Today a 50-year market veteran told King World News that a “Great Financial Holocaust” is coming.
John Embry: “Eric, as far as I can determine, the economic outlook is deteriorating virtually everywhere as it appears the severely over-levered global financial system can no longer support any sustainable growth…
Continue reading the John Embry interview below…
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John Embry continues: “This is certainly being confirmed by the alarming decline in world trade. Now, despite the odd positive economic statistic emanating from the U.S. government, which often gets revised down considerably not long after and when it gets considerably less publicity, the U.S. economy is in big trouble.
Massive Unemployment In The U.S.
An interesting statistic that refutes the consistent bullish rhetoric on the employment scene is the fact that nearly 25% of U.S. citizens in their prime working years do not currently have a job. This makes the official unemployment rate published by the U.S. government look preposterous.
When you look around at the rest of the world there is little reason for optimism. As the debt-logged Chinese is clearly weakening at an alarming rate, Europe is dead in the water, South America is an unfolding tragedy, and most other commodity producing regions are softening as well. Thus, I don’t think that most investors fully appreciate the risk they are taking by holding a conventional portfolio of stocks, bonds, and real estate, which are all in massive bubbles.
Meanwhile, a noted economist in the U.S. continues to spout the nonsense that greater money printing and debt creation is the road to economic recovery. These policies are simply leading to even greater economic disparity. He also recently attacked a presidential candidate for suggesting a return to the gold standard. In any case, I suspect that when our pure fiat money monetary system breaks down, the next system will require some sort of backing to restore confidence.
On the gold scene the price has been under pressure this week as the usual suspects once again fleece unsuspecting traders, but this should pass quickly. A more interesting development is the opening of the Shanghai Gold Exchange in mid-April, where the price will be settled in yuan and physical delivery will be involved.
The Great Financial Holocaust Is Coming
This will ultimately lead to true discovery for the price of gold as the Western central bank Ponzi scheme eventually comes crashing down. Most of the world will be living in terror as that unfolds, but not those holding physical gold and silver as they will be the survivors of the coming Great Financial Holocaust.”
KWN has now released the outstanding audio interview with Stephen Leeb and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
To hear a major new call that was issued on the silver market from the man who advises the largest global sovereign wealth funds, hedge funds, investment banks, and institutional money managers in the world, Michael Belkin, you can listen his amazing audio interview by CLICKING HERE OR ON THE IMAGE BELOW.
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