72 year old international forcaster Bob Chapman is the guest on WFNC-AM this morning on the Curtis Wright show…
He’s passing along the things he is hearing, and it all sounds right to me…
- The bailout of Greece isn’t going to happen – Greek debt will become a 100% writeoff of those holding the debt
- New York banks have been writing about $150 billion in credit default swaps on Greek debt, which they will have to “pay up”
- Bank of American is going to be nationalized by the US Government
- Germany is busy printing Deutsche Marks to be ready to withdraw from the Euro Eurozone
- China is in final stages of negotiating to purchase 3 major banks in France (he didn’t mention Societe General, but that’s the obvious one)