2008 Meltdown Revisited-There’s No Solution-Egon von Greyerz

4444By Greg Hunter’s USAWatchdog.com 

Gold and financial expert, Egon von Greyerz, says buckle your seat belts–a replay of the 2008 financial crisis will “soon return.”  Greyerz contends, “What happened in 2008 was expected by us for quite a long time.  The solution of $25 trillion to save banks and financial markets was not a solution.  It was just a temporary deferral of the problem.  The money, as we know, went into the banking system, and it didn’t go into the real economy.  The banks in Europe still have the same problems.  They are leveraged as much as before.  Deutsche Bank is leveraged 50 times.  U.S. banks are slightly less leveraged, but they have the derivatives that are not included on their balance sheets; of course, but if you include that, they have more leverage than the European banks. . . . We are now in a situation where every major economy in the world is in a total mess.”  Greyerz goes on to explain, “Japan’s economy is going to disappear into the Pacific.  China is having its problems.  Europe has problems.  The EU will never work and was not supposed to work.  The euro is an artificial currency and, in the long run, will not survive.  The U.S. stock market is at an all-time high, but that has nothing to do with the real economy which is an absolute mess.  So, the world has never been in a situation where all nations simultaneously are having problems that are insoluble.  Every major nation is running a deficit today.  So, right now, I think we are going to revisit 2008; but this time, there is no solution.

On the value of the U.S. dollar, Greyerz predicts, “The problem is it’s not just the dollar.  The dollar is the first one that’s going to fall, but all the currencies are in a race to the bottom.  Since 1913 when the Fed was created, we’ve seen a fall of 97% to 99% of ALL currencies against gold.”

So, what might this next financial calamity look like?  Greyerz, who controls the largest gold vault in Europe, says, “We are specialists in wealth preservation.  Our task is to analyze the risk and take all the measures possible to protect clients from the risk that we see, and the risks are bigger than ever in the world. . . . We are going to see a major financial disaster and possibly collapse.  The world has been living above its means for a hundred years.  It has gradually gotten worse as central banks have printed more and more money. . . . Just in the United States, in the last eight years, the debt has increased from $8 trillion to $17 trillion.  That is an increase of $9 trillion in just eight years.  That is more money than was created in the creation of the United States from over 200 years ago to when Bernanke took over.  That is happening everywhere in the world. . . . The dollar is going to collapse, and all the other currencies will follow.  It will then be revealed that all these debts can never be repaid.  Will they be repaid with inflationary money?  That’s not repayment.  In the end, there is going to have to be a reset; and I fear that, in the end, there will not be an orderly reset.  I fear we will have a hyperinflationary depression first and then a deflationary depression.”

On World War, Greyerz says, “That’s been the rule whenever an empire is collapsing.  The actions they take are they start wars everywhere because then you can frighten people and you can borrow more money.  Of course, to some extent, the United States has done that. . . . There could easily be a war, and just look at Ukraine. . . . Here we have a situation that just arose in the last six months that nobody talked about last year.  That, in itself, is a very dangerous situation. . . . Ukraine is just one situation.  When you take a look at what’s happening with Iraq, Saudi Arabia and the Middle East, it’s a very unstable situation also.  War is certainly a major part of the risks we have.”

Join Greg Hunter of USAWatchdog.com as he goes One-on-One with Founder of Matterhorn Asset Management, Egon von Greyerz, who can be found on GoldSwitzerland.com. 

(There is much more in the video interview.)

After the Interview:

Egon von Greyerz also said, “I’ve been saying for a long time gold is going to be $10,000 per ounce in today’s money, but we’re not going to have today’s money in the future.”  If you would like to know more about Greyerz and Matterhorn Asset Management, go to GoldSwitzerland.com.    

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Comments
  1. allen ols

    greg;
    wow, a very different take on gold, meaning people will fabricate gold and people wont trust buying and selling in gold, except from a re finery, AND;

    Egon von Greyerz also said, “I’ve been saying for a long time gold is going to be $10,000 per ounce in today’s money, but we’re not going to have today’s money in the future.” Now i have been wondering about this aspect, of inflated currency vs todays currency value as per gold value. new info for me.

    • Keke

      Allen OLS, the last paragraph you quoted seems to agree with what John Williams suggested in Sunday’s interview, that gold could be $100k or even $1 mil per oz, due to hyperinflation. I guess everything else “rises” in price accordingly, or should that be “Fiat currency depreciates” against gold.

      • allen ols

        keke, lastman;

        I really dont know, i rely on experts, and only do what i am comfortable with, ie i agree with lastman, i buy tangebles, sp, and am an industrial contractor by trade. my last project was the prep work for the manfg of the v-22 osprey tail section or empenage at the boieng plant here in nashville. I did it twice, tearing out a whole hanger of office, and stuff, and prepping the floor with trenches and air lines, eletc. water, and stuff. carlyle group bought out aerostructures and it turned to vaught ind.and then triumph. originally it was avco, to textron industries. i am heavy in gardening, prepping soil, chickens, soon rabbits, then maybe goats. lastman, i discovered i get 2 gallons of distilled water form my new, dehumidifier , which i can run with an inverter and marine battery, add solar panels for re charge. I am rotating my gasoline now, pumping out 15 gal, and adding 15 fresh non ethanol, or reg gas. I have pri-g commercial stabil on hand. thanks for your comments. al ols

      • Mahalia Jackson

        No solutions?
        The only way to solve a problem is with a new consciousness, said someone famous.
        There will be solutions for the dollar, but they won’t come from old thinking. Bring on the changes! I’m done with the Fed, done with big banks, done with fraud….just as the banksters have alienated the BRICS, they have alienated we the people.

    • lastmanstanding

      Al, I been telling people this for years…learn how to make a deal, negotiate or work for tangible items. People that know how to do this with ALL of their “goodies/skill/talents” will do just fine.

      I will be “politically correct” for all those who are weak, have no guts or kohona’s that have freeloaded off the rest of us…you will either learn how to work hard for your survival or you will die…that is how the earth started and it is how it still works. They will get what they have sown. I can’t freakin wait.

      Some of us have just taken advantage of a combination of “old school and new school” tech and are using that info wisely…that may not even be enough. I can live with that.

      I am not buying the manufacturing of gold thing…on a very small scale maybe. Lots of energy is required to do that and he seemed to be coming from a “near” dark age perspective.

      In the future, you will need water, shelter, food and a way to protect it.

      A survival “app” will not do it.

      I am going to add “more” garden area this weekend.

      • Galaxy 500

        You wrote,”A survival “app” will not do it.”
        Dude, this is truth. The Millennials are going to be bitch slapped awake. Those degrees in Women’s religious studies, pornography, and sociology dont translate well into employment during good times…during bad times,.well these guys and gals better learn how to profile (avoid danger) and run…and pray to the One, True God for salvation in the next world because in times of severe social and economic upheaval…lets just say their prospects for longevity are not looking good.
        A good library will be invaluable. Good old-fashioned paper. Sure you can have your ebooks. I have plenty but they need a device and electricity
        Good luck and peace…out

  2. The Heart

    Great reporting as is your normal, Greg.

    Thanks.

    What one wonderes is, if you have lots of gold, and all heck breaks loose, how do you carry it, or trade it in a supply short harsh and hostile environment?

    And, if gold or silver goes up in value, like say gold is at $5,000 an Oz or somthing they manipulate the price to, won’t that also mean a loaf of bread costs $500.00 and a gallon of gasoline sells for $100.00?

    There is also the confiscations that are coming and here is a bunch of clues that are leading to what the dangerous babylonian bankster MIC govt might be planning next.:

    DHS Employee Warns of False Flag To Take Our Liberties:

    http://www.youtube.com/watch?list=UUvsye7V9psc-APX6wV1twLg&v=rTL2bb1-ahs

    Militarized Homeland Security Invasion of Town Was Over Downloading of Indecent Images:

    http://rinf.com/alt-news/breaking-news/militarized-homeland-security-invasion-town-downloading-indecent-images/

    False Flag Attack Coming against Police Coming to Demonize the Patriots?

    http://www.thelonestarwatchdog.com/2014/07/15/false-flag-attack-coming-police-coming-demonize-patriots/

    Hard for a poor soul on board to make any real good decisions about what to do when everybody knows they will eventually come house to house for the guns, food, or any record of trouble making after the lock down. That may not go so well. What good is gold and silver then?

    Thanks again, and your thoughts welcomed please?

    • Greg Hunter

      I am not sure it will go down the way you think Heart. The videos you posted were more speculation than sources. Some people should just go out and stock up on storable food and supplies so you can put off “a loaf of bread costs $500.00.” The other end of this crisis is deflation according to Greyerz. Metal works well on that end of the spectrum and so s=does having supplies that will be in tight supply.
      Greg

      • The Heart

        Well, at this time, it all seems like a tossed coin. Anyone can make guesses about what WILL happen. Seeing titles to videos like this one and watching the trends of govt preparation, it seems obvious that everybody that is somewhat aware of the larger picture, is preparing in each and own’s way.

        U.S. Government Changes Focus In War On Terror: U.S. Citizens Are New Terror Threat!:

        http://www.youtube.com/watch?v=R8eeaGM28sY

        Still, this is just not right and many of our grandfathers went to war in the 40’s against this very kind of thing. Fascism. In fact, history does not necessarily always repeat, but is sure does rhyme well.

        Bless ya, Sir!

      • Jim

        Deflation: Goods on the shelf and no buyers. My dad said the depression was a time when noone had any thing. Hence nothing to buy the goods on the shelf. Enough of the powers that be believe this is worse than inflation leading to the money printing we have now. Someone from the hierarchy will have to school me on how money printing ends better. Precious metals in your pocket might go a long way during the time after hyperinflation if it happens.

    • Fraser

      The one good thing about your military build up on home soil is the simultaneous withdrawal from elsewhere. While the world might now get a (short) rest, you guys can get some (much needed) first hand experience of the 70 year American war on – “everything and everyone”:
      http://sgtreport.com/2014/07/this-is-what-happens-when-you-call-the-cops/
      All I am saying, is give peace a chance…

      • Galaxy 500

        Fraser
        Missed you Dude. Glad you’re back.
        Give.peace a chance. Nice sentiment. The.Israelis stopped shooting, agreed to a.cease fire and the vile, evil, molsems of Hamas that were begging the UN to impose a cease fire answered with a rocket barrage.
        Nice sentiments are not worth much when the wolves are attempting to eat you.

        • Fraser

          Brave men have to stand up and weaker men have to help them do so. On the other hand, using your (and Greg’s) “Israel logic” answer me this question, “YES or NO” : Does the USA have the right to exist? If yes, then how dare you criticise ANY official USA policy (Patriot Act, Obamacare or otherwise).

          On the question of Israel’s right to exist (following Whittgenstein’s logic rather than yours), you must first define the words “Israel”, “right” and “exist”. Are you talking about the small, peaceful 1948 Jewish protectorate, or are you talking about the current beast, almost 3 times the size that illegally steals land and then “settles” it (in defiance of international law). And by the word “exist”, do you mean peacefully, or through endless war, backed only by US money to enfoce hegemony. And under what law does a nation have the “right” to steal land and start wars by blockade food, medicine and school books from entering Gaza and then kill 300 Palestinians in relatiation for 3 deaths and then bomb the place to the ground?

          Under International law, there is a strong case that Israel has NO “right” to “exist” in its current form and that reform is desperately needed to get a peace in the Middle East.

          Finally, by your logic. answer me this question “YES or NO”: Have you stopped beating your wife?

          • Greg Hunter

            Fraser,
            What’s up with this? If you think Israel doesn’t have a right to exist and you agree with the Hamas position to destroy Israel, then, you want war. It really is that simple. Is this your position? You think Israel has no right to exist and you agree with the Hamas position to destroy Israel and all Jews? The Israelis accepted a cease-fire and Hamas kept shooting. Hamas obviously wants war. Yes, the U.S. has a right to exist and the U.S. Constitution gives me the right to redress my government. Both the Israelis and Palestinians need to work out a peace agreement, but that is hard to do when it is one side’s stated goal to wipe out the other. You left out that Israel was attacked in 1967 and again in 1973. Land was lost. That is a major downside of attacking another country. You should check the Bible on the land issue. If you want to hate Jews, do so some place else.
            Greg

          • Fraser

            Look don’t be silly, of course I don’t “hate Jews” and of course I don’t want war. But your naive reporting on this subject is frustrating and illogical – because there is no Yes – No, Right – Wrong, Black-White answer in the ME. It is a VERY complex problem created by the British in the 1940’s, who gave away another nation’s land without fair compensation, followed up by Israel’s ongoing land thedt to this day. Deny this and you deny 100’s of UN resolutions (ignored by Israel). http://en.wikipedia.org/wiki/List_of_the_UN_resolutions_concerning_Israel_and_Palestine
            The problem will continue until BOTH sides enter genuine negotiations and (to date) almost every negotiation has been blocked by Isreal refusing to even consider pausing the land theft. For goodness sake, Israel will not even acknowledge the UN resolutions, let alone abide by them! So what is the point of law, when one side claims to be above it!

            That said I could list atrocities committed by the other side as well, but space is limited and how much time do you have? But my point here is that I find your ongoing 100% backing of Isreal to be both offensive to any form of intelligence and counter-productive to finding a non-violent solution.

            • Greg Hunter

              Fraser,
              This is straight out of the social fascist playbook. If I don’t agree with YOU, then what I think is “offensive to any form of intelligence.” I am some how less intelligent that YOU. Really? I DISAGREE with your condescending attitude–that is what is truly offensive. It’s really is not “complicated” for me. Hamas was offered a cease-fire brokered by Egypt. Israel accepted, and Hamas kept firing rockets for hours before Israel resumed fighting. The U.N brokered another “humanitarian” cease-fire and Hamas broke it two hours into it. Firing hundreds and hundreds of rockets into another country is an act of war. So, this is WAR, and people die in wars. They are not pretty, and you cannot surgically save all the innocent especially when Hamas is firing rockets from schools and hospitals. The stated goal of Hamas is to destroy Israel, but your simple little brain wants to ignore and gloss over that huge fact. Firing rockets into another country is an act of war, but your simple little brain want to ignore that fact. Shooting rockets from schools and hospitals to garner global sympathy by producing photo ops of dead women and children is a war crime, but your little brain wants to gloss over that too. It’s so “complicated” that only someone as smart as YOU has the correct view??? Yes, let’s not be “silly.” Don’t come back. You just made your last comment.
              Greg
              Greg

          • Galaxy 500

            Dude,
            This is messed up logic. It doesnt even make any sense. Were you high when you wrote it?

          • Old Dog

            Fraser.
            Do your own research into the history of Palestine and Israel. You may be surprised to know that the two-state solution was in the original mandate in the 1940’s. What was to be the “Palestinian” state became the country of Jordan. Jordan received 3/4 of the Palestinian land (38,000 square miles); Israel was given 1/4 (less than 8,000 square miles). The history is long and complicated, indeed, and the Palestinian state became an Arab state instead. Now the Palestinians say Israel stole their land from them, and they want it back. Jordan stole their land from them. Why don’t they ask Jordan for it back?

            What was Israel given? Desolate land east of the Jordan stream. A no-man’s land that needed irrigation and cultivation to support its population. Israel took desolate land and turned it into good agricultural land.

            Do your homework? The truth can be found if you care to find it.

    • Galaxy 500

      @The Heart
      You wrote,”And, if gold or silver goes up in value, like say gold is at $5,000 an Oz or somthing they manipulate the price to, won’t that also mean a loaf of bread costs $500.00 and a gallon of gasoline sells for $100.00?”
      Gold is about $1,300 per troy.oz and silver is about $21/tr oz
      Bread…good bread, not wonder bread is abou $3-$4 as is a gallon of gas.
      If gold.went up 400 %, it would be $5,200 oz and silver would, in my calculation, about $100/oz if bread and gas went up.ten fold, it would be $30-$40 a loaf / gallon. I believe that gold/silver will up faster than food. It always has in the past.
      What I dont under is why you continue to hyperbolize?
      You preach that they will.come house to house for guns, gold and food so.why bother. We have more guns in the USA than citizens. How many people in the military do you think are going to go along with house to house searches knowing that while they are checking my house for contraband, that someone is searching his.parents , his brothers, and his own home? Some believe that that the mysterious powers that be will bring in the Russians or the Chinese to disarm and rob us. I laugh at that…any of these scenarios would have.the same effect. They would unite the people against them. And while they would shot some of us, we would teach them the lessons they forgot from Vietnam, Afghanistan and Iraq.

  3. allen ols

    Greg;
    I believe I can go to washington, with a large hand full of cash in my hand, and get the EYE, AND EAR of any Republican, or Democrat, or tea party person, and I most likely can get action on my event needed. The bigger the wad of cash, the bigger the EAR LISTENING, no matter what political sway.

    the jackass has brought up NEW INFO FOR ME, VIA HAT TRICK LETTER, concerning a ship France is contracted to build for Russia, and the consequences from the US govmnt. HERE is a snipit of a very lengthy discourse. WOW!!

    THE GERMANS ARE BUILDING A TRANS-CONTINENTAL RAILROAD FROM THE PACIFIC TO THE ATLANTIC (COAST TO COAST), FROM VLADIVOSTOK TO ST PETERSBURG… THE SILK ROAD IS TO HAVE A NORTHERN ROUTE, TO SUPPLY EUROPE FROM THE NORTHWEST CORNER PORT… THE FRENCH MISTRAL DEAL IS A HIDDEN BRIBE USED AS A WEDGE BETWEEM THE USGOVT AND FRANCE. $$$

    The trans-continental railroad is nowhere in the news. Gratitude to Jaroslav in St Petersburg Russia for an intrepid glimpse (my edits to fix second language issues). He is not a Hat Trick Letter client, just a man who knocked on the website door, offering some valued information. He wrote the following account, with heavy editing by the editor in chief. He described in addition his viewpont how the Russians are using the French ship deal to drive a wedge between US and France, with certain leveraged damage. It is working well.

    “From Russia I wrote you after listening to your good broadcasts. Here is some interesting information for you to spread. We have some news in the Russian media about railroads that you do not know about, like where they are planned to start and end. The Germans are helping Russia to build a railroad from St Petersburg to Moscow with average speed of passenger train about 160 km/hour (100 mph), then from St Petersburg to Helsinki. There are many railroads from Moscow to many other cities. The most interesting developments come in 2014 after the winter. Germans will help to build a high-speed railroad from St Petersburg to Vladivostok with average speed about 500km/hour (310 mph) and length of 12,000 km (7500 miles). There are more railroads lines, which right now are under construction from Vladivostok to China. My home is in St Petersburg, where large scale construction of ports has been in progress for the last few years. We will see a tremendous flow of goods from China through Russia to Europe five years from now. There are big projects like these basic railroads which Germans helps to build.

    The Mistral contract for the warship is a very interesting deal. Actually it is not a deal, but instead it is a bribe. Let me explain how. First, one ship cost about 1 billion Euros and for to break the contract another 1.5 billion Euros. It seems normal but we Russians do not make any helicopters that fit on this carrier. [Our current helicopter gunships] have many technical differences. So we must build new gunships to use the carrier ship. Secondly, we can build these ships by our own at one-tenth of the cost. Either Russia is paying 2 billion Euros for some technical documents, or it is just a bribe. Instead, it is a payment to force the Americans apart from France.” Expect other helicopter contracts to populate the vessels, a catch for future deals.

    • The Heart

      G-500,

      Thanks for your input and comments.

      Sir, no one really knows when the thief strikes in the night. All we ALL can do is to prepare for the worst and hope for the best, and observe the signs and symptoms of a dying nation in the crashing world economic situation that is well planned, and long fortold to come. It all really cannot sustain in the present debt-bankster wars for profit system. Have you read the recently departed Jack Mclamb’s work, Vampire Killer?

      http://www.scribd.com/doc/8390997/Jack-McLamb-Operation-Vampire-Killer-2000-Police-and-Military-Against-the-NWO

      You are of course correct in saying many will fight, but do you know what kind of “non and leathal weaponry” is aligned at the American People? Have you ever read the book, Earth Rising, the Revolution: Towards a Thousand Years of Peace, by Dr. Nick Begich? The kinds of things they have planned for the uppity people are horrendous.

      http://www.amazon.com/Earth-Rising-Revolution-Toward-Thousand/product-reviews/189069343X

      Still, the revolution will go on, or, the people will wake and stop it all before it starts so we do not have to have world war three in our front yards. It could begin by getting rid of all the corruption in the houses of leadership, and the complete eliminationof the central banks for a start. Imagine if every soul on board had a home garden, and we sold and built things made in America again. It’s all still possible…until the ballon goes up.

      Please do not shoot the messenger, sir.

      +

  4. allen ols

    ……CONTD’

    On July 1st, when addressing Russian diplomats in Moscow, Vladimir Putin accused the USGovt of blackmailing France to scrap its Mistral warship contract with Russia, by offering to reduce a record $8.97 billion fine against BNP Paribas. The largest French bank agreed to plead guilty, seen in court documents, to processing almost $9bn in banned transactions involving Sudan, Iran, and Cuba from 2004 to 2012. The company will be temporarily barred from handling some USDollar transactions. Numerous other violations were part of the case, including destruction of evidence and not installing compliance methods after warnings. Putin said, “We know about the pressure which our US partners are applying on France not to supply the Mistrals to Russia. And we even know that they hinted that if the French do not deliver the Mistrals, they would quietly get rid of the sanctions against the bank [BNP Paribas], or at least minimize them. What is that if not blackmail?” It demonstrates in the open what depths the US Fascists will crawl when it fails to impose its will in the international arena even with its so-called allies. Lately, that has been in almost every instance, as Obama is an empty arrogant chair who prefers golf when he is not lying before crowds, or in hidden chambers signing executive decrees to complete the fascist state clamps.

  5. Cry Me A Ruble

    Sometimes I Think ignorance is bliss. I tell myself to keep up on all this financial nonsense. Then nothing happens. Guys, keep me posted when something does. Personally. I think Jerry is a neuro