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Eric King:  “Bill, we’ve seen runs on banks, we’ve (also) seen that during the Great Depression, and banks just failed.  You are basically talking about a run on gold here that is going to cause this entire paper Ponzi scheme that’s out there in the gold market to completely unravel and for gold to skyrocket.”


Kaye: “Yes.  That’s exactly what we see happening.  The key question is what will be the catalyst?  As we return, and ultimately we will return, to what would be a much more normal level of interest rates around the world, the stock of debt that currently exists in the world cannot and will not be serviced.  That is what people (and investors) need to focus on....


Continue reading the William Kaye interview below...




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“Right now there has been so much intervention and manipulation by central banks to create an atmosphere of financial repression, artificially low and suppressed interest rates, that the stock of debt, so far, has been serviceable.  It’s been serviceable because interest rates are so unbelievably low. 


This is not a natural condition.  This is what investors need to understand.  This is not a natural state of the world.  And as we return, which we ultimately will, to a more normal state of the world, once again we will be staring at a very high likelihood of a global financial meltdown.


The only way that could be avoided would be an actual acceleration of the money printing that’s already taking place, and I don’t have to tell you what that would do to the price of gold.”


Eric King:  “The governments are running a Ponzi scheme.  We have the insolvent financing the insolvent in Europe.  This goes to your point that there is going to be another meltdown in front of us.  What could set this (financial system) into meltdown mode?”


Kaye:  “All we need is for the Fed to live up to its promise that it has an exit strategy.  I’m here to say that they don’t have an exit strategy.  There isn’t an exit.  A return to a normalization of interest rates, a withdrawal by the Fed and other central banks in their efforts to monetize debt and artificially suppress interest rates, as soon as that ceases, the system itself will freeze up just as it did a few years ago.


The reason it will freeze up is the system can’t handle anything close to what would be considered historically normal interest rates.  The stock of debt globally at that stage cannot be serviced.  So the system, inevitably, will break down.  The problem this time is likely to be much worse than it’s ever been in the past because the debt bubble has never been this big at any point in the past.”


This is the part II of a three part series of written interviews that will be released today with the outspoken hedge fund manager from Hong Kong.  Kaye, who roughly 25 years ago worked for Goldman Sachs in mergers and acquisitions, discusses the coming global systemic meltdown, and how it will impact investors and key markets around the world, including gold and silver.  The incredible audio interview with William Kaye is available now and you can listen to it by CLICKING HERE. 


© 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 William Kaye, John Embry, Rick Rule, Jean-Marie Eveillard, Stephen Leeb, Pierre Lassonde and Gerald Celente are available now.  Also, be sure to listen to other KWN interviews which include James Turk, Bill Fleckenstein, John Hathaway, Ben Davies, Nigel Farage, Eric Sprott and Art Cashin by CLICKING HERE.


Eric King

KingWorldNews.com

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