Greece Debt Crisis Cannot Be Contained, Warns About Gold and a Big US Dollar Reset Coming Sooner Than Later – Bill Holter

by Greg Hunter, USA Watchdog Financial writer Bill Holter says you can forget what the experts says about “containing” the Greek debt crisis. Holter contends, “Contained is famous last words. This cannot be “contained.” Greece is the canary for the entire world. The western world is Greece. The western world is massively in debt. There are derivative losses all over that place that are being hidden, and Greece is what sets off the realization that there are losses and the chain has broken.” Holter goes on to say, “You have to understand that there are layers to this. The German banks, the French banks, the Greek banks and many of the various European countries’ banks hold Greek debt. They also hold Spanish debt, Italian, debt, Portuguese debt and etcetera. . . . It’s carried on the books of these banks at 100 cents on the dollar. . . . The problem arises if Greece defaults and truth comes out that, oh my gosh, the debt is only worth 50 cents on the dollar or 50% or 10%. Then these banks have to write down the loss, and that blows a hole in their balance sheet. . . .Greece is broke, and they are going to down sooner or later. Greece is insolvent and broke and when their bonds get valued in portfolios . . . those loses are going to have to be realized. That’s what this has all been about and not realizing the losses.” As far as the value of the dollar, well, it all comes down to trust. Holter says, “The U.S. is no longer trusted. Can you imagine . . . the AIIB (Asian Infrastructure Investment Bank) being formed and Israel, France, Germany, and the biggest one is Britain, and them joining in 2008? No way. . . . It’s self-preservation, but I also believe that our allies are choosing sides.” Continue Reading>>>

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