Global markets are monitoring the cat and mouse game between Greece and the European Union as the U.S. dollar is strengthened from fears that the Euro may be coming to an end. Greece is asking for more financing from the EU but Germany is playing hardball not wanting to open the door for Italy, Spain, Portugal and other countries to balk on debts.
Earlier today the Greek government said there was no deal with Eurogroup after a series of meetings today and Greece will not accept an extension of current bailout. Hours later CNBC reported that an agreement in principle has been reached and Greece will remain in EU bailout program. In other words neither side is budging as Greece seeks other possible options with Russia and China.
After meeting with Vladimir Putin earlier today, Greece’s Prime Minister Alexis Tsipras was invited to visit Chinese Premier Li Keqiang. Both China and Russia are smelling blood and they aren’t going to be standing on the sidelines empty handed when the smoke clears. Greek Defense Minister Panos Kammenos added fuel to the fire saying Greece would prefer to leave the euro if membership means submitting to what he calls a Europe under German domination.
A midst currency wars and a crumbling EU, Russia and China remain on an undeterred course of buying up gold in record amounts. China’s central bank has increased its gold holdings 75 to 80 percent since 2009 while Russia has doubled its gold holdings over the past 5 years. We had better get use to the idea of having the BRICS countries holding global economic reigns in the not too distant future. It’s coming and all Washington can do is tout the irrelevance of the U.S. dollar and threaten more wars.
Reality is telling us that the dollar along with other fiat currencies is on its way out and a gold backed currency is taking over. It’s not a matter of if but when.
The grand ponzi scheme of printing money and living on debt is coming to an end and the working class is paying the highest price. We don’t have to to be victims of central bank scams but if we choose to overlook common sense for fraudulent stock markets we have no one to blame but ourselves.
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