James Turk: Capital Controls, Panic, The Great Depression & Gold !

• Turk – Capital Controls, Panic, The Great Depression & Gold ! 
  by www.kingworldnews.com
  With tremendous volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN that we are headed into an extraordinarily dangerous time for both the markets and the financial system, that will end in a massive panic.  Here is what Turk had to say about what is taking place:  “Today was a very important day, Eric, because gold was strong while the stock markets were weak.  This is a trend I expect to continue, and one that will baffle many financial analysts, going forward, that don’t understand this type of cycle.”
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  As we know, Eric, government actions like these do nothing to solve the problem.  Financial repression is never a solution.  Capital controls only buy more time, but you can’t do that forever.  So money continues to leave the European banks.  The bank runs are not disappearing.  In fact, they jumped across the Atlantic to South America, where Argentine banks are rapidly losing dollar-denominated deposits.
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  In the 1930’s, if people we lucky enough to get their money out of any of the hundreds of banks that failed, they didn’t want to take any more chances, Eric.  They soon realized that the paper currency in their hand wasn’t much safer than when they had their money on deposit in a bank.  The panic to obtain gold or silver marked the bottom of the Great Depression.  The solution was a higher gold price, and that is the same solution needed today.
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