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“It includes both the cash deficit, which I think was around $1.2 trillion plus the increase in the present value of known obligations.  Together those two added up to a deficit of $6.6 trillion for the year.  Shadowstats suggested this year, 2013, the numbers could be pushing close to $10 trillion.


Professor Kotlikoff suggested the known, future liabilities are $220 trillion.  When you reference those numbers against a GDP of $16 trillion, it’s obvious that the obligations can’t be met....


Continue reading the Eric Sprott interview below...




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“We’ve seen with various countries when they’ve had to impose austerity, had to cut pension payments, cut civil service salaries, and I’m using Greece and Spain as my two examples, you immediately had unemployment go to 25%.  You had retail sales fall by double-digits.  I think that has to happen.


We have all of these obligations that have never been funded, and the time is coming when the money is going to start going out the door.  I’m just not a believer in the sustainability of the economy when I look at those numbers.”


Eric King:  “When you throw numbers like that around, Eric, what about the sustainability of the financial system?”


Sprott:  “There is an impact.  If people someday have to face the fact that they are not going to receive a pension, or some benefit they are receiving the amount is going to be cut, you cause a serious economic slowdown.  This then impacts everything financial because the ability to pay the debts off is diminished because everyone’s income is down.


I’ve always worried about the leverage in the financial system.  It will come to pass.  There is no doubt that the path we’re on is not sustainable both for the economy, and for the financial system.”


Eric King:  “Eric, we have to bring up silver as well for the silver bulls.  Your thoughts on that market?”


Sprott:  “I’m quite impressed by the (US) Mint sales in January, even though they only sold it for about half the month.  It’s obvious from all of the discussions here from various coin dealers that demand is very brisk.


The beauty of silver of course is there is not much inventory in the world.  The buying at the Mint, as a proxy, suggests that people are putting as many dollars into silver as they are putting into gold.  So they are buying 50 times more silver than gold.


The piece we did a couple of months ago suggested that for investment purposes you can only buy about 3 times more physical silver than gold.  Well, if you are buying it at 50 to 1, and I see it in our Trust issues that we have, we’re buying 50 times more silver which is an absolute impossibility (to sustain), I think silver will by far outperform gold.  And needless to say I’m incredibly bullish on gold, so I’m sure we’ll be seeing $100 and $200 prices for silver.”


Eric Sprott’s audio interview is available now and you can listen to it by CLICKING HERE.


***Important Notice - King World News Responds To Attack On Its Internet Site


Powerful entities do not want our global audience to have access to the material that King World News provides.  Each time KWN releases an interview from certain key sources, our internet site is attacked.  This is the war that King World News has been fighting behind the scenes on the Internet.  


At this time I have decided to break my silence on this subject because of concerns that the latest events could be part of a much broader effort to suppress content on the Internet.  The Internet must remain a place for free speech and free inquiry, let's hope it stays that way.


KWN is protected by the top company in the world in this area and they now have us online with no malware and no problems.  If you have been to the KWN Internet site in the past 48 hours, please erase the cookies and cache in your Internet browser and start fresh.


We have two incredible interviews with Eric Sprott and Art Cashin on King World News this weekend.  


From all of us at King World News we would like to thank all of the readers and listeners for their patience, and the many sites around the world that reached out to assist KWN.  With your help we fight on.


© 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 interviews with Eric Sprott, Art Cashin, Michael Pento, MEP Nigel Farage, and Michael Belkin are available now.  Also, be sure to listen to the other recent KWN interviews which included James Dines, William Kaye, John Embry, Jean-Marie Eveillard, Rick Rule, Pierre Lassonde, Gerald Celente, and John Hathaway by CLICKING HERE.


Eric King

KingWorldNews.com

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