Greyerz: Global Debt Over $200 Trillion, Gold Demand Surges
October 8, 2012
Today Egon von Greyerz spoke with King World News about the, “… most massive Ponzi scheme the world has ever seen.” He also stated, “… this will clearly end in total disaster.” Greyerz, who is founder and managing partner at Matterhorn Asset Management, also warned about a developing situation which, when it becomes apparent, will create, “… panic in the gold market because nobody will hold paper gold anymore.”
Here is what Greyerz had to say: “US deficits are set to continue to rise, no matter who wins the election. This means a great deal more money printing. Right now the US has $40 billion per month of QE in the form of buying mortgage-backed securities, and with ‘Twist’ another $45 billion. But you have to also add the $145 billion monthly budget deficit.”
Egon von Greyerz continues:
“Right now the US deficit is running at roughly $1.5 trillion per year. So in total, the US is already printing $200 billion each month, and that will of course increase. The US debt is up $10 trillion in ten years. As revenues decline and expenditures increase, the pressures on the US economy will be enormous, and the deficit will increase substantially.
In a couple of years time, we will have $20 trillion, at least, of US debt….