Farage: Major Banks Teetering on the Edge

Nigel Farage - Major Banks Teetering on the Edge of Collapse

kINGwORLDnEWS

With world markets still convulsing and gold and silver reasserting themselves once again, today King World News interviewed former LBMA commodities broker and trader and current MEP Nigel Farage 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, “As the Italian credit rating started to slip, the Brussels bosses and the German Chancellor said, ‘He’s (Berlusconi has) got to go and we want our man in charge.’  And so Mr. Mario Monti, who was a European Commissioner for ten years, one of the architects of the euro when it was introduced, a man who wasn’t even in the Italian Parliament, has been put in charge and is now the Prime Minister of Italy.”

Nigel Farage continues:

“He has chosen his cabinet to run Italy and would you believe not a single member of the Italian cabinet is an accountable, elected politician.  Democracy has been hijacked, thrown away, in the name of preserving the euro.  And I mean, frankly, this is how dictatorships start.  I mean this is absolutely terrifying.

What Brussels and the German Chancellor are doing is they are declaring a state of emergency and suspending liberties, rights and democracy.  I think it is absolutely horrifying.”

When asked about what kind of feedback he is getting, Farage responded, “In all of the years that I have been doing this I have never had a bigger number of individuals and media outlets, from right across Europe bombarding me on a daily basis, really asking me a basic question, ‘Why are you the only person saying this?

Why is nobody in Rome standing up and saying that our constitution has just been traduced?  Our democracy just been given away?  What is everybody so frightened of?’  It’s a difficult one to answer.  I think the basic problem, and you’ve got it on your side of the water too is that we’ve just got too many career politicians....

When asked about Merkel’s comments about shunning the ECB role in favor of budget limits, Farage remarked, “Frankly, Barroso, van Rompuy, all of them are just inept and weak.  It’s something I’ve sort of teased them about over the years.  But because of this vacuum of leadership, Merkel has stepped into the role and she is now the boss.  I mean there is no question about that.  We now have a German dominated Europe, which ironically was the very thing we were told the European project would stop.

But in economic terms what she is saying is we the German people are not prepared to go on throwing hundreds of billions of euros at bailing out countries that we consider to be fiscally incompetent.  But to stay in the euro they (indebted countries) have to accept the austerity packages that are being put to them.  I think the result of this German policy is that it’s going to drive some of those countries into a total depression.”

When asked about the coordinated central bank actions, Farage replied, “I think the fact the central banks acted overnight in a coordinated manner that they did tells you that things are probably much worse than any of us know.  I think what it tells you is that there must be, there just have to be some very, very major banks that are teetering on the edge of collapse.”

Here is a portion of what Farage had to say about gold, “Getting into gold fresh now is a hell of a thing to do with the price where it is.  But having said that, given the action of the central banks that we have seen overnight, given that we may see some horrifying bank collapses, if you ask me, ‘‘Where is the next $1,000?’  I would think there is more chance of it being up than there is of it being down.”

This is an extremely powerful interview with Farage. The KWN interview with Nigel Farage will be available shortly and you can listen to it by CLICKING HERE.

Eric King
KingWorldNews.com