When asked about the current state of affairs Embry had this to say, “My honest opinion is that we have gone so far down the road that there is only two outcomes now. You can continue QE to infinity as Jim Sinclair says, and that will lead to some form of hyperinflation or you can sort of go cold turkey and that will lead to a depression that will make the ’30’s look like a picnic. When you think about it, that is an awful set of choices.”
“If they (the US) really cut back entitlements, 18.7% of personal income is coming from entitlements now. So let’s say you cut it back, well that’s great, all the people wouldn't have any money to spend and that would put a dent in the economy. Tax revenues would fall even further, so how does that solve anything?
That’s the sort of stuff that leads to revolutions, and if you disadvantage enough people and they look around and see all the banksters with all of the dough, somebody is going to wake up some day and say, ‘Hey, let’s get those guys.’
The easy thing to do is stick your head in the sand, but if you’ve got assets to protect you have to understand this stuff or you’re going to get killed. This is going to be the biggest transfer of wealth in the history of mankind. This is going to be a seismic event. I think the action of these guys (policy makers), the way they are conducting themselves right now suggests to me that they are on the edge of panic.”
When asked about the recent downdraft in the metals Embry stated, “I think it just smacks of desperation. There is no reason silver should drop over a dollar in the access market on Wednesday, I mean that’s just JP Morgan trying to protect their ass as far as I’m concerned.
So this will run its course, and I noticed Turk said in his (KWN) blog that it could get down to $35 and I have no problem with that, I mean it’s just all noise here. It (silver) is just rebuilding its base for the next move, and the next move I think is going to be huge in both silver and gold. I think silver will easily take out $50 and gold will probably hit Sinclair’s long awaited $1,650 and go right through it like a hot knife through butter.”
Read whole interview at KWN