Expect More Chaos As The Elites Are Now Totally Discredited
July 10, 2012
Today legendary value investor, Jean Marie Eveillard, told KWN that elites throughout the world are discredited. Eveillard, who oversees $50 billion at First Eagle Funds, also said, “The implications (if the trend continues) would be a chaotic or semi-chaotic period. If the economy does not recover, in what would appear to be a sustainable manner, then the politicians will be under pressure to take very unusual steps.”
He also discussed the gold market, but first, here is what Eveillard had to say about the danger elites and bankers are facing: “Elites are discredited, not just in the US but throughout the world, including possibly in China if the economy there continues to do poorly. And it’s not just government elites, it’s also business elites, particularly financial elites in many countries, including the US, the bankers and the like. They will end up hanging a few. I suppose I’ll be spared because I’m too old.”
Jean-Marie Eveillard continues:
“You look at the recent elections in France where the extreme right and the extreme left represented something like 30% of the vote. I think that’s troublesome because (it means) there is very little trust in the authorities, very little trust in government, very little trust in business, particularly in big business.
That creates an environment which is, I’m not saying they are about to storm the Bastille, as they did in 1789 in France, I’m not saying they are coming down with their pitchforks, but it is, to me at least, a troubling phenomenon which does not speak well for the future if it continues….