Murray Pollitt: The hypocrisy of the Greek 'rescue'

Section:

1:45a ET Tuesday, May 11, 2010

Dear Friend of GATA and Gold:

In his latest market letter, Murray Pollitt of Pollitt & Co. in Toronto writes that the "rescue" of Greece is actually a rescue of banks holding Greek bonds and the bond-rating agencies that declared those bonds to be any better than Argentinian bonds, which default and are written down every so often as a matter of course. Pollitt wonders how, when the time comes, the U.S. dollar will be "rescued." (Hmmm. ... maybe if there's any gold left by then. ...)

Pollitt's commentary is titled simply "Hypocrisy" and he has allowed GATA to post it here:

http://www.gata.org/files/PollittMarketLetter-05-04-2010.pdf

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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For Prophecy Resource Corp.'s complete statement:

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PollittMarketLetter-05-04-2010.pdf106.44 KB