armstrongeconomics.com / By Martin Armstrong / June 12, 2014
I have been warning that there will be no solution without a massive debt default. This is simply the way it has historically always gone down. Public debt, which is strangely considered quality, has been actually the worst that can possibly exist. Simply stated, no government has ever paid its debt except the single exception of Romania and that produced MASSIVE deflation.
The French have put out a study and are suggesting that this may be the solution. In a 30 page report, they are now saying that 60% of the national debt is illegal. Once you declare it is illegal, then the fools who bought it are at fault.
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