Thursday, May 10, 2012

Of Greeks and Gold

Seems the new Greek Leader, Alexis Tsipras, is having some success trying to cobble together a new government.

We all know politicians will say almost anything to get into power. Don't get me started on Mr Obama and gay marriage. Mr Tsipras is no different. He promised to commit the recently agreed bailout via the 'troika' to the dustbin of failed promises. Seems when it's convenient and times are tough, even signed contracts by sovereign nations are worthless paper agreements.

What of the consequences? Probably not so much for Greece as they are resigned to a period of turmoil and poverty when they leave the European Union, which they definitely will. Or be kicked out by Germany. Either way, it will not be pretty.

It appears the flow on effects, of this Greek move, will be massive. If you live in one of the other pigs nations (soon to be known as 'pis') what would you do? Panic? Probably. You would likely get your money out of those countries banks as soon as possible and put it somewhere safe. Perhaps Germany or France. Switzerland maybe. Put it into gold? Not likely, people may need even more distress than this before they see the light of gold and the consequences of a failing fiat money system.

The world economy is likely to be in a considerable mess going foward. The rebellion against austerity is now in full flight and those with the means have already shifted their wealth out of the European perifery. Now the run on the banks by the masses will begin.

Unless there is some form of new monetary and political system soon in Europe, this could lead to high inflation and a complete politcal breakdown.

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