• With world markets still convulsing and gold and silver reasserting themselves once again, King World News interviewed UKIP leader Nigel Farage MEP (06.01.2012) to get his take on the situation. Farage had some powerful comments regarding the direction of gold, but when KWN asked about the chaos in Europe, Farage stated, “The eurozone is in deep, deep crisis as everybody knows. Now we have a situation where peripheral countries, particularly those on the Mediterranean coast, find themselves incapable of actually raising finance. The markets demand a huge interest rate from them because there’s a risk of defaulting.”
Nigel Farage continues: “So we have a series of bailouts where money is taken, predominantly from the wealthier northern European countries to prop-up government debts to the banks. Now this has a European context, but there is also a global context to this because the IMF, which of course is based in Washington, has now become part of this problem.
"The IMF is now committing vast sums of money to propping up these eurozone states. I tell you it doesn’t matter how much money they throw at this problem, there is a fundamental imbalance between the members of the eurozone and the whole thing is going to go bust anyway.
"It’s all part of the great global shift, of course, that is going on. There is a massive West to East shift that’s been happening anyway, but what we in the West have been doing is we’ve been aiding that transfer (of wealth) by just the most stupid, ridiculous governmental monetary policies and central bank policies..."
“When you talk about a drop in living standards, and this is certainly something we are debating in the United Kingdom as we look ahead to 2012, just remember that in countries like Greece this is now happening on a dramatic scale.
"There are countries, eurozone countries on the Mediterranean, whose youth unemployment rates are nearing 50%. So the whole thing is terrifying. When you’ve got vast numbers of young people on the unemployment scrap heap, the potential for not just economic, but for social and civil disaster is very great indeed.”
"When asked about gold, Farage responded, “If gold is in your portfolio, you keep it. I stick very much with that view. I think that with most bull markets it is the last wave of the market that is the most dramatic, the fastest and the most rapid (in terms of the advance), and also the most short-lived. Of course, it does make getting out of these positions, even when you’ve got a big profit, very, very difficult.
"But yeah, I don’t think we’ve seen the biggest spike yet. I think it’s to come and it may well come in 2012. I don’t think it (the global financial system) looks very pretty at all. At the heart of this, of course, will lay the fact that with Greenspan, and other people, we just threw out of the window all of the sensible banking rules we had for decade after decade and we went into this brave new world where we actually believed the cycles of boom and bust had been eradicated. So, our politicians and central bankers have exacerbated what would have been a problem anyway.”
Farage also had this ominous warning about governments positioning to control their populations: “There is an agenda here to strip freedom, liberty and democracy from people and that’s horrifying.”