Zervos: Awaiting The Inevitable Defaults & Fireworks in Eurozone Crisis!

• This coming collapse is engineered by the Illuminists. It will start, obviously, in the PIIGS, spread to the rest of Eurozone, UK, Japan and finally USA. There is an intense financial war going on. The Illuminists are trying to maintain their USD world reserve currency hegemony as long as possible. They are also fighting all challengers (ie. other fiat currencies) to the USD. The Anglo-American Illuminati is damaging the Euro intentionally to make the USD look good.
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• The Illuminists are also waging a continuous war against gold (and silver). Gold is the obvious world currency for 5000+ years. Thus, both metals are being attacked to prevent the sheeple from seeing the truth: they are the safest! Eventually, when all major fiat currencies collapse: Euro, UKP, Swiss Franc, Yen … the USD will be taken down. This will be the end of the current monetary system. The Illuminists will then usher in their One World Currency and Global Supra-National Central Bank. Fireworks dead ahead. Gold and silver will soar against all currencies, be patient despite the beating this week! (emphasis mine)
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  Zervos: Awaiting The Inevitable Defaults & Fireworks in Eurozone Crisis!
  By Matt Nesto | Breakout
  It’s been decades since we had reason to use the word troika –which now refers to international officials from the European Commission, the European Central Bank, and the IMF. The fate of western Europe has been held in their hands. Most recently, it all hinged on a telephone call between the Greek government and the troika. It ended with promises of more Greek austerity measures, but no resolution or clear-cut reason to believe a default will be avoided.
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  “The idea that the Greeks are going to somehow spend the next ten years working and giving large chunks of their GDP to pay for the debt or the sins of the last 20 or 30 years is, I think, pure fantasy,” says David Zervos, the head of global fixed income strategy at Jefferies. “The fact is, they can’t pay it back.”
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  I tend to agree with Zervos’ notion that the loans given to countries like Greece and Portugal, were every bit as specious as the mortgages that were given to undocumented subprime borrowers in the US; thus every bit as unlikely to ever be repaid. The Federal Reserve can’t be as blunt about it, but in their toned down manner, they hammered the Europeans by including the phrase “strains in global financial markets” in their latest statement.
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  Even though the markets are still clinging to hopes that some sort of resolution will emerge, investors like Zervos, who believe a default is inevitable, don’t want to see the process prolonged. “We are just waiting for that headline to cross our screen that says ‘Greece misses a coupon payment‘ and then we get to watch the fireworks unfold,” he says.
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  As Zervos sees it, the post-default chaos will resemble “17 TARPs, 17 Nancy Pelosis, and 17 Hank Paulsons” all rolled in to one. “The idea that these guys all come together, sit in a room and agree on who’s going to survive and who’s not going to survive across the European banking landscape seems preposterous to me,” he says.
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  But the conversation is really about saving the banks, versus saving Greece. Remember this ordeal is a “sovereign debt crisis.” This is 100% a European bank crisis and European bank bailout. “It’s folly to call this a Greek bailout,” Zervos says. “It’s a bailout from their past debt issuance but you’re not putting any money in their pockets.”
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  The countries are simply middlemen who pass along any ”bailout proceeds” they receive in the form of coupon payments to their bondholders, who are largely European banks. Miss a payment and the value of the bonds they hold plunge, hauling the capital reserves down with them, and mandating the need for a capital injection.
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  The other part of this saga involves the survival of the Euro itself. The fear there is that if one member unhitches, others would follow. But in this case, the binds of this monetary union are actually preventing Greece from doing what many, many other countries facing insurmountable debt woes before them have done; devalue their currency to effectively shrink their liability, and as Zervos describes it, “get out the old fashioned way.”
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  Unfortunately, that can’t happen without life-threatening changes to the Eurozone.

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