Here is a transcript of Eric Sprott’s interview with Maria Bartiromo, on CNBC.
I haven’t bought in and I’ve been wrong since March ‘09. I still have a deep deep concern about the leverage in the banking system, a view which I’ve expressed over the last decade. I look at the inability of the government who are spending vast amounts of money to generate much growth in GDP.
In fact, there’s been some excellent work done on how the marginal value of a dollar spent by government is now negative. I can give you the example of running a $1.5-trillion deficit last year, and GDP goes up $200-billion, so we’re not getting much bang for our buck, but we still owe the buck at the end of the year, as we will at the end of this year, so I very much worry about that.