US Debt & Liabilities Set To Increase A Staggering $70 Trillion

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/12/21_US_Debt_%26_Liabilities_Set_To_Increase_A_Staggering_%2470_Trillion.html

“Actually, institutional investment into gold, currently, is only about 0.3%.  So we are talking about Japanese funds putting 1.5% to 3% or five to ten times as much (into gold) as the world average.

I’m convinced that in the next few years institutions will put a part of their assets into gold because they have to protect their assets against the inflation we will be experiencing....

“That (influx of new money into gold) will have a massive affect on the gold price.

As we go to current action in the gold market, I totally agree with Andrew Maguire.  We’ve seen heavy paper selling in a very thin market, while the physical market continues to be very strong.

As long as debt goes up, which it is guaranteed debt worldwide will go up, and as long as that continues the gold price will continue to rise and I expect a major rise in 2013.”

Greyerz also added:  “U.S. debt is increasing by approximately $1.5 trillion per year.  If you add to that the increase in unfunded liabilities, you get an increase, only in 2012, of $7 trillion.

So total debt and unfunded liabilities increase in 2012 by (a staggering) $7 trillion.  If you multiply $7 trillion by ten years you get to $70 trillion.  And you can see that the whole fiscal cliff debate is about a measly $1.2 trillion over ten years, against a potential increase in the total debt in the US of $70 trillion.

So it is so sad to see this desperate situation when politicians worldwide refuse to face up to the real catastrophic state the world is in.  Instead, they are just tinkering with the edges.”