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Egon von Greyerz continues:
“So they (the IMF) raised 400 billion from various nations, but where is the money coming from? The majority is coming from Europe and the EU. (They are) all bankrupt. They have no funds. They have to print money. Japan, which has the biggest debt to GDP ratio of most industrialized nations, they are a major contributor of about 60 billion. So it’s ridiculous. Here is the bankrupt helping the bankrupt.
The massive problems that the world is experiencing started with the US subprime market collapsing. That has not been resolved yet. Nowhere have we seen a change in the direction of the US economy, which is down....
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“Mortgage delinquencies are at a 23 year high. 20% of US mortgages are in the red, about eight million mortgages, and home foreclosures are at a record high. The banks still have take enormous write-offs.
Then you have a lot of people who think the US is in a lot better position (than Europe). The US people are suffering. 47 million people are on food stamps and only 41% of working age Americans have a job. How can things be improving when fewer and fewer people are working and the average wage is coming down.
Here you have the Fed coming out and saying, ‘Things are improving and we are not going to print any money because everything is fine.’ How can they say that when the country is in an absolute mess?
The focus has been on Europe in the last year or so, but I don’t think we are far from shifting the focus to the US. When the world realizes the problems are massive in the US, as the figures are starting to show, then we are going to see unlimited money printing.”
Von Greyerz had this to say about gold: “Gold has been under pressure for the last week or so and we’ve gone sideways for almost eight months. But we have to remember we are going sideways at a very high level. Depending on your currency, gold is only down 10% to 13% from the peak.
So, I think gold is behaving extremely well. If you look at the physical gold market, all of the sovereign banks are increasing their holdings. None of our investors are selling physical gold. They know what’s coming. All of the pressure is in the paper market and that market is going to disappear in the next few years because people are not going to trust the paper market.
Technically it looks as though gold has made a bottom. I said we had made and bottom in January and now gold made a higher low yesterday. We have seen the end of this correction and I think a major move is coming. It (gold) is like a coiled spring. There is massive energy in the gold and silver market now, and that energy is going to release very soon now in my view.”
The Eric Sprott audio interview will be released this weekend, but the Egon von Greyerz audio interview is available now. And be sure to listen to this week’s incredible line-up of other KWN interviews, which include Rich Yamarone, John Embry, Jim Sinclair and John Hathaway. You can listen to these interviews by CLICKING HERE.
© 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 - Bankrupt Nations Desperate to Save Financial System
Today Egon von Greyerz told King World News that bankrupt nations are now printing money in a desperate effort to sustain the current global financial system. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also reiterated that tens of trillions of dollars still need to be printed. Here is what Greyerz had to say about the situation: “There is so much happening in the world now. We’ve had another package here, just under 400 billion euros (for the IMF). This is an absolute drop in the ocean. Spain needs many times that (amount). I’ve talked about trillions and maybe even tens of trillions (that need to be printed going forward).”
© 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.
April 26, 2012
