Many precious metals devotees today insist that governments and central banks have no option but to keep issuing debt to bail out bad bonds and banks. But the Greek default talks are signalling another option likely to spread like wild fire: knock off zeros, and write down bad debts. This approach will hit the investment bank balance sheets hard, but it would also help alleviate debtor nations and their economies from presently hopeless levels of debt. In the near and medium term, the resulting write downs in asset prices would be dramatic and deflationary. But it could also help to reset the global economy on a stronger growth path than the ‘end of the worlders’ can presently foresee. Here is the direct link.
Cory's Chart Corner
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