Compelling, but whats it mean?
Not sure how this plays out, or even if it’s wise to presume the level of trouble this indicates for the U.S.
Please comment. I am interested in hearing the take on this heads wiser than mine.
IMF Official Is Now In Athens Aiding EU Team On Greek Debt Crisis
Submitted by Tyler Durden on 02/22/2010 14:59 -0500
From Dow Jones:
The International Monetary Fund said Monday that a staff member is in Athens to assist a European Union team working to help Greece
deal with its debt crisis.
“At the request of the E.U. Commission and at the invitation of the Greek authorities, a fund staff member is in Athens this week to provide assistance to an E.U. Commission team,” an IMF official said.
Greece has vowed to reduce its budget deficit from an estimated 12.7% of gross domestic product in 2009 (GDP) – by far the highest budget deficit in the eurozone – to below the E.U. limit of 3% by 2012. Greece has warned major cuts in public spending will be needed.
The E.U. has pledged political support for Greece and has hinted at financial assistance in the future. The E.U. has also imposed strict deadlines and monitoring for Greece’s deficit-cutting program.
IMO. What this means is that both the EU and the IMF are going to try and prop up the dollar because if it falls it will effect virtually everyone. So they are going flood the market with gold to bring down the gold price so it doesn’t compete with the dollar, thereby elevating the ‘value’ of the dollar. I believe the EU and the IMF will, and have been, printing money to keep fiat currency from flat lining.
This article may help shed some light on how it all works.
James Turk: A short history of the gold cartel
So this is another way for the Wealthy to profit off the tax payer, by manipukating Gold prices to benefit the US Dollar, and by extension, the Federal Reserve.
Remarkably the gold and silver ratio stays at or around 70:1 which makes silver even cheaper than gold, and gold continues its rise of 15% a year.
I have to work for a living, so I will stick with the silver and count on the high ratio for gold entry.
In the meantime, our system is screwed, and I wonder what the best way to anticipate and prepare for the new currency should be? Rice and beans? Bullets? It seems every new rock I find to turn over, has some bad fundamentals under it.
Thanks for your input J.O.
I truly appreciate the insight.
Had a friend in Iceland when their economy collapsed he recommended booze, cigarettes, coffee, meds, and oddly, feminine hygiene supplies. (The ladies reeeaaaly wanted them.)
People were able to get food, it was the extras that we think we can’t live without that he was best able to barter with until things stabilized.
OK. I found the Soviet resource for a first hand account of their collapse.
Here is some good info about what takes place during a collapse.
The Silver Bear Cafe is a good site in general.
Lessons from Argentina’s economic collapse
There is also a similar account from the Soviet collapse. I’ll try and find it.