21 Signs That This Could Be A Long, Hot, Crazy Summer For The Global Financial System!

• 21 Signs That This Could Be A Long, Hot, Crazy Summer For The Global Financial System! 
  by http://theeconomiccollapseblog.com/ 
  The summer of 2012 is shaping up to be very similar to the summer of 2008.  Things look incredibly bleak for the global economy right now.  Economic activity and lending are slowing down all over the planet, and fear is starting to paralyze the entire global financial system.  Things did not look this bad back in the summer of 2011 and things certainly did not look this bad back in the summer of 2010.  It is almost as if a “perfect storm” is brewing.
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  Today, the global financial system is a finely balanced pyramid of risk, debt and leverage.  Such a system requires a high degree of confidence and stability.  But when confidence disappears and fear and panic take over, the house of cards can literally start collapsing at any time.  Right now we are watching a slow-motion train wreck unfold and nobody seems to know how to stop it.  Unless some kind of a miracle happens, things are going to look much different when we reach the start of 2013 than they do today.
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  The following are 21 signs that this could be a long, hot, crazy summer for the global financial system….
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  #1 There are rumors that major financial institutions are cancelling employee vacations in anticipation of a major financial crisis this summer.  The following are a couple of tweets quoted in a recent article by Kenneth Schortgen Jr….
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  Todd Harrison tweet: Hearing (not confirmed) @PIMCO asked employees to cancel vacations to have “all hands on deck” for a Lehman-type tail event. Confirm?
  Todd M. Schoenberger tweet: @todd_harrison @pimco I heard the same thing, but I also heard the same for “some” at JPM. Heard it today at a hedge fund luncheon.
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  As Schortgen points out, these are not just your average Twitter users….
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  Todd Harrison is the CEO of the award winning internet media company Minyanville, while Todd Shoenberger is a managing principal at the Blackbay Group, and an adjunct professor of Finance at Cecil College.
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  #2 The Bank for International Settlements is warning that global lending is contracting at the fastest pace since the financial crisis of 2008.
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  #3 Unemployment in the eurozone has hit a brand new all-time record high.
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  #4 The government of Portugal has just announced that it will be bailing out three major banks.
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  #5 Many U.S. banking stocks are being hit extremely hard.  For example, Morgan Stanley stock has declined by 40 percent over the past four months.
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  #6 Yields on Spanish debt and yields on Italian debt have been absolutely soaring.
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  read more!

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