‘Titanic’ Global Economy May “Collapse” Warn HSBC – Gold Is Lifeboat 

The chief economist of the world’s third largest bank, HSBC’s Stephen King, has compared the global economy to the Titanic.

In a note to clients on Wednesday he wrote “We may not know what will cause the next downswing but, at this stage, we can categorically state that, in the event we hit an iceberg, there aren’t enough lifeboats to go round.”

“The world economy is like an ocean liner without lifeboats.” As we have been warning in recent months, when another recession arrives, governments do not have the ability or the reserves to prop up the economy like they did in 2008.

Global debt has soared by 40 percent since the Great Recession. We now have a staggering $200 trillion of debt globally, or almost three times the size of the global economy. It would be a “truly titanic struggle” for policymakers to right the economy, King said.

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Greece’s Pivot Toward Russia And China And What This Means For Gold 

Today one of the top money managers in the world spoke with King World News about Greece’s pivot toward Russia and China and what this means for the gold market.

Stephen Leeb:  “What is happening in Greece is much more than meets the eye.  People focus on the monetary implications and whether or not the eurozone will fall apart if Greece leaves, etc….

“The monetary consequences of Greece leaving the euro will be a mess but they are manageable.  But there is a major threat to the West in general.  Greece has been very actively talking to both China and Russia.

Greece Sees Its Future Lies With Russia And China

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