James Turk Interview With Eric Sprott On, You Guessed It, Gold
Submitted by Tyler Durden on 11/08/2011 21:11 -0500
Bond Central Banks Eric Sprott Gross Domestic Product Hyperinflation International Monetary Fund Meltdown Precious Metals Reserve Currency Sprott Asset Management
Eric Sprott, Chairman of Sprott Asset Management, and James Turk, Director of the GoldMoney Foundation, meet in Munich and talk about the Munich Precious metals conference (Edelmetallmesse). They comment on Eric Sprott’s speech at the conference and how increasing interventions by central banks, from zero interest rates to money printing and bond buying have completely distorted the financial markets.
Other discussion topics include the choices between austerity and increasing stimulus and how both will bring on a meltdown, whether bankruptcy or hyperinflation brought on by money printing. They talk about the huge leverage in the banking system and the risk inherent in the system. People are only now starting to understand counterparty risk. They explain that 20-to-1 and even higher leverage is common in the banking system.
via James Turk Interview With Eric Sprott On, You Guessed It, Gold | ZeroHedge.