Sprott – We’re Being Lied To, Even The 1% Is Having Problems…(Read!)

Friday, June 29, 2012
By Paul Martin

June 29, 2012

Today billionaire Eric Sprott gave King World News an extraordinary interview, and it’s not the kind of thing you are going to see in the mainstream media. Sprott told KWN, “…as much as we knew the 99% was having a problem, I can guarantee you the 1% is having a big problem today.” Sprott, who is Chairman of Sprott Asset Management, also said, “the markets go up because the central planners want the markets to go up … The system is imploding on itself, but the central planners want everyone to think it’s fine. They just lie to us.”

He also stated, “…there is no plan, no formalized plan, no agreed to plan. It’s all just vaporware.” Here is what Billionaire Sprott had to say about what is happening: “Today’s rally (end of quarter window dressing), even though there is no agreement by the way, but the markets go up because the central planners want the markets to go up. But the fundamentals for the market are deteriorating by the day. We have more and more warnings, retail sales are plunging.”

Eric Sprott continues:

“There’s no way to stimulate things. We’ve already got a zero interest rate policy, now they are talking about a negative interest rate policy. We don’t have the room to stimulate because we’ve already got massive deficits. So I don’t see a way of pulling the world out of its economic funk any longer.

So I think the market should come under some pressure here for the second quarter, and more important, when the forecast for the third quarter come out because I don’t think they will be pretty. The fundamentals aren’t going to be there.

We all got fooled by all of the statistics about job growth in the (United) States. You’ve seen the unemployment claims, essentially, keep going up, even though every week they report they go down. But the fact is they are going up. We’re now getting some serious layoffs. Wall Street is going to have to layoff people….

The Rest…HERE

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