With the ECB now shutting off direct funds to Greece, today one of the greats in the business warned King World News that all hell is now breaking loose in Europe.  He also warned that the situation is spiraling out of control and deteriorating quite rapidly.

Eric King:  “The ECB has now shut off direct funds to Greece.  The ECB is playing hardball with the Greek negotiators.”

John Hathaway:  “This is just a sign that things are spiraling out of control and in a much worse direction than central planners had expected.  That’s what spooked the markets late Wednesday.  I was amazed to see the Dow give up all of its gains in the space of half an hour….

Continue reading the John Hathaway interview below…


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“There are no contingency plans in the eurozone to deal with the possibility of a Greek default and exit from the euro system.

One of the things that’s starting to happen in Europe is you are seeing these splinter political parties gaining power.  We’ve seen it in Greece.  We are seeing it in Spain.  We are also seeing it in France.  There is now an open rebellion against Brussels.

All Hell Is Now Breaking Loose In Europe

So all hell is now breaking loose in Europe and the Greek situation is just feeding into the rebellion happening elsewhere.  For example:  Why else would the Dutch have started to repatriate their gold?  The Germans felt pressure from the same grassroots unrest to ask for their gold back from the New York Fed.  At the same time there is this monetary unrest in Europe and a run on the bank.  Today's news also caused a surge in the gold price at the end of the day and it is continuing to move higher in the access market.

Desperation Setting In As Situation Rapidly Deteriorates

What we just saw in Switzerland was the inability of a central bank to control the market.  So this desperate attempt to maintain monetary order is starting to deteriorate quite rapidly.

Greece is really part of a bigger rebellion against the authority that Brussels represents on the entire European continent.  So if Greece completely revolts against Brussels, defaults and defiantly leaves the euro system, this will pave the way for others to break away as well.  This would have a collapsing effect on the euro system.  The man on the street is in open rebellion.  Austerity is dead and Europe is now in danger of breaking apart at the seems.” ***ALSO JUST RELEASED: The Stunning Truth About What Is Really Happening With The Price Of Gold CLICK HERE.

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Eric King