Today Egon von Greyerz told King World News, “I’m seeing how massive amounts of money are within the system, and people think they are safe, but they are not.” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also warned, “This is the illusion that people are living under, and it’s very sad. That’s not going to be the case. The banks are going to close if there is a problem, and people are not going to get access to their assets.”
Here is what Greyerz had to say: “Right now the markets are in a waiting game. They are waiting for Bernanke’s Jackson Hole speech tomorrow. They are (also) waiting for the German court decision which is on the 12th of September. This is to decide if they are going to approve the ESM (European Stability Mechanism), which replaces the EFSF.”
“Now, the EFSF is running out of money, they’ve only got about $200 billion left. Spain and Italy, only, will need about $700 billion. We know for a fact that the eurozone and Southern countries are in desperate need of additional funds.
The US is (also) running a deficit of almost $1.5 trillion a year, plus they are increasing the unfunded liabilities by more than $10 trillion a year.
“So the US is running major deficits and money printing today. Will they announce official QE at Jackson Hole or not? It’s totally irrelevant. It’s going to make no difference whatsoever. The world economy will need massive amounts of money to survive. Whatever these guys say or decide in the next few weeks won’t make any difference. It (money printing) is going to come anyway.
These central banks are now leveraged to the hilt. The Bank of England is leveraged 100 times. So if they lose 1% (on their bets), they will lose everything. The Fed is leveraged 55 times. So a 2% loss, they’ve lost their capital. The ECB is leveraged 40 times.
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