Out of the Frying Pan Into the Fire – Ep.93

Out of the Frying Pan Into the Fire – Ep.93


* Over the weekend the Greeks voted no to the Eurozone bailout terms
* The Greeks ars still hoping for a better deal, hoping to avoid austerity
* The irony is that the consequences of their vote will bring on even more austerity, as a return to the drachma will result in a lower-valued currency
* For example, pensioners will be paid not in fewer euros but drachmas that buy less
* This will mean a huge collapse in the standard of living in Greece - far worse than the "austerity" called for under the Eurozone bailout terms
* There is no way out without substantive reforms, particularly in smaller government
* The markets are reacting adversely because they want to extend and pretend
* The euro will be stronger without Greece, despite comments in the press to the contrary
* Fears of "contagion" - other countries leaving - are unfounded
* Greece is headed for hardship, but they will have to impose austerity from within they could rebound
* Greece has a lot of potential, they have natural resources and a thriving shipping industries
* The secret of the success of the shipping industry is that it is not taxed
* The answer will be fewer taxes and less government spending
* Short term, leaving the Eurozone will be negative for Greece
* The Greek vote will be positive for the euro
* There is still a flight to the dollar for safety over gold
* The reason gold has not benefited from Greek instability is that the dollar is still viewed as a safe haven
* More and more economic data reveals how weak the U.S. Eeconomy is
* This week the Service Sector PMI for June contracted from 56.8 in May to 54.8
* More and more people are looking for a rate hike in December rather than September, but they are still buying the narrative that interest rate hikes are feasible
* This belief supports the dollar over gold
* Our economy is weaker than other countries whose interest rates are higher
* When are the dollar buyers going to realize that they have jumped out of the frying pan into the fire?
* The dollar is the grandaddy of the fiat currencies
* In light of continued weak economic data and further deterioration in the job market, the Fed will have to come out with another round of QE
* That will be a game changer
* All the economic news around the world is fundamentally good for gold
* At some point the speculative forces that are restraining gold will not hold up
* All that stands behind the U.S. dollar is faith
* At one point people had faith in Greece, they had faith in Puerto Rican government bonds and in sub-prime mortgages - and then they didn't
* When we were on the gold standard, we had real value backing up our money
* All that stands between us and economic collapse is the faith we have in a worthless piece of paper
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Tax Loss Selling in Bitcoin Ep. 32

Tax Loss Selling in Bitcoin Ep. 32

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Fannie and Freddie Guarantee Bigger Losses

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Does Market Volatility Portend a Change of Trend? Ep. 30

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Draghi Said ECB Considered Buying Every Asset Except Gold: Ep. 29

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Media Spins Horrible Holiday Sales as Reflecting Economic Strength: Ep. 28

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Despite Higher GDP, U.S. Economic Data Continues to Disappoint: Episode 26

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The Real Outrage in Ferguson is the Reaction Not the Verdict: Episode 25A * Riots are not the caused by the Grand Jury * The Grand Jury's statement did not address Michael Brown's culpability * All evidence points to officer's innocence * Media fears addressing Michael Brown's violent behavior * Young men are not raised to respect the law * This will happen again because there is no recourse to violence and false witness< Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

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