by Mike ‘Mish’ Shedlock
Mish Talk
Andy Duncan of FinLingo.com interviewed Claudio Grass, managing director of Global Gold in Switzerland. Below is a transcript excerpting the main parts of the first section of the interview on the problems in the European banking system and what measures might be taken if push were to come to shove.
What follows is a guest post by Pater Tenebrarum at the Acting Man blog.
A Looming Banking Crisis – Is a Perfect Storm About to Hit?
[…] Andy Duncan: How do you see the current situation in banking particularly in Europe?
Claudio Grass: One interesting indicator is that today in certain countries not bankers are making the highest average salaries any longer , they have been replaced with government servants. Overall I would say it is bad, but that was predictable. The system and the assumptions the whole sector is operating under are just not sustainable, and printing money out of thin air does not create wealth; on the contrary, it is destroying capital.