Eric Sprott: There Has to be a Collapse Way Bigger Than 2008

[youtube=https://www.youtube.com/watch?v=C58jGfVcplg]

• US is Broke and By Far the Biggest Issue – Eric Sprott
  by Greg Hunter’s USAWatchdog.com  (Early Sunday Release)  
  Renowned money manager Eric Sprott is still very bullish on physical gold and silver. Why? Sprott proclaims, “The U.S. is broke. We know they’re broke. . . . About a thousand professors have signed up and told Congress you’ve got to deal with this issue, and it is immediately ignored, but it is by far the biggest issue. It’s not just government. It’s corporate pension plans, and state pension plans and all these unfunded obligations where everyone thinks they are going to receive something only to find out that they are not going to receive something. . . . The math is pretty simple. The U.S. is broke, and I don’t want to single out the U.S. Lots of countries are broke. I am sure Japan is broke, and I am sure there are European countries that are broke. We can’t keep extending and pretending and suggesting everything is great. Unfortunately, someone is going to pay the price, and I am not sure when the price is going to be paid. The analogy I use is we all knew ten years ago that Detroit was broke. . . . It was so mathematically certain that you knew what was going to happen. The same thing will happen to the United States.”
  –
  How has the economy stayed afloat even though the U.S. is broke? Sprott, who manages nearly $7.5 billion in total assets, contends, “I take it back to NASDAQ 2000 when we had our crash, and there really should have been a normal secular bear market. Along comes the government and their ‘cash for clunkers’ and ‘home buyer tax credit’ and HARPS and TALF and too-big-to fail and printing and ZIRP. This was an elongated process of trying to hold it together. All of this was supposed to have a huge impact on the economy, and yet, we have had negligible growth. In the meantime, all the debts have soared. You have student loan debt, and now students can’t afford to buy a home, so they are all living with their families. You have so many people on food stamps, and you have people taking advantage of the disability fund . . . in the latest statement, it goes broke in a year. . . . This is symptomatic of the problems.”
  –
  read more.

end