Today every country on earth utilizes central banking to produce its currency. No currency on earth is backed by gold, silver or any other precious metal or commodity.
Through the seemingly magical power of central banking, governments can produce ‘goods and services’ beyond their levels of taxation.
But now one of the largest commercial banks in the world, Bank of America, has issued a chilling report predicting a worldwide banking crisis within months.
“We are seven years into a full-fledged, all out, central bankers doing everything they can to stimulate demand,” Bank of America-Merrill Lynch’s head of U.S. equity and quantitative strategy Savita Subramanian recently warned on CNBC’s “Fast Money.”
“We looked at all of these indicators that have been pretty good at forecasting recessions and we extrapolated that if they follow the current trends they’re on, we’re going to hit a recession sometime in the second half of next year.”
