by Jeff Nielson, BullionBullsCanada:
Yesterday (in the post preceding this); I criticized Zero Hedge and Jim Sinclair’s site (et al) for “Chicken Little journalism”. They were warning their audience that a Greek debt-default would lead to “a global bond margin call”.
My response to this flawed analysis was to point out that Greece already defaulted, at the end of 2011 — and while holding three times the amount of debt. And every penny of those billions in euros was also “backed” by the same, fraudulent credit-default swap “insurance”.
Was there a “global bond margin call” in 2012? No. What did happen? Nothing. The same Big Banks who underwrite the $10’s of TRILLIONS of this fraudulent pseudo-insurance are also allowed to “self-regulate” their own market.
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