Europe Getting Close To Banking Crisis, Pimco’s El-Erian Says!

“The best way to control the opposition is to lead it.” – Lenin

• Practically, all major western banks are insolvent. This is the case for both American and European banks. The Illuminist’s plan is for a total financial / banking system collapse. It is a consolidation of power where eventually the Illuminist banks and government are one and the same! Illuminists play a game of double (even triple) dealing. Their philosophy is to own all ‘players’ in a conflict. So, what may appear to be damaging to them in one area (say for their banks) is simply a reshuffling/reorganization of power into another area (Illuminist government)! You cannot lose when all ‘actors’ in a conflict are in your pocket! (emphasis mine)
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  Europe Getting Close to Banking Crisis, Pimco’s El-Erian Says
  By John Detrixhe, http://www.bloomberg.com/
  Pacific Investment Management Co.’s Mohamed A. El-Erian said organizations such as the International Monetary Fund need to act now with European banks being at risk of being engulfed in the region’s sovereign debt crisis.
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  “We’re getting close to a full-blown banking crisis in Europe,” El-Erian, Pimco’s chief executive officer and co-chief investment officer, said in a radio interview on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt.
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  BNP Paribas SA, France’s biggest lender, was forced to deny an opinion piece in The Wall Street Journal today that cited an unidentified official as saying the bank could no longer borrow in dollars. French banks are in the spotlight because of their holdings of bonds issued by the euro region’s most-indebted nations, topping the list of Greek creditors with $56.7 billion in overall exposure, according to a June report by the Bank for International Settlements.

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