Scott Minerd, CIO of Guggenheim Partners, tells CNBC Tuesday Europe Is A "Train Wreck" And On The Brink Of A Major Financial Collapse
In the midst of today's
major market crash in the United States that shot gold to all time highs and the people of Greece flocking to the banks in massive numbers to
pull their cash from the banks more and more investors, economists and analysts are joining the chorus singing about a pending worldwide global collapse.
Gerald Celente sounded the bell today
saying that the U.S. dollar isn't worth the paper it is printed on and that the spending cuts part of the debt ceiling bill that was passed into law today will trigger a Great Depression.
Laurence Kotlikoff, an economics professor from Boston University
said the U.S. will need to make $20 trillion in debt cuts to save America from a financial collapse.
On the other side of the Atlantic the situation is even worse.
Scott Minerd, CIO of the fixed-income firm Guggenheim Partners, and former managing director at Morgan Stanley and Credit Suisse weighed in on the problems facing Europe.
In the video of his interview with CNBC attached on the left side of this page, he says the Europe is such a train wreck that investors will have no choice but to flee the currency altogether at some point while pointing out that Europe is on the verge of a major financial collapse.
If you have any doubt that he is alone in his sentiment just look at the surging prices for credit default swaps, shown in the image attached to the left side of this page, which isa type of insurance against a default and often used as an indicator of creditworthiness and a barometer of economic fear.
You can read the written CNBC article on the interview with Scott Miner
here.
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