On the heels of Fed Chairman Bernanke’s comments, Spain being downgraded and key meetings taking place in Europe, today King World News interviewed MEP (Member European Parliament) Nigel Farage, to get his take on the ongoing crisis. Farage told KWN that “when I look into the eyes of the leaders of Europe ... what I’m seeing now is madness, absolute, total and utter madness.”
Farage also discussed the action in the gold market, but first, here is what Farage had to say about the deteriorating situation in Europe: “Of course, over the last couple of years we’ve had two bailouts of Greece, a bailout of Ireland, Portugal. We’re now on the verge of needing a bailout in Cyprus, but perhaps more significantly, a bailout in Spain.”
“There is all sorts of twisting and turning going on with the Spanish saying, ‘Please save our banks, but don’t put us under the austerity measures that you’ve put the other countries under.’
If one looks globally, we’ve got people like David Cameron, and importantly, President Obama, who are basically saying, ‘The euro project must be saved. It must be saved at all costs.’ ....
“For that to happen the Eurozone has to turn into a state, and a state that effectively has a Fed.
The Germans are saying, “Hang on guys, we don’t really want to take on the debt for the whole of ‘Club Mediterranean’ countries.” There’s been a meeting in Berlin today, and Angela Merkel has, for the first time, said that she’s prepared to countenance this becoming a full fiscal and political union, but it has to be constructed on German terms.
So it would appear that despite the fact that the eurozone is a disaster, despite the fact that nobody is prepared to recognize just what a mess our banks are in, despite all of this, our political classes in Europe and America are prepared to continue this project of total failure.
If we continue with this route, we are heading for money printing on a scale that has never been seen before in the history of mankind. Clearly, as history teaches us, that will lead to massive inflation, and huge asset depreciation.”
Farage also added: “All I can tell you is when I look into the eyes of the leaders of Europe, and as a leader of a group in the European Parliament I do get eyeball to eyeball with them, when I look into the eyes of these people, frankly what I’m seeing now is madness, absolute, total and utter madness.
The project, the idea is what must be protected and to hell with the consequences. I really believe that when we look back in decades or centuries to come, we will see what is happening now in the eurozone as something of huge historical significance.
People will say to themselves in classrooms, in a couple of hundred years time, ‘How could they have been so stupid?’”
Farage also had this to say regarding gold: “I think we are at that level where people who have waited to add to their gold portfolios should be adding now. You may well get a situation where if they do pull off some grand deal that gold falls ... but we are now back in the buying zone for gold.
I always felt, and I’ve said for some months on your show, that I thought gold would come back (down), and indeed it has. I think investors that are scared of what may happen to paper money, you’d have to be very complacent not to be, we are in a buying territory for gold now in my view.”
This is an incredibly important and timely interview with Farage. The KWN interview with Nigel Farage will be available shortly and you can listen to it by CLICKING HERE.
