A bankrupt UK businessman burning £70,000 in cash instead of handing it over to creditors is similar to the global monetary system which was set alight back in 2008.
“Bankers are doing a far better job than this guy,” says Stacy Herbert, explaining that he has merely burnt £70,000 (US$91,000), while bankers burnt $70 trillion in the last global financial crisis.
“They have burnt so many trillions of dollars, they now have to print up another $70 trillion.” She also notes that when central banks print money, it is actually the same as burning it.
Max Keiser notes that all fiat money is eventually going to zero. “The British pound has dropped in purchasing power by 99.5 percent, so it’s effectively gone to zero. The average lifespan from paper money to fiat money is 27 years, none have survived,” he says.
Max says people should avoid fiat money while there are alternatives. “Fiat money is like Monsanto’s Roundup, or cigarettes, they are carcinogenic. Fiat money is the same thing, it’s financially carcinogenic… You need to just set it on fire.”
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