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Martin Armstrong continues:
“Since World War II these countries have been borrowing and politicians have been promising things to their people. If you would have asked them, ‘How are you going to pay for this?’ They would have responded, ‘It doesn’t matter because somebody will 25 years down the road.’ Well, now we’re at that point.
Everything is falling apart and the politicians will not address it because it means having to change the system and that’s what they do not want to do. The real big money that I speak to, they are really starting to look beyond Italy, Greece, Spain and Portugal. They are starting to look at France and Germany.
The S&P folly that they had there with the French debt, it basically shows how quickly it started going against them. And Germany is turning into a basket case. These politicians will not address these issues and therefore things are crumbling....
Continue reading the Martin Armstrong interview below...
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“There is no plan B. I can tell you, I was speaking to people in Congress who asked the Fed directly, ‘Do you have plan B if Europe falls apart?’ And the answer was, ‘We don’t think that’s going to happen, so, no, we don’t have plan B.’
On the US side, the talk is, ‘Let’s tax the rich and cut some social programs. You can cut all of the social programs completely and you can take all of the money you want from the rich, but you still have to pay and service the debt. And right now almost 70% of the entire national debt is interest.
The way it’s going, eventually 100% of everything the government spends will go to interest and then how is it going to function? This is a classic, historical moment. I don’t want to get people scared because I don’t think we will get to that point, but this is like the fall of Rome. That’s how serious things are.
They have borrowed year after year with no intention of paying it back. The US had $1 trillion of debt when Ronald Reagan took office in 1980. We are now pressing $15 trillion of debt.”
When asked about gold, Armstrong responded, “Basically what you are doing is you are building a sideways type of base. Eventually gold is going to take off to the upside, but largely when people begin to see the Emperor has no clothes and we’re getting close to that. I would only give it a few more months.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
Eric King
Martin Armstrong - Gold Upside Take Off Only Months Away
With gold and silver still consolidating recent gains, King World News interviewed internationally followed Martin Armstrong, Founder and Former Head of Princeton Economics International, Ltd.. Armstrong’s firm rose to be perhaps the largest multinational corporate advisor in the world. When asked about the continuing crisis, Armstrong replied, “The politicians are not really willing to address the issues. The real issue is the debt crisis and the politicians are hoping that everybody’s going to forget and they can get back to business as usual. What this is really about is it’s the entire Western civilization that’s starting to crumble.”
© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,
rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.
November 14, 2011
