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Nigel Farage continues:
“There is real fear, people are very fearful indeed. And I think the further South in Europe you go, the worse that fear is. The best hope we’ve still got, is that the markets just smash this thing to smithereens. At least it would bring the whole thing to a head.
We (will) get to a point where those countries simply can’t borrow, and then we are into bailout territory again....
Continue reading the Nigel Farage interview below...
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“I’ve done my best to expose how, in fact, the European Stability Mechanism doesn’t really exist. It’s a mirage. It isn’t legally constituted, it has not been approved everywhere, and it doesn’t actually have any money at all.
It’s just a whole series of promissory notes from countries that, themselves, haven’t got any money. This is dangerous territory. So, yes, widening bond spreads, spreads going out and consistently above the 7% to 7.5% rate, and that will bring things to a head.
If Spain needs a full bailout, and if it even looks like Italy needs a bailout, well, then frankly the game is up.”
Farage also warned: “All I can say with absolute confidence is that this crisis will roll on. There is not really any solution there. I believe the North/South problem to be virtually insoluble.
There is the possibility of the markets breaking one or two countries away. But overall, this agony will go on for a long time because the people that run Europe fail to recognize that their project is wrong. They do not care how much misery they put on tens of millions of people.
Until we ultimately get to the real problem at the heart of Europe, which is this divergence between France and Germany, we could go through five or ten years of misery with this. Thank goodness the United Kingdom is not part of this zone, and what we now need to do is to free ourselves, frankly, from the rest of it.”
Farage had this to say regarding gold: “You still have to weigh up the balance of probabilities and risks, and there is still a risk that something horrendous will happen in our banking system. On the basis of that, stick with longs of gold, absolutely.”
The text above was just a small portion of what Farage had to say in this extremely timely and important interview. He tells KWN listeners globally what to expect next in this ongoing crisis and how it should impact markets. The KWN interview with MEP Nigel Farage is available now and you can listen to it 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.
The interviews with Peter Schiff, John Embry, Egon von Greyerz and Bill Fleckenstein are available now. Also, be sure to listen to this week’s line-up of other KWN interviews which include Jean-Marie Eveillard (oversees $50 billion), Michael Pento and Gerald Celente by CLICKING HERE.
Eric King
Nigel Farage - If This Happens In Europe Frankly It’s Meltdown
On the heels of German lawmakers backing the European bailout of Spanish banks, today MEP (Member European Parliament) Nigel Farage told King World News, “All I can say with absolute confidence is that this crisis will roll on.” Farage also said, “If Spain needs a full bailout, and if it even looks like Italy needs a bailout, well, then frankly the game is up.”
Farage also discussed gold, but first, here is what he had to say about the fear in Europe: “The reality is there are now tens of millions of people in Europe who feel absolutely desperate and without hope. And I still feel if they stay trapped inside this eurozone, in the end this could have disastrous social consequences.”
© 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.
July 19, 2012
