Today legendary Pierre Lassonde talked with King World News:
“At the end of the summer the French government announced that they were going to fix the pension system. Well, they didn’t touch the government employees’ pension system, which is half of the problem, because that’s too dangerous. It would explode into the streets. So they didn’t touch that or fix it, but it’s broke.
The other half (of the pensions), they only fixed it about 25% because that too will be broke by about 2020. When you look at the resistance that these countries and their politicians are putting up to change, it’s absolutely unbelievable.
At the end of the day, how they resolved those issues in the 20th century, France devalued its currency six times. Well, now they cannot devalue because the Germans are the ones controlling the money. So, what are they going to do? What are the Italians going to do? You cannot bailout France, you cannot bailout Italy, they are too big.
At some point in the next 2 years you are going to have major, major issues. Their bond markets are going to backup big time, and they are going to say to these countries, ‘Enough is enough. We’re not lending (you money) any more.’ And then what are they going to do? If the Germans decide not to devalue, are they just going to go bankrupt?”
Source King World News