Today the man who remarkably predicted three-days ago that the Greek bank deposits would be stolen just issued more shocking predictions for 2015 with King World News. This interview takes a trip down the rabbit hole of Western government lies, deception, theft and eventual collapse.
One Of The Most Remarkable Predictions Ever
Eric King: “James, King World News ran the headline to your interview 3 days ago titled ‘ECB To Steal Greek Bank Deposits As Greece To Default Within Two Weeks Sending Shockwaves Around The World!’ Of course the ECB stealing Greek deposits will be accomplished by forcing Greece to nationalize the banks. Astonishingly, you predicted the ECB was going to do this within 14 days and it was one of the most remarkable predictions that I have ever seen anybody make. That story went incredibly viral and you were the first person in the world to make that prediction.
Others Jump On The Bandwagon
Now we have Ambrose Evans Pritchard and the UK Telegraph mirroring your prediction by reporting that Greece is preparing to nationalize the banks. And it’s not just the UK Telegraph, others are now jumping on the bandwagon as well. But others are simply repackaging what you have already predicted because Greece will nationalize the banks in order to steal money to repay the ECB. So this is unfolding exactly as you predicted. Your thoughts on the fact that everybody in the mainstream media seems to be jumping on this story now.”
The ECB Is Pulling All The Strings Here
James Turk: “Basically they want to call it nationalization because it sounds a little bit softer (than outright theft) and it doesn’t point the finger directly at the ECB. But clearly the ECB is the one who is pulling the strings here because they are the ones that have made the loans to Greece.
In that interview we did, Eric, what I pointed out was two mathematical facts: One is that the loans to Greece by the ECB have been increasing, so the ECB has been increasing its credit exposure to that country. Second, the deposit runs that are occurring in the Greek banks have been accelerating over the past three months and they continue as we speak. So you have these two lines converging.
The ECB Will Never Allow Greece To Escape Without Paying
The ECB is never going to allow those two lines to cross because if they did the ECB’s credit exposure would be larger than the amount of deposits in the Greek banking system. And if that were to occur, the ECB would never be able to get its loans to Greece repaid.
Bank Bail-Ins (Theft Of Bank Deposits) Are The Master Blueprint For The Future
When Cyprus failed, they (Western central planners) said that bank bail-ins were going to be the blueprint for other countries. And we have to look at what happened in Cyprus and apply it to Greece. When those two lines were converging in Cyprus, the ECB, IMF and the EU basically took over and nationalized two of the Cypriot banks — took the deposits out of those Cypriot banks and used those deposits to repay the ECB loans to Cyprus.
So the same thing is going to be happening to Greece. The ECB is going to take the deposits out of the Greek banks and use those to repay all of the loans that the ECB has made to Greece. Whether it happens within the next week or ten days, given that Europe is closed for a four-day weekend over Easter and these things tend to happen over quiet holiday periods, I think we should be worrying about whether this is going to be happening over this weekend.”
Eric King: “James, the fact that you were the first man in the world here at King World News to step forward and make this bold prediction is quite remarkable. But how does it feel for you to know the rest of the world saw that viral interview and said, ‘My God, Turk is right — this is where it’s headed.'”
Turk: “I think a lot of people were just ignoring what the ECB and the EU have already told us. They told us that bail-ins, where they take bank depositors' money in order to repay loans that the ECB has extended, are going to be the blueprint for the future.
Theft Of Assets To Occur One Country At A Time
And since they already showed us how they did it in Cyprus, we just have to logically take that forward and ask, ‘Well, what’s the next country? It’s Greece.’ And what’s the next country after that? The problem, Eric, is that there is just too much debt in the world and it has to be addressed. Unfortunately they are doing it one country at a time, rather than recognizing the seriousness of the problem and coming up with a better reform of the (existing financial) system.”
"They Are Literally Going To Steal People's Money Right Out Of The Banks"
Eric King: “Let’s put Greece aside for just a minute. How terrifying is this going to get for people watching money being stolen out of banks? People will be seeing this unfold and saying, ‘My God, bankrupt Western governments are just going to seize people’s assets. They are literally going to steal people’s money right out of the banks.’”
I Was Trained As A Banker By People Who Survived The Great Depression
Turk: “It’s really shocking. A lot of people don’t know, but I was trained as a commercial banker and worked as a lending officer for a large New York bank for 11 years. This goes back to the 1960s. And I learned banking differently than it’s practiced today. I learned banking from guys in the bank who had lived and worked through the Great Depression. And because they had in their living memory what could happen in a bad situation, I always approached banking very conservatively.
Massive Bank Failures To Devastate The Global Economy – Expect More Bail-Ins
Banks are supposed to be places where you can put your money, earn a fair rate of interest and know that your money is safe. That’s not the case anymore. Banks have become hedge funds. They’ve become speculative vehicles, and ultimately that’s going to disrupt the economies of the world, just like it did globally during the Great Depression and as it did in a couple of countries that we’ve seen already.
It devastated the Cypriot economy and the Greek economy is now being devastated as well. All you have to do is look at a bank balance sheet and see the non-performing loans. In other words, the loans that are not being paid on time or on schedule, and recognize that there is not enough capital in these banks to absorb all the losses from these non-performing loans. So there will be more bail-ins coming and we have to prepare for that.”
Bankrupt West To Steal Everybody's Money – "This Is Insane"
Eric King: “James, the West is bankrupt. The United States is bankrupt, the United Kingdom, France, all these countries (in the West), they’re just bankrupt. And what you’re saying is that basically all of these countries, one after another, are going to loot the pension funds, loot the bank accounts and steal everybody’s money. This is insane what we’re talking about here.”
Turk: “That’s it, Eric. The pattern is well-established. We just have to look at what’s been happening in different countries around the world. And the things you just described, they’ve been repeating themselves. And given all the financial problems that we have today, you have to look back to the 1930s and see what kind of wealth you really wanted to own.
Back then you wanted to own tangible wealth (outright) because it doesn’t have counterparty risks. You want to avoid financial things where people owe you something, rather than something you own outright — something that is real wealth. And that’s a strategy that continues to make sense, particularly as all of these debt problems around the world continue to unfold.”
People's Careful Savings Of A Lifetime Will Be "Wiped Out In The Blink Of An Eye"
Eric King: “James, we’re talking about people’s lives being destroyed here. We’re talking about their careful savings of a lifetime being stolen, being wiped out in the blink of an eye.”
Turk: “It is serious — it really is. And that’s why people have to be able to think for themselves. People need to follow things that seem logical, rather than an emotional, knee-jerk reaction to something you might read in the newspaper — thinking, ‘Oh well, the ECB has got this thing under control.'
If you look at it from a numbers point of view, from a point of view of cash flow, the burden of debt, and you also look at it from the point of view of the sweep of monetary history, the ECB does not have this under control, nor do governments have it under control.” KWN has now released the incredible audio interview with James Turk. The interview above is just a portion of what Turk discusses — the coming bank bail-ins that will shock the Western world, the tragic crisis in Greece, and importantly, what every investor can do to protect themselves ahead of the coming chaos. You can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: We're Heading Into The Next Round Of Global Crisis And Total Chaos But There's A Nighmarish Twist CLICK HERE
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The audio interviews with James Turk, Rick Rule, Dr. Paul Craig Roberts, Bill Fleckenstein, Dr. Philippa Malmgren, Egon von Greyerz, Eric Sprott, Robert Arnott, Gerald Celente, Michael Pento, David Stockman, Marc Faber, Felix Zulauf, Andrew Maguire, John Mauldin, John Embry and Rick Santelli are available now. Other recent KWN interviews include Jim Grant — to listen CLICK HERE.