by Greg Hunter
USA Watchdog
Gold and financial expert, Egon von Greyerz, says buckle your seat belts–a replay of the 2008 financial crisis will “soon return.” Greyerz contends, “What happened in 2008 was expected by us for quite a long time. The solution of $25 trillion to save banks and financial markets was not a solution. It was just a temporary deferral of the problem. The money, as we know, went into the banking system, and it didn’t go into the real economy. The banks in Europe still have the same problems. They are leveraged as much as before. Deutsche Bank is leveraged 50 times. U.S. banks are slightly less leveraged, but they have the derivatives that are not included on their balance sheets; of course, but if you include that, they have more leverage than the European banks. . . . We are now in a situation where every major economy in the world is in a total mess.” Greyerz goes on to explain, “Japan’s economy is going to disappear into the Pacific. China is having its problems. Europe has problems. The EU will never work and was not supposed to work. The euro is an artificial currency and, in the long run, will not survive. The U.S. stock market is at an all-time high, but that has nothing to do with the real economy which is an absolute mess. So, the world has never been in a situation where all nations simultaneously are having problems that are insoluble. Every major nation is running a deficit today. So, right now, I think we are going to revisit 2008; but this time, there is no solution.”
On the value of the U.S. dollar, Greyerz predicts, “The problem is it’s not just the dollar. The dollar is the first one that’s going to fall, but all the currencies are in a race to the bottom. Since 1913 when the Fed was created, we’ve seen a fall of 97% to 99% of ALL currencies against gold.”
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