Mexican Billionaire Salinas Predicts Severe Dollar Inflation

Mexican Billionaire Salinas Predicts Severe Dollar Inflation

 

The third-richest billionaire in Mexico, Ricardo Salinas Pliego, has shared his experience of living through hyperinflation. He warned that the U.S. and several other civilized countries are "going exactly the same route" as his country did in the 1980s.

Mexican Billionaire Warns About Inflation

At the Bitcoin 2022 conference in Miami, Florida, Mexico's third-richest billionaire, Ricardo Salinas Pliego, gave some advice on Thursday regarding inflation, hyperinflation, bitcoin, and fiat currencies.

Salinas is the founder and chairman of Grupo Salinas, a group of companies with interests in telecommunications, media, financial services, and retail stores. According to Forbes’ list of billionaires, his net worth is currently about $13 billion.

The billionaire began by sharing his own experience of living with inflation. "I was making $2,000 in 1980 and a few years later I was making 20 bucks — the same salary was down from 2,000 to 20 bucks," he said, adding:

So I know about hyperinflation. I’ve been there. And it’s not the same to know it in theory as to actually be a victim of it. He warned:

“The bad news is that the United States, Japan, the United Kingdom, and the EU nations are following exactly the same route my country took in the 80s. It’s exactly copy-paste. You could just change the numbers, but the graph would be the same. "

The Mexican tycoon proceeded to show a chart of the total federal debt of the U.S. government, which is projected to be $36.2 trillion in 2031. "See, it is horrific.”

"This is on the books debt, not counting off the books stuff," he exclaimed. The next chart he showed was of total United States assets, which grew from $0.8 trillion in 2005 to $8.9 trillion this year.

So the Federal Reserve has a lot of assets. Sure, that must be great news. And they’re buying bonds? That must be great, "he commented before explaining what the Federal Reserve actually did.

What they are doing is making fake money out of thin air and loaning it out to create purchasing power to the tune of $9 trillion.

"Absolutely fake savings made by the Federal Reserve," the billionaire described, adding:

“The creation of fake credit, which equals purchasing power, has been astounding. The problem is that   the dollar is the reserve currency of the world. You cannot get out of the dollar unless you go to bitcoin. “

Salinas Warns About Central Bank Digital Currencies

Salinas proceeded to talk about central bank digital currencies (CBDCs). He brought up a picture of ECB Chief Christine Lagarde, BIS general manager Agustin Carstens, and U.S. Treasury Secretary Janet Yellen. He labeled them "the villains." He further said,

"CBDC or the central bank digital currency is even worse than the dollar. It’s much worse than the dollar because if the CBDC is issued, these people will have full control over how you can spend your money.” He opines:

“Furthermore, they will be tracking 100% of all you’re spending, what you spend and how you spend it. They’re pretty devilish people.”

He pointed out that while Lagarde was the chief of the International Monetary Fund (IMF), the organization published papers stating that "the way to deal with government debt is through inflation; we will liquefy the debt and get away with paying less."