Rick Rule: This is a Bank Bailout, Not a Bailout of Greece! Gold To Go Higher!
- Rick Rule is spot on! The banksters do not want to take massive losses. So this bailout is about taking money from Germany, France and other Eurozone countries to bail out the banksters while shoving the bill down the throat of the Greek sheeple. The Illuminist owned western media then brands this as a ‘bailout’. What bailout? Bailout #1 was €110B, this bailout is at least €130B. More debts are being piled upon existing debts. You cannot solve a debt problem with more debts.
– - The idea that PSI (private sector investors, mainly hedge funds) will willingly, ‘voluntarily’ take a 50-75% haircut on their Greek bonds is nonsense. It makes more sense for them to hold out and let Greece default. They can then claim CDS (insurance against debtor default) payments and be paid 100%. Of course, the banksters which issued these CDS do not want this to happen.
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Rule – Greek Bailout & What it Means for Gold
by www.kingworldnews.com
On the heels of a Greek bailout, which has gold trading more than $20 higher and silver back above $34, today King World News interviewed Rick Rule, CEO of Sprott USA. Rick spoke with KWN about what has just taken place with Greece and what it means for gold. Here is what Rule had to say: “I don’t think Greece was bailed out, I think the banks that were stupid enough to lend Greece money were just bailed out. They have talked about an injection of fresh cash to maintain Greek living standards. Simultaneously, they have announced fairly aggressive cuts.”
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“They are aiming at slashing the debt to 120% of GDP by 2020. This means if you believe that all of the assumptions they made are correct, then Greek debt will go from unserviceable to barely serviceable by 2020. It’s important to remember that the people who are making these assumptions are the same people who made the decision to lend money to Greece in the first place. This lending has Greece 160% in debt vs their GDP.
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… for more click here!
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