Doug Casey of CaseyResearch.com warns, “Were going into what I call ‘The Greater Depression.’ It’s going to be much more serious than what happened in the 1930′s. . . . A depression is a period of time when most people’s standard of living drops significantly.” Casey explains, “There is a gigantic amount of debt in the U.S. at all levels—governmental, corporate and individual. Debt is a sign you have been living above your means. It’s a debt bubble, and this is a major reason the government wants interest rates low. When interest rates rise, it makes it harder for people in debt to service that debt. They are simply delaying the inevitable at this point, but it is inevitable what is going to happen, and we are going to have a fantastic depression.”
On physical gold and silver, Casey says, “Gold is more important to own and perhaps a better bargain now than in 1971 or 2001, and the same is true of silver.”
Join Greg Hunter he goes One-on-One with investor Doug Casey.