You are here
Alasdair Macleod: The euro's death wish
By Alasdair Macleod
GoldMoney, Toronto
Thursday, November 25, 2021
Last week's Goldmoney article explained the Fed's increasing commitment to dollar hyperinflation. This week's article examines the additional issues facing the euro and the Eurozone.
More nakedly than is evidenced by other major central banks, the European Central Bank, through its system of satellite national central banks, is now almost solely committed to financing national government debts and smothering over the consequences. The result is a commercial banking system both highly leveraged and burdened with overvalued government debt secured only by an implied ECB guarantee.
... Dispatch continues below ...
... ADVERTISEMENT ...
Kinesis Partners with Panama-Based Atlas Vaults
Company Announcement
From Kinesis, London
Tuesday, October 26, 2021
Kinesis announces a partnership with Atlas Vaults and Atlas Brokers, expanding the global Kinesis Vaulting Network into Latin America.
By joining with the leading Panama-based vaulting provider, broker, and trading hub, Kinesis is introducing the Atlas Group's considerable client base to the Kinesis monetary system. The partnership is set to bring superior value and returns to Atlas Vaults and Kinesis clients as well as to people across South and Central America.
Central to the partnership, Kinesis is introducing the 13th storage facility for its global vaulting network, which now spans nine countries. ...
... For the remainder of the announcement:
https://kinesis.money/company-news/kinesis-partners-with-atlas-vaults/
The failings of this statist control system have been covered up by a pass-the-parcel, any-collateral-goes, E10-trillion-plus repo market, which with the TARGET2 settlement system has concealed the progressive accumulation of private-sector bad debts ever since the first Eurozone crisis hit Spain in 2012.
These distortions can continue only as long as interest rates are suppressed beneath the zero-bound. But rising interest rates globally are now a certainty -- only officially unrecognised by central bankers -- so there can only be two major consequences.
First, the inevitable Eurozone economic recession (now being given an extra push through renewed Covid restrictions) will send debt-burdened government deficits, already high, soaring, requiring an accelerated pace of inflationary financing by the ECB.
And second, the collapse of the bloated repo market, which is to be avoided at all costs, will almost certainly be triggered.
This article attempts to clarify these issues. It is hardly surprising that raising interest rates is not an option for the ECB. Therefore, the recent weakness of the euro on the foreign exchanges marks only the start of a threat to the euro system, the outcome of which will be decided by the markets, not the ECB. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/goldmoney-insights/the-euro-s-death-wish?gmrefcode=gata
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at: bagman1236@aol.com
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
