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Europe again getting much of the blame for the market sell -- we're joined by Europe Pacific's senior economic consultant John -- Work with British prime minister Margaret Thatcher and John let's start here you say the European Union is one big fraud.
Arias -- than bottom and it was quite clear.
The European Union was cobbled together based on deception and fraud and downright lies.
And they surrounded Margaret Thatcher -- they forced -- into -- various documents which was terribly against.
And it's been forced on the British people.
Approximately 68% of whom want to get out but then never given -- jobs despite cost on guarantees by.
Prime Minister -- Man he promised this to the British elected all three parties promised a referendum none of them have given it.
And the German people of never being given a choice the French people given the choice and voted against the -- -- had to get back from revote.
Like the Danes and the Irish it's been a fraud and and thing throughout.
I guess -- work as long as people continue to believe in for a while now the Dow's down 140 points and we have please -- explain something to be John.
Why should we be so terrified of more troubles in Europe when by now we're accustomed to this and the banks ought to be hedged against -- by now.
Well Europe is very big is -- biggest economy and the world of Sam -- point trillion GDP 25% of world trade China's largest customer.
And the second biggest currency is the errors -- it FX how well our politicians in Europe -- -- complete irresponsibility.
And they just not a bad -- chickens are coming home to roost they're trying to distort markets.
I've noticed scare about -- when the largest distorted that interest rates by Bob -- central banks the Fed the Bank of England.
The Bank of Japan -- And of course they have the EU EU banks you mention.
-- courage -- persuaded to -- sovereign debt and enticed by being told they wouldn't have to hold resolve a promise against it.
Now these bonds are good becoming what this.
And this has -- effect in top banking community of the -- because he's a very large banks -- relationships with American banks.
And banks throughout the world yes a very serious situation.
Okay now you actually have some unusual advice I think coming from Euro Pacific -- I think that Peter Schiff is pretty much.
Thinks the US dollars headed nowhere but down down down -- the long term but you think that actually people get by US dollars here they will be stronger against the Euro despite.
Yes yes and I agree with -- -- over the long time it did dollars in -- almost worse shape and -- But in the short term it's seen as the panic relief.
And -- people run into dollars out of -- And the yen.
Into the dot I saw it to get yield the sensible people run to -- but of course you don't get -- come off.
-- dolby biscuit capital gain -- done.
But in the meantime people are tempted to run into the -- And as long as they attempted the dollar will rise in price -- is only a temporary phenomenon.
-- -- -- -- to collapses all right okay thank you very much for being with us on this rather panicky day John brown and good value under short realistic -- All right the -- -- in the end okay thank you very much.
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