August 26 (King World News) – Egon von Greyerz: "The world is now standing before a seminal moment and virtually nobody can see it. There has not been a more critical moment in the last 50 or even 100 years than what we are now facing. In 1971, the world faced a similar situation. At that time, only the Chinese understood the consequences of Nixons decision to close the gold window. The People's Daily in China said in August 1971:
"These unpopular measures reflect the seriousness of the US economic crisis and the decay and decline of the entire capitalist system."