kingworldnews.com
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 terrifying “dark years” are now here and people need to protect
themselves from what is coming.
Egon von Greyerz:
“Eric, we are now in September of 2015 and we are likely to enter a
period that will shock the world. I expect to see devastating falls in
stock markets worldwide, triggered by unexpected events which could be
financial or geopolitical….
In Volatile Markets, Is Wealth Preservation King?
In
a King World News interview I spoke with the man who predicted the
Swiss National Bank would experience staggering losses and that the Fed
would also experience massive losses that will destabilize the global
financial system! His company is the only one in the world offering a
precious metals investment service outside the banking system, with
direct ownership and full control by the investor. He has also become
legendary for his predictions on QE, historic moves in currencies, and
major global events.
“The Dark Years Are Here”
“Eric,
the dark years are here and all the bad news is coming out right on
queue. Just look at the data. Brazil is in recession and they have a
collapsing currency, which is down 50 percent since 2011. Brazil will
probably see their debt rating cut to junk.
If
you look at Korea, industrial production has collapsed by 15 percent in
August and they are likely to see the value of their currency erode
even further. And
in the U.S., an average family can’t even afford to live in the least
expensive metropolitan areas. U.S. housing is contracting. China’s PMI
is falling and Europe is continuing to deteriorate. And what we are
seeing is likely to accelerate in every country in coming months.
Canada’s
GDP dropped by .5 percent in Q2. In Europe, Draghi has just come out
with a revamped QE in order to try to save Europe. Now the ECB is going
to buy up to 33 percent of any bonds from the member countries. So up
to one-third of the bad debt is going to be bought by the ECB. This has
increased from 25 percent because it’s debt that nobody can sell.
The Collapse Of The Global Economy
Draghi
also aid that the emerging market rout is threatening global
expansion. He’s wrong. It’s not threatening global expansion but it
will contribute to the collapse of the global economy. And the Bank of
Japan is monetizing more than Japan’s budget deficit.
Robert
Schiller in the United States has just said that the Dow should not be
at 16,000, but rather at 11,000. That would mean more than a 30 percent
decline for stocks. We are seeing job cuts everywhere. In 2015 there will be 650,000 job cuts, which is the highest since 2009.
Central
banks are panicking because liquidity is drying up as foreign-exchange
reserves are decreasing rapidly. They have already fallen about $600
billion in the past year. The reason for this is the exit of capital
and this means global contraction. China used the inflows of forex
reserves to massively leverage their system in the past 15 years. Those
inflows have come to an end.
This
will clearly exacerbate and accelerate the worldwide downturn. As the
global economy continues its decline, central banks are trapped. We
have seen a dramatic increase in global stock market volatility but this
is just the beginning. Every day we see the Dow up or down a few
hundred points.
World Stock Markets To See Massive Declines
What
is now clear is that global stock markets are in a primary bear trend,
which will last for years. Worldwide stock markets will see massive
declines, especially in the next few months. Before this bear market
comes to an end, many markets will have lost 90 percent in real terms.
In August, many global stock markets fell 20 percent in just one month.
Saudi
Arabia is in a real mess because of falling oil prices. Saudi Arabia’s
current account deficit is falling dramatically and the fiscal deficit
is now 20 percent of GDP. The only thing that can save Saudi Arabia
from collapse and civil unrest is a much higher oil price.
Every
time I’ve been to Dubai I’m astonished by the profligacy of this
country. Dubai has no oil and it has trading and financial services
plus one of the biggest property bubbles in the world. I expect Dubai
to totally collapse in the next few years.
In
Hong Kong, every major building has a shopping mall with mostly empty
shops. Two years ago I mentioned this on KWN and now it’s finally
imploding because major retailers can’t afford the expensive rents in
Hong Kong.
Twin Crack-ups To Implode World Economy & Financial System
So,
Eric, there are bubbles everywhere but what else would you expect in a
bubble world that has spent $200 trillion of borrowed money in the last
100 years. Before this is over we will see a major part of that $200
trillion implode and all the assets linked to it such as stocks,
property and bonds, will also implode. As
all these assets worldwide collapse, governments will print may times
the $200 trillion figure as hyperinflation runs out of control and the
$1.5 quadrillion derivatives market implodes.
People Should Protect Themselves From What Is Coming
Eric,
welcome to a world where money printing will be running into the
quadrillions of dollars. There will be much more to think about besides
wealth preservation in such a scenario. But for people with assets to
protect, physical gold is going to be one of the few ways to avoid total
wealth destruction and to maintain purchasing power.
Due
to the social unrest we will see worldwide, it’s absolutely critical to
store the gold in the safest vaults in the world. Eric, people should
be really worried about the state of the world and take whatever action
they can to protect themselves from what is coming.”
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