Today legendary Jim Grant warned King World News that the world will witness extreme monetary disorder. Grant also discussed the impact this will have on gold and other major markets. Below is the first in a series of powerful interviews that will be released today on KWN with one of the most highly acclaimed individuals on Wall Street.
Eric King: “When you look back at history, how dangerous are these policies? How risky is this?”
Grant: “Bernanke himself has said, ‘Because we are learning by doing.’ Because we are learning by doing we really can’t use history as a guide. But we can know from history that experiments in radical creation of unconvertible units of currency, of script, have invariably had a bad outcome.
The more birthday candles I blow out, the less dogmatic I become about these things….
“We live in a probabilistic world and we can’t know for certain, but we can know the odds. And I think the odds against a painless, peaceful and placid exit from all of this dollar, yen, euro, and pound sterling creation, the odds against returning to something like normalcy are very slight indeed. Therefore one ought to think about assets that will hold their value against money.”
Eric King: “Jim, then what about the gold market?”
Grant: “It stinks (laughter ensues). But having said that, let me add that I am very bullish on gold. I am bullish on gold because it stands to be an island of refuge, if, as, or when our central bankers really go off the deep end. Now, no one has been alive to see policies now in place because they never have been in place.
Continue reading the Jim Grant interview at KING WORLD NEWS