A day after Nigel Farage told King World News the disaster in Cyprus had sparked bank runs in Europe, today acclaimed money manager Stephen Leeb spoke with KWN about what investors around the world should expect next. Here is what Leeb had to say in this powerful interview: “Cyprus is truly a disaster for the West. It basically says to every citizen of the West, if your country runs into trouble the governments can come along and just take your money. That’s basically what is says.”
“What worries me is if you have an individual who is retired with let’s say 300,000 or 400,000 euros in the bank, and they suddenly find they have had some of their money or a great deal of their money stolen by governments. Let’s say they are not retired and just run a small business and need to make a payroll. What happens in that situation?
The funds are frozen and then part of it is stolen. This is outrageous….
“This could happen now in Spain, Italy, or any of these other countries which are in financial trouble. It seems like the only country in Europe which is not suffering right now is Germany.
Germany is in a power position in terms of exports because their currency is lower than what it should be because of the eurozone construct. So they can export like crazy. People have to remember that what brings about chaos and extremism in countries is depressions.