Expansion on Previous Post, Gold

The ECB (european central bank) has swapped all of its Greek bond holding for new Greek bonds that do not contain a collective action clause.  Meaning many of the possible notions in the previous post/essay are no longer possible, such as any blocking attempts or restructuring to benefit private bondholders.  The end math is this:  the ECB now controls greek debt, and Greek bonds are worthless.  Private investors and hedge funds with money in Greek bonds are taking huge losses as we speak (this likely includes the IMF, no confirmation yet though).  Full consequences of this may not be entirely clear yet, i'll update as this unfolds.


and just to remind anyone that had forgotten, this is why we buy gold: