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It’s bad enough that Greeks are losing their sovereignty. When officials from Germany, Belgium and other north-European states can come in and tell Greeks how to run their government it’s simply wrong.
And listen, I’m the last person who will defend the Greek state and its terribly indebted government. But that shouldn’t make it okay for Greeks to lose their sovereignty to a group of unelected bankers.
But these Euro-states CAN’T let Greece default now. They’ve made a suicide pact to keep the Euro solvent and all member states as members forever.
And to seal the deal, lenders are now eyeing up the collateral they’re willing to grab in the event that Greece gets any bright ideas about defaulting.
Top of my list of interesting "assets" is Greece’s gold.
Yes – though many Greek citizens have no interest in accepting these loan terms, that’s the deal now in place.
According to The New York Times, "Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal."’
Remember though, Central Bankers have come out and vehemently denied that gold is money.
Moreover, this "new deal" does NOT reduce Greece’s debt burden.
It increases it by 30% – only offering a longer loan repayment.
It’s like the over-the-top used car salesman who tells you that he can put you in a car for $199 a month while obscuring the fact that you’ll be paying $199 a month for the next 8 years.
And in the mix-up, lenders get access to Greek gold in the event that there is a default.
Amazing.
So, the next time you hear Ben Bernanke or a European Central Banker say that gold isn’t money, ignore their words – and focus on their actions. These bankers are trying to transfer gold from sovereign entities into the coffers of private banks and central banks for the very simple reason that gold is money – and they know it.
At the same time, we also know that China is now the world’s largest gold importer.
The Chinese are no dummies. They’ll gladly continue to trade excess foreign reserves for gold.
And that’s why you – as an individual – should do the same thing. Be like the Chinese, and ask yourself: do we want to hold dollars over the coming years, or do we want to hold gold?
Don’t end up like Greek citizens – who are now at the beck and call of bankers who want to strip the company bare before letting it default from the Euro. Take action.
Good Investing,
Kevin McElroy
Editor
Resource Prospector Pro