Bob Chapman: A Higher Cost of Living and A Weaker Economy The Reality 1/2


Bob Chapman: A Higher Cost of Living and A Weaker Economy The Reality 2/2


May 20, 2011

The problems in the euro zone continue to multiply. Greece, Portugal and Ireland are dominating the news at least in Europe, as America is mostly shut out by the controlled media. The events in the euro zone are every bit as important as those regarding US problems.

Portugal now has its first bailout package. How long that will help we do not know, but perhaps a year. The year old Greek bailout just can't reach so more money is needed. The bankers are refusing to loan more funds unless Greece is willing to collateralize further debt by pledging their national assets, such as all national treasures, all seaports and airfields, all the islands and mineral rights, the national airline and all utilities, water, electric, gas, trains and buses. Thus, the bankers, bureaucrats and politicians had secret meetings to which only a select few were invited. Senningen Castle in Luxembourg hosted the first secret enclave attended by creditors. Germany, France, the Netherlands, Finland, Austria and Luxembourg. The attendees were more interested in whether they'll get their money back than contemplating lending more.

The IMF and EU members and euro zone participants were arguing along with bankers how they were going to split up Greece's assets, as Greece's economy was about to blow sky high. The one in...