Stephen Leeb continues:

“I can’t tell you how horrifying this has been to people that are watching this situation unfold.  Whatever percentage they were looking to steal, what’s to say that next time it wouldn’t be 30%, 50%, or even 90%?  All of the sudden you have this attempted outright theft from by governments.  This was an utterly authoritarian move by the players involved, and it has shocked the world....

Continue reading the Stephen Leeb interview below...


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“The Chinese don’t even do things like this.  You don’t steal people’s money.  This has rocked people’s confidence in the financial system around the world.  And when you look at the US response to this situation, we basically said that Europe has to do whatever it has to do.

There was no outright condemnation from the US regarding this attempted theft.  That to me is also frightening.  What’s to stop the Federal Reserve from doing such things?  Jim Sinclair said this came from the IMF as well so I guess it’s no surprise that the US has had such a docile reaction to this.

So now people are afraid they are going to lose their money.  Now we know that governments might actually steal money directly from people.  The bottom line is this is very frightening, and it’s probably the most frightening thing we’ve witnessed throughout this entire crisis.

People have a right to be afraid because this revealed the extent to which governments will go in order to protect their own position of power.  It’s a very scary thing and I fear we have not heard the last of this.”

Leeb also added:  “Ironically, both the US and China, for completely different reasons, don’t want to see gold go up.  The Chinese are using these low prices to continue their massive accumulation of gold.

The price the United States pays for continuing its suppression of gold is that we are continuing to ship gold out of Western vaults and into Eastern vaults.  For people around the world that are afraid in the aftermath of what has just taken place in Cyprus, my heartfelt advice is to own some physical gold.

It also makes sense to have physical gold and not paper gold if you can find it.  I’m not sure our government has any gold.  Why else does it take the US 7 years to ship a few hundred tons to Germany when China can import 1,000 tons a year or more? 

For what it’s worth, the Cyprus banks being closed for such a long period of time has convinced me that everyone should have some physical gold and silver on hand because this may happen here as well.”

© 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.

Dr. Stephen Leeb: Chairman & Chief Investment Officer of Leeb Capital Management and the

author of “Red Alert: How China's Growing Prosperity Threatens the American Way of Life”

Just released, to order from Amazon CLICK HERE.

The interviews with Michael Pento, Nigel Farage, Eric Sprott, Dr. Paul Craig Roberts, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, John Embry 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

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© 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.

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