The Beginning Of The End
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Is The End Of The Euro In Sight?

The future of the euro is hanging by a thread at the moment.  The massive debt problems of nations such as Greece, Italy and Portugal are dragging down the rest of the Europe, and the political will in northern Europe to continue to bail out these debt-ridden countries is rapidly failing.  Could the end of the euro actually be in sight?  The euro was really a very interesting experiment.  Never before had we seen a situation where monetary union was tried without political and fiscal union along with it on such a large scale.  The euro worked fairly well for a while as long as everyone was paying their debts.  But now Greece has collapsed financially, and several other countries in the eurozone (including Italy) are on the way.  Right now the only thing holding back a complete financial disaster in Europe are the massive bailouts that the wealthier nations such as Germany have been financing.  But now a wave of anti-bailout sentiment is sweeping Germany and the future of any European bailouts is in doubt.  So what does that mean for the euro?  It appears that there are two choices.  Either we will see much deeper fiscal and political integration in Europe (which does not seem likely at this point), or we will see the end of the euro.

That status quo cannot last much longer.  The citizens of wealthy nations such as Germany are becoming very resentful that gigantic piles of their money are being poured into financial black holes such as Greece.  In fact, it is rapidly getting to the point where we could actually see rioting in the streets of German cities over all of this.

All of this instability is creating a tremendous amount of fear in world financial markets.  Nobody is sure if Greece is going to default or not.

Without more bailout money, Greece will most certainly default.  If anyone does not think that one domino cannot set off a massive chain reaction, just remember what happened back in 2008.

Bear Stearns and Lehman Brothers set off a chain reaction that was felt in every corner of the globe.  All of a sudden credit markets froze up because nobody was sure who had significant exposure to bad mortgages.

Today, the entire world financial system runs on debt, so when there is a credit crunch it can have absolutely devastating economic consequences.  The financial crisis of 2008 helped plunge the world into the greatest recession that the globe had seen since the 1930s.

In the old days, nations such as Greece that got into too much debt would just fire up the printing presses and cover over their problems with devalued currency.

Well, those nations that are using the euro simply cannot do that.  The government of Greece cannot simply zap a whole bunch of euros into existence in order to solve their problems.

Right now, major European banks are holding massive amounts of debt from various European governments on their balance sheets.  Most of these European banks are also very highly leveraged.  Even a moderate drop in the value of those debt holdings could wipe out a number of these banks.

The head of the IMF, Christine Lagarde, recently told Der Spiegel the following....

"There has been a clear crisis of confidence that has seriously aggravated the situation. Measures need to be taken to ensure that this vicious circle is broken"

Unfortunately, what Lagarde said was right.  You see, the financial system in Europe is a "confidence game" and a "crisis of confidence" is all that it would take to bring it down because it does not have a solid foundation.

Just like the U.S. financial system, the financial system in Europe is a mountain of debt, leverage and risk.  If the winds start blowing the wrong direction, the entire thing could very easily come tumbling down.

Over the past couple of weeks, the outlook in Europe has become decidedly negative.  For example, one senior IMF economist is now actually projecting that Greece will experience a "hard default" at some point in the coming months....

I expect a hard default definitely before March, maybe this year

If Greece defaults, that would mean that the bailouts have failed.  That would also mean that several other nations in Europe would be in danger of defaulting soon as well.

The consequences of a wave of defaults in Europe would be absolutely staggering.  As mentioned above, major banks in Europe are deeply exposed to sovereign debt.

Regarding this issue, Deutsche Bank Chief Executive Josef Ackermann recently made the following stunning admission....

"It's stating the obvious that many European banks would not survive having to revalue sovereign debt held on the banking book at market levels."

Yes, you read that correctly.

There are quite a few major European banks that are in imminent danger of collapse.

Even though there hasn't been any sovereign defaults yet, we are already starting to see massive financial devastation in Europe.  Just check out some of the financial carnage from Monday....

*The stock market in Germany was down more than 5%.

*The stock markets in France and Italy were down more than 4%.

*Royal Bank of Scotland was down more than 12%.

*Deutsche Bank was down more than 6%.

*Societe Generale was down more than 8%.

*Italy's UniCredit was down more than 7%.

*Barclays was down more than 6%

*Credit Suisse was down more than 4%.

*The yield on 2 year Greek bonds was up to 50.38%.

*The yield on 1 year Greek bonds was up to 82.14%.  A year ago it was under 10%.

Just like in 2008, banking stocks are leading the decline.  We have another major financial crisis on our hands and there is no solution in sight.

As the financial world becomes increasingly unstable, investors are flocking to gold.  In case you have not noticed, gold is up over $1900 an ounce again.

So what comes next?

Well, on Wednesday Germany's constitutional court is scheduled to announce its verdict on the legality of the latest bailout package for Greece.  The court is expected to rule that the bailout package is legal, but if they don't that would be really bad news for the euro.

However, whatever the court rules, the reality is that the turbulent political atmosphere inside Germany is probably a much bigger issue as far as the future of the euro is concerned.

Right now, Germans are overwhelmingly opposed to more bailouts.  German Chancellor Angela Merkel's political party just suffered a resounding defeat in local elections in Germany, and many within her own coalition are withdrawing support for any more bailouts.

This is going to make it very difficult to save the euro.  At this point, Germans have very little faith in the currency.

Just check out what Bob Chapman of the International Forecaster recently wrote about the current atmosphere in Germany....

76% of Germans say they have little or no faith in the euro, up from 71% two months ago. This is what we have been stating for ten years. Long-term 69% to 71% have never wanted the euro. The poll is not at all surprising. The Germany people are saying we have put up with the euro and euro zone for long enough – we want out now.

Germans are also very much against even deeper European economic integration.  For example, recent polling found that German voters are against the introduction of "Eurobonds" by about a 5 to 1 margin.

But Germans are not the only ones that are tired of the euro.  The countries of southern Europe have come to view the euro as a "straightjacket" that keeps them from having the financial flexibility that they need to deal with their debts.

Many people living in southern Europe consider the euro to be a financial instrument that allows nations such as Germany to have way too much power over them.  Just check out what Professor Giacomo Vaciago of Milan's Catholic University recently had to say....

"It's clear that the euro has virtually failed over the last ten years, even if you are not supposed to say that. We pretended to be Germans, but it was an illusion"

But if the bailouts fall apart and the euro collapses, we are going to see nations such as Greece fall into total financial collapse.

Just how desperate have things become in Greece?  Just consider the following excerpt from a recent article by Puru Saxena....

In Greece, government debt now represents almost 160% of GDP and the average yield on Greek debt is around 15%. Thus, if Greece’s debt is rolled over without restructuring, its interest costs alone will amount to approximately 24% of GDP. In other words, if debt pardoning does not occur, nearly a quarter of Greece’s economic output will be gobbled up by interest repayments!

Without help, there is no way that Greece is going to be able to avoid a default.

Sadly, Greece is far from the only major financial problem in Europe.  Portugal, Ireland and Italy also have debt to GDP ratios that are well above 100%.

As mentioned earlier, this is a massive problem for the financial system of Europe, because nearly all of the major European banks are leveraged to the hilt and they are massively exposed to government debt.

If you don't think that this is a problem, just remember what happened back in 2008.

Back then, Lehman Brothers was leveraged 31 to 1.  When things turned bad, Lehman was wiped out very rapidly.

Today, major German banks are leveraged 32 to 1, and those banks are currently holding a massive amount of European sovereign debt.

Overall, the entire global banking system has a total of 2 trillion dollars of exposure to Greek, Irish, Portuguese, Spanish and Italian debt.

If European countries start defaulting, the dominoes are going to start falling and things will get really messy really quickly.

There are two things that could keep defaults from happening.

Number one, Germany and the other wealthy nations in the eurozone could just suck it up and decide to pour endless bailouts into nations such as Greece and Italy.

Number two, the nations of the eurozone could opt for much deeper economic and political integration.  That would mean a massive loss of sovereignty, but it would save the euro, at least for a little while.

Right now, the political will for either of those two choices is simply not there.  That does not mean that the political elite of Europe will not try to ram through some sort of a plan, but the reality is that Germans are already so upset about what has been going on that they are about ready to riot in the streets.

Yes, the end of the euro is a real possibility.

If the euro does collapse, it would likely cause a financial panic that would make 2008 look like a Sunday picnic.

So what do all of you think about the future of the euro?  Please feel free to leave a comment with your thoughts below....

 

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  • JD

    It is time the end has come. Prepare for Nightmare on Wall Street Part 4. I bet the US market drops 600 points tommorrow. Just another day in the good ol’ USA.

    • Cheryl

      Looks like you are way off on your prediction unless something tilts it the other way. It may be the bubble climaxing prior to the burst though. Whenever people predict things to the day, it’s rarely accurate.

  • Texan Patriot

    Like the Bible reads, “The debtor is the slave of the lender.” The banks brought it upon themselves. Too bad so many people will have to suffer because of their unmitigated greed…

    • http://lastdayrapture.blogspot.com/ TK

      Amen Texan Patriot!!

  • http://google conservanator

    I visit Bob Chapman’s International Forecaster site regularly and he often brings up the possibility of a third option. A new war. A big one. Nothing distracts the unwashed masses like a good war. You out there. Prepare for the worst and hope for the best. Anyone who doesn’t think hell is coming is misreading the tea leaves.

    • r.bitting

      Hell is exactly what is coming for anyone who reads tea leaves.

      • Otown Right Guy

        What about goat entrails?

        • r.bitting

          Not even goat entrails Sam I Am.

      • http://lastdayrapture.blogspot.com/ TK

        Speak the Truth R.bitting!

      • http://google conservanator

        A little education can be an incredible, eye opening experience. You should give it a try sometime.

    • Cheryl

      Well I think if they’re going to have a war, I’m hoping they send all the rap artists over there ASAP. It’s insane the amount of money they’re bringing in these days.

  • http://selfsip.org Kitty Antonik Wakfer

    This is an offshoot of the euro debacle but maybe a forerunner of what may be seen in various locations in Europe.

    A measure by Italian town of Filettino to become a tax-free zone, a principality like Monte Carlo, bears watching. Many there (maybe even the mayor) likely doe not understand what would be involved in trying to independent of Italy, but the learning process all around and actual outcome will be interesting.

    Story w/ video is at http://english.aljazeera.net/news/europe/2011/09/201195181529975554.html
    Not that there is a contradiction in the text from the video content and item title:
    “But some towns, like Filettino, are taking matters into their own hands by planning to merge towns with less than 1,000 residents into a union that shares services and administrations.” (I’ve notified for correction needed.)

  • MarkD

    Socialism is dieing if not dead! The”good Life” of short work weeks and longer vacations has lead to failure. In America we want to do as little as possible for the most pay. Our union jobs when they can’t get a raise they lower production. We are dumbing down and creating lazy workers. What happened to the worker who does their very best to make their employer as much profit as possible. I have been trying to hire ten people. I have been thru 15 and have 3 right now. All this is not happening on accident we all have caused our on ruin, the world has their hand out wanting someone with more to give to them. We are watching the euro on the verge of colapse the pound and dollar are not far behind. It will change the world. One world government may be closer than you think. Abuse and corruption are the rule of all governments, what I think is coming is beyond what most can even comprehend. I am glad I live way out in the woods.

    • Gary2

      In America we want to do as little as possible for the most pay.

      And companies want as much work as possible for the least pay.

      I do not see the problem. Companies are sitting on billions of piles of money. They can and need to pay better wages which is why we need unions more now than ever.

      • David Rohm

        Gee, I wonder why they’re sitting on piles of money. Oh yea, they are rightly concerned that any investment they make will be taken from them by this socialist leaning administration.

        Don’t count on any business investment with this group of Bozos in the White House.

      • Cheryl

        It’s called greed.

    • Gary2

      What happened to the worker who does their very best to make their employer as much profit as possible?

      Do you really have to even ask this question? The CEO went on fancy vacations while cutting said workers pay because “sales were down”

      easy answer-the company screwed that worker. If you went loyalty get a dog.

      Anyone who sacrifices for any job is plain dumb as the company will toss you to the curb w/o a second thought just like smart workers will toss the company to the curb in a new york minute.

      Only when the interests of the company are also my interests will I care. My interests are first. I will NEVER again sacrifice for any shit corporation, NEVER! Most people feel like I do as they have seen friends and family get screwed by companies after sacrificing. NEVER AGAIN. F the company. Me first, company second. Don’t want to work on a Fri call in sick and use the sick time for a vacation before you get laid off or downsized.

      F the company. I am probably one of the best workers ever but I will never NEVER again sacrifice anything for some company. I have yet to see any company sacrifice for me. Its a 2-way street.

      • Mark

        Gary, your fired. Tell us why anyone would want to hire you. Before I retired I was a plumber. A union plumber. I was very well paid. I ran jobs for a great company. I took pride in my work and my goal was to make money for my employer. This way I stayed employed and my boss stayed in business. We both made money. He made a lot more than I did and that is ok with me. He was the one taking the risk of losing money on the job. If the union hall sent me lazy plumbers, I would get their check the same day and they were gone. After you add up the cost of each hour paid, you can’t keep dead wood around. I then took the money that was paid to me and invested it, lived below my means so that I could retire without depending on social security or the taxpayers to support me.

      • http://www.povertylinejournal.blogspot.com/ the optimist

        WELL SAID.

      • Otown Right Guy

        I actually agree with Gary, mostly. You should act in your own interest. Company loyalty is BS. Now I do believe you should do your best for anyone who is paying you to do a job. Beyond that you owe nothing. The worker and the company should always act in their own interests. Unfortunately, many times this is based on short-term thinking – like the worker calling in sick when not, or the company hiring an H1-B Visa idiot.

      • 99er

        Somewhere a CEO just read your little hissy fit and decided to outsource a few thousand more jobs to foreign labor (even though you say you are “probably one of the best workers ever”).

      • David Rohm

        Wow, Gary2. I guess you should put all your hope in getting some overpaid, underworked union job. There’s still a few companies out there that haven’t been sucked dry yet by the unions and have had to move offshore. Good luck.

    • Gary2

      try paying better wages. my motto-SHOW ME THE MONEY

      • Doug

        Right on Gary! Corporate America quit taking care of workers all in the name of shareholders, and now wonder why workers want to do as little as possible. Where is the incentive? The welfare line? When does the greed end? About now I think! Good post!

    • Kevin2

      MarkD

      The system worked before 2.5 billion Asians crashed the party. Union labor created and elevated the middle class in the US (and our Canadian suburb) and Europe. Many engineers and physicians we’re born in a union blue collar home and their education was paid for by those high wages. Manufacturing and union labor we’re the first two rungs on the ladder of upward mobility. Union wages did not chase industry to virtual slave labor countries. The US Textile industry, traditionally low paying fled along with the high paying unionized steel industry. Fifty cents per hour devoid of civilized environmental safety and health regulation was far too inviting.

    • Cheryl

      Mark, I beg to differ, American’s gets the least amount of time off then any in the world. They don’t have time to develop normal lives anymore which leads to dysfunction.

    • Bob Log

      Socialism is dying if not dead? First off, if you go to europe and call them a bunch of commie socialists they’ll cock their head and think you’re from the nut house.
      -
      Second if you’re trying to claim that this problem is because Europe generally has universal health care etc. That’s a completely absurd argument. You obviously have no clue or are ignoring the truth because you’re a partisan hack. The banking industry destroyed economies, fortunes were lost, jobs were lost, all this means that goverments were facing drastic losses in revenue, i.e. bankruptcy. Look at Ireland, it failed, why? Consider hey had the lowest corporate tax rates almost anywhere in the world. Do you think that wasn’t a contributing factor? Seriously?
      -
      And furthermore, even if this was proof that “socialism” is a failure. The US’ financial collapse (and bailout by the Government) plus 14 trillion of debt is no great sign for free market “capitalism” either.
      Sure sure, you can try to blame the United States problems on our “entitlements” too. You can try that if you’re a partisan hack and want to ignore massive tax cuts, tax breaks, corporate welfare, and unfunded wars.

    • grimreaper

      well i cant sy for “average american” but here in eastern europe, we have to work quite hard to get that miserable paycheck(average aprox550-700€ including driving epxenses(gasoline)), and cat quite think about “less work, more vacatins/non working days.

  • ezequiel

    i can wait to see euro collapse

  • Country Codger

    A total collapse is just a matter of time. Stock up on everything you need day to day. Buy a gun to keep someone else from taking your food and water. You must be in preservation mode from now on. WAKE UP AMERICA.

  • McKinley Morganfield

    I agree that the Euro’s days are number. The global economic collapse will start with a string of bank failures in Europe and major US banks will swiftly follow within a matter of weeks if not days. Chaos will swiftly erupt in our major cities and soon after martial law will be declared. Is it possible there will be no 2012 election?

    As Country Codger notes and Michael constantly reminds us, prep now. Each and everyday add something to your stores; be it a gallon of water, a few cans of food, and a few pounds of pasta, bandages & gauze, etc.

  • wayne groh

    clock tickin for euro (and the dollar), neither will survive 2012.both foreign and domestic banks will need massive bailouts sooner than later.countries will create their own currency in a vain attempt to right their economy, too little way way way way too late.greece, spain and italy will all default domino style, if u own bank stocks sell yesterday, buy em back when they start printing all that money to bail em out

  • Ann

    Some say…if the Euro falls, the dollar will fall next after hanging on for a few weeks.

  • Bertha

    Bailouts for greece are throwing good money after bad. Any child can see that.

    Greece doesn’t appear to have an economy that has any chance of allowing their present lifestyle to continue. Their debt will never be repaid.

    The banks will and should lose on this one. They should have seen that and never made the loans in the first place. No sympathy for banks here.

  • Greg

    I think we need to be very careful of using terms like “economic collapse”. It belies and understates the true nature of what is going on. For the last 100 years the capitalist model has been based on growth which of course means consumption of finite resources. Well to coin a phrase, our chickens have come home to roost. We are running out of finite resources fast. Populations exceed sustainable levels by billions. Current economics is based on growth and growth by definition is unsustainable. What we are witnessing now is the faltering at the top of the peak before the plunge of the other side. Everyone knows this but thats the growth trap. Once you in it it’s a death spiral. You can’t leave, not alive at least. It’s not economic collapse it’s total collapse. There won’t be a recession or a depression it’s literally the end of the world as we know it.

    • J.M.

      So what is your basis the declare the world is overpopulated? Our problem is not excess population is excess greed and stupidity.

    • David

      Greg, what you raise doesn’t resonate with me at all. Resource shortages and traditional “capitalist” critique are not the cause here. This is not a resource-based crisis; this is a credit-based crisis, created by this default-setting we call corruption, and propagated by irresponsible financial practices. That “greed” is involved, I have no doubt, but it’s not a greed in the traditional sense of hoarding material, but rather playing fictitious games with fiat money and easy credit availability.

    • D

      All of you are right in your own sense.

      Greed and population will be controlled at WWIII.

      First the Euro collapse, then the dollar goes, then dominos, then public distraction with WWIII. Cheers.

  • Mark

    During the last couple of years I have watched the euro go up in relation to the dollar. The euro is in real bad shape, but what does this also say about the dollar. Trust in paper money seems to be going down. Gold and silver are ok,but you can’t eat them. People should have a years worth of food and other supplies if possiable. We will need to help out our neighbors and families. I do not know if or when a collaspe will happen. It can’t go on the way it is. This system of larger and larger debt is crazy. Even though I am better prepared than 99.9%, I do not want it to happen. The pain most will go through will be horrible. This will be much worse than the depression of the 1930′s. Back then most lived in the country and could at least grow gardens and can their extra. The cost of water because of all the regulations in many cities can be too high to make it worth growing a garden. We are in big trouble!

  • 007

    I don’t believe the Euro will collapse. They suckered Germany and the other richer countries into the euro. Now, they are using the threat of financial disaster as blackmail to force political and fiscal integration. Following the political rule of “don’t let a crisis go to waist”, they will scare the German people to death and force integration.

    They will inevitably issue euro bonds, print money to loan to the broke countries. Of course, all of the money printing will lead to rampant inflation. However, that should be great for gold. Also, remember our good old Federal Reserve has an unlimited line of credit to lend to these pathetic socialist countries through “currency swaps”. (I.e. They give us worthless euros and we give them dollars. So here comes our next bail out. I bet it is happening this very moment.

    No, I am pretty sure the powers that be will make sure the euro survives.

    As an interesting side note, bible prophesy seems to predict 10 European countries will eventually merge. If this event is this prophesy that would mean a couple countries will wash out of the European Alliance. Based on today’s events that would be Greece and Italy and likely a few more of the PIIGS.

  • 007

    I hope this will little problem will not keep Obama from making his political class warfare speech.

  • Maria

    What will happen to the Euro? The same thing that is happening to all fiat currencies…they are dying. People around the world are realizing the elitist, secretive central banking fiat system is corrupt.

    Imagine it…every single paper currency on earth becoming useless. Boggles the mind.

  • db

    euro down is good for usa.

  • db

    i am sure usa will be last in collapse world. but we in usa manage rest of world.

  • the Beast

    Whose idea was it that a monetary control can exist without united in sovereignty? Can you imagine a country that has one central bank but without any army or bureaucracy apparatus?
    The euro is a bad idea from the start. Charlemagne was not a governor of a central bank, but ruling king with many vassals under him.
    This put the idea of single world currency and its connection with “the new world order” into a correct perspective. And there are rumors that the establishment of one world currency will take place sometime next year. Beware!

  • jimmy n.

    End of Euro?… yeah, good joke. In fact, this is a pity American propaganda (and British too). My advice (I’m an EU citizen) is to avoid taking as granted everything you hear on CNN. The Euro is more solid than you think. At least, we didn’t print out toilet paper to cover the debt.

  • http://www.ampers.me.uk/ Andrew Ampers Taylor

    Oh dear! Not before the end of next week!

    I have just drawn out E600 for a trip to Strasbourg next week as I will be visiting the Strasbourg Parliament. Last fall I went to the Brussels Parliament and really want to see both for myself before they collapse. and I wouldn’t want the Euro to collapse next week now, would I?

    The week after would be OK.

    Ampers.

  • Steven

    If the Euro does collapse, and then presumably the dominoes fall and impact Sovereign currencies so much so that we approach the brink of economic collapse, what will happen with Mortgages, say in the UK for example? Banks are surely not just going to write them off. Always wondered this.

    Steve.

  • http://www.zerohedge.com/news/bring-out-your-dead-ubs-quantifies-costs-euro-break-warns-collapse-banking-system-and-civil-war mark mcbee

    A good read from zerohedge.com titled “Bring Out Your Dead – UBS Quantifies Costs Of Euro Break Up, Warns Of Collapse Of Banking System And Civil War”

    The Euro is dying.

  • El Bufon

    Delaying the inevitable (restructuring of all bad debt in the “first” world) will not help, and might lead to a war.

    So what can we do about it?

    Anybody with ideas come forward!

  • r.bitting

    Jesus Christ is your only hope folks, always was.

  • pb7777

    War is certainly coming. The Elites are not going to go down without swinging. As a matter of fact, they’re not going to go down at all. Just look at who is leading the Republicans, globalists Rick Perry and Mitt Romney. Rick Perry is probably going to be our next President. I thought America was waking up, but I was wrong. The elites will continually get their way and duped the American people into voting for their candidate. If they can’t have O, they’ll use the conservative sentiment to get their man in just as they did with W. Goodbye America, it was fun while it lasted!

  • William

    Well, the Euro and the EU might be “goners”……but, the Rothschild/Bilderberger/BIS/Illuminati crowd
    who created the EU as another step to their being able to rule the world will not go down to defeat easily.

    • Fed Up

      Add George Soros to that list.

  • Euro is dead

    The Euro, was a complete bull crap currency idea, which is nothing more then a supposed pledged of the full faith and credit of the European 18 nation-states.
    That being said they are nothing more than 18 countries that are joined together and now they are all sinking but at different rates.
    Non the less they are all sinking.
    How can sinking ships bail each other out?
    They can’t. Therefore they must abandon each ship one by one in time before they all go under.

  • http://food stingray

    helper will help you all

  • http://www.placeofrefuge2012.com Dan

    This is a harbinger of shades of thing to come for the USA.

    Most are saying that once the Euro collapses that we will follow in quick order.

    Get Food
    Get Water
    Get Meds
    Get a Gun

    and get ready, imagine where you live with out food, water, sewage, phones, meds, drugs etc. It won’t take long for the natives to get restless.

    GET READY NOW!

    http://www.placeofrefuge2012.com

  • HeyNowHereNow

    Of course it’s gonna collapse. That’s not in doubt. The only questions center on how it happens – and how the PTB wishes to capitalize on it.

  • jox

    Don’t believe everything the anglosaxon media says about the collapse of the euro with the only objetive of diverting the attention from the dollar and the pound. Reality is that Europe debt is vastly inferior than US, and Europe also has printing press, only that they doesn’t want to use them to the extent of the Fed.

    Also notice that Germany is not helping nor bailing out Greece, but german banks. They have made a lot of money betting with high risk (and high interest).

  • patriot alice

    The belief for almost 35 years that everyone should survive(Communistic mentality), is what has almost ruined the West…..Every bank, every business, every government, every person, every loser……..Who came up with this nonsense….Let the bankrupt go bankrupt. It isn’t natural for all to survive…Go bankrupt and start over, learn from your mistakes, and if you don’t? Bankruptcy again..It’s like trying to save every animal and plant in the forest, the result? Everyone will starve….

  • http://goto.glocalnet.net/pdn/ Perdavid Nygren

    The christian prophet David Wilkersson had a vision in the year 1973 (he wrote a book called The Vision afterwards), he saw the coming economic collapse and where it started. It started in Europe (germany), then it hit Japan, then it hit USA and the rest of the world. He was asked if the recession 2008 was what he saw, he said no and that what he saw was much worse. He also saw a great earthquake hit Japan and how an even greater earthquake hit USA. Be prepared people, buy canned food, store up on water. Don´t bother wasting money on silver and gold coins, you can´t eat metal, food will be money!

    • r.bitting

      What they better be buying is time, because it’s almost up. Only one way to do that, “I am the way the truth and the life, no man comes to the father but by me” ( Jesus Christ ) John 14:6

  • ScoutMotto

    In retrospect, it’s funny how the movie 2012 slammed the Federal Reserve note “dollar” by using euros as the all-saving currency for building the ships. Wrong again, Hollyweird.

  • Dipak

    Do keep precaution,instead of doing things alone.Make a club or some forum in your localities,and be prepared for the worst.Dealing matters in group will solve most of the fears of looting of ur property and give right kind of message to others also.

  • Beppe

    Hi,
    Can anyone here tell me what exactly could trigger the collapse of the euro and what could be the time line?

    Im here in italy and want yo get out of harms way as soon as possible.

    Thank you

  • terry

    gary what a slug, if he thinks he should be part of the co let him get stocks and chance going broke then he can have a say.

  • Old Man

    With crisis comes opportunity.

    The Euro is in crisis, but it won’t die because the core countries are strong.

    Therefore USA should launch a premptive massive invasion of the EU. Drop a few nukes, than follow up with some nice sweet cruise missiles. It’s a safe strategy – because the EU military is designed to reach only Russia, not the other way across the Atlantic.

    Under this situation, the Euro will surely die quickly. The world’s monetary wealth, under shock, will rush to America, a land of great stability and sound minds. The US dollar will rise, and the government will be able to sell at least $20 trillion worth of new Treasury bonds.

    Thus solving America’s financial problems.

    I am under the impression that G W Bush II is writing a book about it.

  • Max

    It is important to recogize that no country can achieve prosperity by devaluing their currency. Greece had 15% rates when they had the drachma, but they piled on their debt when they enjoyed (and exploited) low euro interest rates. The euro only relieved the currency risk for Greece, not the risk of default. Once the market recognised the inherent risk of the Greek economy, interest rates went back to drachma levels. The “flexibility” they speak of is the flexibility to default by devaluation. So now they have too much debt, and more debt cannot fix the situation, for Greece or any other overly indebted nation…like the USA.

  • Donald Wilson

    It’s just a matter of time, when Europe hits the skid the U.S. won’t be too far behind. The drunken debt binge is over, and it’s time to pay the piper.
    Good luck.

  • Jason Emery

    Maybe the Greeks should start collecting tax from their citizens, lol.

  • Hey You

    Hi, Beppe:

    No problem. Most of the unrest will be centered in metropolitan centers. The answer is to get away from metro areas and it is smart to eschew their suburbs also.

    I am just now relocating from a minor metro area to a small town which has about 1/20th population of my present location. There is probably some small agricultural towns in central Italy where you can watch all this happening in relative comfort. Note that’s relative comfort.

  • Morphues

    It won’t be long. People have been ignoring the warning signs for years. Now it’s about to smack them in the face. America has one out!
    Wake up people. I makes no sense to have and take of your children if you don’t gaurd their future.

    Don’t be Afraid!

    The Revolution has started -
    Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )

    FIGHT THE CAUSE – NOT THE SYMPTOM
    We don’t have to live like this anymore. “Spread the News”

  • Muck

    The prophecy of the Book of Daniel, “they shall not cleave one to another” refering to attempts to unite Europe by whatever means.

  • Road Warrior Hawk

    I love these people who come out of the woodwork every time it looks like TEOTWAWKI is approaching, to cast their high-minded, elitist views on ‘population’ and ‘finite resources’…

    You know, why don’t you guys hold a party – in fact, I’ll volunteer to pitch in a healthy sum, so that we may help you in the best way humanly possible, to do your part in ridding the world of extra population and relieving the load on our finite resources.

    We can do a Yosemite Falls thing – video cam you on the way over to your glorious destiny with Gaia…

    Whaddya say?

  • beppe

    hi HEY YOU,

    thanks for this info i appreciate..

    but I just don’t understand what is going on.. yesterday seemd the floor was going to fall from under.. but today the markets are up and everything is just fine again..

    Am I missing the Point?? will there or will there not be a meltdown of the euro??

    am a bit confused .. one day its black and the next day is white.. when can i expect this meltdown to take hold??

  • C

    I did my part, I found a couple dollars worth and put them in my coin collection. The question is how quickly can a currency collapse transpire.
    http://mises.org/Community/forums/t/21209.aspx

  • Lucious

    Yes it would take a blind mentally challenged monkey to not see what is going on. The euro and the dollar are eventually doomed. But what currency replaces them? That is the question no financial expert can answer. The financial capitalist pigs will be running for cover in the next economic meltdown.

    Pull up your shorts, take cover, then run for the hills!

  • http://theeconomiccollapseblog.com mintukumar

    The Federal Reserve is bankrupting the nation… paper money will become worthless… you have to prepare yourself and your family for the financial crisis ahead.

  • Mondant

    “The euro worked fairly well for a while”

    The Euro NEVER worked well. Already a few weeks after its launch prices were spoiled in Europe.

  • Charles

    Government is only thinking of
    what will get them more money
    and get them re elected.

    They no longer care about the
    people they represent.

    Times are going to continue to
    get harder and harder.

    What to do about this?

    I am so glad I learned the
    answer in a web site I
    found put together by a
    millionaire.

    How to Profit like the Ultra-Rich in Times of Economic Chaos
    http://youtu.be/baFZtIfPs74

    I know this video can help you also.

  • http://Curx freeman

    interested

  • Mike

    It all amounts to a big bank bailout. Bank bailouts, bank bailouts. These banks have taken the entire world hostage. I say screw the banks let the rich a-holes who work for the banks and who run the banks starve. I say bring on a global financial collapse and the subsequent chaos that will follow. If this brings wars and more wars and massive starvation, this will all be good because it will allow the world to cleanse itself. First the world can cleanse itself of the bankers, then we can cleanse the world of some of some lawyers. Starting with ridding the world of lawyers and bankers would be a good start. If you get rid of these people who don’t produce anything real then maybe you could start to make a better world. But first must come the collapse. So personally I hope the German’s reject bailing out the German banks. I hope that they don’t make the same mistake we did in the U.S. We should have let the whole thing collapse. But unfortunately our politicians are to beholden to rich bankers. God forbid you let them lose profits or something.

  • http://goldprices247.com gold prices

    Looks like the collapse is coming soon..according to Mr. Chapman. Watch his videos
    gold prices

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