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Keith Barron continues:


“All they did was kick the can down the road.  They have had a lot of time to try to get these contracts worked out.  This is what they should have been doing over the last several weeks, working very hard to unwind a lot of these situations.


This will be a catastrophic situation as it plays out over time....


Continue reading the Keith Barron interview below...  




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“All of these things were meant to be grade AAA bonds and this has turned into a toxic nightmare that is still hanging out there.  It still has the potential to pull down the whole system.


I think the banking industry as a whole is terrified about this and as I mentioned, they should be desperately working to unwind these contracts.  It is no easy task to get the two counterparties to agree and make arrangements for compensation.  I suspect this has been happening quite a bit over the last several weeks.


A lot of the money is being printed to pay for this and paid out by the European Central Bank.  So, as usual central planners are handling this via the printing press.  


The system is a real mess.  The mainstream media is talking about tiny, tiny increments of job improvements and saying this has been a great triumph to turn things around.  Things are not turned around at all.  They are phony (employment) numbers that are highly massaged.  I don’t see a lot of newly created affluence in America.”


When asked about gold and silver, Barron responded, “I am surprised the bears were able to push gold this low, but I really think it’s going to start firming up from here.  I certainly think $2,000 to $2,200 gold is attainable for this year.  Silver has been riding on the coattails of gold recently, so silver investors are also wise to stay put.  


The bottom line is no one has the situation under control and as we’ve seen there are all kinds of black swans that seem to come out of left field which can send both of the precious metals higher.” 


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 This material may not be published, broadcast, rewritten, or redistributed.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


Eric King

KingWorldNews.com

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