This deluge of liquidity with no counterpart in the real economy produces bubbles (shares, real estate in particular), crashes, and eventually a bubble on all prices, i.e. inflation, then hyperinflation if things really get out of hand.
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It is spending at all costs that will be necessary in Italy, less to revive the economy (the aid plans have a limited real effect) than to save a very fragile banking system. Christine Lagarde won't find anything to complain about, so we can be sure that the ECB's printing press will continue to run at full speed.
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With zero interest rates, the government has locked savers into a trap from which it is difficult to escape, but it is to its advantage, since it can finance its budget deficit at a lower cost. How does it do this? We must begin by asking the question: Why do banks and insurers buy debt that brings them little or nothing in return?
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Gold, for its part, has an unrivalled track record in this category, it is simply number one. This is the best way to "flee" from money without going to an asset in a bubble situation, and thus risking collapse. It remains by far the best way to preserve the purchasing power of capital in the long term, and to escape the "invisible tax" that weighs on all savers.
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CBDCs are part of a plan to eliminate cash: make it useless and then ban it. And when all our money exists in digital form, we will no longer be able to escape a negative rate of -0.5%, -1%, etc. (who knows where it will end), which will erode our savings.
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As can be seen, public debt is found in the accounts of the ECB, either directly (by acquisition) or indirectly (as a guarantee of liquidity lent to banks). The snake bites its tail, the public deficit is financed almost entirely by the central bank: the money supply explodes, the spectre of inflation approaches, etc.
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Is the French budgetary situation recoverable? Les Echos tells us that in 2020 and in 2121, the government will be financed as much by debt as by taxes, and the amount of debt issuances will be as high as tax revenues.
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Governments can limit the number of bankruptcies by distributing money to companies and paying unemployed workers, with euros printed by the European Central Bank, but this "sovietization" of the economy only postpones the deadline, and it can also lead to a wave of hyperinflation that would ruin everyone- companies and savers alike.
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Perhaps we will return to the gold standard... Will it then be necessary to bring back gold in exchange for banknotes? No, we won't be fooled twice. We'll have to keep our gold, we'll have to maintain, at least in part, its decentralized form to preserve its value, and to guarantee our freedom.
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Are we witnessing a movement of European bank mergers? Rumors have been circulating for several years about a merger between Commerzbank and Deutsche Bank or with BNP Paribas, between Société Générale and Unicredit, but nothing has happened so far. But lately several mergers have taken place.
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The main factor is the distrust of currencies; central banks are running their money printing presses at full speed, whereas with the recession due to the coronavirus, the production of real goods is falling. In this case, what is money worth? What are the major currencies, the dollar, the euro, the yen, the yuan, worth? Investors refer to gold, the ancient currency, the currency of trust, which nobody can print.
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The ECB is substituting for the market. It's simpler that way, no need to convince investors, you print money and it's done. In this scenario, we are de facto witnessing the merger of the Treasury and the Central Bank: the financing of the government's deficit is directly connected to the printing press, money creation is in free flow.
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Even the central banks are looking at the return of inflation, that's who should alert all savers and investors around the world. As a reminder, central banks were created in the 19th and early 20th centuries (for the Fed) in order to guarantee the value of the currency, i.e. to combat against price gouging.
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I mean, what if the debt wasn't serious? What if the explosion of its amount all over the world since the coronavirus crisis had no harmful consequences? What if we could even get rid of some of it without incurring any damage? This is the little tune we hear from those who want more and more public spending, who believe that only public spending can get us out of the rut, that we have to keep printing money.
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To the question that some will inevitably ask ("Isn't it too late to buy gold?"), the answer is clearly no. It is even becoming urgent in the face of the risk of mistrust towards currencies brought about by the crazy policies of central banks.
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After several days of negotiations, the twenty-seven leaders of the European Union have finally reached an agreement on a €750 billion recovery plan, comprising €390 billion in grants and €360 billion in loans.
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As the Irish playwright and critic George Bernard Shaw said: "You have to choose between trusting to the natural stability of gold and the natural stability of the honesty and intelligence of the members of the government. And, with due respect for these gentlemen, I advise you, to vote for gold”.
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By rolling over the debt of ailing banks (new loans to pay off old ones), the ECB is giving them a very bad habit, namely that of governments with perpetual deficits, which are thus exempting themselves from any budgetary effort. What is the point of cleaning up one's balance sheet if the ECB graciously provides the necessary liquidity? The intrinsic situation of the large European banks is therefore not going to improve, at the greatest risk to savers...
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To what extent will European banks withstand the current crisis? This is a crucial question because the recession we are experiencing could be followed by a banking crisis that would affect the whole economy even more severely. A CEPII study, entitled "European Banks and the Covid-19 Crash Test", sheds an interesting light on this subject.
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Gold will be the only winner in the current crisis. This is the opinion of a bank's (Natixis) research department, which is not so common, it should be pointed out, as financial institutions rarely speak highly of the precious metal, as it is precisely because it allows one to free oneself from the financial system.
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Philippe Herlin's popular articles
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The European Central Bank Has Passed The Point Of No Return
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Here Is Mario Draghi Again, or How the Money Will Flow in Italy
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Zero Interest Rates: How the Government Traps the Saver
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The Invisible but Very Real Tax of the Money Printing Press
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Central Bank Digital Currencies: The Trap
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The "Covid Debt" Entirely Repurchased by the ECB, the EU Does Financial Cavalry
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France: The Catastrophic Situation of the Government Budget
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A Collapse of the European Economy is to be Feared
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Gold, A Decentralized Asset, and This Is Its Strength
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European Bank Mergers Won't Solve Anything
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Gold Is The Ancient Currency, The Currency Of Trust
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Inflation Risk: Awareness is Growing
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The Funny Joke of Central Banks: If Inflation Comes Back, We'll Be Raising Interest Rates
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What If the Debt Doesn't Matter? Is This Realistic?
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Gold Price Hits All-Time High, And It's Not Over Yet
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European Recovery Plan: Still More Debt
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Central Banks + Energy Transition: The End of the Market Economy?
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ECB Offers €1.3tn at -1% to Rescue European Banks
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European Banks Are Highly Exposed to the Current Crisis
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Gold, the Winning Asset of the Coronavirus Crisis
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In the Face of an Increasingly Nationalized Currency, Let Us Defend our Freedom
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From Coronavirus to Inflationavirus?
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How Central Banks Will Expand the Zombification of the Economy?
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Are the European Banks the Next Victims of the Coronavirus?
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The Coronavirus, a Chance for Central Banks: Long Live the Printing Press!
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Zero Rate Ravages: HSBC France's Value Goes From 11 Billion Euros to Zero
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Return of Inflation: A New Scenario (Coronavirus and Other Black Swans)
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What if the Fight Against Global Warming Caused Inflation to Return?
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The Beginning of a Flight From Money?
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After the ECB, it is the Fed's turn to relaunch the printing press...
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ECB: The Ongoing Headlong Rush
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Why the Gold Price Expressed in Euros Is Beating its Historical Record
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Will Christine Lagarde Kill the Euro?
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A Pro-Gold Standard Appointed to the Federal Reserve Board of Governors
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Facebook Libra Will Accelerate The Loss Of Credibility Of Central Banks
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Will Italian Mini-BOTs Kill The Euro?
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Modern Monetary Theory (MMT), Warning: Danger!
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Record of Millionaire Employees at Deutsche Bank: Last Celebration Before The Collapse?
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Will GAFA Precipitate the Collapse of the Banks?
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The Strong Return Of Gold To The Banking System
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The French Government Is Not Concerned With Its Public Debt – Here’s Why
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ECB Acknowledges European Banks Are Not Doing Well
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France’s Gold As Collateral For Financial Operations : Another Fake News ?
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The End of Sanctuarization of Banque de France’s Gold : New Evidence
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Alert: Banque de France’s Gold Isn’t Sanctuarized Anymore
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European Central Bank: 2.6 Trillion Euro... All for Nothing
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What’s Up with Deutsche Bank?
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Revolt of the "Yellow Vests": Is France Going the Way of Greece?
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Gold Preserves Purchasing Power Over the Long Term: Here’s the Proof
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Stock Markets Turning South – What’s the Cause?
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Nouriel Roubini Predicts a Crisis by 2020 : What to Make of It?
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Banks Were Saved from 2008 Crisis by Drug Money: What’s Next?
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The Fake News of Greece’s Recovery: After Zero Rates, "Zero Debt"?
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Are Non-performing Loans Becoming a New Danger for French Banks?
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[Exclusive] France’s Public Debt Is No International Success
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Europe Is Breaking Up Over Immigration: What Would Happen in Case of a Banking Crisis?
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Rumours of European Bank Mergers : A Dangerous Pipe Dream
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Heading Toward a New Sovereign Debt Crisis in Europe?
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The French Wealthier than the Germans – Really?
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Going Ahead With the European Banking Union: As For Deposit Guarantees, Every Man for Himself
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An Alert on Deutsche Bank? ECB Worried…
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France Issues 10% of its Debt in Inflation-Indexed Securities
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Financial Cavalry: Banque de France Owns Nearly 20% of Public Debt
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Italexit? Perhaps… But Both Italy and the Euro Are Unmanageable
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Hedge Fund Bets $22 Billion Against Major European Banks – And it Makes Sense
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With or Without a Crash, the Financial Landscape is Radically Changing
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Could the Next Financial Crisis Arise From Europe... Not from the USA?
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Could All that Monetary Tapering from Central Banks Be Useless?
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French Banks Are Much More Dangerous Than American Banks
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The ECB Wants To Freeze Bank Accounts In Case Of A Bank Crisis
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Bitcoin's Success Is Excellent News for Gold
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The ECB Is Wading Through Thick Smog
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Bank Failures in Europe Coming Soon – The ECB Says So
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Rising Interest Rates: A Mortal Danger
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Will Real Estate Always Be a Good Investment?
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Freezing of Bank Accounts : A New Threat for Savers
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Inflation – The Risk Is Still Here
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Central Banks are Becoming All-Powerful on Financial Markets
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For the Sake of our Savings and our Economy, Let’s Ask for ECBexit!
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Cyber Attacks: A New Risk for Banks and Savers
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Savings: Real Estate Is Not Worth Gold!
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The “Japanisation” Of European Banks: A Lethal Danger
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Global Real Estate Bubble Getting Bigger – Take Precautions
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Elections, Target 2 : Is the Euro about to Explode?
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How "Indefinite Finance" Destroys Money
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Zero Rates are Putting European Banks in Jeopardy
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Endless Financial Crises Are Inevitable – Here’s Why
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New Warning on European Banks
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Switzerland : Still a Safe Country for Storage… But Only for Physical Gold
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Does The Italian Referendum “No” Vote Mark The Beginning Of The End For The Euro?
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Will Trump Raise Interest Rates – Is it Even Possible ?
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Trump Has Won! What to Make of It?
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Germany Stuck Between the ECB and Deutsche Bank
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When Is the Price of Gold Going Up?
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Are Central Banks Beginning to Nationalize the Whole Economy?
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IMF Confirms Negative Rates Are Slowly Killing Banks
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Banking Crisis in Italy: the Next Domino to Fall is France
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Big Banks Get More Protection but Not Their Clients
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Bank Accounts Seizures in a Crisis: Soon Coming to the United States As Well!
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Warning: The BRRD Directive, Meaning Drawing Off Bank Accounts, Is Now Legal in France
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Who Will Be The Next Lehman Brothers? Glencore? Deutsche Bank?
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Another Case of Market Manipulation! Gold... Again!
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Europe - Bank Default: Deposits No Longer Insured
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The Shanghai Crash Signals More Turmoil Ahead
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Gold Reserves and GDP: China is Playing Liar’s Poker
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What is the Real Weight of Gold in the Global Economy?
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How Financial Repression Flattens Your Savings
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Look Out : There Is a Bankruptcy Storm Brewing in Europe
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Warning: First Implementation of Bank Recovery and Resolution Directive
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Alan Greenspan Likes Gold: Listen up!
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Greece: Default Unavoidable Notwithstanding Election Results
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What Can We Learn from the Failed Swiss Referendum on Gold?
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Free Ebook "Economics Detox Chronicles"
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ECB Stress Test Results Show Banks Struggling
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Regulators and Banks Settle on the Backs of Depositors
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France has no problem borrowing… because it will not hesitate to plunder its citizens’ accounts!
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Stock Markets in their Third Bubble Since 2000
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Interest Rates at their Lowest: Another Reason to Buy Gold
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The Great Manipulation of Financial Markets Seems to be Reaching its Limits
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Mario Draghi’s Announcements: The ECB Puts on a Show
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Amount of Derivatives in the World: 710 Trillions of dollars
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Contrary to the Media Spin, Greece Keeps on Sinking
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A Dangerous Game : France Is Playing with Words Regarding its Deficit
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IMF Confirms European Banking Sector Still Getting Worse
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Why Are We Being Told that Deflation Is the Absolute Evil?
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FOREX and LIBOR Manipulations : The Work of Central Banks, As in Gold?
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IMF, EU, Basel... Bank Accounts Under Threat As Never Before
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How the ECB is Lying About Future Bank Stress Tests
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European Banking Authority President : Too Many Banks Have Survived the Financial Crisis
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IMF Condoning the Plundering of Bank Accounts
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Goldman Sachs Is Above the Law!
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Insured Deposits Under 100,000 : a Myth