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Below is Fitzwilson’s exclusive piece for KWN:


“The Mediterranean island of Crete gave rise to one of the great civilizations ever recorded, the Minoans.  The Minoans arose out of history about 5,000 years ago, and flourished for 3,500 years.  Among their many achievements was the first use of a written language in Europe.  Their decline and eventual demise began with a cataclysmic geological event on another island in the Mediterranean, known today as Santorini.


The event that triggered the destruction was a monstrous eruption on that island.  Visitors to Santorini today are greeted by one of the most beautiful cities in the world, but the smoldering remains of the volcano that once erupted with such devastating effects are a constant reminder of what occurred 3,500 years ago.


The eruption sent waves of tsunamis toward Crete and the Minoans. The tsunamis were estimated to be 50 feet high and coming in every 30 minutes.  There was virtually no warning....


Continue reading the Robert Fitzwilson piece below...




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“Not only do such waves travel at phenomenal speeds, but the transmission of the waves often creates little visible effect on the surface of the water until the wave approaches land.  The intersection of the wave and the shore cause it to suddenly appear, rise up and wreak havoc.  The events on another Mediterranean island week this week could have the potential to wreak damage far beyond that experienced by the Minoans.


During the height of the Greek financial crisis, we described it as the financial pinky finger of the European monetary system.  The Greeks knew that debt repudiation and destruction in their country could trigger a contagion of monetary destruction throughout the whole of Europe.  Debt is the money.  Destruction of debt could turn into a collapse of the monetary system, the banks and even the member countries themselves.  Therefore, Greece could not be allowed to default.


Cyprus represents a more ominous version.  Not only do their banks hold lots of Greek debt, but we also found out last week at King World News that this story involves Russians, the KGB as well as the potential for vast amounts of natural gas reserves lying within the territorial waters of Cyprus.  The story truly is a Russian doll.  The more layers that are peeled, the more complicated the situation becomes.


So one major potential for a tsunami comes from the position of Cyprus and their banking system in the grand scheme of the European Union as well as the Euro itself.  The other interesting potential tsunami has to be in the actions of the truly rich and the implications for their money.  This tsunami would be global in scope and have ramifications for virtually every asset class.


There was a time when the world was focused on creating wealth.  In the last 10-15 years, the wealth creation machine and the firewalls protecting it were dismantled.  The goal then changed to grabbing as much of the wealth that existed and confiscating what remained through excessive monetary/debt creation.  A small percentage of the global population has succeeded in accumulating vast sums of money.  Our guess is much of that wealth has remained in financial instruments including bank deposits.


What the events of last week demonstrated was that the assumptions about the safety and sanctity of the financial instruments were flawed.  Bank accounts can be confiscated.  The shocking nature of the proposed confiscation also suggests that the monetary systems themselves are coming to the end of the road.  Instead of continuously creating more debt, this was really a raw power grab to extinguish previously created debt in the form of bank deposits.  As money really represents claims on someone else’s property and labor, perhaps the Germans are really saying that they are not willing to provide the means of repayment on those obligations.  The most direct way to do that is outright confiscation.


So for the truly wealthy, they now face the same risk of the small depositors, and that is what to do.  If they leave the money in the financial system, they are easy targets for confiscation.  If they decide to mitigate that risk, the question becomes “To where and into what?”.  The central banks and the global monetary system are all joined at the hip.  If you start to doubt the system, where can you go?  You can go into real assets such as prime real estate, resources, gold and silver, but there is not enough to go around.


We wrote last year about how people panic in groups.  If you are very wealthy, are you the lucky one to panic early, or are you going to be part of the norm and panic late?  If the latter, your wealth will likely be destroyed.  The available solutions will have already been taken by those who panicked early.


Like a tsunami, it can spread silently throughout the world financial markets.  We should look for the telltale ripple effects as the early movers try to protect their assets before it is too late.  If the wealthy panic as a group, we will see the equivalent of 50-foot financial tsunamis in virtually all markets.


It has been said that staying wealthy is much harder than becoming so.  The truly wealthy are about to relearn that lesson.”


© 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 Dr. Paul Craig Roberts, Gerald Celente, Michael Pento, Nigel Farage, Eric Sprott, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, 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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