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Turk:  “Eric, the world is erupting in chaos and gold has now risen into overhead resistance in the $1350 area.  It has done so under the worst of circumstances, a geopolitical threat, but it has done so nonetheless.  The Crimea has exploded with activity and troop movements.  All of this is taking place with an already growing number of geopolitical tensions we have been seeing around the world....


Continue reading the James Turk interview below...  




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“History shows that when economic activity is weak and the standard of living stops improving, political rhetoric and saber-rattling follows, which often lead to war.  It is easier for a country’s politicians to blame neighbors rather than themselves for the misguided policies they are pursuing which have caused the economy to suffer.  So it is natural that gold’s safe-haven status as money outside the banking system should be climbing as a result of what is happening in the Crimea.


But I want to get away from gold for a minute because of the seriousness of what is taking place on Russia’s doorstep.  Investors around the world have already seen how the US government has used economic warfare in the recent past.  The US probably would not try imposing direct sanctions on Russia that limit its trade with the US, but there are other alternatives. 


The US turned SWIFT, the international payment mechanism, into a political weapon.  Could it try freezing Russian payments out of the SWIFT system?  Could the US confiscate Russian assets?  In other words, could the US freeze the dollar reserves that Russia and its citizens have deposited in US banks?  Only time will tell of course, but a freezing of Russia’s dollar reserves could explain why the ruble is weak.  Those dollar reserves are essentially backing the ruble.  If Russia loses access to its dollar reserves, the ruble will suffer.


Some of the most respected minds in the world have expressed great concern about what is happening in Ukraine.  No one wants this to lead to a conflict between Russia and the United States.  But, Eric, if the United States does in fact freeze Russia’s dollar reserves, that would be tantamount to a declaration of economic war against Russia.  The consequences of such an action are too frightening to contemplate at such a critical and dangerous moment in history.”


IMPORTANT - KWN will be releasing at least two more interviews today.  There was a delay in publishing news items earlier today but the problem has now been resolved.


James Turk: Founder & Chairman of GoldMoney

and the author of “The Money Bubble”

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© 2014 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 Egon von Greyerz, Dr. Paul Craig Roberts, Grant Williams, Andrew Maguire, Andrew Huszar, Michael Pento, Art Cashin, Rick Rule, David Stockman, John Mauldin, Eric Sprott and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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