GoldMoney Insight’s head of research Alasdair Macleod says that fiat currencies may be gone by the end of the year.
Speaking in an interview with RT’s Kesier Report, Macleod claimed that traditional fiat currencies would struggle to make it through the unstable markets generated by the coronavirus pandemic.
He said,
We have come up with a very real crisis.
Macleod argued the U.S. Federal Reserve has been maintaining a false level of value in government fiat currencies and securities over the last several decades, which is now being called into question in light of the ongoing economic meltdown.
He continued,
And that false level of value in financial assets as a whole is beginning to fall apart; the Fed is losing control.
The research economist explained that fiat-printing in the US and around the world has been accelerated in order to provide “quantitative easing” to the global economy.
Macleod concluded,
By the end of this year we should not be surprised to find that not only has the whole industry of financial assets collapsed, but the fiat currencies have gone with it.
On Wednesday, the US Congress and White House announced an unprecedented $2 trillion package to provide economic relief to businesses and families impacted by the virus.
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