Greyerz - We Are Moving Closer To Total Financial Collapse

"Today Egon von Greyerz told King World News that the global financial system is much closer to the point of collapse.  Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland.  Von Greyerz also said, “world money supply is coming down at a very fast rate.”  Here is what Greyerz had to say about the unfolding crisis which is taking place around the world:  “We are very near an inflationary implosion if the money printing doesn’t come soon.  Spain said they could finance their own banks, and now they say they need 50 billion euros from the ECB.  50 billion euros is a drop in the ocean, Eric.  We’re probably talking about hundreds of billions or maybe one trillion euros they need.”

Egon von Greyerz continues:  

“Portugal has also said they need money from the ECB.  Portugal’s banking system is on the verge of collapsing.  The UK is also looking terrible.  GDP is negative.  All of the economic figures for the UK, including production, are collapsing.  

The UK already has the highest borrowing of any country in the world.  The UK’s total borrowing to GDP is roughly 900%....

“So the UK is not going to be far behind the rest of Europe.  There will soon be an attack on the UK financial markets because their economy is in real trouble.  Italy will also have a financing crisis very soon.  

Interestingly, the Swiss have been spending a fortune defending their currency.  In the last couple of weeks the Swiss have spent roughly $30 billion Swiss francs to buy euros and sell Swiss francs.  Switzerland will not be able to continue to do that.  At some point, this scheme will collapse.

Germany is also suffering.  All of their economic figures are down.  Over in the East, China is suffering.  In Beijing, they now have 50% vacant homes.  Prices of luxury goods are falling rapidly in China.  Prices for quality French wines have been cut in half as an example.  China is totally dependent on the rest of the world, and global GDP is coming down right now.

Moving to the US, there is real unemployment of about 23%, not the fake figures of 8% or 9% being tossed around in the mainstream media.  Deficits are increasing and economic figures are contracting.  There will soon be an attack on the dollar.  So the dominos are continuing to fall..."

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/6/5_Greyerz_-_We_Are_Moving_Closer_To_Total_Financial_Collapse.html