Today Egon von Greyerz told King World News that bankrupt nations are now printing money in a desperate effort to sustain the current global financial system. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also reiterated that tens of trillions of dollars still need to be printed. Here is what Greyerz had to say about the situation: “There is so much happening in the world now. We’ve had another package here, just under 400 billion euros (for the IMF). This is an absolute drop in the ocean. Spain needs many times that (amount). I’ve talked about trillions and maybe even tens of trillions (that need to be printed going forward).”
Egon von Greyerz continues:
“So they (the IMF) raised 400 billion from various nations, but where is the money coming from? The majority is coming from Europe and the EU. (They are) all bankrupt. They have no funds. They have to print money. Japan, which has the biggest debt to GDP ratio of most industrialized nations, they are a major contributor of about 60 billion. So it’s ridiculous. Here is the bankrupt helping the bankrupt.
The massive problems that the world is experiencing started with the US subprime market collapsing. That has not been resolved yet. Nowhere have we seen a change in the direction of the US economy, which is down….