With growing fears about the European banking system, today King World News interviewed James Turk out of Spain to get his take on the situation. When asked about the ongoing crisis, Turk responded, “For a few months now I have been worrying that there would be another Lehman moment and have been expecting it before year-end. I said the failure of Dexia was not the event, and initially I thought MF Global was not big enough to cause it either. But, Eric, it is now becoming clear that the ramifications of MF Global are earth shaking, and consequently, I think we are already in another Lehman moment.”
James Turk continues:
“The big difference from 2008 is that this time around, it is taking a longer time for the crisis reach its full force. I think Jim Sinclair explained it very well in his wonderful interview with you the other day. He made two important points. Own physical precious metals to become your own central bank, which is something I have been emphasizing for years here in Europe.