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Eric King:  “Ron Rosen has been watching these markets for almost 60 years now, but he told KWN in an interview very recently that the stock market was going to have a massive collapse -- he was talking (about a) 66% (decline).  And (he also said) that gold and silver were going to skyrocket.  Since then we’ve seen the Dow plunge 500 points, gold move up about $80, and silver has risen $2.60.  This environment that you see going forward, is that a scenario that could play out as Rosen describes?”  


Sprott:  “Well, Eric, I guess I would start out with my fundamental conclusion about the financial system in the world.  It’s obvious to me that the U.S. government is broke.  That’s the easiest calculation in the world to make....


Continue reading the Eric Sprott interview below...




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“You can use the Department of the Treasury’s own numbers, when they report the GAAP deficits for the year.  Last year it was $6.5 trillion, and that takes the increase in present value of known obligations.  So we have a $17 trillion economy, with a $6.5 trillion deficit which will continue to rise.  Unfunded obligations, based on various estimates, are always somewhere between $40 to $80 trillion -- with a $17 trillion economy that already runs a cash deficit of around $1 trillion a year.


I analogize between Detroit and the United States.  We all knew Detroit was broke 10 years ago, but nobody did anything about it.  We all waited the 10 years and then, finally, of course what happens is instead of the pensioners having to take a 10% or 20% cut, they have to take a 75% cut.


That’s what I fear is going to happen in the U.S. -- that we keep delaying, and delaying the obvious, and then someday there is going to be something that happens, and of course the cuts that people with have to exist with in Medicare, social security, government pension checks, will be way bigger than it had to be because nobody did anything about it in the meantime.


Where we are going is so obvious.  So, do I think the market could go down 66%?  Yes.  I’ve always thought the whole (stock) market was a bit of a Ponzi scheme, (the same) as we know that bonds are a Ponzi scheme.  And I think the price of gold being driven down is another Ponzi scheme to make fiat currencies look good.  I don’t have a target like that (66% decline in stocks), but do I see it as a possibility?  Yes I do.”   


Eric King:  “What has you worried going forward, Eric?”


Sprott:  “Well, of course the (coming) collapse always has me worried.  I know you’ve had various guests who talk about the derivatives, and it’s a huge concern because we all have no idea what’s going on there.  It’s almost frightening to think about $500 trillion of derivatives, of which we all know nothing (about their structure).  What happens if the system fails here?  I’m talking economics here -- economically what happens?


I think I know what happens to the price of gold, but it would be a sad day that we all find out that all of the emperors have no clothes, and the whole system grinds to a halt.  So that’s my biggest fear (the collapse of the entire financial system).”


IMPORTANT - The is without a doubt one of the most powerful and important interviews that billionaire Eric Sprott has ever done.  Sprott discusses, in great detail, what he believes is the greatest investment opportunity he has ever seen in his lifetime, the remarkable moves he sees coming in gold and silver, as well as the coming financial collapse.  Eric Sprott’s interview 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 Eric Sprott, Egon von Greyerz, Michael Pento, James Dines, William Kaye, Grant Williams, Dr. Paul Craig Roberts, Gerald Celente, Hugo Salinas Price, Art Cashin and Marc Faber are available now. Also, other outstanding recent KWN interviews include Jim Grant and Felix Zulauf to listen CLICKING HERE.


Eric King

KingWorldNews.com

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