Embry – There Is a War Going on Because Fiat Money Is Dying
May 8, 2012
With global stock markets plunging, along with gold and silver, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. Embry told KWN “There is a war going on right now” because “the pure fiat currency system is on its last legs.” Embry also said “Europe is in desperate shape” and the implications are “horrific” if the US dollar loses its reserve status. Bur first, here is what Embry had to say about gold: “Gold is falling because the powers that be, with their paper shenanigans, are knocking the hell out of it. We see tremendous physical demand. Massive amounts of gold are going through Turkey, into the Middle-East. Chinese imports are strong. To me that’s the ultimate antidote.”
John Embry continues:
“This type of action is always orchestrated at a counterintuitive time, where it doesn’t really make logical sense. It works because it keeps the vast majority of society away from the sector. There is a war going on right now, and they are trying to bolster the confidence level of the hearts and minds of fiat money lovers the world over.
This is happening because what’s going on is Europe is in desperate shape. Spain has announced the government is going to have to bail out the third largest banking entity in Spain. All of these things speak to an enormous creation of new liquidity. Without that liquidity, the system is going to go down.
The underlying problem that sort of goes unspoken, is the pure fiat currency system is on its last legs….