“If you have this contraction in the money supply and we see that continue, then potentially you go into a 1930s type of Great Depression,” says George Gammon, macroeconomics expert and host of the Rebel Capitalist Show.

He says money supply contracted 20% to 30% during the Great Depression, leading to business failures and a reduction in bank lending... and that is exactly what we are seeing right now. In addition, he argues that the recently announced IMF central bank digital currency serves as a means for the Fed to control and “micromanage the global monetary system.”

“Instead of holding gold on their balance sheet as a reserve asset, the Federal Reserve would hold digital SDRs,” making the transfers and payments across borders much easier. He concludes that the global monetary system has been broken sine 2008 and he predicts a hard landing due to the fragility of the banking system.

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