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Embry:  “I’m fascinated with some of the interviews KWN does because they are with people who have been around for a long, long time.  What these people say rings so true with me.  But my impression is that the vast majority of they younger players in the investment world will not confront the true reality of the playing field we are on here.  I think there is going to be a huge price to pay for that....


Continue reading the John Embry interview below...




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“The more I look at what the mainstream media is spewing out, the more I’m shocked at what’s being fed to the public.  It’s completely bogus information.


Today we had Goldman Sachs coming out and saying it was a slam dunk to sell gold because their economist believes that the economy in the United States will recover once the government resolves the stalemate over the country’s budget and debt ceiling.  Number one, I think their premise is dead wrong.  Number two, even though there is no recovery, even if there was, I still believe gold would go higher in that environment. 


The fact is that gold is dramatically oversold.  Most companies that mine gold aren’t making any money, or they are losing money at current prices.  Also, the physical demand, as you have reported, is incredibly robust.  So it’s almost surreal when I sit here and read or listen to this garbage coming out of the mainstream media.  I wouldn’t trust Goldman Sachs further than I could spit.  These guys are notorious for saying one thing and doing another.


But right now everybody is focused on the dangers of debt default in the United States, and the government stalemate.  That leads me to believe that all of this is just a smokescreen because there is something else lurking out there that is really catastrophic.  There is all of this back and forth about this topic, but in the meantime markets are being supported so nobody gets too worried about it.


Then, at the last minute they will announce some wonderful compromise.  This will offer them another opportunity to kick the can down the road a little bit.  But nothing is being solved.  Robert Fitzwilson mentioned the true debt of the United States in his last piece.  Well, what he said is closer to the truth than the phony numbers the government throws out to the people through the mainstream media.


That number, $220 trillion that the US owes, including liabilities, is absolutely impossible to pay back.  The United States is insolvent just like Ron Rosen said in his KWN interview, and the US is just going to continue to do this insolvency dance until it collapses. 


But what Rosen is saying would certainly happen under a hard-debt deflationary collapse.  It might be delayed if we can get the velocity of money going here, and we head more toward an inflationary outcome in the short-run.  But this will certainly be followed by a deflationary debt collapse.


I think that is what Rosen is referring to is the ultimate end to all of this -- that you are going to have to remove the debt from the system and start over again.  Under that scenario there are a lot of grotesquely inflated assets because of all of the debt underlying them.  I suspect that is what Rosen’s whole approach is directed at, and I think it has a lot of validity.


What will trigger the collapse that Rosen is referring to is when the foreigners reject the US dollar as the world’s reserve currency.  That is why everything that is going on today, market manipulation, gold suppression, etc -- it’s all directed at delaying that ultimate outcome.  But that will be the outcome no matter how hard Western central planners fight it.  So people have to focus on the final outcome of all of this and be invested correctly.  They will need to own unlevered hard assets, the best of which are the monetary metals, gold and silver.”


© 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 Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, Gerald Celente, William Kaye, Dr. Paul Craig Roberts, Chris Powell, Michael Pento, Eric Sprott, Andrew Maguire and Grant Williams 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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