Today everyone is focusing on the Greek election, but that focus is totally misplaced. The election makes no difference whatsoever to the outcome of this worldwide economic disaster. Greece might be a catalyst, but a catalyst can come from anywhere.
-Egon von Greyerz
When this Depression starts, everyone will suffer; it's just a question of who suffers the least.
If Greece doesn't get its next loan installment, the Eurozone will collapse the following day."
-Alexis Tsipras, leader of the left-wing SYRIZA party.
I'm disclosing for the first time that the U.S. government has given JPMorgan the green light to manipulate the silver market.
-Ted Butler, renowned silver expert (Ted, I've "disclosed" this EVERY DAY for the past FIVE YEARS)
Unfortunately, the market reaction to the Spanish bank bailout was negative, with Spanish 10 year rate pushing past 7% for the first time since 1996.
It's not about the Greeks. It's not about the Spanish. It's not about the Italians. It's not about the English. It's not about the Chinese. It's about EVERYBODY.
Greece has a total debt of about $1.3 trillion. This is composed of their sovereign debt - which Europe counts - and their $90 billion in derivatives, Federally guaranteed regional debt, sovereign guaranteed bank and corporate debt, obligations to the EU, and loans from other central banks. It is simple addition, counting ALL the liabilities while Europe does not. Then take Greece's GDP and divide by its total debt, and you get a debt to GDP ratio of around 453%.
When the banking institutions need the money, central banks - whether it's the ECB, the Fed, the BoE, or a new global Central superbank - will print and print and print.