Silver as an investment

Read Between the Lines: IMF Admits Spain is Bankrupt; Get Your Money Out While You Can

Be prepared for the next great transfer of wealth. Buy physical silver and storable food. / By Mike “Mish” Shedlock / Saturday, May 11, 2013 11:38 AM

It should be obvious to anyone reading this blog that Spain is in an economic depression as well as bankrupt. It is equally obviously that eurozone imbalances and a flawed treaty are to blame.

Finding mainstream organizations willing to admit Spain is bankrupt is another matter. Yet today, Jeremey Warner writing for The Telegraphsays just that.

Warner says Spain is officially insolvent: get your money out while you still can

 I’d not noticed this until someone drew my attention to it, but the latest IMF Fiscal Monitor, published last month, comes about as close to declaring Spain insolvent as you are ever likely to see in official analysis of this sort. Of course, it doesn’t actually say this outright. The IMF is far too diplomatic for such language. But that’s the plain meaning of its latest forecasts, which at last have an air of realism about them, rather than being the usual dose of wishful thinking.


Thanks to BrotherJohnF

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