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Eric King:  “In the aftermath of what they are saying is a deal in Cyprus, John, what are your thoughts?”


Embry:  “We knew they would come back with another solution because they can’t afford for a country as small as Cyprus to bring down the whole euro construct.  I think people recognize that Germany has a vested interest in keeping this thing afloat because their banking system is loaded with all of this peripheral country debt.


The last thing the Germans want to see is Mediterranean countries leaving and defaulting on that paper.  But they haven’t solved anything here.  They are just kicking the can down the road, and they are setting up for a conclusion that will be more catastrophic when it finally arrives....


Continue reading the John Embry interview below...




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“The problem that goes unremarked, because nobody wants to talk about it, is the amount of debt in the world.  Egon von Greyerz has referred to it on several occasions, and it must be roughly $200 trillion.  This is in a world economy that would be about $70 trillion per year.  When you superimpose on that another at least one quadrillion dollars of derivatives, many of which are seriously mispriced and are just riddling the banking system, there are no solutions to this. 


The idea that we can grow ourselves out of this is preposterous because anybody who understands anything about Austrian economics realizes that the deeper you get into a credit cycle, the more and more debt creation you need just to create a real dollar of GDP growth.  But the problem is we can’t support the debt we have right now.  So the idea that we will have sustainable growth going forward is just vacuous.  It isn’t going to happen.”


Eric King:  “Where does that leave us going forward John?” 


Embry:  “I think that leaves us exactly where we’ve been all along.  People have to realize that real assets are going to be their salvation when the system comes to a grinding halt.  We are at the same point as when we spoke last week.  Nothing has been solved, and people have to realize the markets are being manipulated in such a way that tells investors everything is fine but everything isn’t fine.


The message from the mainstream media is that the economies are going to be recovering, and any positive news is emphasized.  Even though the Cyprus news from last week was viewed as catastrophic, the US stock market barely moved to the downside.


The stock market is constantly rising and this is supposed to be telling people that things are fine.  There are a couple of mainstream commentators communicating that the stock market is telling investors nothing other than the fact that there is a lot of paper being jammed into the system and it’s being reflected in the price of stocks.”


Eric King:  “At some point people are going to know that something is wrong.  How do we get there?  When do we get there?”


Embry:  “That’s a very tough question.  Trying to time this is impossible.  What I will say is I’m impressed by the ‘powers that be’ and their ability to stretch this thing out.  All of the financial innovations such as derivatives have made it so they can stretch this out, but it’s just making the ultimate outcome worse.


I wish I could put a date on it but I don’t know.  People talk in terms of years, but I don’t think so.  I think we may be talking more in terms of months rather than years.”  


Embry also had this to say regarding gold:  “I’m not the least bit concerned about gold.  Every time they push gold under $1,600 it’s just another fabulous buying opportunity.  The manipulators are being short-sighted because I know the Russians can’t be too happy about what is taking place with the Cyprus issue.


The Russians understand the gold market as well as anybody.  I’ve seen Russian representatives at GATA conferences as far back as 8 years ago.  So when they see gold being pushed down to unrealistically low prices, I can assure you they are in there buying, and I’m sure the Chinese will be right behind them.


I would also note that ABN AMRO Bank just said that even if you hold gold in their system, you can’t get it out.  If you want to sell it they will give you cash, otherwise your gold is in good hands.  This just confirmed what I’ve always believed, and this is that the gold in the banking system has been hypothecated and re-hypothecated so many times that nobody is going to be able to get their physical gold. 


So, again, Egon von Greyerz deserves credit because he’s been telling people for years to get their gold out of the banking system.  This latest announcement by ABN AMRO just confirms exactly what Egon has been saying.”


***IMPORTANT - There was a delay due to circumstances outside of KWN in the release of the brand new & extraordinary audio interview with former US Treasury Official Dr. Paul Craig Roberts regarding the ongoing crisis in Cyprus and much more, but it 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 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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