The IMF admitted that Greek austerity measures would still leave Greece with an unsustainable debt. In addition, the Bank of England said that a Greek default could spark a contagion blowout risk that could ripple through the global economy; in that, the market is not deep enough to accommodate a rotation in risk at this point in time.
According to John Embry, Puerto Rico’s situation is indicative of the depth of the financial rot in the system whose financial condition is utterly terminal. Regardless of what media and government pundits say, the whole thing is starting to implode with Greece as the focal point. Because this calamity is becoming more apparent, physical demand for gold and silver is accelerating, particularly in Europe, but the gold and silver suppression will continue until the paper manipulation is overwhelmed.
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