Mitch Feierstein warns on rotten FIGS, China and global recession
by Christopher Menon, Every Investor:
While urging the Greek people to say ‘No!’ to a failed policy of austerity, Mitch Feierstein has warned that the Greek crisis is a ‘diversion’ from even more potent threats to the global financial system.
Speaking from New York on Friday, the author of Planet Ponzi explained: “The Greek crisis is a diversion – the bigger picture here are the FIGS — France, Italy and Spain — (with debts more toxic than arsenic), China’s stock market bubble gone bad and the coming global recession.
“France, Italy and Spain are all insolvent and this is already becoming apparent. France has record unemployment, collapsing revenues, zero set asides for pensions, civil unrest & more… Italy high unemployment– between 2000-2015 only 2 countries in the world have had worse growth Zimbabwe & Haiti. But Italy’s can boast having one of the EU’s biggest bond markets. Spain’s youth unemployment is above 70% in some areas – and bad loans? You bet!”
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