John Embry – Fixes From The 70s Won’t Stop This Disaster
July 3, 2012
Today John Embry gave King World News an extraordinary interview. Embry, who is Chief Investment Strategist of the $10 billion strong Sprott Asset Management, discussed market manipulation, the crisis today vs the 70s, inflation and where we are headed. Here is what Embry had to say: “I’m fascinated by this whole Barclays situation, in the sense that they have been accused, and have admitted as such, that they have been manipulating Libor. This actually affects about $360 trillion worth of the world’s financial transactions.”
John Embry continues:
“It’s actually a shocking thing when you think about it, but I like to relate it to the gold and silver markets. These people messed around with Libor, and there’s some suggestion that the Bank of England might have thought this was a good idea when things were looking particularly dark in late 2008.
I mean people who don’t think that gold and silver are manipulated really better give their heads a shake. The simple reason for this is that gold and silver are the canaries in the coal mine when it comes to lousy monetary policy. When gold and silver start going up, it’s blowing the whistle on bad monetary policy….