Today the man who first predicted Greek bank deposits would be stolen warned King World News that a Greek default will create devastating financial shocks in Europe and across the world.

James Turk:  "The headlines over here in Europe continue to be dominated by Greece, Eric, as that country's debt crisis builds to its concluding crescendo….

Continue reading the James Turk interview below…


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"The Greeks want debt relief. Its major creditors – the IMF, EU and ECB – do not want to write off any loans, and instead are insisting on continuing this extend and pretend charade that Greece is solvent.

More Propaganda As The Situation In The West Continues To Deteriorate

Mainstream Media And Others Ignoring The Hard Truth

Pretty much everybody, including the mainstream media, is ignoring what S&P stated in its analysis of the Greek problem just two weeks ago: €œEven if an agreement with official creditors were to be reached over the next fortnight, we do not expect that such an agreement would cover Greece'€™s debt service requirements beyond September.€

In other words, even if the €7.5 billion that has been promised to Greece if it agrees to more austerity is extended to it, Greece will need another bailout in a few months. Despite this reality – or perhaps because of it – so far neither side is willing to budge.

King World News - Greek Default To Create Devastating Financial Shocks In Europe And Across The World

Greek Default To Create Financial Shocks In Europe & Across The World

But we should find out soon enough whether somebody is going to blink before everybody goes over the cliff because a default by Greece on its €320 billion of debt will create financial shocks throughout the European banking system, and then to the rest of the world because of today'€™s financial interconnectivity. 

It means there are not going to be any clear winners. Everybody on both sides of this confrontation is going to be a loser. So we should really be focusing on the implications of what this financial meltdown means, not to just Greece or Europe, but rather, to all over-leveraged welfare states, including of course the United States.

KWN Fitzwilson VI 2:22:2015

Welfare States Are All Bankrupt

There are a lot of headlines and op-ed articles from politicians and others about what Greece should do. But invariably, these comments focus on employing the extend and pretend€ strategy politicians relentlessly follow. The financial and monetary aspects of putting Greece back on the right financial path are side-stepped. Politicians completely ignore the most important and fundamental message Greece is giving to the world – welfare states are bankrupt.

I wrote about this six years ago, Eric, when Greece's insolvency was first becoming apparent. I asked whether sovereign debt defaults would bring the end of socialism.

There are two underlying problems here that these bankrupt welfare states are unwilling to face. One is that they have run out of money. In this regard, a quote from Margaret Thatcher rings true, which I used in my 2009 article:

"The problem with socialism is that you eventually run out of other people's money."

The other problem is just as serious. Money creation and politics are like oil and water – they don'€™t mix.

The ECB is a political animal. That's why the ECB has €115 billion of credit exposure to Greece. It is not a rules-based system like Draghi claims. Math, logic and good business sense never enter into it. Decisions are purely political for the sake of the European project.

Despite Draghi'€™s and others protestations to the contrary, the ECB does not operate like the non-political Bundesbank used to operate when it managed the deutsche mark.

So the euro – like the USD and most other currencies today – is not neutral tools for use in commerce. The Western currencies have become political instruments being wielded by politicians as weapons to pursue their political aims.

King World News - There Is No Deal…Riots & Chaos In Athens And Markets On Monday

Will Greece Finally Blow Up The Global Financial System?

The big unanswered question we really should be asking is: Will Greece finally blow up the global financial system? And if so, what will follow? But regardless of the answer, 5000 years of history points to physical gold and silver as the best place to be." ***KWN has now released the outstanding KWN audio interview with Rick Rule, where he discusses the gold and silver markets, commodity markets as well as the big picture for the world going forward, and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

KWN Rule mp3 6:21:2015

***KWN has also now released the powerful KWN audio interview with Nomi Prins, where she discusses the gold market, the coming financial destruction that is in front of us, what investors can do to protect themselves and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.

KWN Nomi Prins mp3 6:20:2015

***ALSO RELEASED: Is The Gold Market Setting Up For A Historic Worldwide Mania? CLICK HERE.

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The audio interviews with Rick Rule, Nomi Prins, Gerald Celente, Bill Fleckenstein, Stephen Leeb, Andrew Maguire, Michael Pento, Dr. Paul Craig Roberts, 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.