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John Embry continues:


“They have a vested interest in making sure people are buying stocks and bonds.  In the fullness of time this will be overcome, but in the meantime we have to put up with this.  To me, gold is the antithesis of the financial system as we know it.  It’s real money.


The problem with the financial system is that it’s built on an unsustainable mountain of debt.  The idea that we are going to be able to cure the current problem by creating more debt isn’t going to work.  We can’t support the existing debt....


Continue reading the John Embry interview below...  




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“As this sinks in with a lot of people, and it will as time goes on, gold is going to be seen as a major alternative, if not the major alternative.  It won’t take much of that money that’s currently tied up in paper, moving into the gold space, to have an outsized impact on the price.


The Chinese, over the weekend, stated their intention they wanted to make the yuan a much more internationally traded currency.  Up to now it’s been so restricted that you couldn’t really deal in it.  If this is their intent, and I believe it is, this is a huge step.


This is spectacularly bullish for gold because I think the Chinese will ultimately want to back their money with gold.  The Chinese are huge players in the gold market.  That’s their agenda, to be seen as a major play in the international currency market.


What the US dollar doesn’t need these days is serious competition in terms of being the reserve currency.  If the US dollar starts to move off center stage as time goes on, this will be wildly bullish for gold.  One of the things that would destabilize the whole financial system is if people figured out how vulnerable the US dollar is.”


Embry also added:  “There was an interesting article in Forbes.  It was an interview with the CEO of Shell, Peter Voser.  He was talking about their view on the demand for oil in the next 30 or 40 years, out to 2050.  Shell believes the demand for energy could double by 2050.


Voser is not at all optimistic about alternative energies during that time frame.  So, basically oil is going to have to supply most of the new demand.  He responded to the question have we reached peak oil, which I believe we have, but he says that we’ve certainly hit cheap peak oil.


Consequently, if you are going to have any kind of growth like that, it’s going to be with extremely expensive energy.  I don’t think that’s possible.  I just don’t think the world can absorb dramatic increases in the energy costs and continue to grow or the population continue to grow for that matter.


It means that there is going to be some disruption coming.  I find it amusing that people talk about ten billion people on earth by 2050, and everything running as normal.  We are having trouble functioning now, with seven billion people.  The fact that we’re going to try to feed and provide energy for 50% more people doesn’t seem to be doable.  Time will tell.”  


© 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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