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Greek Leaders Agree to Most Austerity Measures
Political leaders in Greece have agreed on most of the austerity measures demanded by its creditors and are now eying pension and wage cuts to find the final 1.5 billion euros of savings still needed. Bankrupt Greece is fighting an increasingly desperate battle to convince skeptical EU and IMF lenders it has turned over a new leaf… Unfortunately, it may be too late.
LIBOR Rigging Expanding
Until now, most of the attention has involved traders at Barclays; however, new details, from court documents, indicate that Barclays was only a player in the expanding LIBOR scandal. It now turns out that at least three major European banks were heavily involved in rigging of global benchmark interest rates. Well, duh!!! Of course, do not expect the Federal Reserve to be formally identified in this scandal.
EU May Criminalize Commodities Price Distortion
For years, national regulators, in the EU, have turned a blind eye to trading practices that have lead to increased oil prices. Now, officials in Brussels may criminalize commodities price distortion that is punishable by jail. This would not only include the price for Brent crude oil. Since gold is a commodity, when can we expect to see HSBC executives in prison?
What Many Do Not Understand About Our Economy
The U.S. dollar is only worth four cents of its value since 1914. The U.S. federal debt, at about $16 trillion, is in a parabolic curve on the upside. The sovereigns owe a lot of money that they can’t repay. So, expect things to get worse before they can get better.
Gold Tier 1 = No Selling Pressure
All fiat currencies across the board are consistently devaluing. Some faster than others; however, they are all devaluing. The fact that gold is now considered a Tier 1 asset, more of these currencies are going to be moving to this asset. To that end, gold, silver and other commodities are going to move a lot higher. In addition, Brazil’s actions against Bitcoin, the first nation to do so, has only made Bitcoin, a peer-to-peer currency, more valuable but would risk persecution by the rogue states.
Drink the Water
Officials, of New York’s Department of Environmental Protection, are telling the city’s victims err… residents not to worry about the color of the water they drink. In fact, they are saying that it merely an arsenic err… aesthetic problem that the water may be yellow or brown. So, guess not having clean clear water is no longer a cause for alarm.
Finally, please prepare now for the escalating economic and social unrest. Good Day!
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