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The Bank Runs In Greece Will Soon Be Followed By Bank Runs In Other European Nations

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The bank runs that we are watching right now in Greece are shocking, but they are only just the beginning.  Since May 6th, nearly one billion dollars has been withdrawn from Greek banks.  For a small nation like Greece, that is an absolutely catastrophic number.  At this point, the entire Greek banking system is in danger of collapsing.  If you had money in a Greek bank, why wouldn’t you pull it out?  If Greece leaves the euro, all euros in Greek banks will likely be converted to drachmas, and the value of those drachmas will almost certainly decline dramatically.  In fact, it has been estimated that Greek citizens could see the value of their bank accounts decline by up to 50 percent if Greece leaves the euro.  So if you had money in a Greek bank, it would only make sense to withdraw it and move it to another country as quickly as possible.  And as the eurozone begins to unravel, this is a scenario that we are going to see play out in country after country.  As member nations leave the eurozone, you would be a fool to have your euros in Italian banks or Spanish banks when you could have them in German banks instead.  So the bank runs that are happening in Greece right now are only a preview of things to come.  Before this crisis is over we are going to see bank runs happening all over Europe.

If Greece leaves the euro, the consequences are likely to be quite messy.  Those that are promoting the idea that a “Grexit” can be done in an orderly fashion are not being particularly honest.  The following is from a recent article in the Independent….

“Whoever tells you a Greek exit would be no big deal is an idiot, lying or disingenuous,” said Sony Kapoor of the European think-tank Re-Define. Economists fear that a disorderly exit would prompt a huge run by investors on Spanish and Italian debt, forcing those countries to seek support from an EU bailout fund, which, with a capacity of just €500bn, is widely regarded as too small to cope with those pressures.

A Greek exit from the euro would not only result in a run on Spanish and Italian bonds, but it would also likely result in a run on Spanish and Italian banks.

If Greece is allowed to leave the euro, that will be a signal that other countries will eventually be allowed to leave as well.  Nobody in their right mind would want their euros stuck in Spanish or Italian banks if those countries end up converting back to national currencies.

Fear is a powerful motivator.  If Greece converts their euros back to drachmas, that will be a clear signal that all euros are not created equally.  The race to move money into German banks will accelerate dramatically.

And a Greek exit from the euro is looking more likely with each passing day.  Even the IMF is now admitting that it is a very real possibility….

Christine Lagarde, head of the IMF, warned she was “technically prepared for anything” and said the utmost effort must be made to ensure any Greek exit was orderly. The effect was likely to be “quite messy” with risks to growth, trade and financial markets. “It is something that would be extremely expensive and would pose great risks but it is part of options that we must technically consider,” she said.

Meanwhile, banks in other troubled European nations are already on shaky ground.  The Spanish banking system is an absolute disaster zone at this point and on Monday night Moody’s downgraded the credit ratings of 26 Italian banks.

The situation in Italy is especially worth keeping a close eye on.  As Ambrose Evans-Pritchard recently noted, things are not looking good for Italy at all….

Italy’s former premier Romano Prodi said the EU risks instant contagion to Spain, Italy, and France if Greece leaves. “The whole house of cards will come down”, he said

Angelo Drusiani from Banca Albertini said the only way to avert catstrophe is to convert the European Central Bank into a lender of last resort. Otherwise Italy faces “massive devaluation, three to five years of hyperinflation, and unbearable unemployment.”

So what can be done about any of this?

Well, there is actually a lot that could be done if politicians in Europe were willing to think outside of the established global financial paradigm.

The truth is that Greece could solve their current financial problems in four easy steps.  They would have to be willing to stick it to the rest of Europe and to risk being blackballed by the international community, but it could be done.

The following is my prescription for Greece….

1) Default on all debts.

2) Leave the euro.

3) Issue drachmas that are debt-free and that do not come from a central bank.  Instead, have the Greek government create them and spend them directly into circulation.

4) Enjoy a return to prosperity.

In such a scenario, the Greek national debt would no longer be a problem, the Greek government would never have to borrow any more money and austerity would no longer be needed.

Yes, inflation would be an issue with the new currency, but a bit of inflation would be a walk in the park compared to the horrible economic depression that Greece is experiencing right now.

And once the Greek economy was growing again, it would certainly be possible for them to make the transition to “hard money” if they wanted to.

It is imperative that we all understand that just because the global financial system works a certain way today does not mean that it must always work that way.

If you have a few minutes, I want you to watch an incredible speech by a 12-year-old Canadian girl named Victoria Grant.  In this 6 minute speech, she details how the bankers are defrauding the people of Canada and how the Canadian government does not actually need to borrow a single penny from the bankers….

If a 12-year-old girl can figure this out, then why can’t the rest of us?

Sadly, the financial world still seems enamored with the corrupt central banking system that has gotten us into this mess.  In fact, one recent poll found that Federal Reserve Chairman Ben Bernanke has a 75 percent approval rating from global investors.

Right now, America is going down the same path as Greece, Spain and Italy have gone.  Eventually we will hit a wall and our financial system will fall apart.

We need the American people to understand that the Federal Reserve system is a perpetual debt machine.  The U.S. national debt is now more than 5000 times larger than it was when the Fed was first created.  It is at the very core of our national financial problems.

When will people wake up and realize that central banking is the problem and not the solution?

When will people wake up and realize that national governments do not have to go into debt to anyone if they do not want to?

In our world today, there is far more debt than there is money.

It is a system that will inevitably crash.

But there are other alternatives.

Unfortunately, politicians all over the globe continue to want to be married to our current debt-based financial system.

As a result, we will suffer the consequences of that system.

  • Paranoid

    I have been trying to find data on the Italian banks just downgraded: Total assets, % of Total banking assets, How many banks are there in Italy, so I can figure out how significant the downgrade was but the coverage has been terrible, any of you have data?

  • mhamilton

    We are watching this slow moving train wreck from the banking center . Please read “When Money Dies” , great book from Weimar Germany 1921-23 . The correlation to our world today is uncanny.

  • Sid Davis

    It is sort of comical, really.

    If you look at M2 money supply in the USA it is made up of Federal Reserve Notes, checking account balances, savings account balances, small CD’s and a few other minor items. These are all bank liabilities. Federal Reserve Notes are liabilities of the Federal Reserve Bank while checking accounts, saving accounts, and CD’s are liabilities of commercial banks.

    While there are distinctions among these components, they are more or less interchangeable. If the banks in the USA were to be run, the Federal Reserve Bank would just print and loan to banks new Federal Reserve Notes. The money supply would NOT go up at all; the relative proportions of M2 would just change; instead of holding deposits at commercial banks runners would hold Federal Reserve Notes. The only real effect, aside from the difficulty in paying bills through the mail and over the internet, would be to deprive commercial banks of the reserves they hold to meet demands on their deposit balances, and this would put a quick halt to new lending, more rapidly plunging us into the already developing depression. They need the reserves to expand the money supply.

    It would work the same way in Europe, but instead of the Federal Reserve Bank providing the Notes, it would be the ECB providing Euros. It is all just one big joke, and the joke is on the public.

    Some people think of money only as actual Dollar bills or Euros, and conclude that printing more of them is inflation. If you are exchanging your bank account balances for physical Dollars or Euros, the decrease in your bank account offsets the increase in the cash you have under your mattress, but spending slows down and lending by banks dries up.

    The forces of deflation (required debt repayments, higher prices that inhibit economic activity, and fear that slows spending) seem to be overwhelming the attempt to revive economic activity with money expansion by the banks and by government borrowing and spending. Watch gold and silver to see if the prices break to new lows, which is what I expect, maybe even taking silver down to under $5 over the next 18 months.

    • Canadian

      @Sid Davis. Soooo how much are the bilderburgers or the illuminati paying to publish this counter intelligence? You are totally wrong and if you had a brain you could see it as plain as the nose on your face. Your garbage is not only wrong it disgusts me that you would be allowed to print it.

  • Gary2

    Michael–good article–and as hard as it is to believe Jamie Diamond is still on the board of the fed. What a joke.

    Greece needs to do an Argentina if I am understanding you correctly?

    • knightowl77

      They are reporting that your buddy BHO has almost a million dollars invested with JP Morgan…
      Prosecution of bankers and wall streeters is at a 20 year low….John Corzine is still walking around after losing $1.6 Billion in customer money, oh but he is Obama’s 2nd largest campaign bundler…

      Fast & Furious guns have killed hundreds in Mexico and at least 1 person here.

      The common theme, if you’re connected no one gets prosecuted…But I do hear that the FBI is going after George Zimmerman….

      Thank God! We’re saved! /sarc

      • xander cross

        Typical Racist. You prove that you’re an idiot every time, just like Ron Paul.

        • Ron Paul an idiot ? First Ive heard of it .

        • GaryToo

          Xander CROSS, exactly what is racist in knightowls post? Criticism of Obama? hes half white. Hes not allowed to flash lots of bling, because he is just as white as he is black. Is that it?

          Or george Zimmerman? He has a white name. Maybe he thought he could get away with murder with a jewish sounding last name. He looks like his name should be something like Jose Feliciano. So that didnt work in the end, Zimmerman should have murdered a palestinian teenager, that would have been ok, happens all the time.

          How is Ron Paul an Idiot? Hes a doctor, a congressan for decades, that takes brains. He has a huge following, especially with veterans, even though the media blackout coverage. Cant be too stupid. Or is it his color you dont like. Whos racist?

        • Chestertonian

          Actually, xander cross, there are far more incidents of violent racism BY blacks than there are by whites against blacks. Does your racism-detector fail to work when pointed at a person of color? The defense of self and neighborhood by Zimmerman has been followed by very many violent attacks on innocent whites. We will be forced to defend ourselves, and coalesce against these racist attacks. Whatever grievances blacks may have, they are being exaggerated and manipulated by socialist-thinking demagogues and media.

          • xander cross

            You are lying through your mouth and Zimmerman is defiently guilty and also, whites are not the majority and that is why many whites are lashing out against blacks because they know the end game is coming. Whites commit more crimes than blacks and FBI data and census data proves that. Whites commit more felonies than blacks, but the problem is that many whites do not get arrested for posession of crystal meth as blacks do for weed. History proves that whites are twice as much to commit crimes that include rape, child rape, murder, genocide, fiancial fraud, than any other race. That is why you are so quick to blame many of white people problems on hispanics and blacks. Such as “we want our country back” but you did not say this when Bush was president. I also stand by that knighowl77 is indeed a racist and he stated this several times, but I bet you did not know that he supports Mitt Romeny and that Ron Paul actually made deals with Romney during the campaign.

        • Master bob

          Why dont you and all of your TRAITOR dems leave this country.

          • Jeff

            Xandy, enlighten us all and tell us exactly where you find your skewed statistics.

          • GaryToo

            jeff, latest us cencus, 17% hispanic, 14% african american, white expected to be minority in 2042.

        • Canadian

          Ron Paul is the saviour of your country and you are too blind to see it. You really should get your facts straight before opeing your mouth and proving that you are an idiot that has been hornswoggled like the majority of the American people. Remember that twice Jefferson would not allow these banks to function in the USA. One of those denials cause the bloodiest and worst war of all time – the American Civil War. This explains the FEMA Camps and other goings on. You boys are in for one hell of a ride. I am soooo glad that I am Canadian. You really need to turn off the TV and start using the computer from all over the world for news. Not listening to ABC NBC and CNN will do your mind a world of good. They are bought & paid for and totally controlled by the people who brought you a mega Trillion Dollar Deficit. Wake up and smell the coffee already before World War III breaks out.

      • But hey, they’re suing state after state for trying to uphold federal laws or showing the least signs of independence! That white house is BUSY!

        • Canadian

          It is the bankers who are trying to take over the world. Check out Alan Watt on You Tube for a real education. He will tell you what is happening. You are not gonna like it. Guaranteed.

      • Rodster

        LOL ! 😆

        Besides the $1 million he has invested he’s now worth $10 million. Utter hypocrisy, see this is why liberals and socialist suck.

        They have no problem screwing up your life at your expense because they want no part of it. Like the scumbag Unions who received Obamacare vouchers. We’re told how great Obamacare is and Unions and other liberal special interest groups get vouchers.

        Gary2, if Romney wins and I hope he does can I pick out the puppies for your angry, venting pleasure? 🙂

        • Gary2

          latest fox news poll is Obama creaming Romney. Obama will beat Romney so bad it is not even a contest. Obama may be a disappointment to be sure but Romney is plain dumb and you can’t fix stupid.

          • Kevin2

            Romney in his GQ suit looks like Wall Streets friend (which he is) and hence unelectable. President Obama appears to be a man of the people (which he is not) while he is Wall Streets friend. President Obama is electable.

            Regardless who is elected they are Wall Streets friend. They can’t loose; only we can.

          • Rodster

            Which explains why you are beyond repair. 🙂

          • GaryToo

            you must be jealous of stupidity too since you are jealous of success and romney is successful.

          • GaryToo

            sorry i meant “we” not “you”

  • ken nohe

    If it was really as easy for Greece as your 1-2-3-4 points, why then would most Greek people want to stay in the Euro zone?

    The answer to that is rather easy: Greece does not have much industry and almost no natural resources. Getting out of the Euro will therefore bring no economic “boom” whatsoever. When Europe is “gone”, no banker in his own mind will come to Greece and all financing will be gone too. It will be back to “living within your means” which for Greece means misery. No wonder the Greeks are not very keen!

    • Jonathan

      It really is that easy… whether the people want it or not. It’s so easy, in fact, that it happens naturally, like water running down hill.

      But, I think it should be a 5 step plan… #4 would be… endure bloodshed and turmoil as people squabble for control of the new government. #5 would be, hope for a return to prosperity financed by loans from central bankers at the World Bank and IMF.

      • ken nohe

        20 years ago Greece was a poor country. The chance is that it once again will be a poor country. Not many Greeks in their own mind must be looking forward to that.

        But the chance that Greece will indeed exit the Euro is growing by the day and must be written on the wall by now. But it will most probably be ugly and the beginning of a rather frightening chain of events. We will soon see…

  • mark

    This is coming to the US. Sen. Tom Coburn says in two to five years we will go over the cliff. Who knows, it might be sooner if Obama is relected. Romney,if elected will give us more time as the business community will put more trust in him longer. When the panic starts it will be hard to control. In the end we will have to default to the countries that we owe debt to. They will not be very happy to lose so much wealth and they might go to war over the problem. All I can do is to prepare for the different problems that might come up. I already listed some of the food types we are stocking up on the other day. We are good on water as we have rights to a good year round creek, gravity fed springs to the house, two spring fed ponds with a million gals in them and a good well that produces over 30 gals a minute. It is nice to not have to worry about water. A short dam of three feet a little up stream and we can water our fields in a ditch. They used to be watered that way and the ditch is still there. I have about 200 yards of manure stocked up for the garden if needed and have expanded the garden in order to grow more food if needed. One thing I want to do this year is to set up an out door kitchen with a wood fired cook stove. That would be a good tool to have if needed. They can be had pretty cheap these days. I sure hope that most of you can see the writing on the wall and get prepared for some hard times. At least store up 6 months or more of food and some water.

  • Paul M

    Michael, do you think it is a good idea for people to take what they can out of their 401K in case the stock market crashes?



    • Michael


      I don’t give out specific financial advice like that.

      I would just encourage people to watch what is happening and to make the best decisions they can for themselves and for their families.


    • Jonathan

      How do you plan to take money out of your 401K?

      Quit your job? or hope that the collapse coincides with your retirement – as if that would make any difference anyway…

      • larsolfen

        Seriously? You withdraw it and pay taxes at the rate of 35-40%, it’s that easy. Better that than wait for the collapse and have nothing.

        • Jonathan

          Apparently, you must live under different rules than I do, larsolfen. In the US, you don’t just “withdraw” unless you quit your job, or have some sort of catastrophic life event. A 401K isn’t a savings account.

          • callmecordelia1

            Actually, you can. We withdrew all the money from our 401k several years ago to pay a debt. We decided to just withdraw instead of taking a loan against it. At the time it was stressful and sad to take all of our savings, but now I’m glad we did. No worries about the stock market (personally– I still worry for the country as a whole), we paid off our debts, and I have found better ways to invest my money. But anyway, my point is you CAN indeed take money out of your 401k. It’s your money. You will have to pay hefty taxes on it though, so be prepared.

      • The best case is to borrow against it to the maximum. The trap they got us into into a 401K is that they failed to point out,”oh by the way, you can’t even take your own money out unless you leave your current employer” As the wall streeters laugh in the back rooms!

        • Kevin2

          You can transfer some of your 401K into a traditional IRA and get to it from there.

    • Canadian

      Rich Dad/Poor Dad Author – Robert Kiyosaki, says you shouldn’t have a 401K at all. Thats right you should not have one at all. You need to spend the $20 it takes to start watching his live videos and learn how to avoid the upcoming devistation that is coming to the West.

  • mondobeyondo

    Private phone call from President Obama to Greek Prime Minister:

    “Hi, Mr. Prime Minister!
    Good morning! I’m fine. Weather is great! Michelle sends you her greetings.
    Sasha has a new boyfriend. Oh, about that financial crisis:
    Y’all gonna make me lose my mind
    Up in here… up in here…
    Y’all gonna make me act a fool
    Up in here… up in here…
    Y’all gonna make me lose my cool
    Up in here… up in here…”

    You can bet there are some sleepless nights in some high level government and banker offices.

    (Lyrics courtesy of the rap artist DMX)

    • whteshark

      Hilarious! Is Obama going to stand on the roof of the White House while he sings?

    • TX4Life

      Love it!



  • Pat

    Americans better learn from the lessons of Greece. All of Europe will go to a digital currency which will only work if everyone is required to register. that system will be tied to the medical and taxation systems. The plan is to implement that program in the U.S. after the population is subdued. Russian and Chinese troops are standing by to assist in this process under U.N. mandate.

    Problem, Reaction, Solution


  • Joe

    In response to the 12 year old: thang is, if the Canadian parliament is anything like the United States congress, they will just take the people’s wishes “into consideration” and just do whatever the hell they want, and pacify their constituants with earmarks. So much fraud and unbridaled greed in government I don’t think it can be fixed.

    • Canadian

      We Are Canadian and You are American. That is the difference. We have no problem voting an idiot out of office. Not like the Americans have done for the last 50 years. Every one of your preisdents for the last 50 years has been lead around by the bankers who want to control the world. Why did Haliburton make more money then ever while Cheney was in the oval office stopping intercept planes for 911? The only person in the world who could have stopped those planes, didn’t. Why? Because he and the Bush’s made gazillions of dollars cleaning up the mess. You really need to get current and accurate information. Stop watching ABC CNN and NBC. They are owned and controlled by the very people who are causing this rucus in the first place.

  • chiller

    Nicely said! Can you imagine the how much tourism would spike in Greece if they went back to their currency?
    ‘INVESTORS’ – People looking for something for nothing.

    • Mal R.

      “‘INVESTORS’ – People looking for something for nothing.”

      said the dolt that’s never loaned his own hard earned money to a business. Of course, with a complete lack of understanding like that you prolly don’t really have money to invest.

      • chiller

        Mal R….short for malicious retard I suppose…

        • Gary2

          Mal=Mal adjusted.. He means well, just grossly misinformed IMO

          • GaryToo

            cant we come up with a substantive reply? if this is the best we got he could call us gary shmarry as a brilliant counter.

      • chiller

        INVESTORS – those with no knowledge, skills or abilities other than to sit on their fat asses and prey on others not as diabolical as they are. Investors globally are being laid off an mass as their butt dwelling industry collapses around them. Once the collapse arrives, they will be of no use to anyone and become the most destitute beggars on the street, just like 1933. They will squat in their foreclosed houses, families screaming at them to go find work but again, they have nothing to contribute as society shuns them and their lack of ability to contribute. Suicide will be a welcome relief for many, as in 1933, and they will be doing society a favor, by ridding the country of the vermin who created the house of cards now collapsing around the globe. Good riddens to “investors”, the scourge of the earth.

    • GaryToo

      You have no idea. Lets assume you are talking about the stock market.small investors earn their hard earned and invest it in shares. or real estate. or business. That capital does not come from sitting on their butt. If you mean big wall street typre investment bankers I agree with you. Problem is they are the ones who manipulate the market. they ninflate bit and then pull the rug then buy it all back for next to nothing. but this time is the last go-round. The bible says rust and moth have eaten their ill gotten gold. well not literally, but it will be worthless just the same.

      • Canadian

        Wall street has perverted investing to what we see now. Real investing will return a profit and is the basis of American philosophy. Capitalism is the aim and the bankers who control Wall Street also control the market so that they win every time. If they cant win then they will change the rules to make sure that they come out on top and mr average investor loses.

  • Airborne 71

    I dis agree ! Europe has poured Billions of euros down the Greek debt hole and what have they got in return ? MORE Greek debt ! Tell Greece buh-buy and be done with it . This should be a warning those in Washington this is what happens when you go on a spending spree but this lesson will be lost on those brain dead people . Moral of this story : You can’t make a silk purse out of a sows ear !

    • Canadian

      Take down the various houses of Rothchild and you will see a major difference in European finance. The bankers are making the rules and then changing them to suit their desire of ruling the world. The New World Order.

  • Airborne 71

    OOPS !! Forgot to add this : Bank runs in Europe have been reported since the Beginning of the year in January So this is not Great News. Many here in the USA are getting out of the Stock Markets and cashing in 401Ks and retirement plans, Refusing to buy bonds and hoarding Gold and Silver . So its not just Europe thats beginning to look over its sholder we are here in the USA as well.

  • pete

    How is it that the sollution for Greece can be to give the central bank the finger (default) and it simply can’t be done here?

    Why do the children and future generations of Greece escape slavery but ALL future generations of Americans are subject to permanent debt slavery?

    I think that it is time to give ALL central banks the finger worldwide…not just Greece.

  • Mouser


    ‘The truth is that Greece could solve their current financial problems in four easy steps. They would have to be willing to stick it to the rest of Europe and to risk being blackballed by the international community, but it could be done.

    The following is the prescription for Greece:

    1) Default on all debts.

    2) Leave the euro.

    3) Issue drachmas that are debt-free and that do not come from a central bank. Instead, have the Greek government create them and spend them directly into circulation.

    4) Enjoy a return to prosperity.’

    Exactly as Iceland did, as USA and EVERY OTHER COUNTRY on earth should/must do.

    Central banking is a ************** ponzi scheme enslaving all people in all countries in perpetual debt.

    • Canadian

      Central Banking was invented by the House of Rothchild and is absolutely as you describe. They are the purveyors of the New World Order that I want nothing to do with. David Rockefeller is the man in control in USA. Who funds abortion clinics and who donated the land for the UN buildings in New York? None other than your number one nemesis David Rockefeller and the various Rockefeller foundations. Who has said publicly that he would like to see a one world government. This is the aim and If you like to be American Free you had best start tinking and learning where your bad news is coming from.

  • DAS

    Take the time to watch The 12 year old girl. Its worth it.

  • Rick

    In this article you layed out your plan as to what Greece should do. Would you lay out a plan for the U.S. please.

    • Canadian

      I have a plan. Get rid of the European Rothchild banking cartel. Break up world monopolies and mega structure businesses. Take David Rockefeller to court for crimes against humanity. Elect Ron Paul and hire Jesse Ventura and Alex Jones as his advisors.
      You guys are in sooo much trouble! the bankers want WWIII so that they can control the world and reduce the population to under 500M. (Georgia Guide stones). You really need to wake up and see it coming down the barrel of the gun pointed at you.

  • Bone Idle
  • Evie

    The global elite do not want anyone to leave their currency. Some have to be debt slaves to support the elite. They say their agenda is best for us all. People are seeing lots of pain without gain.

  • Cinderella Man

    Honestly I hope the Greeks will leave the Euro and tell the IMF and the rest of the EU to go have intercourse with themselves. Poor little Greece is stuck between a rock and a hard place and they have to leave the EU in order to save themselves. Of course this plan is fraught with danger, and Germany just might get pissed off enough to invade them and take back their loans with force, but that seems unlikely. I think the NWO wants a catastophic collapse to bring us all into a single world currency, a single world govt that will love and care for us all. LOL you see it starting with Barry destroying our national sovergeinty by letting foregin troops into America, letting the Chins buy up our land and oil and letting Mexico take back the southwest. The board is set and the pieces are moving, whats our next move? The smart ones on here already know that anwser!

    • Victor

      **************, who left the lid off the can of kooks again?

      • Canadian

        Alan Watt on You Tube
        Jesse Ventura on you Tube
        Alex Jones on You Tube
        Eustace Mullins on the internet and You Tube
        David Icke on You Tube
        Turn off survivor, CNN, ABC and NBC for a night and get some real information. You are a ditzburger and the root of the problem.
        There are none so blind as those who will not see.

  • Giuseppe


    really excellent article! My compliments!
    Astonishing speach of the 12 year-old Canadian girl!
    She has fully understood the world hoax of the banking system and the money as debt!
    It is so simple but, at the same time, so difficult to explain to people. Let’s forget about corrupted politicians.

    “Politicians are the waiters of bankers” – Ezra Pound

    All the best

    • Michael

      Yes, wasn’t that speech by that little girl incredible?


      • B

        A state controlled bank is communism.

        • xander cross

          They don’t teach that in libertarian schools. They don’t want you to know that.

        • mondobeyondo

          Could be fascism too. Don’t know. Hard to tell until it happens.

    • B

      It’s a sad day when grown ups treat a 12 year old girl as an authority. It’s a rebellious culture that wants to do whatever it WANTS and spend, spend, spend their way out of the consequences until everyone is broke. It’s a marxist trap and people need to WAKE UP!

  • Syrin

    Sorry, but what is out lined above is NOT the formula for prosperity. It’s the formula for transiently escaping this debt crisis so they can create another. The problem is the inflation is going to be of Zimbabawe level. Plus, when they default and start printing their own money, they will go back to the same failed liberal policies that put them in this situation. They NEED “austerity” programs. What’s so Orwellian about this whole affair is that “austerity” now means no longer paying people $100,000+ per year who retire at 50, not paying people to not work, and living within a limited budget. It’s INSANITY! The whole HISTORY of the earth shows us that those nations that were the most prosperous had SMALL gov’ts and allowed for personal liberty and secured property rights with a STRONG currency. Want prosperity? Here’s the formula. Small gov’t meaning NO bigger than 15% of GDP EVER! Put it into law. Low taxes, secured property rights, and a strong currency. The first nation to pull their head from their *** and actually implements this will have an influx of business and capital like they’ve never seen and will indeed become prosperous.

  • whteshark

    No place left to put your money but under the mattress.

  • Jodi

    Michael: Another great article! What do you recommend that we do with our money? We do invest in food…do you recommend gold? What can I do?

    • Michael


      U.S. banks are not under any immediate threat, and it is important to have at least 6 months of money stored up in case you lose your job or your business.

      But if people have money in European banks they should be evaluating what they want to do.


  • Work.Buy.Consume.Die.

    As an experiment, I recently asked several people what they thought about the issues facing Greece, Europe, etc.. Here is how they responded: “I didn’t know that”; “I gotta go”; “They get what they deserve”; “I have my own problems”; “Glad it’s over there and not here”; “Europe always has issues”; “Happy I’m American”; “I used to know where Germany was”; “Won’t you be relieved when it all returns to normal; And the mother of it all: “That’s what you get when you have a Black President”…._

  • Diane C

    Great information and great video! Is it time for us to start taking out our money from the banks? I sure would like to but don’t know if it is the right thing to do. Getting ready to retire next year and worry about all of my retirement.

    I hope that the general public is waking up to what our “government” is doing to this country and all other countries. That’s what happens when people get into power. Evil takes over!

  • patriot alice

    The Greeks want to leave the Euro, it’s The Euro that doesn’t want Greece to leave…..Imagine that…A tiny defaulted country has Europe especially the Germans, on the knees begging them not to leave…We should hire those Greeks to negotiate our 16 trillion dollar debt in the USA….The tail is not only wagging the dog, it is whipping the dog to death…

  • Rancher

    OK… So what needs to happen to drive up the price of Gold to 2K an ounce again? I do not have a dog in the Greek dog fight or the euro dog fight. I live in the USA and am only trying to survive here at this point.

    Can we try to spin all this back towards the readers here in the USA and how it will hit us so we can attempt to side step it and even profit from it. For every winner in a poker game many others must forfeit their chips.

    Let us focus on winning here and not about what some losers overseas are doing to themselves. Bring it all the way back across the pond and what it will do here. This is where the vast majority of your readers are. Not in Greece. Please be specific as well.

    • Victor

      “Some losers overseas”?

      I bet Icelanders were thinking the same thing about the housing crash in the US which ended up crashing the Icelandic economy.

      Like it or not, the world economy is interconnected and complex. If you can’t understand that, leave it to the adults.

  • Rodster

    Bank governor warns of eurozone crisis ‘storm’

  • knightowl77

    Just get on with it already….we can’t rebuild it while the engine is still running, so it must grind to a halt and hopefully soon! Please….

    May it be as painless as possible, but as quickly as we can…

    • xander cross

      Be careful what you ask for. Typical Racist

      • brent

        That’s rayciss

      • GaryToo

        I dont get anything being racist in that post. Oh I get it, by pointing the racist finger around you can talk nonsense and nobody will point it out in case they are called a racist.

        • xander cross

          No garyto. He really is a racist.

        • Jeff

          relax, that’s Xandy’s only angle on life. pretty sad really.

      • Trying to understand the “typical rasict” part of your reply. I must be missing a post

        • Jonathan

          You must not be tuned into the world of cultural Marxism, Silver Eagle.

          “Racism” in this context means any criticism of the glorious leader of the left that seems to be “reactionary” in nature.

          In the broader context, “Racist” means anything that is NOT favorable to, or characteristic of, the New World Order.

        • xander cross

          He made serval posts months ago against Obama and attacking the presidents race and africans in general. So, that is why I type “typical racist” to knightowl77

          • Gary2

            Xander–I have said repeatedly that the vast majority (90+%) (not all) of conservatives/republicans are racist. They use the coded “dog whistle” language like calling Obama the best food stamp president, saying poor black kids should be janitors at their school, etc etc. They will try to deny but just because the republicans say they are not racist does not mean they really are not racist.

            Look at all their policies–none are designed to help the poor get ahead, just to tilt the field in favor of the rich and to funnel wealth to the rich.

  • fatusblobus

    Excellent article, apart from this line:

    “In our world today, there is far more debt than there is money.” which appears to be a contradiction, since all money is debt in our world today.

  • Washington
  • Martin

    Commie governments in EE had all the powers to print money to feed local economies and pay no interest.
    All, what they produced was massive inflation and eventually economic collapse.

    So this is not an alternative to corrupt central banking system, only just another way for the system to die.

    There is no solution to current mess other than one which will simply allow unsustainable Western civilization, its economic model and a set of values to die out.
    Our economic model relies on growth to work.
    And unlimited growth in physically constrained world is impossible.

    • Victor

      “…unlimited growth in physically constrained world is impossible.”

      Very nicely said.

  • Rodster

    And if people think Greece is NOT in our future, then this is for you !

    ‘U.S. Spends More Per Person than Portugal, Italy, Greece, or Spain’

    “According to the chart, the U.S. spends $20,000 per person, while Italy spends $16,900, Spain $13,100, Greece $12,500, and Portugal $10,200.

    These dollar amounts “Includes spending from federal, state, and local government,” according to a note on the chart. “2011 general government expenditures per person, in nominal U.S. dollars.”

    The chart is based on numbers from the World Economic Outlook produced by the International Monetary Fund.”

    • Michael


      You always point out some really excellent articles.



    • Kevin2


      Does the US spending include our military budget?

    • Canadian

      If these reports are produced by the IMF then they are suspect for no other reason than the source.
      The IMF is the bankers tool to take control of the world.
      We need to take down the house of Rothchild, and the Rockefellers in USA the Desmarais in Canada and the Sarkozys in France. They are the cause of all these problems. The Illuminati and the Bilderburgers are under the direct control of the group of seven who are these people. They all need to be taken to court and charged with their millions of crimes against humanity. Including the American Civil War and the Nazi’s.

  • mihai

    The question is if there will still be a euro or it will have any value if

  • Mark

    There is absolutely no reason for Greece to leave the Euro, even if the country defaults. The more likely scenario if Greece defaults is that Germany will finally accept the introduction Eurobunds, and Europe will be fine for a couple of years.

    If not …

    – There is nothing that force Greece to leave the Euro. It’s simply not in the treaty laws.

    – There is nothing that can stop Greece from simply printing billions of its official currency … THE EURO !

    The money circulation is not controlled by the ECB but by member state national banks, so if Greece wants to print billions of Euro’s to spread around its population to kick start the economy … other than a military invasion, nothing will stop Greece.

    It can only benefit from such a move.

    – If there is Euro inflation, that will make paying off its debt cheaper.

    – It will eventually bring in new taxes and new jobs.

    – It would make politicians in favor for it very popular.

    – It would be a way to get even with Germany who would have to lessen its money flow to compensate for Greece’s additional money flow.

    – Since all paper Euro money from all the EU member countries is the same print, that extra money will be valid all over Europe, even if other countries don’t approve of the printing of it.

    Greece can only win, well, considering the situation they are in right now, this option certainly beats switching over to the Drachma.

    • Tom

      Very good points, Mark. That is what I expect the Greeks doing when SHTF. Several states like Spain and Italy will follow on this path soon. Inflation rates between 10 and 20% are likely all over the Euro zone.

  • Rodster

    If things aren’t getting worse for Greece, there’s this:

    “ECB stops operations with some Greek banks”

    “The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalized”

  • Evie

    I have believed money has been flat since 2001. That is why americans were coaxed into debt at this time. The only money being made in the market is based on cellphones & broadband. Now when a ceo gets fired or retail goes bankrupt the stock goes up? Makes no normal sense. Too many people believed the gov. And corporations were out to help us. How long will the debt be traded before collapse. It looks like a run on anything leads to collapse.

  • mondobeyondo

    That 12 year old girl should run for President.
    Not someday. Right now.

  • Rtype

    We have studied and prepared for “collapse” for a while now but one should know that as in the days of Noah were so shall the coming of the son of man be. This means that when he comes humanity will be in an apathetic state of denial. Life will be going on in relative normalcy and then all of a sudden something that this world has never seen will happen. A cataclysmic economic collapse is definitely on the horizon, it is called the debt bubble. It is postponed by the elite through their deceptive tricks and games that they use continuously to retain their power. We, as a world society, are overdue for a cyclical change; a new paradigm of economics, technology, currency, morality, spirituality, religion & politics. The Rapture (something this world has never seen before) will happen and force the unbelieving world into this new paradigm as God will not allow the world system to ultimately have control over his church. It is noble to prepare for the collapse but the preparation for the return of Christ is far better. People get ready!

    • Mark

      Dream on … the is nothing like a god.

  • mondobeyondo

    Hold on, here’s a dispatch from a retired Jedi knight…

    “Wise beyond her year young Victoria is. For the age of 12 Earth years, she is strong and valiant. May she grow in the ways of truth, righteousness and justice. Yoda”

    • mondobeyondo

      P.S. I’ll give her my old light saber for her 13th birthday. I’m getting too old for this anyway… hehe. Saving the world is very hard work.

  • Thanks for this read Mr Snyder. I had my suspicions that your blog might be part of the doom and gloom fear mongering machine to keep people locked in fear, but articles like this make me change that opinion.

    Correct me if I am wrong but didn’t Iceland basically do what you outlined as a plan for Greece? In Iceland they turfed the globalists, set up a new government and financial system, sans violence and rioting. And the MSM did not report anything about it. Quelle surprise!!

    Thanks again.

    • Canadian

      Denmark also let the banks fail. Hoorah for them. That is what they deserve. never too big to fail.

  • Kelby

    Poor Greece is going down the toilet!! For all we know, there’s not a chance in hell that the four steps will ever be followed! Those people need to get out of there!! I would!!

  • Bongstar

    ultra short EUO ETF.

  • Gary2

    one good thing about being near poor is that I rarely have money in the bank so if there is a bank run whatever.

    All else being equal I would rather be rich and pay high taxes as that would mean I do not need to worry about not being able to pay for a car repair or any bills that I always pay late. Sucks to be poor!

    • GaryToo

      dont dream do it, and dont make excuses about why u cant. many millionaires have taken risks gone bust and started over. More than once, many people have lost a job many more times.

      But yes if greeks and other euros still have money to withdraw in a run, they are not that poor. And it doesnt matter where or how anyone wants to hide it, it will all be worthless if u cant eat it.

    • Mal R.

      Apparently your momma never told you to get off your a$$ and make something of yourself. That’s the beauty of America, you go as far as YOU want to go. If you’re poor, it’s your own damned fault. And yet you pine for a caste system that will ensure you and yours will NEVER go beyond where you are now.

      • Gary2

        ok herman cain.

        • GaryToo

          herman caine isnt more successful than us is he? He doesnt cry and quit does he? Never heard of him so he must be a loser nobody.

      • Gary2

        yep–its my fault wall street crashed the economy and destroyed many peoples jobs. Yep, guilty as charged. I am so glad you cleared that one up for me.

    • Canadian

      Look up Rich Dad Poor Dad on the internet. Spend the $20 bucks it takes to watch a video or two and learn where the bankers are leading us all astray. There is no need to be poor in America or anywhere else in the world even today. There is a gold mine around every corner if you only want to believe it and search out the answers. Robert kiyosaki has the answers.

  • Rodster
  • Kevin2


    Like the US Federal Reserve the European Central Bank issues the Euros. They may be printed in member states but only under the approval of the Central Bank.

    Like here the bankers control the money supply and as was once said, “Care not who writes the laws”.

    • Mark

      Sorry, not true. It’s clearly stated in the Maastricht Treaty that National Banks are in control of the money supply, though in coordination with the ECB.

      But the ECB can not stop a National Bank from printing Euro’s.

  • B

    A state controlled bank is worse, i.e. communism.

  • Graham


    Can you take a look into this and perhaps “promote” you own version of the events in a future article? Many “alternative” media sites are covering the situation. Perhaps this is what America and numerous other countries need to do. Albeit, you are comparing the actions of 300,000 citizens as against millions in other regions..

    Icelandic Anger Brings Debt Forgiveness in Best Recovery Story:-

    You may also want to check out the war crimes tribunal outcome against Bush, Cheney, Rumsfeld and others. The key now is to have the findings taken up by the ICC, UN and other national courts. A previous trial took place in November 2011, which also found “Teflon Tony” (Blair) guilty.

    Bush & Associates Found Guilty of Torture:-

  • McKinley Morganfield


    Once the panic starts events will unfold so fast that even you will find it difficult to keep up with the changing, subtle nature of this phenomena. I truly respect your abilities but this situation will require super abilities to stay a pace. Good luck and I look forward to reading your articles on the beginning of the Greatest Depression.

    • Michael

      Things certainly are moving very quickly now.

      I will do my best to try to keep up. 🙂


  • Lewis Spring

    Greese and Italy and the entire world should follow the lead of little Iceland, repudiate the debt and arrest the bankers. The world is about to wake up, and that is bad news for the Reprobates in charge.

    This is all foretold in the book of Habakkuk. Those who have grown rich by usury and fraud will become the victims of those they have abused. A new monetary system, with each nation having its own currency, a Jubilee, and reparation payments from the current owners of the worlds private central banks, will be the result of the debtors revolt that Habakkuk speaks of.

    Read it for yourself.

  • Kevin2

    Prosecution of Wall Street crime has declined and actions that are highly unethical are now if not legal at least in the grey zone since the demise of Glass-Steagall in 1999. Any regulations imposed since 1999 are essentially hollow and only exist for public consumption. It looks like the corporate financial sharks smell blood and are in a winner take all mode. I get the feel that there is a collective sense of if not outright doom at least extreme difficulty ahead for a very long time.

    Teddy Roosevelt said, “An uneducated man robs a train and an educated man steals the railroad”.

  • jimbluenose

    the fact is our jobs have been going to china since the eighties and we have allowed it to happen. we have been using debt as income for 30 years and fooling ourselves.greece now makes nothing to export, even its shipyards are ghost towns,it doesnt even grow enough to feed itself. no-one will lend to a new currency, since it will have defaulted, so all i can see is anarchy. it has the biggest army in europe so what will those troops do with their guns when they are not being paid or fed?
    what is true for greece is true for every country in europe and the usa.debt as income, whereby cutting each others hair or stacking supermarket shelves substitutes for earning a real living. build relationships with family and friends,spend next to nothing(there will be something you can do with your money before it collapses),and prepare for food riots.above all else think for youself.

    • Victor

      Greece has the biggest army in Europe? How did you come up with a whopper like that? Greece has one of the highest military spending PER CAPITA in Europe, but it’s also a very small nation. The active Greek army is half the size of the French army, for example.

  • grosp

    Yes, this is the future of Europa and probably outside Europe as well.In Spain many people also withdrew their money.

    But where is your money safe these days?

    Is this a prelude of more ominous things to come?

    Will, after tremendous chaos, a new worldwide economic system emerge under a one world Government/dictatorship? It most likely will and according to the Holy Bible a new economic system will be implemented in which no one will be able to buy or sell without a (high tech) Mark on(in) their right hand or forehead. Read Revelation (new Testament) 13:16-18.

    Those who take the mark and comply to this 666 system will be able to buy and sell (for a little while) but will be eternally lost and those who refuse the mark will not be able to buy or sell and will in the end be beheaded by this worldsystem/dictator.

    What choice are you going to make?

  • Kelby

    Btw, Michael, if anybody tries to start a business these days, how are they supposed to get around all those business regulations, taxes, liabilities, licenses and healthcare and stuff??? Or is there some kind of loophole?

    • Michael

      The key is to stay as lean as possible.


  • Mark

    Here are the country codes that shows where an Euro note was printed.

  • Washington

    Jul 7, 2010

    Experts say the modern American empire has been built on military might. “The US defense budget is almost 50 percent of global military expenditures,” said Professor Michel Chossudovsky, director of Centre for Research on Globalisation in Toronto, Canada. Its spending overshadows all other countries in the world combined. Buying the most advanced weapons systems that are “unequaled” according to analysts, making the US a super power unrivaled in its ingenuity. It’s an imperial project with an economic agenda. “Imposing a colonial currency has always been an objective of the empire,” said Chossudovsky. “What is sustaining the dollar is US military might.” And America has a hidden agenda to make the Pentagon budget so expensive that no one else can compete. It is made up of more than $700 billion a year and nearly 70 percent of American’s income taxes. Just a small fraction of that money would go far in a neighborhood like Washington DC’s poorest, Ward 8. There houses sit dilapidated with windows are boarded up and the doors filled with cinder blocks. One in two children are living in poverty and one in every four adults has no job. “Well I can see where there’s a lack of everything going around, especially the food and money problems,” said Malcolm Franklin, a resident of the neighborhood.

  • Sinbad

    Sorry, but the people will never ever wake up period! Yes the awakened ones will amass some of the sheep to fight against localised issues and will score some victories there, but unfortunately the parasite will never be defeated and will stop at nothing until the host (the human race) is by all accounts dead.

  • No you dont convert to another currency, that would be a poor second choice. you convert to physical gold and Silver and you hide it close to you.

  • bubba

    Having known all this for about twice as many years as this girl is alive, I feel a tremendous sense of relief. It used to be I was considered an “alien” when I made mention of this. Now, even kids know about it.

  • CommonCents

    Victoria Grant has more common sense then Wall Street, the Federal Reserve and our government combined!

  • old soldier

    A Question. If there is a run, a major run on Italian and Spanish banks, and it spreads to the other euro holding nations, does this mean it will spread soon to the U.S??? I’m not an economist nor do I understand the complexities of the banking system, but I DO know what could happen to my money in the bank. So I am concerned, very concerned, and need the information. ONe reason is my grandfather lost 90 cents on the dollar in ’29.

  • andrewleiner

    x The Euro is doing what it was designed to do, collapse. Why? Because it was only meant to be a step toward a One World Money used to create a One World Government which will be used to form what Satan has been working toward for all these thousands of years, a One World Religion. Satan will be worshiped as the number one god and the AntiChrist will be worshiped as Satan’s Sith Lord. When will the Euro collapse? When Satan’s lap dogs are told by him to pull the plug and not one day sooner. I have been waiting for this for 39 years and change. And now it is here. Forty years ago I would do my doomsaying and the people would wag their heads and poopoo me. Now, things have changed. Many nod and many are becoming Preppers.

  • derry

    remember this girls dad works in finance and taught her all these big words and she memorized it.
    I do believe a lot of what she says though!

  • Hibernian

    So a child will say what relevant adults won’t.
    So what !
    There isn’t a person around to stop these creatures but many helping them.
    They own the money , governments , religions , have their own armies (yours actually) and everything else by virtue of that.
    There is no opposition apart from shills like Sovereign Independent.
    So get mad with your keyboard , it’s already over.

  • Brian

    There is a simple answer to all of this, government default. People say, “well, then you the government won’t be able to borrow”, I say that’s the point. It is a firewall to make sure this can not happen again (at least in my lifetime). The United States can afford a $2.5-$3.0 trillion government. The fact that we can’t afford a $3.5-$4.0 trillion government is not something to cry over. It’s like whining because you can only afford a BMW and not a Bentley. We need to make our government work within $2.5-$3 trillion. It will require cuts, but nothing like on the order of what Greece is going through.

    The alternative that they are going to try to sell to default and spending cuts are tax increases and other “austerity measures”. The ridiculousness of this is that it puts the pain back on the middle class. The middle class are only marginally responsible for where we are. If the government defaults and makes cuts, there will be some pain felt in the private sector and middle class as government spending does eventually make its way into the economy, but over time, there will be more opportunities for business as government gives way and capital will be used more efficiently.

    You have to be blind not to put 2×2 together over the past 20 years and see a massive increase in government spending is choking the private sector. The government is taking up capital and taxing the hell out of anything that’s left. They are then dictating that it be used to build schools ($500 billion spent over the last 20 years in education almost all of it to build schools), give mortgage loans to people who won’t be able to pay them, and other genius uses. None of it truly qualifies as “investment” or has a multiplier effect like the private sector.

    In the long-run, the other challenge the U.S. still is not confronting is population decline. We are on the cusp of it. Our birth rate is below replacement rate as is Mexico’s, which means we can’t plug the hole through immigration. We are 20-30 years away from having bright, shiny new school buildings that are half full. Of seeing a real, permanent depression in home prices due to supply far outstripping demand. Until demographics reverse themselves (which will likely require sustained economic growth), we need to be continually reducing the size of government.

    This is the polar opposite of the paradigm being pursued by half this country which is, hey, we can keep growing government. In 1913 when the income tax was rolled out, they needed only a top marginal rate of 7% to fund the government. Now, with many more people, much more wealth, they need a top rate of 35%. That is insane. Yes, selective deductions and credits are a part of it, but that means that government has expanded at a rate of 4-5x the wealth and population of the fastest growing economy on the planet over the last 100 years.

    We have continually invented schemes and ways to generate artificial wealth. We took things like housing that were returning a stable 2-4% a year and inflated a bubble. We pumped up the stock market with the tech bubble and I believe are still inflating it now when you look at returns relative to real earnings growth and P/E ratios.

    While doing this, we have put in place policies that hamper the real engines of growth. We are aborting babies, contracepting, becoming more self-centered and restricting a population that was not on track to deplete the Earth’s resources by any stretch, but it was our engine of growth. We have, over the last 100 years, brought a great nation to a halt and it is a fair question whether we can get it going again or will go the way of the Romans.

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