Updated 8/11/15– Gold prices hit a three week high in early U.S. trading Tuesday as China devalues the Yuan. Gold last reported a.m. is $1,111.30 and silver is $15.36.
The Greek saga continues as Greece and EU creditors report they are close to reaching a deal on the $86 billion euro rescue package. Though the specifics aren’t known, the one thing that is clear is Greek citizens will be straddled with insurmountable debt that will never be repaid.
Germany, who owns the biggest debt is cautiously optimistic arguing “it is better done thoroughly than hastily.”
Greek PM Tisipras is facing increased hostility as he goes back on campaign promises to end austerity. While Tsipras is taken care of financially by EU creditors, working class peasants can kiss their pensions goodbye and expect higher taxes across the board. Following Washington’s logic of destroying independent farmers, Greece will be raising taxes on its farmers as well while placing national assets into an independent private fund. In other words, a never to be seen again fund.
Debt is an equal opportunity task master. Whether it’s Greece or any other nation in the world, debt always demands repayment. If the debtor defaults on its loans, creditors simply come in and confiscate private and public assets of their choosing to settle the debt.
We should be mindful that the U.S. is the largest debtor nation in the world.
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