In the aftermath of last week’s disaster for the Fed, today Canadian legend John Ing warned King World News that the current debt trajectory will lead to Western disintegration and soaring gold prices. Ing, who has been in the business for 43 years, also spoke about the devastating situation the Fed now faces as the world gets closer to turning its back on the US. Below is what the 43 year market veteran had to say in this powerful interview.
Ing: “It’s not a surprise that the Fed did not taper last week when you stand back and look at the fact that the Fed itself is addicted to debt creation. We have never seen any quantitative easing on this scale in all of history, nor have we ever seen an exit to anything like this in history. So, obviously an exit is not such an easy thing.
There is this unwinding that theoretically needs to occur of the positions of the Fed….
“We know that the Fed has been buying 70% of all new issuances of US Treasury debt. Well, how do you unload that? That’s problem number one. Problem number two is if the Fed withdraws from the market, if they stop buying Treasuries, then who is going to buy?
We know from the data that the Chinese aren’t buying US Treasuries, and the Russians aren’t buying it either. So who is going to buy America’s debt in a period of rising interest rates?”
Read the full story at KING WORLD NEWS.