Today Egon von Greyerz told King World News that going forward the world is going to witness, “…unprecedented wealth destruction.” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said to KWN that gold will soar, but in the midst of the rise, “There will be failing economies, higher unemployment, more QE, and extraordinary levels of social unrest.”
Here is what Greyerz had to say about the ongoing financial crisis and where we are headed: “Right now the world is on the edge. When Draghi says something it hits the wire and gold goes up and the dollar goes down. Market participants are sloshing money around from currency to currency, but, in the end, all of the currencies will experience a massive decline.”
“Virtually every economic figure published worldwide shows there is a rapidly declining global economy. We all know that Southern Europe is a basket case, but Germany is starting to suffer now. Then we go to the UK and that’s a disaster waiting to happen.
I believe the UK is already in a depression….