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Eric Sprott:  “The United States is already insolvent.  They announced their own GAAP budget deficit, which was $6 trillion last year.  $6 trillion!  They (only) had revenues of $3 (trillion).  And the combined debt and entitlements is now $60 - $70 trillion.


Now, can you expect somebody with $3 trillion of annual revenue to be able to deal with $60 trillion of debt?  It’s impossible.  So, mathematically it’s over....


Continue reading the Eric Sprott interview below...




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“I compare it to what’s happened in Detroit, where 10  years ago we knew they were broke, and finally, one day they said they were ‘broke.’  The outcome of that was they told the pensioner, ‘You can only get 33 cents on the dollar.’  And the same will happen to the US (pensioners).


What happens when someone’s (social security or pension) check falls by 50% or 60%?  The economic chaos that will ensue will be unbelievable.  But it’s going to happen.  It’s so clear cut there is nothing that can be done about it.  The whole world has this huge debt problem.  If you have this view that the countries are insolvent, what does it mean for all of us?  I’m talking about, as human beings, how is everyone going to survive?  It’s a scary prospect.


We don’t have enough jobs and income to support the profligate governments that we have.  We just don’t have enough.  The disposable personal income and wages keep going down.  We have 50 million people on food stamps, and we get 10,000 people a day retiring.  Anybody, mathematically, can tell you we can’t afford it.


What do we cut first?  So far in the US they have cut nothing.  It’s interesting, Eric, by analogy, even in Canada, which has a pension fund, people under 35 have already been told that they can’t retire until they are 67.  We (Canadians) know we don’t have enough, and we have a fund with money in it.  In the US there is no fund.  They pretend that there is some fund there, but there is literally nothing in the fund.  So there are going to be some (horrific) consequences down the line.”


IMPORTANT - Due to recent events, KWN will be releasing incredible interviews all day today.


IMPORTANT - The is the first in a series of powerful interviews with billionaire Eric Sprott.  Sprott discusses the gold and silver action, what is happening behind the scenes in the ongoing war on gold, the remarkable moves he sees coming in gold and silver, as well as the coming financial collapse.  Eric Sprott’s powerful KWN audio interview 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 audio interviews with Eric Sprott, Grant Williams, Rob Arnott, Andrew Maguire, Art Cashin, Egon von Greyerz, Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, William Kaye and Dr. Paul Craig Roberts are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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