The Economist columnist John Williams believes that the unprecedented printing of money may lead to runaway inflation and the depreciation of the global currencies. In his opinion, the US financial system has totally gone the limit and will save not only every bank, but also every financial institution as well as the stock market.

The expert also claims that the real unemployment rate in the US is 35% now instead of 13% reported by the US Labor Department. His opinion is well-founded, as Mr. Williams is the creator of the Shadowstats website. He claims that there, statistics is collected without tricks that are regularly used by the government to make numbers look better.

John Williams considers that the US GDP will fall by about 50% in the second quarter thus hitting the bottom. A real renewal should be expected no earlier than in the fourth quarter because in April, the US industrial production slumped to a record low over the past century. Besides retail sales fell by 60-80%.

He believes that the price of gold and silver will rise significantly very soon.