by Mish Shedlock, Mish Talk:
A fiscal and political crisis is brewing in France over mandated debt brakes. Marine le Pen threatens to collapse the government.
Greek Bond Milestone
EuroNews reports Greek Bonds Mark Historical Milestone Against France.
During the darkest days of the eurozone sovereign debt crisis, Greek 10-year bonds yielded nearly 40 percentage points, or about 4,000 basis points, more than France’s government bond, as the hellenic country teetered on the brink of default, weighed down by a debt burden exceeding 175% of the gross domestic product, severe austerity measures, and the spectre of a “Grexit.
Anyone looking to replace the US dollar can “wave goodbye to America,” the president-elect has declared
Chinese scientists have uncovered a “supergiant” deposit of high-quality gold ore hidden near some of the country’s existing gold mines. The vast reserve, which could be the largest single reservoir of the valuable metal left anywhere on Earth, could end up being the largest known deposit of the precious metal anywhere in the world, and is worth more than $80 billion.
Russia’s recent move to temporarily ban the export of precious metals waste and scrap is a significant development in the ongoing economic war between East and West. This decision, following China’s long-standing practice of retaining its gold and silver, signals a shift in global commodity dynamics that could have far-reaching consequences.
