With the dollar trading lower on the heels of continued chaos in Greece, today a legend in the business sent King World News a powerful piece discussing the turmoil in global markets being triggered by the ongoing Greek tragedy.
From Art Cashin's notes: Overnight And Overseas – While all eyes are on Greece this morning, perhaps we should also keep an eye on China and Iran. The PBOC cut rates and reduced reserve requirements. In response, Shanghai went on a roller-coaster but ended up down 3.3%. Next couple of days could be critical. The official Iran nuke deadline is tomorrow. That looks impractical but there are limits to how far the can can be kicked.
Greek situation brings some moves that seem odd at first glance. Euro pares losses quickly as folks realize the Euro would firm ex Greece and also on a sigh of relief resolution. Yes vote could bring Tsipras resignation but who would commit the political suicide of implementing austerity.
Consensus – Markets move off the initial extremes as traders sort through pros and cons. Standard script says open down, circle the wagons and try to rally. While Europe is open, US may take lead from there. I think China may be more important than Greece. Stick with the drill – stay wary, alert and very, very nimble. ***The remarkable audio interview with Michael Pento has now been released, where he discusses the coming carnage in global markets, what investors can do to protect themselves, and what to expect from gold and silver, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***KWN has also now released one of the most important and powerful interviews that Dr. Paul Craig Roberts has ever given. Dr. Roberts discusses why the Greek tragedy is one of the most important and pivotal crises that the world has ever faced, as well as the desperate moves being made by Western central banks in global markets ahead of the resolution of this crisis, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: There Is No Escape – Unprecedented Worldwide Panic And Economic Collapse Is Dead Ahead CLICK HERE.
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The audio interviews with Michael Pento, Dr. Paul Craig Roberts, Rick Rule, Nomi Prins, Gerald Celente, Bill Fleckenstein, Stephen Leeb, Andrew Maguire, Eric Sprott, Robert Arnott, David Stockman, Chris Powell, John Mauldin, Egon von Greyerz, Dr. Philippa Malmgren, Marc Faber, Felix Zulauf, John Embry and Rick Santelli are available now and you can listen to them by CLICKING HERE.