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….
Continue reading the James Turk interview below…
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"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 toxic 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.
Gold and silver have their biggest up-moves when physical demand is strong and there is a rush out of paper assets into the safety of tangibles because they do not have any counterparty risk. The physical demand for gold and silver is there, and Greece has already lit the fuse of this time-bomb. So I am expecting much higher gold and silver prices in the coming months and years." ***ALSO JUST RELEASED: The World Is Now Facing The Most Frightening And Dangerous Crisis In Moder History CLICK HERE.
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