Billionaire retail magnate Hugo Salinas Price says the world debt has peaked and has no place to go but down. Salinas Price explains, “It is a global phenomenon, yes. The world has too much debt, and now it’s trying to get out of debt. That’s what’s going on. . . . The debt peaked in August of 2014. I’ve been watching this for 20 years, and I have never seen anything like it. It was always growing, and now something has changed. A big change of this sort is an enormous event. I think it portends a new trend, and that trend will be to get out of debt. Deleverage and pay down debt. That is, of course, a contraction. Contraction means depression. The world is going into a depression. It’s going to get very nasty. The end result is nations, governments are going to have to revalue gold because that is the only thing they will have left. They will have to resort to that to keep trade coming in. No country is completely independent economically. We all need things others produce. . . . In order to have that world trade going, we are going to have to go back to gold. That’s my vision anyway.”
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