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Eric Sprott continues:


“What does it mean when some of these other governments are going to try to raise money that the number one credit (in Europe) can’t raise money.  So I think it’s a very important signpost for us all, as we look at the reeling that’s going on amongst sovereigns in Europe, as we realize that the pressures in the banking system in Europe are just (so) intense.  We can see that by the deposits/withdrawals and the borrowings from the ECB and so on. 


Our expectation has been that when you are over-levered you’re in a very vulnerable position.  The fundamental weaknesses in the banking system, I have the toughest time imagining that banks in Europe could have any capital left over after you are seeing what’s happened to the stock markets and the bond markets.


It’s just another nail in the coffin and I’m sure the domino effect will be spreading as we move along here....


Continue reading the Eric Sprott interview below...




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When asked how this portion of the financial crisis will compare to that of 2008 and 2009, Sprott replied, “I think it’s going to be a lot worse because it took a certain amount of money to bail out Lehman and all of the counterparties to Lehman.  But when you have governments and sovereigns and major banks that have these issues, I just can’t imagine there is enough money to bail it out. 


Of course day by day people are losing confidence in these various currencies.  So I don’t think it can be solved.  I don’t think there is enough money to bail it out and of course if they try we are going to end up with some kind of hyperinflation or (massive) depreciation of currencies.  It’s not going to work, I just don’t think there is a solution to the problem.”


The KWN audio interview with Eric Sprott is available now and you can listen to it by CLICKING HERE. 


© 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 This material may not be published, broadcast, rewritten, or redistributed.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

KingWorldNews.com

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