Today the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events warned King World News that the public's illusions are about to be crushed! He also warned that a major panic is coming as the world is rocked by global financial chaos.
Public's Illusions To Be Crushed As Biggest Ponzi Scheme In History Implodes
Egon von Greyerz: “Eric,
we live in an illusory world where the public's illusions are about to
be smashed in the next few years. As an example, the illusory fortunes
of the very wealthy have gone up exponentially in this century. They
all believe that they are creating wealth based on their skills in
investing. Little do they realize that the real reason is because they
are standing near the printing press in the biggest Ponzi scheme in
world history….
“I
speak to many of these people about risk but they see no risk in
financial markets. They don’t believe that $100 million for an
apartment, painting, or a diamond is a bubble. Or a stock market that
is actually now valued higher than it was in 1929, 2000, or in 2007.
They don’t see that this is a bubble.
They
also can’t see that government bonds which can never be repaid and that
are paying zero interest or even negative interest is a bubble. They
have no concern whatsoever that these markets can collapse. And if you
told them that a 50 – 90 percent fall in stocks, bonds and property is a
possibility, they would think that you are brain-damaged.
The Coming Panic Into Gold And Total Wealth Destruction
They
see no need for insurance against these risks. For them, physical gold
as a means of preserving wealth is archaic and a relic of the past.
But, Eric, within the next 3 years or so, you and I both know that they
will all end up owning a substantial amount of gold. They won’t pay
$1,200 for it. No. Instead they will pay $3,000 for it, or $5,000, or
even higher.
If
they had the humility today to listen to the people who understand what
is happening, such as the KWN contributors, they would save themselves
from total wealth destruction. All of us are giving this information to
the public free of charge because we feel so passionately about the
problems and the risks that the world is now facing.
Power, Manipulation And The Biggest Debt Expansion In World History
This
has been the biggest debt expansion in history. Bernanke and Gheithner
managed to more than double the U.S. debt from $8 trillion to $17
trillion during their mandates. And people are queuing up to pay
Bernanke $400,000 and Gheithner $200,000 per speech to listen to how
they did it. This is unbelievable, Eric.
We
live in a perverse world where value is determined based on power and
manipulation. The sad thing today is that normal people are burdened
with personal debts that they can never repay. On top of that there is
the massive overhang of government debt that they are liable for.
When
the financial bubbles in the world implode, normal people will have no
safety net. Many people will not have a job and there will be no Social
Security and no pensions. The reason for this is that instead of
having the normal process of booms and busts, which is a self-regulating
process, governments and central banks have created false cycles and
phony markets through financial repression.
A Worldwide Super-Bubble With Mainstream Anti-Gold Propaganda
Money
printing, credit creation, and interest rate manipulation do not set
aside the normal laws of economic cycles. Instead, these misconceived
Keynesian tools interfere with the laws of nature. So instead of milder
cycles of booms and busts, the world has now created a super-bubble of
such magnitude that the consequences will probably be felt for much
longer than just for our children and grandchildren.
As
to the timing of the start of this debacle, it really doesn’t matter.
But we could be looking at a very different world a year from now, Eric.
Also,
right now there is an incredible amount of anti-gold propaganda being
spewed out by the mainstream media and the bullion banks. I just saw a
report from UBS saying that there would be less gold buying on the back
of fresh catalysts. They are saying this is because gold doesn’t
respond positively to risk aversion.
Black Swans And A Staggering $60 Trillion Increase In Global Debt
What
they are really saying, Eric, is that gold isn’t going to go up because
it’s not currently going up. What UBS is not talking about is the
staggering $60 trillion increase in global debt since 2008. Or the fact
that on an inflation-adjusted basis gold is back down to the 2001
lows. So these reports from banks such as UBS are preposterous.
The
gold market is ready to turn higher at any moment. The catalyst could
be Greece but there are many other possible black swans. Greece did not
pay the $300 million that was due today. So are they going to pay the
$1.6 billion that is due by June 30th?
The
Greek government is playing a good game. They know that the troika
representing the IMF, the EU, and the ECB will do everything to keep the
keep the eurocrats' illusion of grandeur going. Just look at what’s
happening in the Greek economy. They’ve had six years of depression and
deflation. They have a GDP that is down 26 percent, and 60 percent of
their youth are unemployed.
Also,
the Greek loan packages in the last few years have had nothing to do
with saving Greece. It’s all been to save the euro and the European
banks. It was also a method for French and German banks to offload debt
exposure to the eurozone taxpayers. Meanwhile all of the funding from
the loan packages have gone to the banks, not to Greece or the
struggling Greek population.
Greece Pivots To Russia
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