Banking Insider: Financial Time Bombs!

• Emphasis mine:
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  Financial Time Bombs! 
  by Steve Quayle, http://stevequayle.com/
  June 21, 2012
  Steve,
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  Where do I begin? Lets start up with the Eurozone and take it from there. I was the first to mention to you that the Spanish Bailout had already happened before it was even announced that they were going to need more within the week. Well a week has passed and it said that both Italy and Spain need an almost $1 Trillion dollar bailout. The reason? Apart from both being insolvent, Italy has to borrow money at 7% to lend to Spain at 3% by edict of the Euro Technocrats via ECB. These morons have the economics understanding of a five year old. Now both countries are heading the way of Greece, which is total economic death as Greece is a failed state, with no government, a stolen election and thousands starving to death.
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  Steve as I said the Euro is unofficially collapsed with a major “OFFICIAL” collapse coming this fall or winter. I said many times to my cohorts , though the Eurozone has it’s problems, it is the US that is the Supreme Emperor with No Clothes the Eurozone are just vassals. The problems facing the US are much, much worse. With very high unemployment, debt to the stratosphere and an economy in rigor mortis, the US is a patient on his death bed waiting for the elite power brokers to give it it’s last rights and then devour the patient’s body.
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  Couple of points that, I need to revisit for your readers and listeners are as follows:
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  1. Real Estate- The real estate, in the US, has in no way hit the bottom–yet. Not in the FEH (Financial Economics Hubs) like New York but I tell you that you will see a housing market crash the likes of which you have never seen or will ever see again. This will occur for the following reasons.
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  a) Inventory- The government backed mortgage programs (Fannie and Freddie), the left over sub-prime mess, and the foreclosures have left a massive $7 Trillion dollar inventory of over 20 million homes the exact number of which have no idea and some even estimate it to be over 30 million not counting shadow inventory. Anyway to put things in perspective consider this.  Numbers like millions, billions and trillions are tossed around the media so much that Americans have no concept of such insanely large numbers I will put it to you this way. In Ireland they have an inventory of 290,000 homes. This would take the Irish Fourty Three years to fill. How long do you think it would take the US if we use the “official” number of 18 million empty homes? It would take over 300 years!!!!!
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  Knowing this, the power con men in the government and banking institutions have purposely tightened the spigot and bottlenecked the whole system preventing the market from adjusting and continuing the housing bubble for the not to distant future. They know if they opened that valve, it would dump a massive inventory of houses on the market crashing everything with it. A hit the US economy can’t take. Why do you think “Robo Signing” was set up? In our Real Esate Banking divisions we purposely created Robo Signing, knowing full well that the muck that that would cause in terms of title holder and legal proceedings will keep the spigot tight until the Banksters got what they needed out of the market. Remember it’s all about squeezing that one more dime out of the system one more percentage rate, one more profit margin and then when the very marrow is sucked from the bones the whole thing can then just turn to dust.
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  2. Deposit of Creditors- You know there still are savers in America, though not as much as their counterparts in other western nations but thankfully there still are. The reality is Steve much of what Americans save wont last them more than a month at most in fact most American are two pay checks away from being homeless. Any way the vast amount of deposits in US banks allow them to play the fractional reserve game and thanks to the end of Glass Stiegel it allows them to take your hard earned money in your account and use it to make bets and play in the world investment markets. So long as you the American public don’t demand your money at the same time (Bank Run) the banksters whittle it away like drunk sailors at a Rio bar. With the Fed continuing to print and buy US debt, this game is coming soon to a close. That is why I have warned, to only keep in your accounts what you can stand to lose and what you need to cover day to day expenses. How many of you have listened?
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  3. Sovereigns Debt – I have been screaming about this Frankenstein since 2007. I wrote an extensive report on the dangers of US bonds and TARP and how that would be the final nail in the coffin. We all know that there is a bubble in the US bond market. Heck we knew it for years. In my 2010 report I made it clear that the very thing that would bring down the US bond market would be the devaluation of currency (which is happening) followed by a currency war (which is happening) followed by a trade war (which has started) and then finally a rise in the precious metals market, particularly SILVER. When the US finally loses it’s World Reserve Currency status (which is happening) Expect the US crash to make the Eurozone to look like a Sunday School Picnic.
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  All the problems in the US can be centered around these three major issues and when these financial bombs explode the shockwave will be immense. Alas I fear the banksters have a war planned for us as well, how do I know? The numbers tell me so.
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  V.

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