Eric Sprott - We’re Headed Over a Cliff
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/6/10_Eric_Sprott_-_Were_Headed_Over_a_Cliff,_Be_Wary_of_Paper_Assets.html
With continued gold and silver volatility, the Dow breaking below 12,000 and the US dollar on the move, today King World News interviewed billionaire Eric Sprott, Chairman of Sprott Asset Management. When asked about year over year explosions in the price of corn 118%, wheat 71%, cotton 83%, sugar 61% and coffee 96%, Sprott replied, “Well I always chuckle when people at the Fed and the Treasury suggest there are no signs of inflation. There are nothing but signs of inflation, not withstanding the Fed suggesting the CPI is up one or two percent.
We all know that the average guy on the street, his food costs are skyrocketing, his energy costs are skyrocketing, his tax bill is skyrocketing, his insurance, everything is going up and they are basically getting modest to zero wage increases. So that’s why some of these consumer confidence numbers are just falling right off the table here, and that’s why most of the data we’ve seen recently on the economic front has been incredibly weak.”
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