On the heels of Spain asking for $125 billion to bail out their collapsing banking system, today Egon von Greyerz told King World News, “There will be a massive worldwide package coming out between the Fed, the ECB, the IMF and other central banks.” Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said the money printing is “imminent.” Here is what Greyerz had to say about the unfolding crisis: “As I see things, we are on the road to perdition. Eric, there is no exit strategy for the world (to get) out of these problems. There is no solution. If you look at what happened in 2008, people thought that was bad, but what’s going to happen, starting this year and in the next few years, will make 2008 look like a small rehearsal because the real collapse is going to start now.”
“We’re seeing every week, one domino after the next that is falling. So far they are only smaller dominos such as banks, smaller countries, etc.. No (major) country has fallen, but that will come. Every single economic figure is looking worse. World trade is declining -- Chinese exports of steel were down 14% last month, US exports to the eurozone were down 5% last month and that is likely to increase to minus 20% if not more.
The decline of world trade means the start of a depression....
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