Greyerz – European Leaders Lying, Trillions Need to Be Printed
Today Egon von Greyerz told King World News that statements from European leaders claiming the crisis is “ebbing” and “almost over” are completely false. Von Greyerz also said the first trillion euros printed is nothing compared to the trillions we will see in coming months. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Here is what von Greyerz had to say: “I think these politicians are living in a different world, Eric. They are just pretending that things have been remedied with the last trillion euros of the LTRO that the ECB has just issued. But Spain is the next problem.”
“Spain now has over 700 billion euros of debt, and of that about 14% has been issued in the last three months. That’s over 100 billion euros of debt issued in the last three months. So Europe is hemorrhaging and Spain will be the next Greece.
The Spanish problem is a lot bigger and will be a lot worse. Spanish banks have never taken the correct provision for their property collapse….
“The day a sound person becomes a politician, sadly they can no longer speak the truth. So, yes it is propaganda coming from European leaders. But people who understand what’s happening know that central banks will continue to debase all currencies by printing unlimited amounts of money.
Don’t listen to the short-term rhetoric of the politicians and don’t listen to the optimism of the central banks. Just stay focused on what has to happen to keep the financial system functioning and that is unlimited money printing.
Europe will implode if they don’t print massive amounts of money. The banking system is bust and sovereign states are all running massive deficits, but I am convinced they won’t let it implode. Instead they will continue to print and the printing will accelerate.
The needs will run into the trillions of euros. The one trillion euros printed in the last four months is nothing compared to what they need to print in coming months. We are talking many, many trillions of euros and it could be tens of trillions of euros over time.
So don’t get fooled by politicians saying the news is better, it isn’t. There is nothing that can make it better because the whole financial world is rotten at its core.
My message is consistent that investors must not listen to mainstream media. Investors need to follow their instincts to protect themselves and their families against collapsing currencies, and the way to do that is by owning physical gold.
The world’s financial situation cannot be solved by any rhetoric or draconian measures governments take. The only thing they can and will do is continue to destroy paper money and that’s why people need to own gold.
Gold has bottomed in this short-term correction and we will see gold moving strongly higher in April. The critical $35 to $37 level on silver will be broken and thereafter we will also see a massive move in silver.”
Statistics: Posted by DIGGER DAN — Wed Mar 28, 2012 12:30 pm
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