September 27, 2016
As we get ready to head into what may well be a very interesting October for global markets, today John Embry warned King World News that we are edging closer to the ultimate global implosion.
John Embry: “Eric, as I watch the unfolding economic and financial saga unfolding globally, I’m reminded of the famous quote from Hemingway’s The Sun Also Rises. When asked, how did you go bankrupt? One of the protagonists responded:
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John Embry continues: “And I think that remark is particularly appropriate for what is currently happening today on the global financial scene. There are major issues everywhere, with the disasters today being the desperate state of Deutsche Bank in Germany and the downgrade of Turkish debt to junk. However, these are just two issues and there are equally pressing problems around the globe.
We also have the Chinese debt situation following the historic expansion, the Italian banking crisis, the still to be felt impacts of Brexit, the emerging U.S. pension crisis, etc. To date, the powers that be have been able to hold things together but without any sustainable hope for creating any improvement in the system.
Global Implosion Edges Closer
So we are inexorably moving from ‘gradually’ to ‘suddenly,’ with respect to a global implosion. The root of the problem is actually easily identifiable. The entire world went on an epic debt binge over the past 30+ years and now the bill is coming due. Anybody who has any rudimentary understanding of Austrian economics could have predicted this terminal state of affairs years ago.
However, the world has been ruled by Keynesians and their and their extremely flawed theories have brought us to this point. At this juncture, the authorities and their mainstream media accomplices are reduced to manipulating all markets and producing bogus statistics and commentary on the state of the economy.
‘Deep State’ Getting More Desperate
The ludicrous headline today is on the front page of the New York Times and it states, ‘With pay rising millions climb out of poverty; economic tipping point, more and better, jobs blacks and hispanics gain the most.’ What utter crap. The Deep State is getting so desperate to create an environment in which their candidate, Hilary Clinton, can be elected that they will apparently resort to anything.
There Is Still Time
At the same time, there is an ongoing attempt to bury the price of gold and silver in the paper markets. But up to now gold has proven to be particularly resilient. With each passing day we are one day closer to the upward explosion in the price of both metals. Investors are being given a wonderful opportunity to buy the physical metals and the respective gold and silver equities. In view of the gross overvaluation of virtual all financial assets in the world, diversification into gold and silver is absolutely essential at this time.”