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Bessent, Shelton, China, Gold & Inflation – Bill Holter
By Greg Hunter’s USAWatchdog.com
Financial writer and precious metals expert Bill Holter (aka Mr. Gold) heard alarm bells ring when Judy Shelton, a top gold expert, was hired recently to be an advisor to Treasury Secretary Scott Bessent, who is a top currency expert. The national debt has exploded to $40 trillion with no sign of ever paying any of it back. Holter says, “President Trump said the quiet part out loud when he said earlier this month, ‘Certain levels of inflation will also pay off that debt very rapidly. Very rapidly.’ The whole idea is if you create inflation, you are cheapening the currency. If you create enough inflation, you can cheapen the currency to what I call ‘monkey money.’ You can turn the currency into monkey money, and it makes debt very easy to pay off. I think that’s what the strategy is. China just purchased more gold in September than any prior month. I think they are on 63 or 68 straight months of purchasing gold. They are liquidating Treasuries and using that capital to buy gold. They knew this before Trump said they could lower the debt through inflation. They understand because China has blown up more paper currencies that any other country on the planet going back a couple of thousand years or more.”
Mr. Gold goes on to say, “We could have paper currencies imploding in purchasing power. Anybody who says you can’t have all currencies imploding is wrong. If the US dollar collapses, what do you think is on the balance sheet of all central banks across the globe? Dollars. Balance sheets can get destroyed. That’s what people are not really understanding. Treasury bonds are the foundation to the entire financial system. Treasuries are a defaultable asset. Treasuries and dollars have been over-printed, and there is your inflation.”
So, how do you not let the US dollar and Treasuries default or inflation spiral out of control? That is where Judy Shelton comes in. She has to figure out a way, with Secretary Bessent, to do that by backing the dollar, at least in part, with gold. Total backing of US debt in gold would produce a huge jump in the gold price. Mr. Gold says, “If they wanted to revalue the gold to cover the $40 plus trillion in US debt, assuming the gold that has not been audited since 1956 is all still there, the number would approach $160,000 per ounce. . .. The number is just under $160,000 per ounce in order to cancel the debt out.”
There is much more in the 40-minute interview.
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