Wednesday, June 22, 2011

Euro Crises: Greek Austerity

James G. Rickards, market intelligence executive for research firm Omnis, interviewed today by CNBC about the Greek debt problem, remarked that he expects that the international bailout business soon will pass to the International Monetary Fund and result in the issuance of more Special Drawing Rights, money printing for which no particular government will have to bear sole responsibility, an engine of general worldwide inflation that will punish savers. Rickards added that to create more inflation, the Federal Reserve could buy gold in the market and bid the price up substantially, devaluing the dollar and easing debt burdens. Rickards will speak at GATA's Gold Rush 2011 conference in London in August:
video

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