The great global reset: this is what happens to us when it comes - Willem Middelkoop
(Kitco News) - We're in the end game of a dollar-based system, and a new monetary system will emerge with gold as the anchor, said Willem Middelkoop, founder of the the Commodity Discovery Fund.
"We're in a rough period. It doesn't matter which president will be next, he can only avoid a deep depression by printing trillions and trillions. As an investor, we concentrate on that part of the story," he said.
Fixing the fundamental problems in our economy, including excessive debt, will require more than just a continuation of past policies.
“I think we have created so much debt and this is a worldwide phenomenon, so we can’t have normal interest rates anymore. We have seen the IMF coming out with a statement last week saying that we need a new Bretton Woods moment,” he said. “We had a cover on Time magazine calling for the Great Reset. We had the World Economic Forum calling for a Great Reset. I wrote a book on the topic, published in 2014, it was called The Big Reset.”
A new global system will require an overhaul of many monetary pillars that we currently have, Middelkoop noted.
“We need a debt restructuring. IMF and the United Nations have been quite clear about that; we need debt restructuring first for the poor countries but later for the rich countries, we all have too much debt on our books. We need to find a new anchor for the world monetary system,” he said.
Until then, trillions more in stimulus will be issued by governments around the world to avoid a global depression like that of the 1930’s, Middelkoop said.