Tuesday, July 26, 2011

Martin Armstrong: The Sovereign Debt Crisis

Martin Armstrong is back with his latest thoughts on the sovereign debt crisis.  Clearly a return to a gold standard will not work without a complete debt jubilee prior to the conversion. 
Think a complete debt jubilee is what the banksters have in mind?  We don't either.

The problem we have is simple. Nobody ever pays their debt. Politicians simply roll the debt forever.
There are people yelling gold is money and demanding a return to a gold standard as if this will actually fix something.  So let's see. The national debts we cannot pay now, we convert and become payable in gold only? That's a good one.  Your mortgage would now be payable in gold.  Do you have the gold to pay the mortgage company?

The Sovereign Debt Crisis
We Print Bonds Not Money