- Jim Willie: Two Key Events Will Unleash Gold — The Global Currency Reset Has Already Begun
by Jim Willie CB, GoldenJackass.com
TIMBER!! That is the standard cry in the forest industry among loggers who cut down giant trees, the warning to step aside for the great impact. GET READY FOR THE SIMULTANEOUS BANKING CRISIS IN THE THREE BIGGEST EUROPEAN ECONOMIES: GERMANY, FRANCE, ITALY. The United States and the London Centre will not be able to avoid the crisis.
Try that again. TIMBERRRR !! An event of monumental importance and impact is on the verge of occurrence. The largest bank in Europe is Deutsche Bank. Its credit default swap is rising in cost, while its stock price has entered single digits in a powerful decline. The great D-Bank, site of the European office in management of the multi-$trillion derivatives, is on the verge of financial failure. It is the largest bank in all of Europe. All of its business segments are impaired and losing money in a hemorrhage. Furthermore, it is a big bond holder for Italian Govt Bonds. The Italian banking system is in the death throes, which has finally been recognized. Their recent elections openly debated pathways in the face of banking system failure, which the Jackass has been expecting for over a year in steady coverage with analysis. However, the bigger bond holder for Italian debt is France. Expect a massive bank crisis to emerge very soon that wrecks Societe General and BNP Paribas, its two largest banks.
GLOBAL CURRENCY RESET
The Global Currency RESET has begun, hardly with fanfare and parades, or even formal public statements by the main players. Many are the events and steps toward the planning and execution of the RESET, which will be very disruptive, and make the Lehman failure seem rather minor by comparison. The Jackass has consistently called what comes to be the Systemic Lehman Event, since major sovereign bonds have become subprime in quality, kept sustained by central banks with their QE.
TWO KEY EVENTS
An astute and very well-informed source with solid connections has provided important direction on the development. Timing is always difficult. He looks toward two key events that soon will trigger a global financial crisis, complete with a wave of reforms and solutions sought, all amidst great changes in financial markets. Expect a complete restructuring of the financial world we know it, as in debt restructure. The result will be a gold-centric financial structure, with central banks honoring finally the Gold Standard and the gold asset in banking reserves.