The World Is Now On The Edge Of Total Collapse
June 23, 2013
With investors around the world concerned about the tremendous turbulence in global markets, including gold and silver, today Egon von Greyerz warned King World News that “the world is now on the edge of total collapse.” Below is what Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this powerful interview.
Greyerz: “Eric, the whole world is panicking over Bernanke’s hint that the Fed might start tapering QE. Before we look at why that will be impossible for the Fed to do for any period of time in the U.S., let’s first look at other areas of the world where we have major problems.
Fitch just came out and said that China’s credit model is falling apart. The liquidity in China is under tremendous pressure. The shadow banking system is now at $2 trillion and 50% of debt is rolled over every 3 months, and 75% of China’s debt is rolled over every 3 to 6 months.
So short-term things are very dangerous….