Debt Bubble In Ireland And Globally Sees Wealthy Diversify Into Gold

Mark O’Byrne, Research Director of GoldCore, was interviewed by Max Keiser about the arrival of negative interest rates in Ireland and Germany, the risk of bail-ins, the return of a rental and property bubble in Dublin, the Irish and global debt bubble and why wealthy individuals and institutions are diversifying into gold.

Key points in the interview are:

– Groupthink in Ireland and internationally with few questioning the “recovery narrative”

– Irish government, like the U.S. and most western countries, is technically insolvent but this is masked by “statistical manipulation”

– Ireland ‘s national debt is €185 billion – down to 91% of GNP – this sounds good but totally bogus as excludes all future pensions liabilities – state and private

– Irish state pensions not included and they alone add another €100 billion – pushes debt to GNP ratio over 150%

– Non state, private pension liabilities in Ireland are estimated to be roughly another €80 billion

– Irish banks weakest in EU as seen in stress tests. Therefore real risk of deposit bail-ins

– Real risk of another global financial crisis given “astronomical” debt levels throughout the western world

– Wealthiest investors and largest institutions in the world, including Lord Rothchilds and insurance company Munich Re, are diversifying into gold