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Hate To Say “I Told You So, But I Told You So” – Dave Kranzler on Greece/EU Can Kick

Friday, February 20, 2015 14:07

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TND Guest Contributor: Dave Kranzler |

Three weeks ago I wrote that the ECB and the Greeks would reach a “kick the can down the road” agreement – that everything in between would be staged grandstanding for the benefit of Germany’s restless anti-euro population (you know, the ones that want to hold the Bundesbank accountable for the gold that the Bundesbank ~~has~~ claims to have). Well, guess what? They kicked the can down the road: Bloomberg, Zerohedge.

It was simple to figure this: follow the money. The real money wasn’t in the exposure to the Greek sovereign debt that everyone was blathering about. The real money is in the OTC derivatives connected to the Greek sovereign debt, the former to which big Too Big To Fail Banks have a huge exposure. I can guarantee you that the U.S. Treasury and the Fed had played a huge role in engineering this latest maneuver to put off the day of reckoning.

“You can ignore reality, but you can’t ignore the consequences of reality.” Ayn Rand

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About Dave Kranzler:

I spent many years working in various analytic jobs and trading on Wall Street. For nine of those years, I traded junk bonds for Bankers Trust. I have an MBA from the University of Chicago, with a concentration in accounting and finance. My goal is to help people understand and analyze what is really going on in our financial system and economy. You can follow my work and contact me via my website Investment Research Dynamics. Occasionally, I publish on Seeking Alpha too. As a co-founder and principal of Golden Returns Capital, LLC Mr. Kranzler co-manages the Precious Metals Opportunity Fund, a metals and mining stock investment fund.