As people in the United States and around the world celebrate Easter, today the man who has become legendary for his predictions on QE, historic moves in currencies, warned King World News that the world is now entering the most dangerous and terrifying period in over 70 years.

Egon von Greyerz:  “How can ordinary people ever understand the importance of gold when they are continuously fed with false and distorted facts. The latest publication to publish false and ignorant propaganda on gold is the British weekly magazine the Economist. The article begins with a graph of gold starting in September 2011. Anyone who knows anything about gold recognizes that this is the time when gold reached a peak of $1,930. Between 1999 and 2011, gold had gone from $250 to $1,930, which is an increase of almost 700%. During the same period, the Dow was virtually unchanged and the UK index, the FTSE 100 was down 3%. So while gold was up 8-times during those 11 years, stock markets were static, but the journalist did not mention this. Instead, he starts the graph at the very top of gold after an 8 year rally. 

In my KWN interview last week I talked about “Lies, Damned Lies and News” and this is the perfect example of the most blatant lies and misinformation that we find in the media today. This has now gone so far that I and many others don’t trust anything we read in the papers or hear on television or radio. And how can you when journalists either deliberately publish biased and false news, or by sheer incompetence cannot bother to find out the true facts?…

But that is not enough, the article goes on as follows:

“Although gold is seen as a hedge against inflation, it cannot be relied on to fulfill this function over the medium term; between 1980 and 2001, its price fell by more than 80% in real terms.”

Yet again, the author picks a point in time that is totally misrepresentative. For anyone who knows anything about gold, 1980 was a peak after a run from $35 per ounce in 1971 to $850 in 1980. The fact that gold had gone up 25x between 1971 and 1980 was of course not mentioned by this ignorant writer. Instead he starts from the peak in order to spread his false propaganda. I am not sure if it is a coincidence that the Rothschild family is a major shareholder in the Economist.

The author then comes up with a conclusion which is total proof of his ignorance of the role of gold:

“So buying bullion is really a bet that things will go spectacularly wrong: that events escalate in the Middle East and North Korea or that central banks lose control of monetary policy. It could happen, of course, but it helps explain why gold bugs tend to be folks with a rather gloomy attitude towards life.” 

What the author cannot grasp is that for the very small minority of people who understand the significance of gold, it is not a question of being gloomy. No, if you understand history and economics, you also understand that gold is the only money that has survived in history. Since fiat money began, whether it was metal coins or paper money, governments have consistently destroyed its value by either diluting the silver in the coin from 100% to 0%, as with the Roman Denarius in 180 to 280 AD (see below)……more here