Courtesy of KingWorldNews.com
Today John Embry told King World News that the Cyrpus catastrophe has people scared to death. He says it has frightened people in Cyprus and around the world. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say regarding this ongoing crisis: “The first time I saw the Cyprus news hit the wire I immediately thought about Einstein’s comment that two things are infinite, ‘The universe and human stupidity.’ I couldn’t believe Western central planners and the IMF would try to do something like this because it represented the tip of an iceberg.”
John Embry continues:
“If they could steal money in Cyprus, then they could do it anywhere and that would create another disaster. I think Jim Sinclair shed some light on this situation when he talked about the motivation for it being the fact that they were going to try to get the money out of bank depositors to take care of bank bailouts.
The move to steal money out of banks would be an effort to stop QE to infinity, but this has quickly turned into a disaster that has frightened people in Cyprus and around the world….
Continue reading the John Embry interview below…
“But after floating this trial balloon in Cyprus, the politicians and central planners are backtracking like crazy because the reaction was so negative, particularly from the Russians.