Today John Embry warned King World News that things are rapidly deteriorating for Western central planners.

Things Are Rapidly Deteriorating
John Embry:  “Eric, I think investors should be getting very concerned at this point as the market manipulation has been almost fanatical recently, suggesting that things behind the curtain are deteriorating at a rapid rate…

John Embry continues:  “The preposterous comments coming from central bankers globally suggests that moral suasion or outright mendacity is the only thing they have left to underpin the public’s confidence in their system.  A good example is my home country of Canada.

The recent statements emanating from our central bank suggest that the worsening impact of the falling oil price has been absorbed and the economy is now strong enough to handle higher rates.  From my perspective, by far the only strong aspect of our economy is an out of control real estate boom, which, not surprisingly, is dependent on minimal interest rates.

 However, the market ignored the fundamentals, believed the rhetoric, and the Canadian dollar has strengthened noticeably.  However, perhaps this says more about the U.S. dollar, which the IMF recently said was overvalued by between 10 percent and 20 percent.  The IMF cited overstated economic numbers and a disturbing debt buildup.

Coming back to Canada, Warren Buffett, who I used to admire greatly before he became an operative for the Deep State, recently bailed out Home Capital — a marginal Canadian mortgage lender with, to put it mildly, a poor reputation.  This company was so incompetent that it was about to fail despite the biggest housing bubble in Canadian history.

 However, Buffett stepped up with a sweetheart deal and put up over $2 billion to keep things afloat.  This is reminiscent of his multi-billion investments in Goldman Sachs and GE at the time of the global financial crisis.  But this investment was small in comparison, suggesting that conditions are materially worse at this point and the powers that be can’t allow anything to fail.

 However, Mr. Buffett outdid himself when he entered the healthcare fray in the United States and stated unequivocally that the U.S. is so rich it can afford a single payer system.  Clearly Warren hasn’t been looking at recent financial developments, the most shocking of which is the de facto bankruptcy of the state of Illinois.  The U.S. now has $20 trillion in funded debt and more than $100 trillion in unfunded liabilities.  That is not my definition of ‘so rich.’…..More Here