Today John Embry told King World News that as we march closer to Armageddon, something is terribly wrong.
The March To Armageddon
John Embry: “Eric, I would say that the disingenuous remarks coming from official sources are intensifying as we come closer to Armageddon…
John Embry continues: “I think Egon von Greyerz does a wonderful job on KWN describing the true reality of what the world faces economically and financially. On the other hand, the information coming out of institutions like the IMF is worse than pathetic. Their chief economist just stated that the global economy is on track for the broadest synchronized upswing it has experienced in the past decade. Aside from the fact that it doesn’t really mean much, it is probably untrue.
Explaining that the weakness in the important US economy will be offset by strength in China, the EU, and Japan, is ridiculous. China has a growing debt problem that will soon abort their recent building boom. The EU is a basket case, and Japan with its aging, xenophobic and over-indebted society isn’t going anywhere.
Something Is Terribly Wrong
I think there is something terribly wrong behind the curtain right now that is leading to intensifying false rhetoric and even more blatant market manipulation. The sad fact is that the global economy now faces one of two outcomes — a runaway hyperinflation as the central banks continue to create whatever amount of credit is required to keep things afloat, or a devastating debt deflation that will make the Dirty 30s look like a walk in the park.
What is going on today will ultimately be seen as a futile attempt to keep an essentially bankrupt system together a little bit longer. I laughed out loud when I recently saw someone talking about the prospects of deleveraging. The opportunity for that passed decades ago. Any serious attempts to delever at this point would rapidly create the aforementioned debt deflation collapse.
A Fool’s Errand
Trying to predict tops in the stock market right now is a fool’s errand because the central banks are capable of keeping things afloat through relentless money creation and stock purchases. The extent of the intrusion into the stock markets by entities like the Bank of Japan and the Swiss National Bank will in the fullness of time be seen as ludicrous. But in the short-term, central bank activities can keep markets elevated as the momentum-driven managed money comes in behind them.
Meanwhile, In Canada…
I am somewhat fascinated by the strength in the Canadian dollar and the optimism about our economy. Canada is experiencing a historic building boom, and approximately 7 percent of the employed population is now working in that field. The fact that number is roughly twice the percentage in the US should give cause for some concern. Ironically, an increasing amount of the residential real estate is beyond the average Canadian’s capacity to purchase at current prices, and a lot of the purchases of new buildings represents a de factor wandering operation for money flooding out of third world countries. This is yet another manifestation of the monetary policies globally. There still appears to be an oil glut globally, and with the Canadian oil industry struggling mightily, a much stronger Canadian dollar seems inappropriate, and it is perhaps more representative of the weakness in the US dollar, rather than any particular merits of the Canadian dollar.
As For Gold & Silver
Regardless, as part of the whole global charade being orchestrated by Western central planners, gold and silver prices continue to be relentless attacked in an utterly fraudulent paper market. In fact, it appears to be taking a toll on long-time gold and silver believers who are fleeing the sector. In my opinion they will seriously regret their impatience. KWN readers around the world need to focus on the fundamentals, not short-term price action because soon the manipulation will fail and gold and silver prices will begin to soar once again.”
***The remarkable KWN audio interview with Gerald Celente has just been released and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: Legend Connected In China At The Highest Levels Says Price Of Gold Will Skyrocket 75% Within 18 Months CLICK HERE.
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