by Mark O’Byrne, GoldCore:
Mark O’Byrne, Research Director of GoldCore, was interviewed by Max Keiser about the arrival of negative interest rates in Ireland and Germany, the risk of bail-ins, the return of a rental and property bubble in Dublin, the Irish and global debt bubble and why wealthy individuals and institutions are diversifying into gold.
Key points in the interview are:
– Groupthink in Ireland and internationally with few questioning the “recovery narrative”
– Irish government, like the U.S. and most western countries, is technically insolvent but this is masked by “statistical manipulation”
– Ireland ‘s national debt is €185 billion – down to 91% of GNP – this sounds good but totally bogus as excludes all future pensions liabilities – state and private
– Irish state pensions not included and they alone add another €100 billion – pushes debt to GNP ratio over 150%
– Non state, private pension liabilities in Ireland are estimated to be roughly another €80 billion
– Irish banks weakest in EU as seen in stress tests. Therefore real risk of deposit bail-ins
– Real risk of another global financial crisis given “astronomical” debt levels throughout the western world
– Wealthiest investors and largest institutions in the world, including Lord Rothchilds and insurance company Munich Re, are diversifying into gold
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