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Embry:  “There was a fascinating study done by Kenneth Rogoff and Carmen Reinhart which stated that once an economy gets to 90% government funded debt as a percentage of GDP, its growth rate slows dramatically.  This was one of the underpinnings of the austerity movement.


Well, now they’ve come out and done an about face and said that model was all wrong.  This is indicative of the fact they (central planners) realize if that if they don’t go to the printing press immediately, this whole thing is going to collapse....


Continue reading the John Embry interview below...




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“I think that is wildly bullish for gold.  It’s just another signal that the central planners realize the only way to sustain this is by coming up with some theory that says it is OK to have more debt and print more money.


Logic dictates that if you get beyond a certain percentage of debt in your system, you’ve got a problem with growth going forward.  I don’t think it’s important whether that level is 90% debt/GDP or 95%.  But I think Rogoff and Reinhart’s theory is totally accurate, and the fact that they are trying to dispute it is just proof positive that they are desperate to end any talk of austerity and really get the serious money printing going.”


Embry also discussed individuals not being able to access their gold:  “A year ago Egon von Greyerz was reporting that clients of his went to their respective banks to try to get their allocated gold in order to transfer it to his company GoldSwitzerland.  In those instances they got it, but the wait was incredibly lengthy, and the physical gold was actually minted after they requested it.  Well, if it was really allocated it would have been there.


Now we have this recent interview on KWN with Jim Sinclair discussing the fact that his good friend can’t get his gold out of a major Swiss bank.  This gets back to the tip of the iceberg when the Dutch Bank ABN AMRO came out and literally said that if you have allocated gold with us, you can’t have it. 


That, to me, is a default, and it gets back to what Jim Sinclair related when one of his friends went to a Swiss bank and couldn’t get his allocated gold.  I mean that’s preposterous.  If it’s allocated it should be there, but it’s clearly not there.  I think this is the beginning of the end of the massive Ponzi scheme in paper gold.  I have been talking about this for some time, and it will have an enormous impact on future gold and silver prices. 


When it becomes widely known that all of the people who think they own gold in fact don’t own gold, that it’s been hypothecated and re-hypothecated so many times that there are 100 claims for every single ounce of physical gold, that is when the prices of gold and silver will really go berserk to the upside, and at that point the shorts will have serious problems.”


© 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 audio interviews with Gerald Celente, Andrew Maguire, William Kaye, Rick Rule, Nigel Farage, Dr. Paul Craig Roberts, John Embry, Art Cashin, John Mauldin and Egon von Greyerz are available now.  Also, be sure to hear the other recent KWN interviews which include Eric Sprott, Marc Faber and Felix Zulauf by CLICKING HERE.


Eric King

KingWorldNews.com

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