Are the bankrupt bailing
out the bankrupt?
"The IMF raised 400 billion from various nations, but where is the money coming from? The majority is coming from Europe and the EU. Europe is bankrupt. They have no funds. They have to print money. Japan, which has the biggest debt to GDP ratio of most industrialized nations, they are a major contributor of about 60 billion. So it’s ridiculous. Here is the bankrupt helping the bankrupt. The massive problems that the world is experiencing started with the U.S. subprime market collapsing. That has not been resolved yet .. Here you have the Fed coming out and saying, ‘Things are improving and we are not going to print any money because everything is fine.’ How can they say that when the country is in an absolute mess? .. When the world realizes the problems are massive in the U.S., as the figures are starting to show, then we are going to see unlimited money printing.”
- Egon von Greyerz, founder and managing partner at Matterhorn Asset Management