- Turk – Frightening Situation, The World Is On A Knife’s Edge!
With continued volatility in global markets, today King World News interviewed James Turk out of Europe. Turk told KWN, “The world is on a knife’s edge.” He also stated, “Monetary history shows that currencies under political control are always destroyed — always. And the dire result is economic chaos.” Here is what Turk had to say about what he termed the, “frightening situation”: “Europe had its big meeting last week, and one conclusion is clear, Eric, Europe still has to learn that bailouts are not a solution. When a government or a bank, or any borrower for that matter, has too much debt — more debt than they can handle — adding more debt just worsens the problem. This ultimately has the effect of making the inevitable bust that much more difficult when it eventually arrives.”
The world is on a knife’s edge, Eric. The geopolitical situation is worrying. Economic activity around the world is rapidly deteriorating, and this is having the effect of putting more and more people out of work. It is noteworthy that the eurozone jobless rate, in May, hit a record-high of 11.1%. If we then factor bank runs into this toxic brew, the opportunity for the fear event I have been worrying about seems all the more likely. As that fear event begins to manifest itself, physical gold and silver will be your best safe-haven. It is extremely important that KWN readers, around the world, position themselves into the metals ahead of the coming chaos.”