Today billionaire Eric Sprott spoke with King World News about the shocking financial dangers facing the world today.
Eric Sprott: “Here we have this ludicrous situation in Greece, where the ECB had to put in $80 billion to support their banking system. I think the (total) assets of the banking system are about $135 billion. And yet the entire discussion is whether or not they will put $7.2 billion in to support the government. So obviously the bias is there — they care more about the banking system than they care about the government because they don’t want the domino effect to start.
Today billionaire Eric Sprott (pictured below) warned people to get their money out of the banking system
Get Your Money Out Of The Banks
So I’ve always suggested that people try to get their funds out of the banking system. They (banks) are terribly risky and I’m not even dealing with the one quadrillion dollars of derivatives and what (chaos) may go on there. That’s the big concern to me — the whole banking system and whether we get some spill-off from Greece.
At any moment the shoe could drop here in the sense that people decide, ‘Hey, the banking system is not safe.’ And any time you are dealing with a banking institution that is levered 25 to 1, all they have to do is lose 4 percent on their assets and there is no capital.
The Destructive Endgame
Thank God there are sites like yours and others that keep advising people about exactly what they should be doing because we all know there is some endgame here that’s not going to be nice on the economic and financial front in terms of paper assets that people own.” ***Eric Sprott's remarkable audio interview has now been released and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW. The written interview only contains a tiny portion of what Sprott had to say in his outstanding audio interview. Sprott discusses the greatest danger facing the world today, the coming financial collapse, the gold and silver markets, what surprises to expect this year and much more.
***ALSO JUST RELEASED: Leader Of Germany's Gold Repatriation Movement Confirms Austria To Repatriate 50% Of Its Gold Held Abroad, 80% Of Which Is Held In London CLICK HERE.
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The audio interviews with Robert Arnott, David Stockman, Chris Powell, Andrew Maguire, Rick Rule, Bill Fleckenstein, John Mauldin, Michael Pento, Gerald Celente, Egon von Greyerz, Dr. Paul Craig Roberts, James Turk, Dr. Philippa Malmgren, Eric Sprott, Marc Faber, Felix Zulauf, John Embry and Rick Santelli are available now and you can listen to them by CLICKING HERE.