Today billionaire Eric Sprott told King World News, “I’m sure we’ll be seeing $100 and $200 prices for silver.” Sprott also said that despite the advance in global stock markets, “There is no doubt that the path we’re on is not sustainable both for the economy, and for the financial system.”
Here is what Sprott had to say: “We had a negative print on GDP in the 4th quarter. The fact is I think we are on shaky ground. The shakiest part of the ground is the new numbers put out by the Department of the Treasury showing under GAAP what the true deficit was last year.
“It includes both the cash deficit, which I think was around $1.2 trillion plus the increase in the present value of known obligations. Together those two added up to a deficit of $6.6 trillion for the year. Shadowstats suggested this year, 2013, the numbers could be pushing close to $10 trillion.
Professor Kotlikoff suggested the known, future liabilities are $220 trillion. When you reference those numbers against a GDP of $16 trillion, it’s obvious that the obligations can’t be met….