The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- Greece has supposedly received a bailout, and markets across the globe are soaring. In fact, they are rising in the same manner they did a few months after the bailout of the U.S. financial system, now known as the Emergency Economic Stabilization act of 2008.
By the way, the bailout of Greece concocted by the European oligarchy is a complete farce on every level. The restructuring of Greek debt is supposed to bring Greece's debt-to-GDP ratio down to 120% from the current 170% by the year 2020. But Greece's debt ratio will never drop to that level by 2020, and even if it does, so what! Italy's debt-to-GDP ratio is already 120%, and its bond market is in full revolt. Even though the ECB has been actively buying more than $100 billion worth of Italian debt in an effort to keep yields from rising, the yield on the Italian 10-year note closed at more than 6% for the first time since early August. One year ago, the yield was significantly less than 4%. This has occurred even though Mario Draghi (designated to succeed Jean-Claude Trichet as president of the European Central Bank by November 2011) has promised to continue the practice. On Oct. 26 the incoming President stated that the ECB remains "determined to avoid a poor functioning of money and financial markets." (Translation: We will print all the money that banks and governments will ever desire.) But all the money-printing and inflation in the world can't save these countries. In fact, it only will make matters much worse. Europe has now joined Japan in what I call the "Zombie Club of Nations." These nations have zombie banks and zombie-like GDP growth due to high levels of government debt that suck all available capital out of the private sector. And the sad truth is that the U.S. is next in line to join that ignominious club, if it hasn't done so already. The bottom line is that real interest rates continue to fall across the globe as fiat currencies get debased at an increasingly alarming rate. This is the case just as the debt of the U.S. continues to soar, both in nominal terms and as a percentage of GDP. It leads me to several conclusions: The dollar will soon lose its status as the world's reserve currency; inflation and nominal interest rates in the U.S. are about to soar; and the American citizen can find his or her own ultimate bailout by owning gold.