Embry – Despite Rally, Global Financial Crisis II Is Imminent
June 12, 2012
Today John Embry told King World News that, despite the rally, investors should brace for “global financial crisis II.” Embry also said this crisis will be “more unpleasant than the first one.” Embry, who is Chief Investment Strategist of the $10 billion strong Sprott Asset Management, also told KWN that gold and silver will reign supreme during the upcoming turmoil. But first, Embry had to say about the Egon von Greyerz prediction of a massive global bailout: “I believe that’s very realistic. They will go down the path of trying to continually bail this system out to prevent a collapse. Nobody wants to be at the helm when the ship goes down, so they will try to move heaven and earth to prevent that.”
John Embry continues:
“The only way they can do that is with exactly what Egon (von Greyerz) suggested, and that is with a massive, global bailout. I think it’s absolutely essential that the listeners be aware of the depth of the problem, and not listen to the mainstream media which glosses over everything and tells you to be in the conventional assets and that everything is going to work out fine. I don’t believe that’s going to be the case.
I see one of two outcomes. Basically you have a debt-logged world economy….