Egon von Greyerz continues:  

“The real unemployment is 23%.  The Nonfarm Payroll going up by 163,000, if you look at the seasonal adjustments and the birth/death model, those two adjustments were 429,000.  So they added 429,000 out of nowhere, on paper. 

If you take those 429,000 off of the 163,000, instead of an increase, you get a 266,000 decline in payroll.  So the figures are nonsense....

Continue reading the Egon von Greyerz interview below...


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“The unemployment situation in the US is much worse than announced, and it’s the same all over the world.  We’re talking about 25% (unemployment) in many countries and 50% youth unemployment.

If we move on to manufacturing, it was just announced in most countries in the world that manufacturing is declining rapidly.  The UK and the eurozone had the fastest decline for three years.  The US is also declining and China is showing slower growth, but that probably means it’s worse than they are saying.

I also just saw that  23,000 shops are empty in the UK.  That’s a 15% vacancy rate.  Vacancy rates in shopping malls in the US are around 11%.  So we are seeing empty shops around the world, and we will see more of this in the future.

Eric, the most important thing I have to say today is that the financial system is a dangerous place for investors to keep their money.  That’s whether it’s cash in the banks, bonds, stocks (where you have a custodial risk), or whether you hold gold in a bank.

Time after time we are reminded that the system fragile and is bankrupt.  We’ve had Lehman, AIG, MF Global, PFG, the latest is Knight Capital which lost $440 million overnight.  This just shows that it’s not safe for investors to keep their money in the system.  These are just examples, there are many more to come.

The risk is enormous with the financial system.  We are being warned that we should not keep the main part of our money there (in the financial system) because the risk that you will be totally wiped out is massive.”

Greyerz also added: “Alf Fields now reconfirmed his target of $4,500.  That means a target for silver of about $158.  These figures sound unreal today, but they will happen.  They will happen as a result of unlimited money printing and problems in the world financial system.

Eric, with the combination of the risk of the financial system collapsing, and with massive money printing, investors must have enough physical gold, obviously stored outside of the banking system, to ensure themselves against a potential wipeout.  That is the most important message I have to stress today.”

© 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.

This is a tremendous interview with Egon von Greyerz.  He discusses gold as well as systemic collapse and what investors should be doing with their money.  The KWN interview with Egon von Greyerz is available now and you can listen to it by CLICKING HERE.

The interviews with James Turk, Michael Pento, Stephen Leeb, John Hathaway and legendary Art Cashin ($612 billion UBS) are available now.  Also, be sure to listen to last week’s line-up of other KWN interviews which include Gerald Celente, Don Coxe ($538 billion BMO) and Eric Sprott 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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