- This is an excellent piece by Greg Hunter. Practically all major western banks are insolvent! The entire house of cards is about to come tumbling down!
EU Bailout—Don’t Worry Be Happy!
by Greg Hunter, www.USAWatchdog.com
….According to one top European banker, many of the biggest banks there are insolvent. The problem is so large that the European Central Bank along with the Bank of Japan, Bank of England, Bank of Switzerland, and the U.S. Federal Reserve will all team up and bailout Europe—again. The ECB is setting up a $600 billion European bank bailout fund, and according to Treasury Secretary Tim Geithner, $600 billion is not enough for the European share of the bailout! …
If more than $600 billion is not enough for the EU’s share of bailout money from four of the biggest central banks in the world, then you have yourself one big insolvency problem. Once again, the solvency of the entire system is threatened. This is not just an EU bailout. The last global meltdown caused the Federal Reserve to create and hand out $16 trillion. … So, if the U.S. Federal Reserve doled out $16 trillion the last time, how much will stopping this global meltdown cost?
The banks are still allowed to use phony accounting to appear solvent. There is no public market for over-the-counter (OTC) derivatives market. The Bank of International Settlements says the OTC market is around $600 trillion. (Some say the OTC derivatives market is more than twice that size, yes more than a quadrillion bucks!)
… for the full article click here!