Andrew Hoffman: Greece Will Be In The Same Situation Within A Year Or Sooner

In a recent interview with precious metals for Bitcoin retailer GoldSilverBitcoin, precious metals dealer Miles Franklin analyst Andrew Hoffman predicted a dire future for Greece and the whole of southern Europe. Hoffman, once an oil analyst, sees global debt balance sheets ultimately giving way to grave economic dislocations in the future.

“Europe is, cumulatively, the world’s largest economy,” Hoffman said.  “Greece gets all the attention, but the finances of and economic activity in many of the other nations – from PIIGS like Portugal, Italy and Spain to supposedly ‘strong’ nations like France, aren’t much better.” In the news, Puerto Rico received coverage behind Greece’s and China’s current economic woes. In Hoffman’s mind, Puerto Rico is a distraction.

“America is America’s Greece!” he said. “The fact that our government has ‘quasi-guaranteed’ Puerto Rico’s debt only adds one more thing requiring the Fed’s printing presses to bailout.” Hoffman also points out the dire economic situations in places like Detroit. His firm, Miles Franklin, is well known for their honesty and ethics, often times preparing reports to inform their clients of the state of the bullion industry. (For more on that, click here)

“…Countless other States, municipalities, corporations – and the Federal government – have historic debt burdens that, one by one, will need to be bailed out with printed money,” he told GSB.

“Likely, Greece will be in the same position – but with E86 billion more of debt – within a year, or sooner,” he said. “And as for the rest of the PIIGS, they are barely better off. And with the European economy collapsing, they’ll all have their turn at the bailout trough soon enough.”

Justin O’Connell is the founder of GoldSilverBitcoin & co-host of Ovoss.fm.