US Propaganda Is “Smokescreen” For A Catastrophic Problem

As global stock markets continue to struggle, today a man who has been involved in the financial markets for 50 years warned King World News that all of the mainstream media propaganda regarding the US government shutdown and debt ceiling is just a “smokescreen because there is something else lurking out there that is really catastrophic.”  Below is what John Embry had to say in this powerful interview.

Embry:  “I’m fascinated with some of the interviews KWN does because they are with people who have been around for a long, long time.  What these people say rings so true with me.  But my impression is that the vast majority of they younger players in the investment world will not confront the true reality of the playing field we are on here.  I think there is going to be a huge price to pay for that….

“The more I look at what the mainstream media is spewing out, the more I’m shocked at what’s being fed to the public.  It’s completely bogus information.

Today we had Goldman Sachs coming out and saying it was a slam dunk to sell gold because their economist believes that the economy in the United States will recover once the government resolves the stalemate over the country’s budget and debt ceiling.  Number one, I think their premise is dead wrong.  Number two, even though there is no recovery, even if there was, I still believe gold would go higher in that environment.

The fact is that gold is dramatically oversold.  Most companies that mine gold aren’t making any money, or they are losing money at current prices.  Also, the physical demand, as you have reported, is incredibly robust.  So it’s almost surreal when I sit here and read or listen to this garbage coming out of the mainstream media.  I wouldn’t trust Goldman Sachs further than I could spit.  These guys are notorious for saying one thing and doing another.

Continue reading the John Embry interview at KING WORLD NEWS

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