Sinclair – The US Will Be Cyprused & We Will See $50,000 Gold
April 19, 2013
Today Jim Sinclair spoke with King World News about the ongoing chaos and told KWN the world is witnessing something that has never been seen in history. Sinclair also warned that “the US is going to get Cyprused.” Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say in this remarkable and exclusive interview.
Eric King: “This was from Fed Governor Jeremy Stein’s speech, “If systemically important financial institutions or SIFI, does fail, the losses would fall on its shareholders and creditors, and taxpayers would have no exposure … Perhaps more to the point for TBTF (too big to fail), if SIFI does fail, I have little doubt that private investors will, in fact, bear the losses — even if this leads to an outcome that is messier and more costly to society than we would ideally like.”
Sinclair: “What he is saying is that the potential losses are so large, and he is referring to the more than one quadrillion dollars in legacy over-the-counter market for derivatives, that nobody could create that much money.
So what’s pending now is so large, and these statements from Stein are confirmation that Cyprus is in fact the blueprint in the United States for coming financial failures….