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Greyerz:  “Eric, every generation believes that the era they live in is the norm.  This is the way it is.  Very few realize that the last 100 years since the creation of the Fed have been exceptional.  Obviously we’ve seen massive growth in technology, science, medicine, etc, which has been excellent for the world....


Continue reading the Egon von Greyerz interview below...




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“But the other side of the coin tells us a totally different story.  Growth and innovation in many areas have come at the expense of the most massive credit creation that the world has ever experienced.  And this exponential printing and credit creation has now created an unhealthy and unsustainable world economy -- an economy that is living on borrowed time.


Most people are oblivious to this, but some of us have been aware for many years.  Because of government intervention and manipulation, things take a lot longer to unwind than many of us would have expected.  Nobody wants to admit that the emperor is naked because it suits the powers that be that the present situation prevails.  But it (the present situation) won’t because a world built on debt and printed money can never survive in its present form.  It’s only a question of when things will change.”


Eric King:  “Egon, what about all of these recent moves by China?”


Greyerz:  “Eric, we’ve discussed many times the problems in the West and in countries like Japan, but there is less understanding of what is happening in China -- partly because we don’t easily get access to their data.  But what is now becoming clear is that China is in a very similar credit bubble to the rest of the world. 


Chinese banking assets have, since the end of 2008, grown by 166% to (a staggering) $24 trillion.  This is an increase of $15 trillion in 5 years.  That is absolutely astonishing, and shows that China has also created an unsustainable credit bubble that is likely to end in tears.


During the 5 years that China grew its banking assets by $15 trillion, the US grew theirs by only $2 trillion.  The Chinese banking system is now 2.5 times GDP.  And in addition, China has this massive shadow banking system and nobody knows the exact size of that.   Also, corporate debt in China is the highest in the world -- it’s 150% of GDP.  So the Chinese situation is very dangerous for the world, and it is a situation that most observers have not focused on.”


Greyerz added:  “Eric, the falling currencies in 2014 will be directly reflected in the price of gold.  The 2-year correction in gold is likely to be over and the bear market in currencies will be reflected in a major bull market in gold.  The problem we’ve seen with the gold price this year is that the gold paper market, which is up to 100 times greater (in size) than the physical market, has driven down the price of physical gold. 


But 2014 could be the first year where we see the paper gold market go towards its intrinsic value, which of course is zero.  And the physical market will become the only real gold market.  That will have a massive effect on the gold price which we will see beginning in 2014.”


IMPORTANT - This is an incredibly powerful interview with Greyerz.  He spoke about the coming collapse the West face, why Western central planners are so desperate, the bubble in China, and what to expect from gold.  The KWN audio interview with Egon von Greyerz 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 Egon von Greyerz, Dr. Paul Craig Roberts, William Kaye, Michael Pento, Andrew Maguire, Gerald Celente, David Stockman, Art Cashin, John Hathaway, James Turk, Eric Sprott and Jim Grant are available now. Other recent KWN interviews include Marc Faber and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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