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Greyerz:  “The outcome (of all of this) will be more debt, more printed money, and more misery for the masses.  Remember that US debt was $10 trillion in 2008 when the crisis began and now it’s $17 trillion.  And the Fed’s balance sheet was $900 billion in 2008 -- it’s now at $3.6 trillion....


Continue reading the Egon von Greyerz interview below...




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“On top of that, personal credit (in the form of) car loans and student loans is growing exponentially.  Every year now the US debt is going up by at least $1 trillion.  In addition to that the Fed is expanding its balance sheet by another $1 trillion each year.  This means that the US government is currently printing $2 trillion per year. 


But, Eric, this is just the beginning.  As the problems in the US and the world economy start to deteriorate in 2014, I could easily see US borrowings and the Fed’s balance sheet expanding by several trillion dollars.  Eventually it will be much more than that (trillions of debt) as the dollar falls, interest rates rise, and the hyperinflationary economy starts.


But the printing of money will not have any effect (on the economy).  The central banks’ policies have caused debt to expand exponentially.  This has greatly enhanced the wealthy, and given the masses the illusion that they are better off, when all they have is a massive debt that can never be repaid.  If we just look at the richest 1% in the US, they have an average of 20% debt vs assets.  But the masses, 80% of the people, have 90% debt vs assets.  This, of course, doesn’t include government debt that is also the people’s debt.


The implosion of this debt will be extremely unpleasant for the world.  So I am sad to say that it will be a horrible time that the world is going to go through.  It will take a very long time to unwind all of this (debt), but the start (of this unwind) could be very quick.  In my view we will see a very long decline.


Looking at markets, Eric, the stock market will most likely continue to reflect the money printing for another few months.  This is typical at the beginning of a hyperinflationary period.  Just since 2009, the S&P has gone from 900 to 1600.  During that time the Fed’s balance sheet has gone from $2 trillion to $3.6 trillion today, and government debt has gone from $10 trillion to $17 trillion.


And in the gold market we are now seeing major banks saying that gold is going down.  Both Goldman Sachs and Credit Suisse pronounced that gold is a slam dunk ‘sell,’ and (they said) it’s going down to $1,000.  These guys get bullish when gold is high, and bearish when it’s low.  They never predicted the long-term bull market in gold.


Of course this bull market in gold is this bear market in paper money.  In my view we are now on the verge of breaking out in the precious metals and we will see a very strong rise starting soon, and continuing into 2014.  My targets are still for $2,500 for gold and $70 for silver in 2014.  The crisis is here.  There is no solution.  All we will see is governments panicking and throwing money at it without actually solving the problem.”


IMPORTANT - The information above is only a small portion of what Greyerz had to say in his extraordinary audio interview.  The KWN audio interview with Egon von Greyerz discussing financial collapse, a coming flight to gold and silver, the end game and more is available now and you can listen to it by CLICKING HERE.   


UPDATE - Powerful entities do not want people to have access to the news that KWN provides.  As a result we have had a constant interference with the news feed on our home page.  Simply reload the home page until you receive the news feed, or go straight into the KWN blog.  You may need to clear your cache in order to see the latest news story.  KWN readers can simply google “how to clear cache” if they are unfamiliar with how to do this. 


© 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 Egon von Greyerz, Bill Fleckenstein, David Stockman, Robin Griffiths, Jim Grant, Gerald Celente, William Kaye, Dr. Paul Craig Roberts, Chris Powell, Michael Pento, Eric Sprott 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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