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Sunday, November 28, 2010

Weekly KWN Interviews

This week King World News interviews Chris Whalen, John Embry and Rob McEwen on Metals, housing, big banks, the economy and more. 

Chris Whalen - Discusses how Governments have been trying to paper over their debt problems and now that is coming to a head.  Chris says a restructuring will have to occur in some major banks due to hidden losses (hidden through recent accounting rule changes).   When adding more debt becomes a problem and is no longer the way people do business or handle their lives, the economy will have to settle down to adjust to that.  Chris mentions that Bankruptcy is needed by some of these big banks, but has been avoided.  The Founders meant bankruptcy as a way to clean the system and we are not pursuing it due to the ramifications of doing it, so we continue to take on more debt.  Chris also talks about the pressures coming for the states budgets and stagflation (which puts pressure on the consumer).
John Embry - Discusses the main media's negativity on Gold, which has created a wrongful negativity impacting gold and will cause gold to shoot higher down the road.  John mentions that Eric Sprott believes Silver will hit $50 in the next few months, as well as the manipulation of silver being exposed adding to the acceleration.  John rightly mentions that QE is only necessary cause nobody else will purchase our debt, which forces the FED to have to buy it.  John discusses his views on the Euro and where it may possibly go.
Rob McEwen - Discusses how we got to the point we are at and how the government is looking to fight the problem we face now with Quantitative Easing (QE).  Rob talks about historical parallels where other countries performed the same type of printing that caused their currencies to go to zero.

Note: Chris Whalen has written a book that is supposed to be a pretty good read on our financial history called Inflated.

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