With continued uncertainty in global markets, today a 50-year market veteran warned King World News that people should not believe the Western mainstream media because this crisis has now become incredibly dangerous. He also discussed the coming theft of people's money by Western governments.
John Embry: “I must say that the current news in virtually all areas must be very troubling for the many optimists who think that this is just another normal cycle. The economies around the globe are clearly not responding well, despite unprecedented massive monetary stimulus….
Continue reading the John Embry interview below…
“I thought it was interesting to see that last Friday’s U.S. jobs number finally reflected at least some reality. However, the jobs numbers are still grossly overstated due to statistical chicanery. Also, what is not discussed is the quality of jobs being created in the U.S. and what they pay.
Layoffs Happening Droves
As you know, Eric, high-paid oil workers are being laid off in droves. Meanwhile, low-paying service jobs are the ones being added. Bartenders, waiters, and the huge upsurge in those over the age of 55 who are getting jobs out of necessity, are in general not that well paid. So I think real disposable income continues to be an issue, even with the lower gas prices.
Now, aside from the dismal economic news, I think investors should be focused on the geopolitical scene, which seems to be deteriorating by the day. There is now a lot of commentary about a possible Greek exit from the euro. This was unthinkable at one point, but it now seems more likely with each passing day.
"When I Read These Reports I Get A Chill"
It also appears that some very smart people are warning that NATO is itching for a dustup in Ukraine. I think that would be potentially catastrophic for the world. When I read these reports I get a chill.
The Middle East continues to be in turmoil. The escalating conflict in Yemen, which Robert Fitzwilson alluded to in his KWN piece, doesn’t bode well for the Saudis or the Iranians. That conflict also has the potential to draw in others.
So when you take a step back and look at the big picture, it’s very, very disturbing. But all of this bodes well for the gold and silver markets, which are hugely underpriced. And the news backdrop continues to be supportive for much higher prices, despite the recent weakness.
Western Central Banks Continue Suppressing The Price Of Gold
The Western central banks continue to cap the price of gold on rallies. Clearly these central banks don’t want any excitement to develop in the gold market, but they will eventually be overrun. And when that happens, people had better have their gold and silver in hand already.
"Silver Will End Up In A Historic Mania"
Silver continues to remain remarkably cheap. And I must confess that I am baffled at how it can be held well below the average cost of digging it out of the ground, especially when one realizes that the vast majority of it is immediately consumed in a myriad of industrial uses.
I still believe silver will end up in a historic mania, and I also think that time is getting short to acquire silver for investment purposes because there simply isn’t that much of it available. People should remember that bad news is ultimately good news for gold and silver and there is lots of bad news out there.”
More Western Government Bank Deposit Theft (Bail-Ins) On The Way
Embry added: “All of the Western governments have put into law the fact that they can bail-in bank deposits. Why would they put those laws on the books unless there is some plan to eventually activate it. I thought James Turk’s KWN interview about the Greek crisis was extremely insightful and that this drama could very well prove to be a major problem for the world in the future.” ***ALSO JUST RELEASED: The Ongoing Financial Crisis Is Leading People To Take Drastic Measures In Order To Survive CLICK HERE.
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The audio interviews with David Stockman, James Turk, Rick Rule, Dr. Paul Craig Roberts, Bill Fleckenstein, Dr. Philippa Malmgren, Egon von Greyerz, Eric Sprott, Robert Arnott, Gerald Celente, Michael Pento, Marc Faber, Felix Zulauf, Andrew Maguire, John Mauldin, John Embry and Rick Santelli are available now. Other recent KWN interviews include Jim Grant — to listen CLICK HERE.