices, while watching US stocks go considerably higher. a 25 basis point rise is NOT going to crash US stock or bond markets. Its been more than priced in, with 2 years of notice by the FED at least. The FEd knew it needed to take years of telegraphing to people that this was coming so positions could be unwound and precautions taken by big money and world bankers.

  60. Mary Casey

    Gas $1.64 @ Sam’s Club in Oklahoma City; $1.66 @ OnCue.

    • Mary Casey

      ….10% ethanol…..

  61. ED

    After going over this interview again (as well as many more on your wonderful program) and watching the recent stock market reports, and all the propaganda that’s constantly fed to us, for me it seems to have left more questions than answers. Greg, can you or someone out there please explain to me why or how gas prices are so low at a time of such turmoil in the world? It appears most of the planet is a tender box ready to ignite. One would think that would surely send gas prices through the roof, as it always has in the past.

    Also, I realize the CB and the FR is manipulating the stock market to keep it propped up, but how can it bounce back so well seemingly every day following a flat close? Again, with all the turmoil around the globe, wars or rumors of war, terror attacks, etc, it simply does not seem viable the market could withstand such, little lone bounce back so quickly. Are the reports that seems to always follow a bounce back in the market just propaganda and/or flat out lies?

    Perhaps I’m not astute enough to get the full picture here?

  62. tom


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