- The Next Wave Of Massive Wealth Destruction Is Imminent!
On the heels of a smash in the gold and silver markets, today the 42-year market veteran who correctly predicted that the Fed would not taper warned King World News that that the next wave of massive wealth destruction is now imminent. Below is what Egon von Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this extraordinary interview.
Greyerz: “As stock markets are booming, fueled by unprecedented liquidity, the financial system is under more pressure than ever. A couple of your recent guests have been talking about the Fed’s balance sheet, and the fact that it’s leveraged 70 times….
The BIS just came out with a quarterly report, and they are saying that the situation in the banking and financial system is worse today than it was pre-Lehman collapse. I agree with that totally. Nothing has improved since 2008. The European banking system is under massive pressure. This is of course why the ECB just lowered interest rates by .25%. They blamed this rate cut on ‘deflation,’ but it’s because of the enormous problem that exists inside of their banking system that they initiated the rate cut.