Financial analyst Karl Denninger says, “If you keep raising the debt ceiling willy nilly, you’re going to get downgraded.” Denninger thinks the latest talks in Washington will only kick the fiscal can down the road. He says, “The truth of what we have to do is still politically impossible.” Denninger contends, “All you are seeing now is the tap dance around the fact we have to accept a 7, 8 maybe 10 to 15% fiscal contraction in GDP in order to come back into balance.” Denninger says the sooner you take the hit, the better it will be because “the damage you take today is always less than the damage you will take if you kick the can and wait until tomorrow.” Don’t expect politicians to do the right thing–yet. Denninger says, “There is no stomach to put their jobs on the line . . . We need statesmen who will say I will get fired over this. . . . That’s the price the country has to pay.” Join Greg Hunter as he goes One-on-One with Karl Denninger. [Read more...]
Bernanke is Playing With Fire, Says Laurence Kotlikoff: The Real U.S. Debt = $222 TRILLION!
Boston University Economics Professor Laurence Kotlikoff is worried about America’s dire financial situation. Dr. Kotlikoff says, “The situation is getting worse and worse and worse. We are running a massive six decade Ponzi scheme, and it’s coming to a real threatening point.” Dr.Kotlikoff calculates the real government deficit is enormous and it’s growing exponentially.
“It’s $222 trillion. Last year it was $211 trillion. We grew the deficit by $11 trillion in one year,” charges Dr. Kotlikoff. He also says, “We are actually in worse shape than any developed country. . . We are using accounting that would make Bernie Madoff blush.” Kotlikoff thinks the Federal Reserve could easily lose complete control of inflation and warns, “Ben Bernanke is playing with fire here because we could have a tripling of the price level.” Join Greg Hunter as he goes One-on-One with Economist Laurence Kotlikoff. [Read more...]
Borrowing From MasterCard to Pay For Visa-Gregory Mannarino
Financial analyst Gregory Mannarino says, “The Fed cannot and will not stop printing. . . If they do that, overnight the system would collapse. . . . They are in desperation mode.” Mannarino thinks the U.S. should be cutting spending and not raising the debt ceiling. He contends, “By raising the debt ceiling, we are borrowing from our MasterCard to pay for our Visa.” Mannarino says global central banks are all “. . . purchasing gold and silver in record numbers. Meanwhile, they are flooding the world with fiat currency.” Despite a lackluster market in precious metals, Mannarino thinks people should keep accumulating gold and especially silver. Mannarino proclaims, “Silver is the most undervalued asset in the history of the world.” Mannarino predicts the middle class will be left “desperate, distraught and completely wiped out . . . when this thing collapses. We’re going to see a two-tier society.” Mannarino says it’s all because “we have a madman running the Federal Reserve.” Join Greg Hunter as he goes One-on-One with Gregory Mannarino. [Read more...]
Peter Schiff: Get Real Money, Gold and Silver – as the Fed Will Not Stop Printing Money
Money manager Peter Schiff warns that Japan will likely stop buying U.S. government debt. He contends, “If the Central Bank of Japan has a choice between monetizing Japanese debt or U.S. debt, they’ll go for their own debt . . . that means the Fed has to print even more money.” Closer to home, the new debt deal also means more money printing because of even bigger deficits. According to Schiff, “The majority of the tax increases were cancelled. The spending cuts were cancelled . . . the Fed is going to have to keep buying bonds to keep interest rates from surging.” Schiff thinks talk from the Fed about stopping the $85 billion a month money printing (QE) is preposterous. Schiff says, “They can’t do it. . . . The minute they try to take the cheap money away, the phony economy is going to crumble.” What’s not going to crumble is the gold and silver market. Even though precious metals have been down recently, Schiff says, “So what, buy more. Look at the sell off as an opportunity to unload more of your fiat currency and get some real money.” Join Greg Hunter as he goes One-on-One with Peter Schiff. [Read more...]
Gerald Celente on 2013, Gold and Silver and a Full-Fledged WW III
Trends forecaster Gerald Celente predicts the global financial system will continue to be propped up. Celente says, “The scheme continues to go on, the scheme being dumping cheap money into the system to perpetuate an economy that should have crashed in 2008. So, for 2013, our best shot is more of the same, but worse.” Celente’s advice for people who want to protect themselves financially, “Continue to buy gold and silver because a currency war has broken out.” Celente says gold’s assent has stalled because the financial elite “rigged the game” just like the $800 trillion global LIBOR interest rate market. Celente asks, “Don’t you think they’re rigging the gold and silver markets?” Celente contends the fuse is lit on the Middle East and North Africa. He thinks, “The Arab Spring has nothing to do with a democracy movement. It has to do with far too few having much too much and way too many having much too little.” Celente predicts, “If anybody attacks Iran, it will be full-fledged World War III.” Join Greg Hunter as he goes One-on-One with Gerald Celente. [Read more...]
John Williams: New Recession in 2013, Open Ended QE Will Lead to Hyperinflation
Economist John Williams thinks the economy is in worse shape than most people think. In 2013, Williams predicts, “As this goes forward, you’re going to see we’re going to be in a new recession.” The Federal Reserve announced last week it is now printing a total of $85 billion every month to reduce unemployment and stimulate the economy. Williams says, “That’s nonsense. . . . There’s nothing they can do to stimulate the economy.” Williams has long contended the Fed is really just using the weak economy to continue to prop up the banking system. Williams says, “If the Fed wasn’t doing what it’s doing . . . I’d presume you’d be on the road to a banking system collapse. The banking system is still in trouble.” Williams warns the “open-ended” printing of $85 billion a month “. . . will be part of what will eventually become hyperinflation.” And if there is no deal on the so-called “fiscal cliff,” then Williams expects “heavy selling pressure on the U.S. dollar.” Join Greg Hunter as he goes One-on-One with John Williams. [Read more...]
Chris Martenson: We’re Going to Have a World Class Currency Crisis
Chris Martenson of PeakProsperity.com says, “We have an economy that requires constant exponential growth . . . that won’t happen. We’re on an unsustainable course.” Martenson says the next 20 years will look nothing like the last 20 years. He predicts, “The crisis really is going to belong to the people who don’t see it coming.” Martenson believes, “Global growth will never return to its former glory days.” The days of cheap natural resources are gone. Martenson says to go along with that phenomenon, “The risks are piling up in the financial system. . . . The Federal Reserve is printing, printing, printing . . . we’re going to have a world class currency crisis.” Given the current situation of a broken money system and dwindling natural resources, Martenson says, “I don’t see how you avoid a hard landing at this point.” Join Greg Hunter as he goes One-on-One with Chris Martenson. [Read more...]
America is Going to Crash Big Time-Paul Craig Roberts
Paul Craig Roberts was Assistant Treasury Secretary in the Reagan Administration, and he warns, “America is going to crash big time.” Dr. Roberts says, “The real problem is not the fiscal cliff.” The dollar is on very thin ice. Dr. Roberts says, “They can’t stop hemorrhaging the debt, and the way they cover that is to hemorrhage the dollar.” In this real time scenario, Dr. Roberts goes on to say, “When you have debt pouring out and dollars pouring out, the dollar can’t keep its value forever. At some point, people will run away from it, and it will start abroad.” Dr. Roberts thinks there is “an impending collapse of the exchange value,” and the U.S. dollar could unexpectedly plunge in buying power. Dr. Roberts contends, “All of a sudden, people walk into Walmart, as usual, and they think they’ve walked into Neiman Marcus.” Dr. Roberts says there are no quick fixes to the bulging debt because “there’s no way to close this deficit when corporations are moving the tax base off-shore.” Join Greg Hunter as he goes One-on-One with Dr. Paul Craig Roberts. [Read more...]
Greg Mannarino: Gold and Silver Are Going Up, Cash is Going Out of Style
Financial analyst Gregory Mannarino says, “The Federal Reserve is going to print into oblivion. Why? Because cash is going out of style.” It was recently reported the Fed is buying 90% of U.S. Treasuries. Mannarino contends, “The Federal Reserve has to go out and buy Treasury bonds. It they don’t do this, it’s over . . . the system collapses. The Fed is now the lender of last resort.” Mannarino predicts not only America, but the world, is headed for a collapse. “Nothing they do now can change the trajectory we are on, which is the mother of all collapses of the financial system–on a global level,” says Mannarino. When that happens, what is going to happen to all the asset classes? Mannarino says, “You got to be nuts to buy 10-Year Treasury bonds . . . . At some point, it will be the free market that will decide fair value with regard to everything across the board, including debt.” Mannarino thinks interest rates will spike and “commodities are going to go to the moon . . . gold and silver are going up over the long term.” Join Greg Hunter as he goes One-on-One with Gregory Mannarino. [Read more...]
Jim Willie: Gold Standard Will Return, Everything in Paper is Going to Hell!
Jim Willie is the editor of the “Hat Trick Letter.” He has a PhD in statistics and crunches the numbers on things like gold, currencies and bonds. Jim Willie says, “Gold is the anti-bubble. . . . It is the response to the biggest bubble in the history of the modern world, and that is Treasury bonds.” It was recently reported that the Federal Reserve is buying 90% of all Treasuries. To that, Willie says, “The supply of gold is lacking and demand for Treasuries is evaporating. It’s that simple.” Willie thinks the global economy will not get better because, “. . . they have no solutions, and they are praying they can keep this going.” Like it or not, gold is going to make its way back into the monetary system. Jim Willie contends, “The gold standard will return because gold will be the last asset left standing. Everything in paper is going to go to Hell.” The transition will be very painful. Willie says, “We have a climax bust coming for bonds, currencies and the banking system because they are all interrelated.” Join Greg Hunter as he goes One-on-One with Jim Willie. [Read more...]
Fabian Calvo: Housing Inventory Suppressed On Purpose and Shadow Stimulus
Fabian Calvo buys and sells $100 million worth of real estate and distressed debt a year and says, “Over 20 million houses, on any given night in America, are completely sitting vacant.” According to Calvo, the economy is being helped by “shadow stimulus.” It’s coming from millions of underwater homeowners who have stopped making mortgage payments. Calvo also says banks are not foreclosing “. . . because the inventory has been suppressed on purpose by big players.” Calvo says, “Money that would have been otherwise allocated towards a housing payment is going into consumer spending.” Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Fabian Calvo. [Read more...]
Climate of Fraud, Negligence, Incompetence and JP Morgan
A climate of fraud, negligence, and incompetence exists not only at JP Morgan, but at every TBTF institution in the West, as well as every Western Central Bank and Treasury department.
I was thinking about titling this post “Fire Jamie Dimon.” I changed my mind because this article is much, much bigger than Mr. Dimon. This is really an article about the current climate of fraud, negligence and incompetence that is accepted as the new normal. [Read more...]
Eric Sprott: Central Banks’ Gold Likely LOOONG Gone
Money manager Eric Sprott says, “The central banks’ gold is likely gone with no realistic chance of getting it back.” Don’t expect this revelation to get any coverage by the mainstream media. In an interview with Bloomberg last week, Sprott’s analysis was met with words such as “gold bug” and “conspiracy theory.” Sprott answers that sort of disrespect by saying, “We’ve had so many conspiracies, I don’t know why anyone would think this was unusual.” To back up his point, he named “LIBOR, electricity markets in California and the Madoff” scandals. Sprott’s analysis shows a “flat supply” and at least a “2,500 ton net increase in gold demand” since 2000. “Where’s all the gold coming from?” asks Sprott. He says Western central banks “. . . keep supplying this market with product in order to keep the price down so nobody knows how vulnerable the situation is.” Sprott, who manages nearly $10 billion in assets, boldly proclaims, “We have a shortage of gold.” Join Greg Hunter as he goes One-on-One with Eric Sprott of Sprott Asset Management. [Read more...]
Chris Duane: Silver Headed to 1-to-1 Ratio With Gold As Manipulation Collapses
Chris Duane of Dont-Tread-On.me says Hurricane Sandy should be a wakeup call for the entire country. Duane says, “The impact of a dollar collapse will be hundreds, if not thousands, of times more disruptive to life than a two day storm.” Duane goes on to say, “Sandy is a great precursor to help you get your act in gear.” According to Duane, most people are just as unprepared for a dollar calamity as they were for the recent super storm in the Northeast. A much bigger financial storm is coming. “The big problem with all this is counter-party risk. You cannot trust anybody; you can’t even trust the currency.” Duane trusts physical silver, and he thinks its 53 to 1 silver to gold ratio per ounce makes silver attractive. Duane thinks he could make a good case for “. . . a one-to-one silver to gold ratio, especially with all the paper manipulation.” Duane says, “The system will collapse, it must collapse, and people will learn a very difficult lesson.” In the next move up, Duane see’s silver “pushing past $50 per ounce.” Join Greg Hunter as he goes One-on-One with Chris Duane. [Read more...]
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