Sprott – A Mega-Panic Is Coming & Here Is The Reason Why
June 1, 2013
Today billionaire Eric Sprott told King World News the reason why a massive panic is coming and what investors can do to protect themselves. Sprott also spoke about the non-stop financial chaos central planners are faced with “24/7.” This is the second of three written interviews with Sprott that will be released today. Below is what Sprott, who is Chairman of Sprott Asset Management, had to say in part II of this remarkable series of interviews.
Sprott: “What has me worried is we are in a financial system where the banking system is massively over-levered, where governments are massively over-levered, where entitlements cannot be paid, and so from an economic approach we all know that somewhere in the next 5 to 10 years it’s going to be a disaster.
Pensioners will be told, ‘You know that social security check we promised you, we can’t pay you that. We’re going to have to cut it 20%, or we are going to have to change the retirement age.’ There seems to me nothing but problems because the central planners have organized everything to try to stem what should have happened starting in 2000 when the Nasdaq broke.
We had a damn mania and they’ve been fighting it ever since. And they end up creating one problem after another….