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We Are Entering One Of The Most Worrying Times In History: While The Fed Is Playing An Extraordinarily Dangerous Game, The World Should Consider Switching From The Dollar To Gold
Egon von Greyerz: We are entering one of the most worrying times in history
via KWN:
With gold and silver moving higher this week as stocks were trounced, today, Egon von Greyerz lets King World News readers know what to expect for the rest of this year as well as for 2013. Here is what Greyerz had this to say: “We are entering one of the most worrying times in history, maybe even for centuries or even for a millennia. I think we are going to see a turn in the world economic situation that is going to be long and extremely difficult.”
Egon von Greyerz continues:
“We will see an economic collapse. The economic collapse will lead to more social unrest, and it will lead to wars. It will also lead to unlimited money printing, bonds collapsing and interest rates soaring. We will also see a stock market which will collapse in real terms (vs gold).
Turk – The Fed Is Playing An Extraordinarily Dangerous Game
via KWN:
Today James Turk spoke with King World News about an extraordinarily dangerous game the Fed is now playing and how it will impact key markets, including gold and silver. But first, here is what Turk had to say about the ongoing crisis in the US: “On Friday in the United States, the Department of Agriculture released its report showing the number of people receiving food stamps in August. The total is 47.1 million people, which is a new record high, Eric, but here is what I believe to be a staggering comparison. The number of people receiving food stamps increased in just that one month by over 420,000, while only 96,000 new jobs were created in August.”
James Turk continues:
“So 4.3-times more people started receiving food stamps in August than got jobs. Even the miracle 175,000 monthly increase in jobs that was reported just before the election pales in comparison to the number of new people receiving food stamps in August.
Avoiding The Fiscal Cliff = QE To Infinity
There is no reason to expect that renewed efforts at federal budget deficit reduction will result in anything more than the usual smoke and mirrors, further increasing, not reducing, long-term U.S. sovereign-solvency risk. In reality, the U.S. economy has not recovered, and no recovery is pending. Consumer liquidity remains severely impaired, and broad business activity continues to falter anew. As a result. the actual federal budget deficit going forward will be much worse than the relatively rosy numbers being used as the basis for government negotiations – John Williams, www.shadowstats.com
Everyone can draw their own conclusions about how this so-called “fiscal cliff” situation will play out, but the only way it can possibly be “resolved” is by postponing the inevitable. As Williams states: “Accordingly, global market reaction—to a severely deteriorating outlook for U.S. fiscal conditions—increasingly should reflect massive flight from the U.S. dollar and movement into gold and the stronger Western currencies.”
MORE HERE
