The ECB’s Juergen Stark declares we are in for a first world currency crisis and that all of the posted economic gains of the past year (which haven’t been much) are from the bailout programs and that they will not provide any lasting economic support.
Zero Hedge reports:
The ECB’s executive board member Juergen Stark had a rare admission (and even rarer for a central banker demonstration of rationality) that not only are most advanced economies about to enter a "third wave, a sovereign debt crisis in most advanced economies", not only is a "timely exit of extraordinary fiscal measures crucial in order to ensure a continued recovery", but that the mentioned recovery and economic improvements are largely as a result of "massive support measures taken by governments and central banks." In other words, the whole episode of the past year has been a one-time item which most analysts would exclude from "recurring operations" yet due to the magic of the Keynesian magic wand, the new normal is expected to persists as the magical "consumer" at some point takes over the recovery from the government effort.
As usual, the criminal elements of our statist press corps that suck government wang and Wall Street balls for a living will sweep this little statement under the rug.
Expect to hear nothing more about this.
At least until the entire currency market implodes in a sea of monetized debt.
I suggest buying gold coins, silver coins, gold bullion, and other hard assets that will retain value like food commodities and prison stocks. Once the riots break out, I might also invest in ammunition, gun makers, and pitchfork producers.