Hmm, I feel this number is a little Low. Stimulus is over and now come the huge Federal job cuts along with continued state and local government cuts. Things are going to get real bad.
Keep your eyes on Greece and learn.
"ECB's Wellink calls for doubling of euro bail-out fund"
came across via https://www.forexlive.com/blog/2011/06/16/ecbs-wellink-european-emergenc...
Recommendation was to double bail out fund to 1.5T EUR. This little comment pulled the rug out from under EUR/USD. (Which was sweet because I am short)
Greek 2y bond yield just tipped 29%.
GGGB2YR: GREEK GOVT BOND HELLENIC REP2Y Summary - Bloomberg
Germany wants to delay the second Greek bailout to September
30 % now
and the rest starting to follow Greek
Ga, 10yr over 18%. Talk about pointing a gun at the politicians.
so how soon do we see similar events here. When Greece eventually defaults would that not start a chain reaction of bankruptcy/credit freeze in the financial world?
Is that when silver finally becomes currency along with gold?
Also, go long stored wheat, beans, rice and toilet paper.
we have been buying bags or rice now for awhile! :) also thinking of buying a bunch of incandescent light bulbs and selling those next year at 3X the price now since you won't be able to get them
pretty much all that's relevant - if Greece is in the red big time year over year currently, more debt, with higher & higher interest rates coupled with plummeting revenue will continue to exacerbate the problem.
Either creditors take a big time hit to reduce expenses for the Greeks or the Greeks default. Problem for the Greeks is even if the creditors restructure, its citizens will remain indebted for the long term to the bankers. Why give away your assets and in particular, your gold, only to kick the can down the road a little while only to be back in the exact same position you're in today?
Because Europe is one of their biggest trading partners? Jeez... Greece, China... all we have to so is figure a way to get Turkey in here and we can have dinner.