50-Year Veteran Warns The World Is Headed For Some Very Difficult Economic Times

With stocks flat, crude oil falling nearly 4 percent, and gold trading lower, today a 50-year market veteran warned King World News that we are headed for some very difficult economic times globally.

John Embry: “I have to open by saying that Egon von Greyerz’s weekend contribution to KWN was an epic of logic. It should be required reading for all of our feckless central bankers and theoretical economists who have gotten us into this mess…

John Embry continues: “But every once in a while you get a fascinating economic commentary from an unexpected source. That happened last week when Charles Barkley, the ex-NBA basketball star, now very outspoken commentator, opined on the state of America.

He said, ‘All politics is rich people screwing poor people. Poor people are too stupid to know they are just chess pieces in a game. All the poor white people, all the poor black people and all the Hispanics, they’re all in the same boat.’

This is the reason that despite the bogus economic statistics emanating from the government and the mainstream press, the U.S. economy is slowly crumbling. It is a consumer-based society and those with the highest propensity to consume, the poor, who actually consume more than 100 percent of their incomes, are methodically being destroyed.

– 50-Year Veteran Warns The World Is Headed For Some Very Difficult Economic Times Difficult Times Ahead

When one realizes that the U.S. economy is now joining Europe, South America and Russia, in recession, at the same time the Chinese economy is slowing at an alarming pace in a debt-driven disaster, it becomes apparent that we are headed for some very difficult economic times globally. With the debt burden everywhere being unsustainable, this should be something to behold.

Moving on to the gold and silver markets, anyone who believes that the gold and silver prices aren’t being manipulated evermore aggressively by the BIS, the Western central banks, and their bullion bank accomplices, is very simply denying reality. Despite dramatic improvements in the fundamentals for gold and silver, mounting demand from different sources, combined with their historic underpricing, the commercials have increased their short positions dramatically, particularly in gold.

The increase in the short positions in paper gold have risen by well over 120,000 contracts over the past couple of months. This represents more than 12 million ounces of paper gold and the physical doesn’t remotely exist to back it.

Who knows where the prices of gold and silver are headed in the short-term as the central planners become evermore panicked as their Ponzi scheme slowly unravels? However, both monetary metals are going dramatically higher in the not-too-distant future as a commercial signal failure looms. As a result, everyone should now be taking this opportunity to as much physical while it is still available.”

KWN
March 14, 2016