"The problem is when central banks fear deflation more than anything, they try everything to defeat it, so, you know, currency wars, money printing, zero-interest-rate policy, forward guidance, twist. They do everything they can. When they can't win the battle against deflation, they devalue the currency against gold because gold is the only thing that can't fight back.
If deflation prevails … they'll wake up one day and say gold's $4,000 an ounce, we're a buyer at $3,995."
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自從睇完占力卡本Currency Wars,再睇左佢幾篇博文，愈來愈欣賞佢的分析能力！
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