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John Embry continues:


“If they could steal money in Cyprus, then they could do it anywhere and that would create another disaster.  I think Jim Sinclair shed some light on this situation when he talked about the motivation for it being the fact that they were going to try to get the money out of bank depositors to take care of bank bailouts.


The move to steal money out of banks would be an effort to stop QE to infinity, but this has quickly turned into a disaster that has frightened people in Cyprus and around the world....


Continue reading the John Embry interview below...




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“But after floating this trial balloon in Cyprus, the politicians and central planners are backtracking like crazy because the reaction was so negative, particularly from the Russians.


Europe is really in a bind now because they don’t want to allow anyone to leave the euro.  They know that when the first country leaves the euro it may start a chain reaction.  I have always been of the belief that the euro was a doomed project, but I think this catastrophic situation in Cyprus may be the event that marks the beginning of the dissolution of the euro as we know it.


So I would agree with Sinclair, this was a huge initiative which was badly concocted and executed, and that is even without the Russian implications which are terrifying.  I wonder what the central planners will do next because this was met with a firestorm of protests, and I’m not so sure they knew what they were doing when they attempted to steal from Cyprus.


I firmly believe the Cyprus government will now reject this for several reasons, including their own personal safety and the safety of their families.”


Eric King:  “What are the implications of Cyprus now rejecting this IMF demand?  Is this turning into Iceland II?”


Embry:  “By the IMF and the ECB doing this in the first place and creating such a firestorm, now they have created a situation where there is no easy out.  I’m dying to see what the next response to this is because the first attempt has turned into a magnificent failure.


I can tell you that if they want to keep Cyprus in the European Union they are going to have to come up with another ploy that is less offensive to all of the players, and by that I particularly mean the Russians, the former KGB agents.


And it’s not just the reaction by the Russians, and subsequently the government of Cyprus, but it’s the reaction of people all over the world.  Across the board the reaction was that this was outrageous what the IMF was trying to do because it would end up in contagion as the after-effects would be felt all across the world in the form of massive and unstoppable bank runs.


The truly frightening implication of all of this is that, basically, anybody who is in hawk to the IMF and the ECB could be subject to these kinds of draconian initiatives.  But I also think that because of the global outrage, the Cyprus government now has the support of the world in rejecting this so it will be easier to do so at this point.”


Eric King:  “Where does that leave us post-rejection of this attempted theft?”


Embry:  “That’s a great question.  The bottom line is this euro currency is going to fall apart for the simple reason that is doesn’t make sense.  It was a bad idea to begin with and these elites in Europe are bound and determined to keep this together, but in the end they will fail.”


Eric King:  “What are the ramifications of this attempted theft?  Because I’m sure people all over the world were watching and thinking, my God, they (governments) can go in and just steal 10% of my money out of the bank.”


Embry: “I think Sinclair’s observations are spot on because the question has been, what is going to get sentiment turned around in the gold market?  Well, this seems to me to be one hell of an opportunity to turn the sentiment around because people will ask themselves, ‘Would I rather have a bank deposit or would I rather have gold in my own possession?’


The clear answer to that question is gold, and this reality has just been made even more clear based on these incredible developments in the last few days.  One thing is absolutely certain, the impact of this Cyprus catastrophe has people all over the world frightened and looking at what to do with their money so that it doesn’t get stolen.”


© 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 Nigel Farage, Eric Sprott, Dr. Paul Craig Roberts, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, John Embry, Gerald Celente, and Andrew Maguire are available now.  Also, be sure to listen to the other recent KWN interviews which included Marc Faber, Felix Zulauf and Art Cashin by CLICKING HERE.


Eric King

KingWorldNews.com

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