Greyerz – Greatest Financial Collapse The World Has Ever Seen
KingWorldnews.com
June 28, 2012
With global stock markets trading in the red, today Egon von Greyerz told King World News that investors are going to witness the greatest financial collapse the world has ever seen. Egon von Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “…investors are under the illusion that the system will continue, but it won’t.” Here is what Greyerz had to say about the the financial collapse: “As always, Eric, I’m focusing on the big picture. We are in a crisis, and the outcome is absolutely certain. What is not certain is how we get there. The problem is it’s not only one crisis, it’s a number of crises. We have the first one which is the sovereign crisis.”
Egon von Greyerz continues:
“Almost every single major country in the world is bankrupt, and no one has the tools or a plan to get these countries out of this crisis. So countries will go bankrupt by default or by printing excessive money. This situation will continue to get worse and ultimately lead to a hyperinflationary depression.
Then you have the banking crisis. The banks are insolvent and they are also in a liquidity crisis. And this is, again, worldwide. There is no way the banks will be able to survive this without massive assistance. This is a banking crisis of the magnitude which will amount to trillions of dollars, and if we take the whole of the derivative positions, it could be hundreds of trillions of dollars because of the counterparty risks.
The third crisis is the economic crisis. Every single country is suffering tremendously and economic figures are continuing to deteriorate, whether it’s in the US, in Europe, China or Japan. This crisis will also lead to a depression.
Any of these three crises is sufficient to bring the world down because they are not just in one country, they are worldwide….
The Rest…HERE
