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Today a man who has been involved in the financial markets for 50 years told KWN that unprecedented lies are being told to the public. Embry also discussed why governments are lying and what to expect going forward. Below is what John Embry had to say in this timely interview

Embry: "I'm focused on the propaganda that is being laid on the public these days. There was no better example of this type of propaganda than a report I read over the weekend from the Associated Press headlined 'What is making the U.S. economy a world beater? 5 factors.'....

"They cited the increase in jobs (288,000). But anyone who takes the time to examine those jobs would say that statistic is preposterous -- 523,000 full-time jobs were lost and part-time jobs surged by 840,000.

My daughter has a part-time job and she would love a full-time job but she can't get one. Employers don't want to give full-time jobs because they can pay next to nothing for part-time jobs and the employees don't get benefits. So the idea that a job is a job is absolutely bogus.

I'm more interested in incomes, and incomes are stagnant, particularly in the lower 70 percent of society, even as the price of necessities is rising. So the standard of living of most people is falling and the idea that the U.S. economy is a world beater is an insult to anyone with an IQ higher than a gerbil's.

The 6.1 percent unemployment rate they reported is truly laughable because of the drop the the job participation rate in the United States. I'm much more in line with John Williams of Shadowstats where he says that about 22 percent of the U.S. working-age population is unemployed. So I think there is a huge problem in the system and as a result what we are seeing is the falsification of numbers and outright manipulation of markets to justify what is being falsely reported."

Eric King: "John, you've been in this business for over half a century and you have never seen this many lies being told to the public in the West, and particularly the United States."

Embry: "There is no solution to the problems in the West. So they have decided that all they can do is lie to the public for as long as possible to try to put off the day of reckoning. They didn't have to do this when I was a youngster in North America. Things were terrific back then. The economy was growing and there was opportunity for everybody. That's all gone.

Robert Fitzwilson had an excellent piece on KWN over the weekend. Most of these sovereigns issuing bonds in the West are essentially bankrupt and if the economy imploded they would be most assuredly bankrupt so they would default on their bonds.

So the West keeps on printing more and more money, which will dramatically increase inflation and probably culminate in hyperinflation. In that event the bonds won't be worth any more than toilet paper. So I think people who are invested in bonds are making a historic mistake, and I agree with Fitzwilson that you've got to be in hard assets. I don't care if it's gold, silver, energy, farmland -- anything that's tangible."

Embry added: "The head of the Reserve Bank of India said they are going to sell into the domestic market the bank's gold reserves held in India and replace them in the international market by buying gold and depositing it at the Bank of England.

That raised a red flag for me because in a world that is very short of physical gold there is something about this that is trying to rectify that situation. Well, I dug into this further and found out that the head of the Reserve Bank of India received his Ph.D from MIT, taught at the University of Chicago, and then was the head economist at the International Monetary Fund from 2003 to 2007.

So this seems like a guy who is pulling the strings for the United States and I am very suspicious of this announcement. I think this highlights that, as James Turk has brilliantly noted, there is a growing shortage of physical gold and the West is going to great lengths to attempt to get more gold into the market so they can continue to suppress the price.

But I've been noting a change in the gold and silver markets. They are getting hit in the usual fashion and at the usual hours with massive numbers of contracts slammed into the paper market. But the gold and silver markets seem to be quite resilient.

Gold and silver seem to keep bouncing back. I'm not prepared to say yet that we are out of the woods but I agree with William Kaye that we are building toward the greatest short squeeze in history. There are zillions of claims on what little physical gold remains in the Western world, and when this Ponzi scheme explodes, this is going to be something to behold."