Frank Giustra Legendary financier Frank Giustra speaking at the World Outlook Financial Conference in Vancouver earlier this month said what the global economy is going through is not just "another turn in the normal economic cycle," but a "whole new game".
The billionaire investor who made money in a rare combination of two very different industries – gold mining and movie making – said that he's already made his ultimate bet.
He said the endgame of the policies employed by the world's central banks is inevitable: inflation. And that tells you which asset class you have to been in.
Giustra says the reason hyperinflation has not yet appeared in official numbers despite the cheap money flooding markets is because the velocity of money – the speed at which money changes hands in the economy – is at its lowest since 1959, when it was first measured.
Once the velocity of money returns to more normal levels, inflation could pick up quickly because "inflation is caused by the fear of inflation".