I hope I’m wrong.
I hope I’m wrong because, if I’m right, it will be bad news for the global economy, and for all of us—even for those of you who buy gold. You will do better than people who don’t, but no one will come out really well. As John F. Kennedy never said, a falling tide lowers all boats.
Yes, I said buy gold—that relic of the days before paper currencies and central banks and everything we know as financial civilization. It’s faintly ridiculous to hold gold; you have to be a gold bug, one of those nuts carrying a sign: “The End of the World Is Nigh!” Owning gold is also counterproductive because ...