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Leeb:  “I am focused on the chaos in Washington.  We need a situation where the politicians form some sort of cohesive unit that would suggest they are interested in growth and the well-being of the American people, but that doesn’t exist.  Frankly, I’m angry.  I’m an American.  I have kids that are growing up here, and as I said, I’m really, really angry about what is transpiring....


Continue reading the Stephen Leeb interview below...




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“I see what is happening as the beginning of the end.  I also continue to see what is taking place as a tremendous gift to China.  We are just giving power to China -- just handing it over to them.  It’s as if we lost a big poker game to China, or we are in the process of losing.


Yes, the US will probably pass an extension on the debt ceiling, but we are like blind men right now and we are just taking another step toward the cliff.  The only reason we are able to continue with business as usual is because there is nothing better than the dollar right now that people or countries can easily turn to as a currency.


There is gold, and gold is much, much better than the dollar.  The more I look at the manipulation that’s going on in the markets, and I’ve never been one to believe in manipulation, but how can you avoid it when you see major financial institutions being accused of manipulating trillion dollar currency markets.


Gold is just a drop in a bucket compared to these massive currency markets.  Well, guess what?  Pretty soon it will be gold that is the major currency and they won’t be able to manipulate it anymore because the people calling the shots in the gold market won’t be America anymore.


We’re giving power right to the Chinese.  Every dollar down in the price of gold is more power to China because it makes it easier for them to buy it.  And if the Chinese were ready right now to seize power, they could probably take control of our financial system today.


Right now, the Chinese are gaining power over the US day by day.  We’re giving them power.  I was being interviewed last night on television with the former Chairman of McDonald’s and he was agreeing with everything I am telling you.


The Chinese could propose a basket of currencies that are convertible into gold, and the Renminbi would be there as a major currency, much more important than the dollar.  What you would then see in this country is major commodities, as well as other items, priced in units of gold.


The reality is that the Chinese are probably not ready yet.  They probably don’t have enough gold on hand.  But we are certainly making it easier for them in the gold market.  The US is intervening in the gold market to try to keep the US Dollar Index above 80.


The only thing that is going up in the country right now is stocks.  The only reason stocks are going up is because we are pouring money into the economy.  But it’s having no effect to speak of on the real economy or real incomes.  Real incomes have been going down now since the beginning of the century.


So the stock market gives the appearance that the US is not on the verge of a catastrophe.  But when the dollar loses its status as a reserve currency that will all change.  I don’t know when the price of gold is going to start soaring, but I know that every time you see the price being driven lower it is a gift to the Chinese.  The US dollar is not going to last as a reserve currency and soon something gold-backed will be the replacement.”


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The audio interviews with Rob Arnott, Andrew Maguire, Art Cashin, Egon von Greyerz, Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, Gerald Celente, William Kaye, Dr. Paul Craig Roberts and Eric Sprott are available now. Also, other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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