Sovereign Debt Crisis At ‘Boiling Point’, Warns Bank for International Settlements! As Greek Bond Rates Soar, Bankruptcy Looms! Gold Hits New Euro Record as Bank Run Hits Greece!

• The warning by the Bank of International Settlement (BIS) must be taken seriously. The BIS is the privately owned central bank for all central banks. I believe the BIS is owned by the Rothschilds. The Rothschilds are the richest clan in the world. Some say they own half the world. Of course, they are very smart people and work in the shadows, eschewing limelight for real power.
   
• This sovereign debt crisis is still building. The Greek economy is a mere 3% of the Eurozone. So, even if Greece collapses, the impact is somewhat limited. However, it should be seen as the domino that sets off more dominoes when it collapses. Think PIIGS (Portugal, Ireland, Italy, Greece and Spain) and the not so United Kingdom. Even economic dynamo, Germany, has debt to GDP ratio above 85%. France’s is about 80%. These are horrendous figures. Will the Euro survive? Your guess is as good as mine. My advice is: put your money in physical gold and silver.
   
  Sovereign debt crisis at ‘boiling point’, warns Bank for International Settlements
  The Bank for International Settlements does not mince words. Sovereign debt is already starting to cross the danger threshold in the United States, Japan, Britain, and most of Western Europe, threatening to set off a bond crisis at the heart of the global economy.
    
  “The aftermath of the financial crisis is poised to bring a simmering fiscal problem in industrial economies to the boiling point”, said the Swiss-based bank for central bankers — the oldest and most venerable of the world’s financial watchdogs. Drastic austerity measures will be needed to head off a compound interest spiral, if it is not already too late for some.
   
  The risk is an “abrupt rise in government bond yields” as investors choke on a surfeit of public debt. “Bond traders are notoriously short-sighted, assuming they can get out before the storm hits: their time horizons are days or weeks, not years or decade. We take a longer and less benign view of current developments,” said the study, entitled “The Future of Public Debt”, by the bank’s chief economist Stephen Cecchetti.
    
  “The question is when markets will start putting pressure on governments, not if. When will investors start demanding a much higher compensation for holding increasingly large amounts of public debt? In some countries, unstable debt dynamics — in which higher debt levels lead to higher interest rates, which then lead to even higher debt levels — are already clearly on the horizon.”
   
  Official debt figures in the West are “very misleading” since they fail to take in account the contingent liabilities and pension debts that have mushroomed over recent years. “Rapidly ageing populations present a number of countries with the prospect of enormous future costs that are not wholly recognised in current budget projections. The size of these future obligations is anybody’s guess,” said the report. The BIS lamented the lack of any systematic data on the scale of unfunded IOUs that care-free politicians have handed out like confetti.
   
  As Greek Bond Rates Soar, Bankruptcy Looms
  As interest rates on Greek debt rise again, the question facing Europe is no longer whether Athens has the political will to cut spending and raise taxes to curb its gaping budget deficit, but whether Greece will run out of money before it gets the chance to do so. With the rate on 10-year Greek bonds reaching as high as 7.5 percent on Thursday, up from 6.5 just three days ago, the cost of insuring against a Greek default hit a record high.
   
  The message from the market could not be clearer: artfully worded communiqués from Brussels will no longer suffice. To avoid bankruptcy, analysts said, Greece needs a bailout from Europe, and fast. “This is no longer about liquidity; it’s a solvency issue,” said Stephen Jen, a former economist at the International Monetary Fund…
     
  Gold Hits New Euro Record as Bank Run Hits Greece
  Gold Prices ticked back from a 12-week high for Dollar investors early Thursday, recording the best London Gold Fix since Jan.12th as the US currency rose against the Euro and global stock markets fell. Shares in Athens lost almost 4% as news broke that Greece’s 4 biggest banks have asked for €17 billion in emergency credit to weather a run on deposits.
   
  Private savers moved €10bn – some 4.5% of total bank deposits – out of the country in Jan. and Feb. according to the Greek central bank.
  “[There's] anxiety among wealthy Greeks about keeping assets here, given the increasing uncertainty,” said one private banker to the FT this morning. Euro investors wanting to Buy Gold today saw the wholesale price set at the London Fix hit a fifth record high on the run.
   
• See also:
   
  U.S. Debt Crisis Startling Facts !
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  Bob Chapman: The United States is Going Bankrupt With 19 Other Countries! This Is A War Against The Illuminati Secret Government!
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  Bond Market Verdict: Treasuries Riskier Than Toilet Paper!
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  Europe Rocked By Greece, Portugal Debt Fears!
  Jim Rogers: Greece Bailout, Euro And EU Future!
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  Bob Chapman: The Illuminist World Economic Collapse Bomb!
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  Jim Rogers: Social Unrest, Debt Default & Government Corruption!
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  Collapse of the American Empire: Swift, Silent, Certain!
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  Fitch Warns Britain and Questions Greek Rescue as Sovereign Risks Grow! 
  Bob Chapman: The Albatross of Sovereign Debt!
  Marc Faber: Forget US Stocks, Buy Gold Every Month ‘Forever’!
  Bob Chapman: The World is Heading Towards Many Years of Economic Darkness!
  Bill Gross: Markets Will Soon Discover How Sovereign Nations Can Go Bust Just Like Companies!
  Greece Now, U.K. Next as Scots Ready for Pound Plunge !
  Ron Paul: The US Government’s Debt Can Never Be Repaid!
  Bob Chapman: Illuminati Banksters’ Final Moves To Bankrupt The World And Push For World Government!
  Dennis Gartman: The Euro Is ‘Doomed’ !
  Concerns Grow Over China’s Sale of US Bonds!
  Doomsday Is Here For The State Of Illinois!
  Ron Paul: Chaos in The Streets and Poverty Coming To the USA!
  Charlie Munger: Basically, It’s Over! A Parable About How One Nation Came To Financial Ruin!
  On the Brink of a Bond Market Apocalypse!
  Ron Paul: We Are On The Brink Of A Financial Cataclysmic Event ! We Will Have A Currency Crisis!
  GEAB N°42 : Towards a Global Systemic Crisis of the World Economy!
  Britain At Risk Of Worse Deficit Crisis Than Greece!
  Charles Ortel: Risks of U.S. Default Are Very Real !
  Bill Gross: Avoid UK Debts … It is “Resting On A Bed Of Nitroglycerine”!
  Europe’s Exposure To ‘PIGS’ Problem!
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  Think the PIGS Are in Trouble? These 7 U.S. States Could Be Heading for Something Worse!
  Spanish Intelligence Probing Debt “Attacks”!
  Fears Rise of Euro Government Default !
  Greece ‘Dress Rehearsal’ For U.S.!
  20 Reasons Global Debt Time Bomb Explodes Soon!
  John Mauldin: Greeks Bearing Gifts!
  Niall Ferguson: Others Will Follow Greek Debt Tragedy!
  Funds Flee Greece as Germany Warns of “Fatal” Eurozone Crisis!  

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