Nigel Farage - Western World Collaborated in Giant Ponzi Scheme

With European leaders claiming the crisis is now under control, today King World News interviewed MEP Nigel Farage.  Farage told KWN that despite European leaders pretending everything is okay, they will have to eat their words in the coming months.  But first, here is what Farage had to say about what is currently taking place: “We are heading deeper and deeper into insanity.  Even in a country that is outside of the eurozone, take the United Kingdom, our national debt is set to rise by 40% over the next five years.”

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Nigel Farage continues:

“What’s happened and we’ve seen it with the ECB, in America and around the Western world, is the central banks have acted in a very concerted manner and have created a whole new, fresh load of money.  

We call it quantitative easing in the United Kingdom, others might even call it a giant Ponzi scheme.  But we’ve created all of this fresh credit, and for the moment we’ve kicked the can down the road.

So we are just getting deeper and deeper into problems.  Leaving our children and grandchildren with loans that could well take decades to finish (paying) off.  I fear we are now stoking up the conditions, at some point in the future, for serious inflation....

Continue reading the Nigel Farage interview below...

“We have to remember that inflation is a disease of money that is predominantly caused by governments...We should stop creating trillions and trillions of fresh, false money...at the moment, the electorate are allowing them to get away with it.

But nothing has been done to deal with the sovereign debt crisis.  Whilst for the moment the banks may feel that the pressure is off, fundamentally nothing has changed.  I still believe that we’ve got very big problems around the corner.”

Farge warned of troubles surround the most recent Greek bailout: “Before the second bailout was completed, they were talking about the third.  The definition of insanity is to continue doing something that goes wrong, without contemplating that there could be a different course of action.

It is madness.  We’re wasting our money.  We’re pouring it down the drain.  None of this is going to work.  Mr. Monti can be as complacent as he likes, but I’m quite sure that when the history of this period is written, people like that will be lampooned for what they’ve said today.”  

Farage, who is also a 20 year veteran of the London Metal Exchange, had this to say regarding gold:  “I was in Geneva last week addressing a financial conference with a huge amount of money in the room.  There are a lot of people who are currently in equities because they see what the central banks have been doing with the creation of money.

There is a general feeling that in the short-term the equity markets will rise, so there hasn’t been as much of an appetite for gold.  I think the remarkable thing is just how steady the price of gold has held.  I would have expected it to dip back a bit more than this.

I am firmly of the view that nothing at all has changed.  The can has just been kicked down the road.  We are actually storing up and building up problems for ourselves in the future that are even greater than we can possibly contemplate and I would firmly think now, that if we do get a dip in the gold market, it should be bought.”

Source - http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/28_Farage_-_Western_World_Collaborated_in_Giant_Ponzi_Scheme.html