- Global financial tsunami coming! Do not be deceived by the rally in the stock markets. They think that the EU leaders will come up with a plan to resolve the problem. I don’t think so. The amount required according to Bob Chapman is around US$5T. Where is the money going to come from? Even if they agree to come up with US$2-3T, it will mainly be from France and Germany. Both countries will become bankrupt should they do so! Sarkozy and Merkel will be voted out and the French and Germans will protest vehemently! The German government is rumored to have ordered the printing of the Deutschmarks. Now, rumors are swirling that the French government has ordered the printing of the French Franc. The Euro is toast! Got physical gold yet? (emphasis mine)
BBC Does It Again: “In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks” – IMF Advisor
by Tyler Durden, http://www.zerohedge.com/
A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone’s mind:
“If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected.
All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serious than the crisis in 2008…. What we don’t know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems.”