ntroduction: Andrew (“Andy”) Hoffman, CFA joined Miles Franklin, one of America’s oldest, largest bullion dealers, as Media Director in October 2011. For a decade, he was a US-based buy-side and sell-side analyst, most notably as an II-ranked oil service analyst at Salomon Smith Barney from 1999 through 2005. Since 2002, his focus has been entirely on precious metals, and since 2006 has written free missives regarding gold, silver and macroeconomics. Prior to joining the company he spent five years working as an investor relations officer or consultant to numerous junior mining companies. Andy’s articles can be found on the Miles Franklin Blog, at http://www.milesfranklin.com.
Daily Bell: Good to speak with you again, Andy. What’s new with you?
Andy Hoffman: Working harder than ever to dispel the mistruths and misinformation permeating the clueless, captive MSM and historically manipulated financial markets. Thankfully, despite multi-year lows in Western Precious Metals sentiment, Miles Franklin is as strong as ever, as we complete our 25th year of operation.
Daily Bell: In a recent blog entry you referred to the “potentially cataclysmic Scottish referendum.” What did you mean by that?
Andy Hoffman: Just from a pure economic standpoint, it would indeed be a lethal blow to the UK economy – which, like the U. S., is supported solely by unfettered central bank money printing, which has created nearly identical equity and high-end real estate bubbles. Scotland generates just 10% of UK GDP, but theoretically would have title to 90% of North Sea oil and gas revenues – which not only could prove devastating for England, but could yield years of bitter property disputes.
Of course, the bigger issue is the expanding secession movements we wrote about last week. Whether or not the Scotland vote turns out “yes” or “no,” the inexorable movement to escape oppressive social and/or financial governance will only accelerate as the global economy collapses. The situation is particularly tenuous in Europe, with its myriad cultures and nationalist movements, where the first such “yes” vote could catalyze numerous others – starting with Spain’s Catalonia region, which will hold a similar referendum in November; and afterwards, the famed Italian city of Venice. Catalonia accounts for a whopping 20% of Spanish GDP; and Venice, 10% of Italian GDP.
This post was published at The Daily Bell on September 21, 2014.