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This morning, these trends have expanded further. Commodity currencies are collapsing, global stocks and Treasury yields are plunging, and “chinks in the armor” exposing themselves for the world to see – such as GREECE, which we continue to view as a “black swan” event waiting to happen. This morning alone, we kid you not, the Greek stock market is down 11%; and worse yet, its benchmark 10-year government bond yield has surged from 7.3% to 8.0%. Next Wednesday, just three days after a potentially earth-shattering Japanese “snap election,” the same will occur in Greece. And lo and behold, the pesky “Syriza” party – intent on defaulting on Greece’s $400+ billion of debt – is leading in the polls. Gee, I wonder what will happen to the daisy chain of European banks’ PIIGS debt holdings if that occurs; much less, the even larger derivatives colossus underlying it – which we assure you, has only grown larger since nearly destroying the world in 2008 and again in 2011. Yes, DEFAULT will be one of the key financial themes of 2015 – in shale oil, sovereign nations, and otherwise; which is why, frankly, one must own at least some precious metals in their portfolio.