- Cyprus, Massive Global Debt, Derivatives & The End Game!
Today John Embry told King World News that what is happening in Cyrpus is just a prelude to a more catastrophic day when the financial system grinds to a halt. He says the Cyprus disaster has frightened people all around the world and things will only get worse from here. Below is what Embry, who is chief investment strategist at Sprott Asset Management, had to say regarding this ongoing crisis:
Eric King: “In the aftermath of what they are saying is a deal in Cyprus, John, what are your thoughts?”
Embry: “We knew they would come back with another solution because they can’t afford for a country as small as Cyprus to bring down the whole euro construct. I think people recognize that Germany has a vested interest in keeping this thing afloat because their banking system is loaded with all of this peripheral country debt.
The last thing the Germans want to see is Mediterranean countries leaving and defaulting on that paper. But they haven’t solved anything here. They are just kicking the can down the road, and they are setting up for a conclusion that will be more catastrophic when it finally arrives….