Greyerz: “Eric, I’m looking at the eurozone here and they are really under pressure. Inflation is slowing down. It’s at .07% now, and inflation has been falling in the last 3 months. This is of course why the ECB cut rates buy .25% recently….
“Germany opposed this cut because they don’t want to pay Italy and other Mediterranean countries. As we know, deflation is the biggest fear of an over-indebted world, with both individuals and governments borrowing money they can never repay, even at low interest rates.
These debts can only shrink by making paper money worthless by printing unlimited amounts, and that’s what they will do. Deflation is a debt trap leading to non-repayment and a collapse of the financial system.
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