Greyerz - The Risk Of Systemic Collapse Is Now Enormous

"Today Egon von Greyerz told King World News, “We’ve had Lehman, AIG, MF Global, PFG, the latest (trouble) is Knight Capital which lost $440 million overnight. This just shows that it’s not safe for investors to keep their money in the system.” Greyerz also spoke with KWN about some lofty targets for both gold and silver.

Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “We are being warned that we should not keep the main part of our money there (in the financial system) because the risk that you will be totally wiped out is massive.” 

Here is what Greyerz had to say: “Short-term let’s just look at some of the figures which have come out. US unemployment was 8.3%, and Nonfarm Payrolls went up by 163,000. Well, first of all we know that 8.3% is not a real figure. I said to you last time that every figure which comes out is false and this figure was incorrect.”

Egon von Greyerz continues:

“The real unemployment is 23%. The Nonfarm Payroll going up by 163,000, if you look at the seasonal adjustments and the birth/death model, those two adjustments were 429,000. So they added 429,000 out of nowhere, on paper. 

If you take those 429,000 off of the 163,000, instead of an increase, you get a 266,000 decline in payroll. So the figures are nonsense...."

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/8/3_Greyerz_-_The_Risk_Of_Systemic_Collapse_Is_Now_Enormous.html