Today the keynote speaker who just addressed the Federal Reserve, IMF and the World Bank warned King World News that the coming collapse will be devastating.
Eric King: “Nomi, as you go through these cycles they increase in intensity. When we had the 2001 – 2003 debacle, I think people just didn’t believe it could get any worse. And then the 2008 – 2009 (collapse) really frightened people around the world. It got them in a state of terror, and I’m talking about big money. I remember reading about guys like (multi-billionaire Richard) Branson (essentially) saying, ‘I almost lost all my money. We have to make sure we know where our money is — what banks and what instruments it is in.’ Prior to that people were a little lackadaisical as you know. But the idea that it could get worse than 2008 – 2009, people just don’t believe it. But as you go through these cycles, that’s the nature of them — they just become more and more intense. You are describing the next unwind. I’m just wondering about your vision of that because it’s going to be significantly worse and more terrifying than 2008 – 2009, even though people can’t grasp that.”
The Coming Collapse Will Be Even More Devastating
Nomi Prins: “I believe the coming collapse will be more devastating. You mentioned 2003. One of the things I remember thinking in 2004 was that unless we fix the banking system, which was involved in all the corporate frauds at Enron, Worldcom, and all the settlements that were going on back then, without decoupling people’s deposits and loans from these types of risky global endeavors and trading operations and derivatives transactions that these banks are allowed to have in such bulk, we are going to have another (catastrophic) problem….
Continue reading the Nomi Prins interview below…
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“Of course we had the 2008 crisis. And now we have a situation where not only have none of these banks readjusted such that their risk is decoupled from individuals’ money and loans, but there has been that immense infusion — $7 trillion just between the Fed and the ECB, not to mention the other global central banks — of effectively zero interest rates or free cash into the system.
So there are bubbles (created) from the central banks, and we add that to all the parameters that gave us the last crisis, which was banks trying to find places to extend credit to engage in non-transparent transactions, to trade with each other and then create new securities that they then sell to small towns, municipalities and pension funds.
All that stuff is still happening but it’s now being subsidized by an unprecedented amount of newly minted money from the central banks to keep it (the financial system) going, and to provide it with the false appearance of health.
So it does get worse the next time around because you are unwinding so much more subsidies, in addition to not having changed the structure of banking, in the U.S. in particular, that drives a lot of the main problems and crises throughout the world financially. None of that has changed.” ***KWN has now released the powerful KWN audio interview with Nomi Prins, where she discusses the gold market at length, the coming financial destruction that is in front of us, what investors can do to protect themselves and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***KWN has also now released the outstanding KWN audio interview with Rick Rule, where he discusses the gold and silver markets, commodity markets as well as the big picture for the world going forward, and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: The Aftermath Of This Mania Is Going To Be Extremely Brutal – Gold, Silver, Great Depression, Plus A Bonus Q&A CLICK HERE.
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If you are interested in purchasing physical gold and silver for delivery you can call Steve Quayle or his staff at (406)586-4842, or you can email them at tyler@safetrek.com or info@sqmetals.com
The audio interviews with Nomi Prins, Gerald Celente, Bill Fleckenstein, Stephen Leeb, Andrew Maguire, Michael Pento, Dr. Paul Craig Roberts, Eric Sprott, Robert Arnott, David Stockman, Chris Powell, Rick Rule, John Mauldin, Egon von Greyerz, Dr. Philippa Malmgren, Marc Faber, Felix Zulauf, John Embry and Rick Santelli are available now and you can listen to them by CLICKING HERE.
