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Egon von Greyerz continues:
“Royal Bank of Scotland is a bankrupt bank that is owned by the British government. This is the bankrupt leading the bankrupt. It’s absolutely ridiculous. If this deal is happening now, it would be a miracle. It could happen, but at some point the deal will collapse anyway.
They are saying they have an agreement, but I don’t think they do. Therefore, if Greece collapses, whether it’s today or whether it’s in a few weeks time, the consequences are massive.
It’s not just the $200 billion, we are talking about consequences for the other countries in southern Europe, Italy, Spain and Portugal....
Continue reading the Egon von Greyerz interview below...
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“So, if the Greek deal collapses, the ECB will have to come up with a package of over $1 trillion euros just to ring fence the rest of Europe.
Then, on top of that you would have all of the CDS’s and that’s another few trillion euros because then it would be a proper default. So, whether they give the impression they have a deal in the next day or so is irrelevant, this deal will collapse over time and it will lead to much bigger problems.
As things head south you have the whole of the European debt situation that will unravel and the ECB will have to save a lot of other countries. Of course, the US would also be involved through a lot of the CDS’s and there will be a few trillion dollars the US will need to come in and support. So, whether the money printing starts this week or whether it starts in a few weeks time, it will start.
Hyperinflation is very likely to happen and the experts you have on the show are some of the few people that understand this scenario. I’m absolutely convinced we will be right. The world is not expecting this. The world is expecting better times. Nothing is getter better. It’s actually getting worse every day, Eric.”
When asked about gold, von Greyerz responded, “I think the correction is over and I believe we are going to have a swift move up now. It was a shock for a day (last week), but if you look at the trend from the beginning of the year it’s up.”
When asked about silver specifically, von Greyerz stated, “Silver looks great right here. Silver has resistance and we almost hit it this morning in Europe at around $34.50. Once we get through that area $34.50 to $35, I think we will have a very swift move up to $40 and beyond.”
© 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
Greyerz: Greek Deal to Collapse Causing Trillions to be Printed
Today Egon von Greyerz told King World News even if a Greek deal is announced, at some point it will collapse. Von Greyerz also said the consequences of the collapse will be massive. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Here is what von Greyerz had to say about what is taking place in Europe and how it will impact gold and silver: “Well, it’s ridiculous. Every few minutes we are seeing a different headline. One second Greece is being saved and the next second the deal is collapsing. Yesterday, for example, three UK banks signed up and that still only leads to 40% acceptance and one of the banks that signed on was Royal Bank of Scotland.”
© 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.
March 8, 2012
