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John Embry continues:


“What really terrifies the central planners is if gold and silver were to truly reflect what is really going on in the financial system, interest rates would rise significantly.  When this happens the debt load will be utterly unsustainable.  That’s their greatest fear.


I’m watching with great interest to see how long they are going to be successful at holding back the tide....


Continue reading the John Embry interview below...




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“There was a column yesterday in the New York Times by Paul Krugman.  It was astounding some of the assertions he made in that piece.  His title of the article was, ‘The Dwindling Deficit.’  He goes on to say the deficit is far from the biggest problem in the United States.  He wrote, ‘The budget deficit isn’t our biggest problem by a long-shot.  Furthermore, it’s a problem that’s already to a large degree solved.’ 


Now that is probably the dumbest statement I have ever read.  And Krugman never once mentions interest rates.  He just assumes growth is going to take care of everything.  Everyone that has any Austrian economic background realizes the big problem here is there is infinitely too much debt, and creating more debt isn’t going to lead to any significant growth.  So there is no way out of this problem.


When you’ve got a Nobel Prize winning, New York Op-Ed professor making assertions like that, the public hasn’t got a chance.  I mean this guy has a reputation and somebody would read that and think everything is all right, but it’s preposterous.  It’s just more propaganda and misinformation.”


Eric King:  “King World News has been reporting on silver shortages, John, and I’m wondering if you could comment on that situation?”


Embry:  “I think what your guests have been saying is all true.  One of the things that I emphasized in my speech in Canada yesterday, Eric, was how attractive silver is.  I laid out a backdrop in my speech which supported a huge move in precious metals, particularly silver.


I said, ‘The move in gold, as much as I love gold, will be dwarfed by the move in silver.  One of the great things underwriting silver is the growing shortage as KWN has been reporting.  What people don’t seem to realize is the amount of physical silver which has been consumed in the world in the last 40 years.  There were massive above ground inventories, particularly in China and the United States.  It was a strategic stockpile in the States.  In China it was all left over because they used to use silver to back their currency.


So the world chewed through billions of ounces of silver.  Now the inventories are way under one billion ounces in the world, and almost all of that is in strong hands.  The world produces less than one billion ounces of silver each year from mining and recycling, that’s less than $33 billion worth of silver.  It’s a rounding error.  It’s 10 days worth of US budget deficits.


When you realize the world has chewed through all of the silver inventories, it’s obvious demand is a lot bigger than the supply.  The demand for silver, based on monetary considerations, is continuing to accelerate, so silver is going to be a huge home run. 


I think the realization that there is a shortage in silver will be what breaks the entire precious metals complex sharply to the upside.  The physical market will takeover from the ridiculous paper markets.”


Embry also added:  “The reality here is we are in a situation of unprecedented global money printing.  I would like to add to that fabulous piece from Michael Pento yesterday.  I think what is going on in Japan is critical.  For the longest time the Japanese have sort of combated deflation, but they never went into wild money creation.


This will put Japan’s bond market under tremendous stress at some point.  There isn’t any place in the world where they are making any attempt to maintain the sanctity of their paper money.  This is the best argument for higher precious metals prices because gold and silver are real money and the rest of this stuff is rapidly turning into confetti.”


© 2013 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 Stephen Leeb, Pierre Lassonde, Gerald Celente, James Turk, Bill Fleckenstein, John Hathaway, and Egon von Greyerz are available now.  Also, be sure to listen to the other recent KWN interviews which include Ben Davies, Nigel Farage, Eric Sprott, Art Cashin, and John Mauldin, by CLICKING HERE.


Eric King

KingWorldNews.com

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