Hate To Say “I Told You So, But I Told You So”
by Dave Kranzler, Investment Research Dynamics:
Three weeks ago I wrote that the ECB and the Greeks would reach a “kick the can down the road” agreement – that everything in between would be staged grandstanding for the benefit of Germany’s restless anti-euro population (you know, the ones that want to hold the Bundesbank accountable for the gold that the Bundesbank
has claims to have). Well, guess what? They kicked the can down the road: Bloomberg, Zerohedge.
It was simple to figure this: follow the money. The real money wasn’t in the exposure to the Greek sovereign debt that everyone was blathering about. The real money is in the OTC derivatives connected to the Greek sovereign debt, the former to which big Too Big To Fail Banks have a huge exposure. I can guarantee you that the U.S. Treasury and the Fed had played a huge role in engineering this latest maneuver to put off the day of reckoning.
“You can ignore reality, but you can’t ignore the consequences of reality.” Ayn Rand
image credit: zero hedgeHelp us spread the ANTIDOTE to corporate propaganda.
Please follow SGT Report on Twitter & help share the message.