Some Quotes Following a Dramatic Week

Sunday, 23 August 2015

Some Quotes Following a Dramatic Week

From Clive Mound, of Gold Seek:

"Many lesser markets around the world are toppling, but somehow the big Western markets of Europe, Japan and the US are staying aloft. If you have ever made a sand castle on the beach and watched what happened when the tide comes in, you will recall that it is the weaker outer ramparts and smaller turrets that collapse first, and the big central towers that hold out the longest. The weaker outer ramparts and smaller turrets are the Emerging Markets which are already crumbling, and it won’t be long until the big central towers – the big Western Markets, go the same way – everything is pointing to it".

From Egon von Greyerz of Matterhorn Asset Management:

Eric King: “So with the Dow down over 530 points today, is this the collapse you’ve been predicting already beginning to unfold?”

Egon von Greyerz: “Eric, it’s already happening all around us but the world doesn’t see it. The world economy has already started to disintegrate. Only the first four days of this week $2.5 trillion of market capitalization has been wiped out in global stock markets. So the world is in denial…

... Eric, the perfect storm has now started. And this storm will turn into a hurricane probably within the next two months. So in the next 60 – 90 days we will see all stock markets go down by at least 25 – 30 percent and likely a lot more. And we could see gold reaching $2,000 and silver $50 within that time...

...I’m fully aware that this sounds extreme, but all this is the end of the 100-year bubble of credit explosion that now must implode. And the gold price will just be a reflection of the fall of paper currencies to their intrinsic value of zero.”

From Gregory Mannarino of Traders Choice:

"This is a global problem. It is insurmountable. It can never be paid back in any possible way. It’s too huge. It’s the mechanism of the system that simply demands the relentless acquisition of debt in perpetuity. Once we admit we can’t borrow anymore, we have a debt crisis. That is what we are seeing here. How are they trying to fix it? The same old way by fueling it with debt. All this is doing is growing the Frankenstein, the monster of debt even larger.”

From Michael Pento of Pento Portfolio Strategies:

"It is now becoming empirically obvious to any objective observer that the philosophy of money printing to generate growth is a complete failure. That bankrupt philosophy led to the biggest bubble of all: the QE-induced faith in central banks’ ability to save the world. The collapse of this deluded fantasy will be the most devastating reality check of all".

From Paul:

"What part of Sodom and Gomorrah don't they understand?"

From Michael Snyder of the Economic Collapse Blog:

"In the coming days, we are likely to see even more emerging markets devalue their currencies in a global “race to the bottom”. But this “race to the bottom” presents a great danger to financial markets. As I have written about previously, there are 74 trillion dollars in derivatives globally that are tied to the value of currencies. As foreign exchange rates start flying around all over the place, there are going to be financial institutions out there that are going to be losing obscene amounts of money.

I cannot say the “d word” enough. Derivatives are going to play a starring role during this financial collapse, and so that is a word that you will want to be listening for very carefully in the weeks and months to come.