Today one of the greats in the business told King World News that a historic revolt against corrupt Western banksters is now underway. He also cautioned that a "ticking time-bomb" is set to explode and discussed what this will mean for the world.
James Turk: "Everybody
needs to be paying very close attention to what is happening in Greece,
Eric. The situation there is spinning out of the control of the
European Central Bank and its bankster associates….
"The new Greek finance minister, Yanis
Varoufakis, has two distinguishing characteristics. First, he is a
firebrand, which is not that unique among politicians.
But it is the second characteristic
that sets him miles apart from the ordinary politician. It is a
characteristic that is refreshing to see and one I admire. Namely,
he is a straight shooter and someone who is not afraid to tell the
truth. Or perhaps what is more relevant for the situation in Greece, he
is not burying or even glossing over the unpleasant facts.
In this regard, he has correctly
identified Greece's problem – the country is insolvent. It is unable to
pay even a small portion of the mountain of debt that it owes.
WORST COLLAPSE IN 8 DECADES
Further, he has correctly observed that
debt from the bailouts of the so-called troika€ – the IMF, ECB and the
European Commission – does not help get Greece out of insolvency. In
fact, it is making Greece's dire situation even worse. Further, the
steps taken by the troika since it imposed its will on the country in
2010 have brought about an economic overhaul in Greece that has brought
the economy to its knees, and is perhaps the worst collapse in any
European country in eight decades. He says that the troika has imposed a
€œtoxic program on Greece.
An Insolvent Greece – Its Economy Devastated
It is clear that Greece is mired in a
Great Depression-style economic collapse that began five years ago.
Current unemployment is 25.8%. Youth unemployment in Greece is among the
worst in the eurozone at 50.6%, and astonishingly youth unemployment
has been greater than 40% for four years.
When measured by GDP, economic activity
in Greece has declined five consecutive years and is 29% below its
previous peak. It is no wonder that Greece cannot possibly service its
debts. Mr Varoufakis is absolutely correct in his assessment of the
country'€™s capacity to meet its debt commitments. Greece is indeed
insolvent.
Ticking Time-Bomb
But here is the important point, Eric:
Mr Varoufakis has repeatedly said that to honor the mandate given by the
people of Greece in the recent election, the new Greek government has
no intention of cooperating with the troika. And the fuse of the ticking
time-bomb that goes off if Greece leaves the eurozone is very short.
The troika is supposed to dish out on
February 28th a new 7 billion euro loan as part of the ongoing bailout.
What Mr Varoufakis wants and correctly says what Greece needs is debt
forgiveness, not more debt. He says the only alternative is to
renegotiate the bailout in order to get a huge reduction in Greece's
debt.
So February 28th is D-Day. Greece needs
this new 7 billion euro loan to meet its debt commitments, but Mr
Varoufakis says it is time to stop pretending that old loans are being
repaid when all the troika has been doing is to use new loans to repay
old loans.
Most Of Western World Insolvent
So a bust-up is coming, and there is
every reason to suspect that it is going to be bullish for gold and
silver. The bust-up will result in people focusing on counterparty risk,
and here is the big surprise, Eric. The rush to dump Greek debt will
have a knock-on effect on other insolvent countries, or those bordering
on insolvency, which is most of the Western world.
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