LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Precious Metals Update Video: Gold consolidating
By: Ira Epstein

Gold & Jackson Hole: No Cause For Concern
By: Stewart Thomson, Graceland Updates

GDP Ain’t What it Used to Be!
By: David Haggith

The Case for Gold Keeps Getting Stronger As Negative Interest Rates Spread
By: Clint Siegner, Money Metals

Precious Metals Update Video: Gold consolidating
By: Ira Epstein

GoldSeek Radio: Gerald Celente and Bill Murphy
By: Chris Waltzek, GoldSeek Radio

SWOT Analysis: Gold Equities Have Room to Run…
By: Frank Holmes, US Funds

Technical Scoop: 200 Years - Gold/Gold Ratio, Precious Metals, equity, bond market updates and more
By: David Chapman

Gold Set to Correct but Internals Remain Bullish
By: Jordan Roy-Byrne CMT, MFTA

The Market Has Gone Nowhere In The Last Twelve Months
By: Avi Gilburt

 
Search

GoldSeek Web

 
Greece May Adopt Drachma; US Already Has – Gold Videocast


 -- Published: Tuesday, 14 April 2015 | Print  | Disqus 

One proposed solution to Greece’s European debt problem is for the mediterranean country to abandon the euro and resurrect its old currency, the drachma. In his April Gold Videocast, Peter Schiff explains why a new drachma would be ideal for Greek politicians, but a disaster for Greek citizens and creditors. Peter also reveals why the United States faces the same debt dilemma as Greece. There’s just one major difference – the US already has a currency it can devalue.

Stay tuned for a full transcript.

0:19 – Greece gave up the drachma for the euro, so why would it re-adopt its old currency?

0:55 – Greek politicians knew they could borrow more money in euros than they could in drachmas, which is why Greece now has a debt problem.

2:05 – The Greek economy has failed, and Greece has two choices of how to default on its obligations.

2:32 – Greece can’t default through inflation, because it cannot print euros.

3:18 – Government debt is not the only financial obligation of countries like Greece. Politicians make financial promises to their constituents, such as public pensions and health care.

4:11 – Politicians want to default on creditors, while continuing to pay the people who vote for them. The drachma is their solution.

4:55 – Greek citizens won’t want drachmas. They’ll convert their paychecks immediately into euros, dollars, or gold.

5:20 – The only difference between Greece and the United States is the perception of our creditors.

6:00 – The US already has a precedent for printing money, which is called quantitative easing.

7:02 – The Greek debt crisis will unfold in America when US creditors decide they don’t want to accept an increasingly weak currency.

8:35 – Peter’s advice is the same for Greeks and Americans. Convert your currency savings into something of tangible value that the government cannot create out of thin air – gold or silver.

http://schiffgold.com/

 


| Digg This Article
 -- Published: Tuesday, 14 April 2015 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2019



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


Map

The views contained here may not represent the views of GoldSeek.com, Gold Seek LLC, its affiliates or advertisers. GoldSeek.com, Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, Gold Seek LLC, is strictly prohibited. In no event shall GoldSeek.com, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.