Coming Financial Collapse Moved Up A Notch Post Cyprus

kingworldnews.com

Today a legend in the business warned King World News that the coming financial collapse has now been moved up a notch after the recent events in Cyprus.  Keith Barron, who consults with major companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, also told KWN this is the beginning of the great Ponzi scheme unwinding.

Eric King:  “Will this Cyprus disaster hasten a financial collapse?”

Barron:  “Yes, I believe the coming collapse has now been moved up a notch.  The only way the Cypriots can get out of this mess now is to jettison the euro, go back to the Cypriot pound, and print it like mad.  This will re-inflate their economy.

They have been supported to a large extent by the Russians.  There has been tremendous Russian tourism and Russians have also been living there.  But they are all pulling out in mass right now.... 

“The Russians will probably never put another nickel in Cyprus because they will never feel safe, and so the Cypriot economy is going to collapse.  The problem for Cyprus is they can’t inflate the euro.  They have to get out of the euro and go back to their own currency.

But I think that Cyprus is a bellwether for what can happen elsewhere in the world.  So people not only need to look at getting their money out of banks, but they also need to look at breaking up their 401k plans and other retirement instruments before they get seized by their government.

People will now move more aggressively to physical gold and silver so that their money can’t be stolen.  What we are seeing right now is absolutely unprecedented.  Yes, we have seen governments seize pension funds in the past, but this is outright theft of depositor money. 

What we are witnessing right now is the beginning of the great Ponzi scheme unwinding.  Unless Cyprus is entirely bailed out by the ECB, what we are seeing is a pivot point where confidence in the system will be called into question on a global scale.  It’s obvious to everyone out there that the problems in the West are systemic in nature.

It’s not beyond the realm of possibility that they pull off a stunt like this in Spain, Portugal, or one of the other PIIG countries.  Nigel Farage has already been warning people to get their money out of the banks because he sees what is coming.  So now the new precedent may be for countries and banks that are in trouble to simply steal from depositors.”

Barron also added: “When we talk about the rise in the East and the fall of the West, you can really see it here in Asia.  I am currently in Indonesia, having come here from Hong Kong.  I can see why Marc Faber and others choose to live in Asia because it is incredibly dynamic.  There is building going on everywhere.  There are also new businesses sprouting up everywhere. 

As Asia looks forward, you can see Europe and North America looking backward and becoming a police state.  But the bottom line is the world financial system is engaged in extremely inflationary policies, and because of that you will eventually see it kick into commodity prices as well as gold and silver.  So I am still very bullish on the metals.  No matter what happens with Cyprus, all of this is going to be good for both gold and silver.”