History repeats itself, that is the saying. And with The Euro Crisis Today, Will There be any Money Left? Like so many generations before us, people start off with trading tangible assets, may it be copper or bronze or silver or gold, This is substituted with paper money and derivatives. It then gets abused by politicians, law makers and such. The outcome? Inflation, deflation and economic turmoil. Everyone is suffering from it, the rich, the middle class and the poor.
Farage told KWN that ‘What you may see is a very desperate European Union begin to put in place capital controls and things like this … In a sense the proposal that is on the table next week, which is coming from Van Rompuy and Barroso, would be the first step toward that repression.” Farage also discussed the action in the gold market, but first, here is what Farage had to say about the crucial meeting in Europe next week: “I would be very, very surprised at that big summit next week, which incidentally I have a ticket to, not that I’ll be the most popular person in the building, but I just don’t think there is going to be an agreement of any great significance next week. I just don’t see it happening.
Farage continues to say that:
I hold to the theory that at some point in time, the markets are just going to overwhelm all of this, and then we will face the IMF global bailout situation. It would be better to admit we’ve made a terrible mistake and take losses on the money we’ve already foolishly thrown in and say, ‘Let’s start again boys.’
According to Farage there is something worst overhanging all of this in the banking system which is very much beyond our control. Farage continues…
The total amount of money that is needed to shore up the Spanish banking system is more like 400 billion (euros), some people even think 500 billion (euros). The trouble is that if Europe was to do that they would be penniless. Because in theory they’ve got that money in their stability mechanism, although in practice all they’ve got are commitments from countries to put money in. The cash isn’t actually there.
So you throw trillions (of euros) at the thing, but six months later you find that the economy is still contracting, we’re still heading into a downward spiral, unemployment is getting worse, people are rioting on the streets and demanding a different solution.
At the end of the day there is no way that these countries are not going to go back to their own currencies that float on the exchanges. What all of that means is that all of this money that’s been chucked in through the European Union and through the IMF, most of it in the end is going to be lost.
Farage also said that people thought communism would end sooner that it would because of its total failure. But through repression, they managed to keep the whole thing together.
What you may see is a very desperate European Union begin to put in place capital controls and things like this.”
In a sense the proposal that is on the table next week, which is coming from Van Rompuy and Barroso, would be the first step toward that repression. If they are able to put together a debt union from a European Union, if they are able to have total control over individual member states’ budgets and all of the rest of it, then we are heading very, very rapidly down that road towards repression.
Frankly, that’s the only way they can win now. The only way they can win is to take away from the citizens the ability through the ballot box to do anything about this. They are hellbent on doing it, but they know the electorates, particularly in the North of Europe, are, with every passing day, beginning to realize their little scheme, and we know the markets have no confidence in them.
Farage has been a long time gold investor. Here is what he thinks about gold.
“Given the mess that we’re in, and given this threat that we could possibly be facing a 1931-type movement, you have to be in this market. Got to be long gold, no question about it.”
After The Euro Crisis, Will There be any Money Left? , Greece could default, and Spain are getting there bailout, Italy will follow and just now Cyprus have asked for a 4 billion bailout package. so is this a domino effect, we are borrowing from our future generations.
We should go back to gold, start preserving your wealth by investing in gold and silver.
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