When Greece falls, it will be the first domino.
Greece now has less than a week before it defaults on its June 5th payment to the IMF, a payment which it can’t make simply because it ran out of money even before its last “payment” to the IMF on May 12th. If Greece manages to kick the can again, Europe’s most devastated country still has multi-billion euro payments until 2057. In short, it will be hell for Greece.
Economy is Shrinking Again
The first-quarter GDP of the U.S. contracted at a 0.7% annualized rate. The blame is being placed on a rising intrinsically worthless U.S. dollar compared to the other Monopoly currencies. The rising dollar has made U.S. exports more expensive, hurting domestic industries. What is interesting is that gems and precious metals, at over $65 billion, is number 7 in the top 10 U.S. exports. Anyway, in all first…
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