Moody’s Cut Ratings of Major French Banks!

• The charade continues. I do not believe the Illuminists, despite all their machinations, will achieve all they planned. When the final card is dealt, it will be a confederacy of 10 countries, the 10 Horn Beast of Revelation 17.
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• When they have achieved all they could: fiscal, union, tax union … freeing of ECB from restraints, Eurobonds …etc., they will pull the plug on the Euro. This is to create the next stage of the crisis: a global currency meltdown to achieve a One World Currency. The progression of this coming collapse will be: Euro, UKP, JPY …. and finally USD! All major currencies are targeted for destruction. Minor currencies will not survive the hyper-inflation onslaught! How do you get the world to accept a One World Currency (backed by gold)and a Global Supra-National Central Bank? You destroy all fiat currencies via hyper-inflation!
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  BNP Rating Cut With SocGen, Credit Agricole by Moody’s Citing Fund Squeeze! 
  By Fabio Benedetti-Valentini, http://www.bloomberg.com/ 
  BNP Paribas SA (BNP), Societe Generale SA and Credit Agricole SA (ACA) had their credit ratings cut by Moody’s Investors Service, which cited funding constraints and deteriorating economic conditions amid Europe’s debt crisis.
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  Moody’s cut the long-term debt ratings for BNP Paribas andCredit Agricole by one level to Aa3, the fourth-highest investment grade. Societe Generale’s rating was cut to A1, the fifth highest. Moody’s also cut the standalone assessments of financial strength of the three banks, while saying there’s a“very high” chance they will get state support if needed.
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  “Liquidity and funding conditions have deteriorated significantly,” the ratings company said in a statement. The likelihood that they “will face further funding pressures has risen in line with the worsening European debt crisis.”
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  The banks’ woes put at risk France’s AAA rating. Standard & Poor’s warned this week that the country’s top credit rating risks being downgraded, citing banks’ funding constraints among the reasons. French banks have been forced to borrow from theEuropean Central Bank as their access to U.S. money-market funds has dried up on concerns about their holdings of European debt.
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  “The stress comes from the closing of the dollar taps, which constitute a part of the banks’ needs,” said Francois Chaulet, who helps manage 250 million euros ($333 million) at Montsegur Finance and owns the three banks’ shares.
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  At $681 billion as of June, French banks have the highest holdings of public and private debt in the five crisis-hit countries of Greece, Ireland, Italy, Spain and Portugal, according to data from the Bank for International Settlements.
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  … for more click here!

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