Doug Casey: "Absolutely convinced the euro is going to fall apart"

If the dollar is an “IOU nothing,” the euro is a “who owes you nothing.” When it collapses, a lot of people are going to suffer a big wealth haircut. Bernie Madoff swindled thousands of people out of billions. The euro will swindle millions of people out of trillions.

…The average urban peasant in Europe thinks his government is somehow watching out for him. I suppose that’s true, at least the way a dairyman watches his cows, or a swineherd watches his pigs. But the euro really is backed by nothing. Though, at the moment, you could say it’s backed by Mercedes cars and Gucci bags… anything you can trade euros for. But that’s for a limited time. I’m absolutely convinced the euro is going to fall apart...

- Doug Casey