Mervyn King: Fiat paradigm falling part
By Adam Pike, News Editor
09 Jun 2016
Former chief of the Bank of England, Mervyn King believes the fiat based monetary system is falling apart and no one knows how to fix the problem. It is clear from Kings remarks he believes the global economy is facing considerable headwinds. Speaking in the World Gold Council’s latest report King advocates owning gold at a time of what he describes “radical uncertainty.”
This is not Kings first warning, back in February the former governor warned that another financial crisis is a certainty. He claimed the 2008 meltdown was a result of a failing fiat based financial system and not his banking buddies. The timing of Kings warning probably has more to do with promoting his new book and protecting his legacy than protecting the people he was mandated to do. King was at the helm of the Bank of England for 10 years from 2003 to 2013.