Egon von Greyerz was interviewed by King World News about what the world is facing going forward as well as the recent turbulent action in the gold and silver markets. Greyerz, who is founder of Matterhorn Asset Management in Switzerland, said this:

“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.”