Egon von Greyerz continues:  

“Italy is not far away from it (collapse).  Now even countries like Holland, retail sales dropped 11%, but it’s spreading everywhere.  It’s incredible that the Mayans forecast 2012 would be the end of a major era.  It looks, today, like we are standing on the eve of massive changes in the world that will have consequences for a long, long time to come.

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“Today everyone is focusing on the Greek election, but that focus is totally misplaced.  The election makes no difference whatsoever to the outcome of this worldwide economic disaster.  Greece might be a catalyst, but a catalyst can come from anywhere.

What we know is that the euro will collapse, and it doesn’t matter whether it collapses by being printed into oblivion or because many countries desert it such as Greece, Spain etc..  We also know that other major currencies will collapse.  The consequences of these (eventual) collapses will be horrible because we will have a hyperinflationary depression.

Governments know that if they don’t print money, the world will implode very quickly.  Governments are standing ready with a massive package.  It could come this weekend or the next few weeks, but that package is not a solution.  We have to be clear about that.  This is not going to change the outcome. 

Money printing might defer the problems, but the world will, at some point, have a major depression.  The consequences for the world will be disastrous.  We will have massive unemployment.  It’s started in many countries and it’s going to get a lot worse.  We will have (continued) social unrest.” 

Greyerz also added: “The stock market is down 80% against gold over the last ten years, and it’s likely to decline at least another 90% against gold.  That will be disaster for most investors.

Richard Russell, of Dow Theory Letters, said a long time ago, and he experienced the last depression in the 1930s, ‘When this starts, everyone will suffer, it’s just a question of who suffers the least.’  Sadly, that’s going to be the case.”

Greyerz had this to say regarding gold:  “Gold is on the verge of a major breakout here.  I agree with James Turk that this summer we could see a major move starting.  I could see a 12 month rise of major magnitude.  Gold will reflect the destruction of the world economy.” 

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 This material may not be published, broadcast, rewritten, or redistributed.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

The interviews with Egon von Greyerz and Gerald Celente are available now.  Also, be sure to listen to this week’s line-up of other KWN interviews which include John Embry, Bill Fleckenstein, MEP Nigel Farage, Michael Pento, Dr. Stephen Leeb, Don Coxe ($538 billion BMO), Art Cashin ($612 billion UBS) and Rob Arnott (oversees $100 billion) by CLICKING HERE.

Eric King

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© 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.

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