With continued uncertainty in global markets, today a 50-year market veteran warned King World News that the Great Unwind will be catastrophic as the grand deception of the masses continues.
John Embry: “The central banks and their various allies go into overdrive to control all key markets in order to not let things get out of hand and possibly result in a public loss of confidence….
Continue reading the John Embry interview below…
The Great Unwind
“Unfortunately for all of us they have absolutely no solutions to the problems that the world now faces. So things will just continue to deteriorate until we reach the stage where they control everything. At that point the Great Unwind begins in earnest.
There are many situations today for which there are no palatable solutions. The current chaos centers on the certainty that GREXIT is on the way. The overall ramifications of what will transpire are not fully known, but one thing we know for sure is that the outcome will be extremely disruptive. This process will be very dangerous for a world financial scene which is horrifically over-levered. And I say that without even factoring in the derivative issue, which will ultimately prove to be catastrophic.
The Grand Deception – A Bankrupt West, Including the United States
I saw some propaganda suggesting that U.S. Treasuries would be a safe haven in this environment. Really? The U.S. has $18 trillion in debt and another $6 trillion off balance sheet and at least $100 trillion in unfunded liabilities in Social Security and Medicaid, etc. The United States continues to run large fiscal and current account deficits. This doesn’t represent a safe haven, but rather a bankrupt nation. And that’s just addressing the federal finances. That doesn’t include the state and local government debt, which are staggering.
Now questions are coming up about Puerto Rico, whose financial condition is utterly terminal. Puerto Rico’s situation is indicative of the depth of the financial rot in the system. Regardless, the whole thing is starting to implode with Greece as the focal point. But the reality is that the West is bankrupt, including Japan. Why anyone would hold the debt of developed nations is beyond my comprehension.
Naturally, one of the alternatives to holding worthless debt is gold and silver, but they cannot be seen as alternatives. Physical demand for the metals is accelerating, particularly in Europe. So this suppression will continue until the paper manipulation is overwhelmed. When that day comes, and it is coming, the price action in gold and silver will be spectacular.” ***KWN has now released one of the most important and powerful interviews that Dr. Paul Craig Roberts has ever given. Dr. Roberts discusses why the Greek tragedy is one of the most important and pivotal crises that the world has ever faced, as well as the desperate moves being made by Western central banks in global markets ahead of the resolution of this crisis, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***The remarkable audio interview with Michael Pento has also now been released, where he discusses the coming carnage in global markets, what investors can do to protect themselves, and what to expect from gold and silver, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: With All Eyes Still On Greece, Don't Trust This Bounce CLICK HERE.
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The audio interviews with Michael Pento, Dr. Paul Craig Roberts, Rick Rule, Nomi Prins, Gerald Celente, Bill Fleckenstein, Stephen Leeb, Andrew Maguire, Eric Sprott, Robert Arnott, David Stockman, Chris Powell, 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.