Keith Barron continues:

“Some countries are refusing, and in addition they are having more civil unrest.  The unemployment rate is now a staggering 25% in Greece.  It has reached a mind boggling 52% unemployment for those under the age of 25 in Spain.  These are truly incredible numbers, and as I said, they are fomenting very intense civil unrest.

This is going to lead to the death of democracy if something is not done....

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“The only way to paper over the cracks here is to throw money at it.  So we see the European Central Bank doing that, and this is just going to be the wave of the future.  Europeans are also worried about increasing capital controls, and right now there are large movements of capital going into physical gold.  This is what people are doing to preserve their wealth in Europe, moving into gold.


At some point these policies are going to become tremendously inflationary and you are going to see interest rates begin to rise quite precipitously.  At that point the global collapse will be in full-swing.  The real problem here is that you can’t restore confidence at this point in the cycle.  At the end of the day, the only way to get out of this type of situation is to repudiate the debt.”

Barron also added: “Gold is going to keep going up until the US dollar is finished.  So the reign of the US dollar will come to an end, and we will see a new currency.  But in the meantime, you could see gold go to $3,000, $5,000, $7,000, $10,000, who knows?  It’s not really an appreciation in the price of gold, it’s a drop in the currency.

This is something people don’t really understand.  Gold is going up because the global fiat currencies are becoming worth less and less all the time.  If you look at a chart of the US dollar over the last century, the Fed has virtually destroyed the US dollar already, and this will just accelerate going forward.

So all we need to see here is for major pension funds to begin to move into gold, and you will see some real fireworks because the availability of physical gold is already tight in this market.  Eventually there will be a mass movement into gold during this destructive cycle, and the daily movements in the price of gold will literally shock people, even the most veteran of the goldbugs.

Putting aside the consolidation in gold, we don’t yet know what will push the price of gold through $1,800 and eventually to new all-time highs, but what we do know is that the intensity of this global crisis will only continue to escalate and it’s absolutely critical that investors protect themselves and their families from what is coming.”

© 2012 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.

The interviews with Art Cashin (UBS $612 billion), Jeffrey Saut (R.J. $360 billion), John Embry, Gerald Celente, Rick Santelli, Michael Pento and Don Coxe are available now.  Also, be sure to listen to last week’s line-up of other KWN interviews which included, Pierre Lassonde, Rick Rule, Nigel Farage and Ben Davies by CLICKING HERE.

Eric King

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© 2012 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.

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