2015.75 ECM Turning Point in Poland

(Before It's News)

by Martin Armstrong
Armstrong Economics

A reader sent in another event on the day of the ECM, which is again political and shows the problem in government. The sweeping elections in Poland were really about the bankers. They told people to borrow in Swiss francs for mortgages and did not tell them about Forex risk. They literally gutted the mortgage market so much so that when the Swiss peg broke, it became a political issue in Poland. Mortgages sold by the bakers to the public in Swiss francs have caused massive losses and the courts are, of course, supporting the bankers against the people. This is not a good result politically; we will see the people turn more politically active in Poland. I will be in Poland in March for a conference.

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