Former White House Official: Europe In Danger Of Mega-Bank Runs That Jeopardize The World !

• Former White House Official – Europe In Danger Of Mega-Bank Runs That Jeopardize The World ! 
  by www.kingworldnews.com
  Today a former White House official and Plunge Protection Team member warned King World News that Europe is now in danger of mega-bank runs that will destabilize the entire global financial system.  Former presidential adviser and member of the U.S. President’s Working Group on Financial Markets, Dr. Philippa Malmgren, also discussed why the bank runs may spread across the Atlantic to the United States, eventually engulfing the entire world in chaos.
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  Eric King:  “It now appears at this point that the multiple bank runs in Europe have the ability to spread and create massive contagion.”
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  Dr. Philippa Malmgren:  “We have seen Banco Santander, which is considered the most important of the continental banks in Europe, recently announce without any warning that they didn’t have enough cash and they had to do a very sudden and abrupt cash call of almost $8 billion just to stay alive….
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  Dr. Malmgren:  “Yes. Now we have the four biggest Greek banks that have requested emergency assistance because they are experiencing bank runs.  The ECB is already being asked if they can support them.  So the bank runs are spreading.  And I think the worry is that central banks don’t have the resources to do a bailout.  This is another reason why Federal Reserve officials are saying it’s too early to raise interest rates.  It’s because big events are happening in the background.  So yes, there is systemic risk in the European banking system and now these weaknesses are starting to be exposed.”
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