James Turk continues:

“There are other serious problems here as well.  For example, there are several countries in Europe, of which Germany is the largest, that want to pursue a monetary policy in which the euro maintains its purchasing power.  They want to make sure the currency is not debased by inflation or other bad monetary steps, such as the ECB purchasing debt/bonds of countries, to enable those countries to fund their operating expenses.

In other words, this group of countries wants the euro to be managed like the deutsche mark was managed, which, after all, is what the rules of the eurozone provide.  But these rules are being broken left and right, with the result being that the euro is just like all of the other fiat currencies around the world -- completely at the mercy of politicians, and that is a frightening situation....

Continue reading the James Turk interview below...


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“Monetary history shows that currencies under political control are always destroyed -- always.  And the dire result is economic chaos, which is then followed by political chaos and the opportunity for a demagogue to rise to power by promising order.  Given its history, is it any wonder that thinking Europeans do not want to go down that path?

But it is clear that the central planners are now in charge in Europe, Eric. It is a dangerous road for Europe to take.  I keep going back to one of my favorite Margaret Thatcher quotes:  ‘The problem with socialism is that you eventually run out of other people's money.’  Europe ran out of money long ago.  Sadly, this reality is still being ignored in Europe, and for that matter, in every socialist country, which today is just about everywhere in the world.”

Turk also added: “The precious metal markets feel just like the summer of 2010.  In fact, this weekend I spent some time going through the KWN archives and listening to my interviews from that time period (2010).  It was eery, because just about everything I was saying back then also applies to our present situation, particularly sentiment being at rock bottom.

We had big rallies in both gold and silver starting in the summer of 2010.  These are the rallies that took gold over $1900 and silver to $50.  Last week's big move should mean that massive rallies are starting again, and because the banking and economic situation is so much worse today, on this new rally, gold and silver are going to break their old highs.

The world is on a knife’s edge, Eric.  The geopolitical situation is worrying.  Economic activity around the world is rapidly deteriorating, and this is having the effect of putting more and more people out of work.  It is noteworthy that the eurozone jobless rate, in May, hit a record-high of 11.1%.  If we then factor bank runs into this toxic brew, the opportunity for the fear event I have been worrying about seems all the more likely.

As that fear event begins to manifest itself, physical gold and silver will be your best safe-haven.  It is extremely important that KWN readers, around the world, position themselves into the metals ahead of the coming chaos.”

VERY IMPORTANT:  Because of the nationwide network problems, 50% of the Eric Sprott mp3 file was not available.  This was without question one of Eric Sprott’s greatest interviews ever.  The complete mp3 file is now available on his interview page.  I would encourage everyone around the world to access his incredible interview 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 billionaire Eric Sprott, legendary Art Cashin ($612 billion UBS), Jean-Marie Eveillard (oversees $50 billion) and Don Coxe ($538 billion BMO) are available now.  Also, be sure to listen to this week’s line-up of other KWN interviews which include Ben Davies, Nigel Farage, James Turk and John Mauldin 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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