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Video Transcription - Page 1
"Hyperinflation Might Destroy Dollar, Euro & Sterling"
CNBC Squawk Box. Anchored by veterans Martin Soong and Karen Tso, the new "Squawk Box" continues to be the jumpstart on the business day for the corporate and financial communities. CNBC's signature show is better than ever, providing viewers with the edge to stay ahead: breaking news, connecting with newsmakers and chasing the hottest stories, as well as the ones that aren't hot... yet.
Host: Martin, good to have you with us. First off, before we get to gold why do you think dollar, Euro and Sterling are going to get destroyed?
Martin Hennecke: Well as a result of this financial crisis we have recently seen interesting processes starting and Iceland has bailed out first, you know the first major bank that was about to collapse and they have had to bail out the other ones and then you have seen a down-grading of Iceland and the national bankruptcy of Iceland being discussed. Now in the case of Iceland they have quite a lot of external debt in other currency so they wouldn’t be able to print up more of their own currency which mean they have inflation to get out of their debt but the UK, the rest of Europe and the US could do it and we see the same process is there now, $700 billion bailout money and now it has been decided a lot more bailout money to come, to privatize banks, guarantee the bank deposits and so on so this money has to be sold as new debt in the market. We have just had the chairman of the sovereign rating of Standard and Poor’s saying that there was a lot of pressure on the triple A rating of the United States and that it was not God-given so I think we are starting to see the same process as with Iceland and the currencies are getting sold off in the process as this privatization of the banks is first step down the road to hyper-inflation.
Host: Okay so if dollar, Euro and Sterling are all going down the tubes and leaves by default gold as the go-to asset. Let’s pull up the charts on and give the viewers a look. It’s not just oil popping back it’s also gold that we’re seeing a sharp move higher there as well. We’ve also talked about it this morning, there’s almost a gold rush or panic-buying on the yellow metal. What’s going on?
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