With continued uncertainty in global market, today a 50-year market veteran warned King World News that the collapse is intensifying and something terrifying is on the horizon.
John Embry: “I would encourage all KWN readers and listeners to ignore the predictable and ludicrous price action currently going on in today’s market. And rather, go back and re-read the words of Egon von Greyerz’s piece published on King World News this past weekend…
Continue reading the John Embry interview below…
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John Embry continues: “Seldom have I ever read such a succinct and brilliant analysis of the true state of the world and the global markets. The many people out there who have their heads buried in the sand should take heed of Egon’s words or they are going to be in for a very uncomfortable comeuppance.
The Collapse Is Intensifying
I found it incredible that the mainstream media in the United States is attacking anyone who exposes the truth about the U.S. economy. The U.S. economy is giving ground everywhere you look. Manufacturing is in decline and this is only being exacerbated by the overvalued dollar.
Construction has peaked, big box retailing is in deep trouble — witness the large number of store closures by Walmart and Macys — railfreight movement has been declining for over a year and foodstamp usage is at a record. I could go on, Eric, but you get the point.
And this is happening at a time when the U.S. is drowning in debt at the government, corporate and consumer levels. The plight of the government is well-known — $19 trillion in funded debt and trillions more in off balance sheet liabilities, and an almost unfathomable $100 trillion in unfunded liabilities.
But at the same time, corporations have been significantly weakening their balance sheets by using debt for share buybacks at the very time that the economy is unraveling. And the consumer is in sad shape, with real disposable income declining for the vast majority of the debt-burdened population. America’s economy is most assuredly in decline, and the carnage will be complete with the eventual collapse of the U.S. dollar.
Fed Governor Fischer Exposes The Ugly Truth
Now, a more realistic assessment came from former Dallas Fed Governor, Richard Fischer, a couple of weeks ago. Much to the horror of his interviewer, he boldly and correctly stated that the Fed had attempted to create a wealth effect through its QE programs, and by doing so it was hoped it would lift the real economy. He then admitted that the ploy had essentially failed and now the populace was left to confront overvalued markets.
Something Terrifying Is On The Horizon
It is rare that a prominent public figure is so candid, and I have a lot of regard for Fischer, who was one of the better Fed governors. So the question we should ask is, ‘What motivated him to be so frank?’ Perhaps he realizes what is on the horizon and wanted to be one of the first public figures to issue a warning.
In any case, all paper markets remain extremely vulnerable. Anybody buying a 10-Year Treasury today with less than a 2 percent yield has to be delusional. And although the U.S. stock market is also radically overpriced, gold and silver remain remarkably underpriced due to the chicanery in the paper markets. I can’t encourage people enough to buy physical gold and silver as soon as possible.
Given the current backdrop and the economic, geopolitical arenas, I would submit that gold and silver may never have been this cheap in their history.” ***To hear the powerful KWN audio interview with Nomi Prins, the keynote speaker who recently addressed the Federal Reserve, IMF And World Bank, CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: Worldwide Crash Gaining Momentum But The Real Terror Is Still To Come CLICK HERE.
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