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KWN Special - James Turk: “We are Looking at Another Lehman”
With near panic recently in the gold, silver and global markets, today King World News interviewed James Turk out of London. When asked about the tremendous volatility and where we are headed from here, Turk stated, “Think about what’s happening over here in Europe, Eric, you’ve got huge bank runs going on throughout the continent. There’s a dollar shortage, the forward rates on the euro and the dollar are out of whack, the swap rates are way out of whack, the gold forward rates are way out of whack.”
© 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 This material may not be published, broadcast,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.
September 25, 2011
James Turk continues:
“I like to sometimes explain it (the chaos in the markets) by looking at a spinning top. Before the top finally stops spinning, you see some tremendous wobbles. We’re getting one of those wobbles now in the financial system and I think the top is going to fall over and a (major) bank is going to fail as a consequence.
In that kind of environment you don’t want to take any counterparty risk. You want to own physical metal, you want to own a tangible asset....
Continue reading the James Turk interview below...
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When asked if there is a risk of a bank holiday on either side of the Atlantic, Turk responded, “Yes, I think that’s a real possibility...Nigel Farage had it nailed the other day when he did the interview with you, it’s just paralysis. The system is broken and there is no direction coming from government as to how to fix the system.
So you are getting these markets completely spinning out of control, waiting for some kind of resolution. The fact that they (central planners) are trying to keep this broken system going is what’s creating all of this volatility in the market place. It feels a lot like 2008, in the days before the Lehman (collapse) and I think we are probably going to see another Lehman here, Eric.”
In this powerful and timely KWN Special with James Turk, he gives King World News listeners globally his take on the crisis that is happening and where we are headed from here. The KWN audio interview with James Turk 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 This material may not be published, broadcast, rewritten, or redistributed.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
