(David Morgan, Money Metals News Service) We now have a clearer vision of what lies ahead on the global landscape; the trend that is now coming to fruition is that the standard of living for almost everyone in the world is going to sink lower. For some, for .0001% of the world, it could improve. For the remaining 99.999% of us, however, there will certainly be some turbulence ahead.
If the ongoing pandemic disappeared overnight, little would change. There has been irreversible damage done to multiple sectors of the global economy, with the entertainment and service industries that rely on foot traffic and social gatherings feeling the effects the deepest. Movie theatres, sports arenas, sit-down restaurants: they may still be around in a post-COVID world, but it is certain that there will be a lot less of them.
This path to economic devastation has not commenced solely because of the global health crisis we are currently living through. If anything, the pandemic has only speeded the journey along. This path began when quantitative easing became a normalized and over-used tactic.
The Pursuit of the Unattainable Carrot
For a moment, indulge in this analogy: the U.S. government’s efforts to save the economy mirror a carrot-and-stick approach. The act of continuously borrowing and printing money represents faster running on a metaphorical treadmill, in pursuit of the carrot on a stick that remains unattainable. The result: running in place; stagnant, with no possibility of success, leading to ultimate exhaustion. That is where years of currency destruction has left us.
These conditions have set the stage for a global shift away from conventional currencies and towards alternative options. Gold has not failed yet as an asset for wealth preservation in tumultuous times, and more people are putting their faith in the precious metal to hedge against uncertainty. Cryptocurrency adoption is on the rise, as people seek a replacement for the current monetary paradigm that harms much more than it benefits.
Economic problems are so vast, it doesn’t matter who is in the White House this upcoming January. Regardless of the outcome of the election, the overall economic trend cannot be reversed. What is needed is for people to snap out of this left-right paradigm that demonizes opposing values and become more introspectively aware of the ways in which change begins with you.
“Ask not what your country can do for you, ask what you can do for your country.” The late JFK said it at his inaugural address almost 60 years ago, but it holds true to this day. The lone wolf philosophy of being ruggedly independent to a fault is detrimental and borders on self-sabotage. However, the idea that you could do more, give more, and be more is becoming more pervasive, especially in the younger generation, the future’s leaders, policy-makers and professionals.
I may be an idealist, but I believe in the human condition: that we can adapt and become better than what we were. It is what we have always done, and it’s what I hope we will continue to do.
A widely recognized expert on silver, David Morgan began investing in stocks and precious metals as a teenager. He obtained degrees in finance and economics as well as engineering. Author of the book The Silver Manifesto, he has devoted more than 30 years to educating investors on opportunities to protect and grow their wealth. In addition to advising private clients and fund managers, he writes at The Morgan Report, covering economic news, the global economy, currency debasement, and stellar opportunities in precious metals and mining stocks.