As recession fears grow and criticism intensifies of how the United States government and its financial authorities are dealing with the looming economic crash, one expert trader has accused the U.S. Federal Reserve of committing a “crime of the century.”
Specifically, financial analyst, veteran trader of the capital markets, and author of the Mannarino Market Risk Indicator (MMRI), Gregory Mannarino, voiced these accusations during a conversation with Wall Street Silver’s Ivan Bayoukhi in a YouTube video streamed on August 31.
Elements of a Ponzi scheme
According to Mannarino, a.k.a. the Robin Hood of Wall Street, the American Central Bank entering a “new phase of money printing, cash creation, currency creation out of thin air” constitutes counterfeiting but also a classic Ponzi scheme:
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“We are in a full-blown liquidity crisis period, the freaking end. (…) The Fed is involved in a crime, the crime of the century. Not only are they counterfeiting, but it’s a Ponzi scheme of the highest order. We need to bet against that system.”
Fighting the Ponzi
Indeed, in Mannarino’s opinion, the best way to fight against the pumping of cash “into the stock market via this mechanism of currency devaluation, by the mechanism of suppressed rates,” which “drives cash into the stock market, is by “holding hard assets” like gold and silver:
“This is how you bet against the system, (…) you do it by holding hard assets. (…) Gold and silver are constitutional money; we are guaranteed that in the U.S. Constitution. Nowhere is there a mention of a debt-based fiat system, and nowhere is there a mention of a digital system here. We are guaranteed that by law.”
Other analysts on Fed’s policies
All things considered, Greg Mannarino seems to share the sentiment with other popular names in finance, including Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ who slammed the Fed as “criminal” back in February this year.
As a reminder, Kiyosaki told his followers “to pay less attention to what the Fed is saying and what the Fed is doing” when making financial choices, as he believes that it to be a “criminal organization” that does not look out for the common people, Finbold reported on February 16.
“Sick and tired of hearing ‘experts’ ask ‘What is the Fed doing?’ The Fed is the problem. The Fed is a criminal organization. The Fed has destroyed the economy, made the poor and middle class poorer, and bailed out their rich banking friends.”
At the same time, the ‘Rich Dad’ author has suggested placing trust in gold and silver, like Mannarino, but also in cryptocurrencies like Bitcoin (BTC), to protect oneself against inflation and “cartoons killing the economy,” as he earlier referred to the Fed and the U.S. government.
More recently, economist Henrik Zeberg raised concerns about the Fed’s “biggest policy error ever,” referring to its current stance on interest rates as misguided and leading to a deep recession, as he compared the present economic indicators with those occurring before the previous financial crises.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
