International Monetary Research Says “Eurozone Break-Up Certain”!

• It is a question of when (and not whether) the Eurozone will collapse! September and October are usually the months when financial calamity strikes! Make sure you take cover and get out of harm’s way into gold.
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  International Monetary Research says “Eurozone Break-Up Certain”; I say Embrace the Fact “Banks Cannot Be Saved” 
  by Mish Shedlock, http://globaleconomicanalysis.blogspot.com/
  …. Tim Congdon from International Monetary Research said it is folly to force Europe’s banks to raise money too quickly or crystallize losses abruptly. This will cause a monetary implosion and a repeat of the 2008 disaster.
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  He said the ECB’s restrictive policies over the last 18 months and the lack of EMU fiscal union have doomed the euro to certain break-up. “It cannot be saved. Banks will suffer large losses,” he said.
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  Embrace the Fact “Banks Cannot Be Saved”
  This mess cannot be saved. Tim Condgon bemoans the fact. I say, embrace the fact!  Tim Congdon wants to kick the can down the road. Christine Lagarde is clearly angling for more taxpayer bailouts.
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  Just what the hell does it take for people to realize that throwing more money down the drain cannot solve a damn thing? Banks are going to take losses. That means bondholders are going to take losses. It is nonsensical to assume anything but that. It is equally nonsensical to suggest there is a way around it. The sooner we embrace the simple facts of the matter, the better off everyone but the bondholders will be.
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  Attempts to shove more bailouts on the backs of already over-leveraged taxpayers will stunt the recovery for years more to come.

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