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Sunday, January 30, 2011

Weekly King World News Interviews

This week King World News interviews Jim Rickards, Michael Pento and Eric Sprott discuss various aspects of our ecnonomy, gold, Davos and other impacting subjects.  This is great information to listen to if your looking to be more informed and protect yourself.

Jim Rickards - Discusses the comments of the governor of the Bank of England, Mervin King that "households face the the most dramatic squeeze in living standards since the 1920's".  Jim agrees that this is the truth in the market vs the happy talk that is going on by all others.  Mervin says that there is no way out of the debt-crisis other than default, inflation or austerity in the UK and Jim believes this will come to roost in the US as well.  Jim discuses the announcement by Russia to acquire 100 tonnes of gold a year and how the IMF decided to stop selling gold early into their 400 tonne sales (after selling 200 tonnes).  Jim also points out that Iceland had unpayable debts, decided not to pay and they are doing quite well today.

Michael Pento - Discusses the fact that $100 trillion dollars of new debt over 10 years needs to be generated to get us back on track and that we may be forced back on a gold standard again.  He also mentions that President Obama state of the Union speech says that he will slash government debt $400 billion dollars over 10 years, the CBO says the annual deficit for 2011 will be $1.48 trillion dollars.  With this it brings the deficit over $1 trillion dollars just for 1 year.  Michael points out the only way forward will be to restructure the debt which will impact holders of that debt.  Michael points out that owning commodities (metals, agriculture and such), but don't keep closing your eyes and buying debt/bonds.

Eric Sprott - Discusses the food rioting due to rising prices globally.  He also discusses the turmoil in Egypt, how the stock market plummeted 20% and the Egyptian people are going to be pulling their money out of the banks which could be the start of a breakdown in a system.  Eric says that even though weather has been a factor, that the printing of money has been the real driver globally negatively impacting the have-nots.  The silver acquisition that he did of 50 million ounces took 10 weeks to get it from third parties which is a very long time and the silver market is very tight right now on physical delivery.  Eric discusses gold and the Bank of Englands comments as well.

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