Absolute Wealth Columnist Predicted Greek Economic Fallout

Austin, TX (PRWEB) May 18, 2012

James R. Gorrie, Managing Editor and columnist of AbsoluteWealth.com, is on record as having accurately predicted the economic struggles and outcomes of Greece. The European country drowned in debt and forced into bailouts has been on the forefront of economic minds since its collapse began.

As far back as last year, Gorrie developed his hypothesis of the Greek situation in his daily The Gorrie Details column, a prominent and prevailing outlook on economic topics making world news.

As the situation in Greece unfolds, more and more predictions from last years Gorrie Details are coming to fruition. Heres a sample of the Greek fortune telling Gorrie has done:

Back in July of 2011, Gorrie wrote the many billions Greece borrowed from Eurozone banks, which it will never be able to repay, is threatening the very existence of the euro But, with the new deal that has been struck, everything will be just fine… The Eurozone countries will cover about 70% of it, with the IMF picking up the slack on the remaining 30%. At least, in theory In reality, European banks dont have the money to cover Greece and the next country behind it in the growing line of Eurozone countries in crisis.

Prior to that, in another column from July, 2011, Gorrie said If you think the violence in Greece in bad now, just wait until Greece loses what is left of its sovereignty, with austerity measures imposed by the European Community, backed up by European Union military forces. Expect the same to occur in Spain, or any other EU country in a similar situation.

And again, in a September, 2011 column Gorrie accurately noted that The biggest US money market funds hold about $ 1 trillion of debt by European giants like BNP Paribas, Barclays PLC and Deutsche Bank, and those banks own scads of Greek and other European sovereign debtIf Greece defaults on its debt, Greek government debt would no longer be viable collateral for the European Central Bank (ECB). And those banks will have their debt-to-equity ratios severely impaired and they could become insolvent themselves. Which means the Greek crisis becomes a European debt crisis, which becomes An American crisis.

This sort of anticipatory analysis has helped make Gorrie a leading economic prognosticator, especially when it comes to complex foreign issues and how they affect the United States.

James R. Gorrie was a doctoral candidate in international relations and comparative politics with an area specialty in international political economy. As a financial advisor, his clients have included a former presidential economic advisor, business owners and high net worth individuals.

As Managing Editor of Absolute Wealth and The Empire Report with George Ross, James writes daily articles on current macro-economic and investment topics, special reports, and analyses on geopolitical events around the world that effect the market.

Absolute Wealth is an expert team of real investors and advisors devoted to identifying winning strategies for exceptional returns. Members subscribe to the Independent Wealth Alliance for professional investment analysis and recommendations on the latest trends and progressions. For more information and subscription instructions, visit AbsoluteWealth.com.

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