Value investor and manager of over $50 billion at First Eagle Funds, Jean Marie Eveillard told King World News that elites throughout the Earth are discredited, which will lead to instability. “The implications (if the trend continues) would be a chaotic or semi-chaotic period. “If the economy does not recover, in what would appear to be a sustainable manner, then the politicians will be under pressure to take very unusual steps,” he said.
By elites, Eveillard doesn’t just mean the figurehead politicians: “Elites are discredited, not just in the US but throughout the world, including possibly in China if the economy there continues to do poorly. And it’s not just government elites, it’s also business elites, particularly financial elites in many countries, including the US, the bankers and the like. They will end up hanging a few. I suppose I’ll be spared because I’m too old.”
That wasn’t a joke or some sarcastic remark. There is a revolution going on underneath that everyday life veil we believe will never go away, but it’s disappearing as we speak.
“The implications (if the trend continues) would be a chaotic or semi-chaotic period. If the economy does not recover, in what would appear to be a sustainable manner, then the politicians will be under pressure to take very unusual steps.
Already they have taken unprecedented steps, but maybe we’re not at the end of it. “And the more bizarre the steps, the greater the risk that some accident will result from the authorities taking those unprecedented steps. Today I think the Neo-Keynesian steps will not be helpful at all, and indeed they are not.”
The article is a blog post of King World News and is an excerpt of a full interview, but the snippets they do give are quite interesting.
The actual interview should be available by audio within the next day or two, I suspect. You can find excerpts of the interview and more info into the actual story HERE, as well as find the links to the radio interview archives, where the full interview will be eventually posted.