Greece update – Europe in Catch 22
King World News weekly – July 8, 2015
Massive Contagion Will Lead To A Worldwide Financial Catastrophe
Egon von Greyerz: “We are facing colossal problems in the world today. The U.S. is bankrupt, with debts having increased each year since the early 1960s. And in this century debts have gone up exponentially. The U.S. has also had a trade deficit every year since the 1970s. So this is a country that’s been living above its means for half a century.
And what is the U.S. government doing about the fact that they are essentially bankrupt? Are they cutting expenditures? Are they reducing the size of the government? Of course not. Spending is going up continuously, especially on Social Security, Medicare and defense. When an economy is weak it is always good to please the people and increase benefits in order to buy votes”