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Eric King:  “I have to ask you about all of the stimulation coming out of Japan?”


Turk:  “We have this horse race as to which currency is going to be destroyed first:  Is it the dollar, euro, pound, or the yen?  And right now the yen is leading that horse race.  What they (the Japanese) are planning to do is buy more government debt, which is going to be financing more government deficits.


Turning government debt into a currency is ultimately what leads to hyperinflation....


Continue reading the James Turk interview below...




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“So they are not only going to get out of their deflation, but they are also going to go into hyperinflation.  This could be the spark that sends the hyperinflationary spiral into other countries as well because people are focusing attention on what the central bank is doing in Japan, and when they start to do that they will see that the central banks in their own countries are doing the same thing.


Today was an interesting day in Japan as well because the Japanese bonds initially rose in price.  The yield fell on the announcement thinking the Bank of Japan is going to be buying Japanese government debt and that would increase the demand for the debt.


Then, when the central bank governor said, ‘They are not going to finance the government deficit,’ the Japanese interest rate soared.  Then they backtracked and the interest rates basically were unchanged on the day, but that kind of volatility is going to become more apparent not only in Japan, but also in the major industrialized countries.”


Eric King:  “James, when you discuss Japan going down, how shocking and destabilizing will that be for the financial world?”


Turk: “It could be the straw that breaks the camel’s back, Eric.  We are on this path to currency destruction.  Debt is a two-edged sword.  It can be useful but it can also be harmful.  And when you are borrowing money and turning that money into currency, monetary history shows that is how currencies are ultimately destroyed.”


Eric King:  “Gerald Celente has just warned (on KWN) about a ‘big bank holiday’ (that is) coming, your thoughts on that?”


Turk:  “What the ECB and the IMF are doing is imposing a 1930s type of outcome.  Just like during the Great Depression we are seeing the disappearance of depositor money when winding up insolvent banks.  So, yes I do think there are going to be more bank holidays and they will probably be sooner rather than later.”


The written information above is just a small portion of the incredible interview Turk gave to King World News.  He also discusses what investors around the world should expect next, as well as the gold and silver smash, Friday’s rally, and a coming banking crisis. The powerful KWN audio interview with James Turk 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 audio interviews with James Turk, Art Cashin, Gerald Celente, Stephen Leeb, John Maudin, Egon von Greyerz, Rick Rule, Bill Fleckenstein, Paul Craig Roberts and Nigel Farage 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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