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Nigel Farage continues:


“We’re told the bailout fund is now going to be more flexible, that it can bail out banks directly and not have to go through governments.  For a few hours the markets believed them and there’s a rally.  And then, in a very short space of time, it all starts to unravel. 


Perhaps the biggest unraveling was that the Dutch and the Finns, who apparently had been in the meeting, said, ‘Look guys, we didn’t agree to this.  We just didn’t agree to this.’  So when van Rompuy came to the European Parliament, he sort of parroted the word ‘breakthrough,’ though without very much passion or feeling.


I was able to say, ‘Look, this is complete nonsense.  There is no breakthrough.’  As we speak we’re doing this interview live, the Spanish 10-Year bonds are trading back over 7% again....


Continue reading the Nigel Farage interview below...  




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“Nothing has been solved.


But the other point that I was making this week was that this bailout fund, this European Stability Mechanism, which is supposed to have firepower of up to 700 billion euros, it doesn’t actually exist.  It’s imaginary.


And before it’s even setup, we have a legal challenge in Ireland.  We have a legal challenge in Germany, through their Constitutional Court.  We have the Estonian Finance Minister saying that it contradicts their constitution, and therefore will need a change in their Parliament to their law.  I mean this thing is all over the place.


So frankly I think that not just the credibility of the institutions and the mechanisms, but as I said this week to my old friend Herman van Rompuy, these guys, him and Barroso, they have no credibility, internationally, at all.  They have no respect within the euro itself.


I’ve just got this feeling that as we come up to the Parliamentary recess, for the whole of August everything will be closed, and I’ve just got a feeling we’re in for a long hot summer on the market.”


Farage had this to say regarding gold: “I absolutely stick to the view that we’ve had that market shakeout.  Given the risk that we see, not just in the eurozone but more seriously the risk to the banking system, gold is the right place to be.


Anybody with an investment portfolio should have a good gearing in gold, and should even consider adding to it over the course of the summer.”


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 Gerald Celente, MEP Nigel Farage, Dr. Stephen Leeb and Rick Rule are available now.  Also, be sure to listen to this week’s line-up of other KWN interviews which include billionaire Eric Sprott, Art Cashin ($612 billion UBS) Jean-Marie Eveillard (oversees $50 billion) and Don Coxe ($538 billion BMO) by CLICKING HERE.


Eric King

KingWorldNews.com

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