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John Embry continues:


“As an example, a Congressman Gowdy was questioning Timothy Geithner, in a Congressional hearing.  It was interesting the way he asked one of his questions.  He asked Geithner, ‘Let’s say we only have one more debt ceiling increase that would have to cover all of the future obligations, what number would that be?’


Geithner backpedaled immediately, he wasn’t going to get involved in this.  Then, Congressman Gowdy starting lobbing out numbers, ‘Would it be $20 trillion or $50 trillion?’  Geithner said, ‘I can’t give you that number.’  But then, he finally conceded and said, ‘It would be a lot.  It would make you uncomfortable.’


Now that is an astounding statement for the Secretary of the Treasury of the United States....


Continue reading the John Embry interview below...




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“I think it tells you all you need to know about where this is headed.  Anybody who looked at that would realize this thing is out of control and there is going to have to be an extraordinary amount of money printing because of this mess.


I think the backbreaker would be a recognition that all of this economic recovery being touted in the US is all just smoke and mirrors, that it really isn’t happening.  It’s just a bunch of people playing with numbers and in fact the economy is getting ready to go the other way.


Ben Bernake alluded to that today when he said he wondered whether the labor market recovery was sustainable.  He knows full well the problems that are out there and the fact that there is no easy solution to this.  This is what people need to be cognizant of, don’t believe what you hear.


There is also a lot of negative commentary coming out of the same entities in the mainstream media who have constantly been wrong regarding the price of gold.  They are now saying the gold price is broken and it’s going to go down to $1,400 to $1,500 or even worse.


This just sets the perfect psychological backdrop for what’s coming, which is probably going to be a very sharp move higher.  This will be in response to the inevitable quantitative easing.  QE is coming, despite what anybody says.


What people need to look at is the reality of the world economic and financial scene.  The world economy is going nowhere.  It is debt-logged and there is no way to get any significant, sustainable recovery.


The staggering debt load will force more and more money printing to keep things from collapsing.  The implications of this, longer-term, are extremely inflationary.  Obviously people need to protect themselves in this environment and the best way to do that is by owning physical gold and silver and gold and silver shares, all of which are now very cheap.”


When asked about silver specifically, Embry responded, “The breakout is still $35 to $37.  We were there not too long ago and JP Morgan and its accomplices basically kicked the hell out of it again. 


Right now silver is consolidating, but when silver takes out $37 on the upside, there will be a huge move.  It’s going to happen, it’s just a matter of time.”


Embry also added:  “There is enormous interference in the mining shares, by the same suspects that have been messing around in the bullion markets.  One of the reasons for this is they want to keep the public away from this sector.


It’s working because people don’t want to be involved in stocks that are getting smashed for no apparent reason.  There will be a spectacular rally in the shares going forward, but in the short-run the pain has been extensive.”


© 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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