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The Collapse Of Italy’s Banks Threatens To Plunge The European Financial System Into Chaos

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Italy Flag Map - Public DomainThe Italian banking system is a “leaning tower” that truly could completely collapse at literally any moment.  And as Italy’s banks begin to go down like dominoes, it is going to set off financial panic all over Europe unlike anything we have ever seen before.  I wrote about the troubles in Italy back in January, but since that time the crisis has escalated.  At this point, Italian banking stocks have declined a whopping 28 percent since the beginning of 2016, and when you look at some of the biggest Italian banks the numbers become even more frightening.  On Monday, shares of Monte dei Paschi were down 4.7 percent, and they have now plummeted 56 percent since the start of the year.  Shares of Carige were down 8 percent, and they have now plunged a total of 58 percent since the start of the year.  This is what a financial crisis looks like, and just like we are seeing in South America, the problems in Italy appear to be significantly accelerating.

So what makes Italy so important?

Well, we all saw how difficult it was for the rest of Europe to come up with a plan to rescue Greece.  But Greece is relatively small – they only have the 44th largest economy in the world.

The Italian economy is far larger.  Italy has the 8th largest economy in the world, and their government debt to GDP ratio is currently sitting at about 132 percent.

There is no way that Europe has the resources or the ability to handle a full meltdown of the Italian financial system.  Unfortunately, that is precisely what is happening.  Italian banks are absolutely drowning in non-performing loans, and as Jeffrey Moore has noted, this potentially represents “the greatest threat to the world’s already burdened financial system”…

Shares of Italy’s largest financial institutions have plummeted in the opening months of 2016 as piles of bad debt on their balance sheets become too high to ignore.  Amid all of the risks facing EU members in 2016, the risk of contagion from Italy’s troubled banks poses the greatest threat to the world’s already burdened financial system.

At the core of the issue is the concerning level of Non-Performing Loans (NPL’s) on banks’ books, with estimates ranging from 17% to 21% of total lending.  This amounts to approximately €200 billion of NPL’s, or 12% of Italy’s GDP.  Moreover, in some cases, bad loans make up an alarming 30% of individual banks’ balance sheets.

Things have already gotten so bad that the European Central Bank is now monitoring liquidity levels at Monte dei Paschi and Carige on a daily basis.  The following comes from Reuters

The European Central Bank is checking liquidity levels at a number of Italian banks, including Banca Carige and Monte dei Paschi di Siena , on a daily basis, two sources close to the matter said on Monday.

Italian banking shares have fallen sharply since the start of the year amid market concerns about some 360 billion euros of bad loans on their books and weak capital levels.

The ECB has been putting pressure on several Italian banks to improve their capital position. The regulator can decide to monitor liquidity levels at any bank it supervises on a weekly or daily basis if it has any concern about deposits or funding.

 

A run on the big Italian banks has already begun.  Italians have already been quietly pulling billions of euros out of the banking system, and if these banks continue to crumble this “stealth run” could quickly become a stampede.

And of course panic in Italy would quickly spread to other financially troubled members of the eurozone such as Spain, Portugal, Greece and France.  Here is some additional analysis from Jeffrey Moore

A deteriorating financial crisis in Italy could risk repercussions across the EU exponentially greater than those spurred by Greece.  The ripple effects of market turmoil and the potential for dangerous precedents being set by EU authorities in panicked response to that turmoil, could ignite yet more latent financial vulnerabilities in fragile EU members such as Spain and Portugal.

Unfortunately, most Americans are completely blinded to what is going on in the rest of the world because stocks in the U.S. have had a really good run for the past couple of weeks.  Headlines are declaring that the risk of a new recession “has passed” and that the crisis “is over”.  Meanwhile, South America is plunging into a full-blown depression, the Italian banking system is melting down, global manufacturing numbers are the worst that we have seen since the last recession, and global trade is absolutely imploding.

Other than that, things are pretty good.

Seriously, it is absolutely critical that we don’t allow ourselves to be fooled by every little wave of momentum in the stock market.

It is a fact that sales and profits for U.S. corporations are declining.  This is a trend that began all the way back in mid-2014 and that has accelerated during the early stages of 2016.  The following comes from Wolf Richter

Total US business sales – not just sales by S&P 500 companies but also sales by small caps and all other businesses, even those that are not publicly traded – peaked in July 2014 at $1.365 trillion, according to the Census Bureau. By December 2015, total business sales were down 4.6% from that peak. A bad 18 months for sales! They’re back where they’d first been in January 2013!

Sales by S&P 500 companies dropped 3.8% in 2015, according to FactSet, the worst year since the Financial Crisis.

I know that a lot of people have been eagerly anticipating a complete and total global economic collapse for a long time, and many of them just want to “get it over with”.

Well, the truth is that nobody should want to see what is coming.  Personally, I rejoice for every extra day, week or month we are given.  Every extra day is another day to prepare, and every extra day is another day to enjoy the extremely comfortable standard of living that our debt-fueled prosperity has produced for us.

Most Americans have absolutely no idea how spoiled we really are.  Even just fifty years ago, life was so much harder in this country.  If we had to go back and live the way that Americans did 100 or 150 years ago, there are very few of us that would be able to successfully do that.

So enjoy the remaining days of debt-fueled prosperity while you still can, because great change is coming, and it is going to be extremely bitter for most of the population.

  • GSOB

    When the Petrodollar ends we will see ‘the’ collapse in the US.

    • sistersoldier

      Because oil is priced using the USD right?

    • REALIST

      No. The US won’t collapse. Only the people will suffer, and they don’t count.

  • http://www.facebook.com/jack.harper.520562 Jack Harper

    Nothing critical ever seems to happen.
    It just goes on & on & & on averted or discharged to some later date.

    • RTL89

      Here in Canada it is absolutely atrocious. Our manufacturing was wiped out in 2007/2008, and just this last 6-12 months we’ve lost a huge source of high-paying jobs via the energy sector implosion. People in their 30’s are moving back in with their parents. But you’d be surprised how people walk around acting like nothing is wrong or unusual.

      • Yawn

        as long as the text machine works,,,all else is expendable

      • Canuckistan

        Canada just replaced one chicken hawk with another chicken hawk… Steven Harper was a chicken hawk that let unrestricted immigration and drug smuggling to run rampant in the Dominion of Canada while having the antagonistic posture against Russia…

        Gay boy chicken hawk Turdeau was handed down his yarmulke the same way divine monosyllable Dave Cameron got his, by looking the other way during the pedophile scandals and fúcking the dead kosher pig.

        Le juive occupé gouvernement français a mis Jean-Marie Le Pen en prison pour avoir critiqué l’islam! La liberté d’expression en France? Taureau-merde!

        Le satanisme est un juive cile.

    • Orac4Prez

      You mean as much as he pays to his own image! His mirror must almost be worn out!

    • Edwin

      Agree 100%. It just goes on and on and on and on.
      Critical? Deutche bank? Nothing happened. Was a story , then page turned quickly to another day.
      Been like this for long time. Italy banks will be a non strory in 2 weeks. Good day to all. Thank you Michael,for your articles.
      My comment is not negative to you

      • REALIST

        Thank God for paper notes

    • REALIST

      As long as we NEVER use money as money, it can go on and on.

  • bye bye

    It’ll happen here soon enough. It’s not even profitable to pay for college anymore and not many jobs with all that student loan debt, just one issue. I’ve been away from all this political and economic news now for about 5 months. Just checking in. Meanwhile, my level of peace and serenity has increased as a result of my newly made commitment to serve God and actually do what the bible says and not just hear or read it. Challenging to say the least,but very fulfilling and blessed. Good luck world without Christ. I’m doing my part locally to help others giving and sharing the Gospel in word and deed. No ones perfect and I can only handle so much. I’m done with all this. The only one news headline I want to see is Jesus was seen in the sky today and a bunch of people disappeared. Back to my “cave.”

    • ALWAYSTOMORROW

      You do realize if you are reading the headline you will not be one of the people that disappeared.

      • durango

        The ones that are left behind are the ones that are saved.

        • Richard O. Mann

          Adventist?

          • durango

            No, I just read what those who study these things say.

    • James Dohnalek

      I would kindly say, college Ed does give one an advantage over those who have no higher Ed. One thing I have learned; MUST KEEP LEARNING UNTIL THE LAST HEART BEATS IN YOUR CHEST. Good luck my friend.

    • REALIST

      I just drink, easy.

    • jox

      Sorry, you won’t see that news headline. Jesus wont come. It’s a financial crisis created by humans, God has nothing to do.

      • Lavender Royal

        oh yea?

    • James King

      You’ll be in your cave for a long time. The Rapture seems to be many more years away

    • Lavender Royal

      good idea

  • Resolute

    I hope I have the presence of mind that when the rapture does happen, not to look back at earth . A great, big spinning ball of corruption .
    Good riddance, planet earth .

  • ALWAYSTOMORROW

    All of this bad news kind of makes me feel guilty about going to pick up a new 2016 Charger RT tomorrow. Not having to finance it really makes me feel bad. Maybe going out for a nice dinner with my wife will squash the guilt feeling. :-)

    • rentslave

      I can buy new cars cash,but houses are out of sight.

      • ALWAYSTOMORROW

        I know. Mine was paid off about 12 years ago. 😉

        • Mr. Cipher

          We’re all impressed. Boardwalk or Park Place?
          Do you own any railroads?

          • ALWAYSTOMORROW

            Are you as impressed as whem you read Michael’s recent articles about his success?

    • Plextt Plextt

      I hope your new Charger finds a way to justifiably pleasure you the way the price tag suggests that it should. Personally I can think of a handful of more intelligent ways to spend that kind of money.

      • ALWAYSTOMORROW

        I am not expecting the car to “pleasure” me but there is nothing wrong with a little enjoyment here and here.

        • Malcolm Reynolds

          With a p3n!s car like that (accompanied with the equally worthy bragging), you likely don’t expect to pleasure women either.

          • ALWAYSTOMORROW

            Only one.

      • REALIST

        Name one.

        • Malcolm Reynolds

          Numismatics is fun. It also has the benefit of being a hobby that doesn’t automatically cost you money (though you could definitely lose money on a coin).

    • Rhialto the Marvellous

      I though you had more sense than to buy a Chrysler product…

      …oh well…

      • Orac4Prez

        He’ll be feeling less guilty 5 minutes after he leaves the showroom… and has to return.

      • ALWAYSTOMORROW

        Actually it is a Dodge product.

      • REALIST

        Fiat (Italian)

    • http://www.mindbodygreen.com Kim

      Now you’re talking my language. That is one bad-a$$ car. Not to quibble but it does have a Chrysler engine but nothing wrong with that. 8 cylinder (in line or vline?) still those are viscious cars with some personality. Personally I prefer the luxury of a BMW. But the maintenance costs are ridiculous.

      • Vote Trump 4 Peace

        I have an 850csi… ha ha ha ha…

        The Jéwish globalist financiers funding Sodom Hussein Obama, the Muslim Brotherhood, and the Salafist terror groups opposing Assad in Syria want control just like they wanted Libyan oil for the EUSSR…

        The EUSSR has been on US military welfare since WW2.

      • ALWAYSTOMORROW

        Actually I traded in my 2008 Corvette that I bought in 08 so this is a daily driver and not a toy.

        Yes it does have the 5.7 Hemi V8. Within a week it will have Magnaflow cat back exhaust so it sounds like a V8.

      • REALIST

        My Maybach works just fine, thank you.

        • http://www.mindbodygreen.com Kim

          Yeah RIGHT! :-p

    • REALIST

      Hemi?

  • rentslave

    Life was a lot easier for me 50 years ago.I was working part time and paying no rent.That ended 2 years later-and it’s been that way for the last 48 years.When is this Real Estate collapse going to occur?Do I have to pull a Ted Williams and hope that in some future century I’ll be able to own my own home without having to move to Las Vegas?

  • GetReal4U2

    enjoy the moments with your family and friends…spread the “good news”…it’s time to “look up”…

    • sistersoldier

      For our redemption draws near. Amen.

      • Le satanisme est un juive cile

        Matthew 10:33…

        Judaism is a denial of Christ, it is antiChrist.

        • Malcolm Reynolds

          Christ was a Jew you silly anti-Semite.

      • Angela Amaya

        AMEN.

    • Vote for Peace

      The Vatican and Westminster are invested heavily in heroine smuggling, child trafficking, laundering money for Afghani and Latin American opium cartels, international kidnapping rings, and Chief Justice Roberts (who was photographed entering the Vatican bank in Malta immediately after the Obamacare decision).

      Obama’s visit to the Vatican was to provide secret NSA computer input to wipe out evidence of secret accounts held by Clinton’s Latin America Working Group, Goldman Sachs and the Jéwish sex slavery ring owned by Clinton friends Jeffrey Epstein and Alan Dershowitz.

      The best thing about Russia getting Crimea back… Catherine the Great took it from the Turks… What happened right after Russia retook Crimea? The Russian FSB searched all the Turks living there… Why? Because NATO sponsors Islamist terrorism when it suits them.

      The EUSSR needed Libya’s oil, but Muammar Gadaffi decided he wanted gold instead of worthless fiat currency from the EU… What was the first thing NATO did when Gaddafi was deposed besides stealing all of Libya’s gold? Form a new government? NOPE, they formed a new Libyan national bank. Now, why would they do that? Because even if Muammar was deposed, he and his heirs would still be the sole proprietors.

      Like with the nonsense in Syria, the U.S. State Department armed terrorist rebels to get rid of Gadaffi, the same ones that killed Ambassador Stevens and stole weapons from that secret armory in the basement… It was easy to dispose of the hated Muammar Gaddafi, but Bashar al Assad has friends… Syria and Ukraine are the same scenario as Serbia… NATO bombed Serbia so the IMF could make loans for rebuilding and get control of Serbian iridium assets…

      Albanian Muslims operate human slaughterhouses in Kosovo where they rip out the organs of Christians to sell to Turkey and Saudi Arabia… How is Hillary Clinton’s “reset button” working out for America? Her husband bombed Christian Serbs for the Muslims… The Muslim Brotherhood in Egypt and ISIS in Syria is just a proxy army for the Israelis and the Turks.

      Canada just replaced one chicken hawk with another chicken hawk… Steven Harper was a chicken hawk that let unrestricted immigration and drug smuggling to run rampant in the Dominion of Canada while having the antagonistic posture against Russia…

      Gay boy chicken hawk Turdeau was handed down his yarmulke the same way divine monosyllable Dave Cameron got his, by looking the other way during the pedophile scandals (including both Rotherham and Clinton contributor Jéws Epstein and Dershowitz) and fúcking the dead kosher pig.

    • SunnyFlaSnotress

      Eat healthy and stay sane.
      Call your parents.
      Be good to your kids.
      Pet your dog.

  • Dan Jones

    Its coming like a flood and nothing can stop it…

    Always be a light that is .shininginthedark.

  • ali

    Yes bad times are ahead but the point is no one can predict when this system eventually collapse. It could be 10 years from now or more.

    Don’t worry be happy. No matter how much you prepare in the end it will give you just few months of leverage.

    • ALWAYSTOMORROW

      Agreed. Don’t worry, stay out of debt, be happy.

  • MaxRockatansky33

    First bank was created in Italy during Renaissance. Ironic. And of course don’t forget about Deutsche Bank.

    • Orac4Prez

      Shoosh! The Deutsche Bank is talking to Volkswagen about writing some software to make its financials look a bit better.

      • Satanism is a Jéwish cult

        The Vatican and Westminster are invested heavily in heroine smuggling, child trafficking, laundering money for Afghani and Latin American opium cartels, international kidnapping rings, and Chief Justice Roberts (who was photographed entering the Vatican bank in Malta immediately after the Obamacare decision).

        Obama’s visit to the Vatican was to provide secret NSA computer input to wipe out evidence of secret accounts held by Clinton’s Latin America Working Group, Goldman Sachs and the Jéwish sex slavery ring owned by Clinton friends Jeffrey Epstein and Alan Dershowitz.

        The best thing about Russia getting Crimea back… Catherine the Great took it from the Turks… What happened right after Russia retook Crimea? The Russian FSB searched all the Turks living there… Why? Because NATO sponsors Islamist terrorism when it suits them.

        The EUSSR needed Libya’s oil, but Muammar Gadaffi decided he wanted gold instead of worthless fiat currency from the EU… What was the first thing NATO did when Gaddafi was deposed besides stealing all of Libya’s gold? Form a new government? NOPE, they formed a new Libyan national bank. Now, why would they do that? Because even if Muammar was deposed, he and his heirs would still be the sole proprietors.

        Like with the nonsense in Syria, the U.S. State Department armed terrorist rebels to get rid of Gadaffi, the same ones that killed Ambassador Stevens and stole weapons from that secret armory in the basement… It was easy to dispose of the hated Muammar Gaddafi, but Bashar al Assad has friends… Syria and Ukraine are the same scenario as Serbia… NATO bombed Serbia so the IMF could make loans for rebuilding and get control of Serbian iridium assets…

        Albanian Muslims operate human slaughterhouses in Kosovo where they rip out the organs of Christians to sell to Turkey and Saudi Arabia… How is Hillary Clinton’s “reset button” working out for America? Her husband bombed Christian Serbs for the Muslims… The Muslim Brotherhood in Egypt and ISIS in Syria is just a proxy army for the Israelis and the Turks.

        Canada just replaced one chicken hawk with another chicken hawk… Steven Harper was a chicken hawk that let unrestricted immigration and drug smuggling to run rampant in the Dominion of Canada while having the antagonistic posture against Russia…

        Gay boy chicken hawk Turdeau was handed down his yarmulke the same way divine monosyllable Dave Cameron got his, by looking the other way during the pedophile scandals (including both Rotherham and Clinton Jéwish contributors Epstein and Dershowitz) and fúcking the dead kosher pig.

    • REALIST

      Knight Templars started the first “banks”

  • billtheguy

    In 2009 I stopped receiving applications for new credit cards. Which I thought was great. I noticed it has started up again. In the mail of course; when I went to Walmart they asked if I wanted to apply, again at Lowes. I guess these institutions and others truly believe everyone should have some sort of debt.

    • Richard O. Mann

      Yeah. But, since I had to default on many of those from the early 2000s, they are not giving me any new ones. A good thing.

  • Orac4Prez

    If Italy fails , then that in turn will mean that Turkey no longer gets money to launch further war in the Middle East and “help” refugees to migrate to Europe. Russian announced that Russian tourists (who spent about $US4billion) were banned from visiting and Turkish imports of food to Russia were blocked. So Turkey needs new money. Especially as Russia has destroyed the ISIS oil trucks from which Erdogan and his buddies profiteered. Failure wouldn’t be completely bad!

    • ╬ Съ нами Богъ!

      The best thing about Russia getting Crimea back… Catherine the Great took it from the Turks… What happened right after Russia retook Crimea? The Russian FSB searched all the Turks living there… Why? Because NATO sponsors Islamist terrorism when it suits them.

      The EUSSR needed Libya’s oil, but Muammar Gadaffi decided he wanted gold instead of worthless fiat currency from the EU… What was the first thing NATO did when Gaddafi was deposed besides stealing all of Libya’s gold? Form a new government? NOPE, they formed a new Libyan national bank. Now, why would they do that? Because even if Muammar was deposed, he and his heirs would still be the sole proprietors.

      Like with the nonsense in Syria, the U.S. State Department armed terrorist rebels to get rid of Gadaffi, the same ones that killed Ambassador Stevens and stole weapons from that secret armory in the basement… It was easy to dispose of the hated Muammar Gaddafi, but Bashar al Assad has friends… Syria and Ukraine are the same scenario as Serbia… NATO bombed Serbia so the IMF could make loans for rebuilding and get control of Serbian iridium assets…

      Albanian Muslims operate human slaughterhouses in Kosovo where they rip out the organs of Christians to sell to Turkey and Saudi Arabia… How is Hillary Clinton’s “reset button” working out for America? Her husband bombed Christian Serbs for the Muslims… The Muslim Brotherhood in Egypt and ISIS in Syria is just a proxy army for the Israelis and the Turks.

  • jakartaman

    Tick tock – tick tock – tick tock

  • Chris P

    Good article

  • CharlesH

    Even China is heading down. It’s exports are down a whopping 25% YOY and it’s imports off by 13%. Baltic Dry Index? We don’t even need to go over that again. The entire global economy is plummeting. Denial is good for only so long.

    • sistersoldier

      Denial is good – that is a campaign slogan!

    • Sam

      Put tariffs on China, Mexico, etc.! Bring back jobs and things made in U.S.A. It’s disappointing that Trump doesn’t care about having things made in U.S.A.; he won’t bring his clothing line etc. to U.S.A.

      • Sam

        Boycott stuff made in China, Mexico etc. To hell with free trade. Things should be made in U.S.A.

  • sistersoldier

    Good article. I don’t think that most Americans are blind as to what is going on in the rest of the world but rather they 1) don’t care, 2) they don’t accept accountability (at home or abroad) and 3) they are too self-centered to notice.

    • Judaism is Antichrist

      The Vatican and Westminster are invested heavily in heroine smuggling, child trafficking, laundering money for Afghani and Latin American opium cartels, international kidnapping rings, and Chief Justice Roberts (who was photographed entering the Vatican bank in Malta immediately after the Obamacare decision).

      Obama’s visit to the Vatican was to provide secret NSA computer input to wipe out evidence of secret accounts held by Clinton’s Latin America Working Group, Goldman Sachs and the Jéwish sex slavery ring owned by Clinton friends Jeffrey Epstein and Alan Dershowitz.

      The best thing about Russia getting Crimea back… Catherine the Great took it from the Turks… What happened right after Russia retook Crimea? The Russian FSB searched all the Turks living there… Why? Because NATO sponsors Islamist terrorism when it suits them.

      The EUSSR needed Libya’s oil, but Muammar Gadaffi decided he wanted gold instead of worthless fiat currency from the EU… What was the first thing NATO did when Gaddafi was deposed besides stealing all of Libya’s gold? Form a new government? NOPE, they formed a new Libyan national bank. Now, why would they do that? Because even if Muammar was deposed, he and his heirs would still be the sole proprietors.

      Like with the nonsense in Syria, the U.S. State Department armed terrorist rebels to get rid of Gadaffi, the same ones that killed Ambassador Stevens and stole weapons from that secret armory in the basement… It was easy to dispose of the hated Muammar Gaddafi, but Bashar al Assad has friends… Syria and Ukraine are the same scenario as Serbia… NATO bombed Serbia so the IMF could make loans for rebuilding and get control of Serbian iridium assets…

      Albanian Muslims operate human slaughterhouses in Kosovo where they rip out the organs of Christians to sell to Turkey and Saudi Arabia… How is Hillary Clinton’s “reset button” working out for America? Her husband bombed Christian Serbs for the Muslims… The Muslim Brotherhood in Egypt and ISIS in Syria is just a proxy army for the Israelis and the Turks.

      Canada just replaced one chicken hawk with another chicken hawk… Steven Harper was a chicken hawk that let unrestricted immigration and drug smuggling to run rampant in the Dominion of Canada while having the antagonistic posture against Russia…

      Gay boy chicken hawk Turdeau was handed down his yarmulke the same way divine monosyllable Dave Cameron got his, by looking the other way during the pedophile scandals (including both Rotherham and Clinton contributor Jews Epstein and Dershowitz) and fúcking the dead kosher pig.

  • Scott Comin

    Thank you michael. Great blog, however I don’t think Americans have it so great! With all the people on psychotropic meds these days and people working a lot for subsistence wages. I think Caucasian Americans are delusional positive when their is very little to be positive about. I work with foreigners and they can’t wait to leave this impersonaly materialistic hell hole. That being said, America has been better than most places except Europe, Canada, and those places with a more community based economic system. WE HAVENT BEEN THE BEST, BUT WE ARENT THE WORST EITHER!

    • sistersoldier

      “You think Caucasian Americans are delusional positive”? What the heck?

    • white votes matter

      judaic bolshevist mammonism (baphomet) = mahomet (muslim brotherhood)

      same devil

      • Malcolm Reynolds

        Ahh, so Tim Cook thought he was going to slip all his anti-Semitism past ol Malcolm by changing his name several times.
        Flagged.Every.Last.One.

        • Scott Comin

          but the anti-muslim is fine right?

          • Bill G Wilminton NC

            The muslims have an agenda and should NOT BE allowed into the USA.

            Let me scream MUSLIMS SHOULD NOT BE ALLOWED INTO USA ! ! ! !

            let me go on the roof and scream louder MUSLIMS NOT ALLOWED ! ! !

          • Holger Jahndel

            Unfortunately you are right.
            Their really have this agenda.
            Although some do not even know it themselves. But Quran tells them to introduce Sharia and Dhimmi system.
            They have to to be muslims.

    • Malcolm Reynolds

      That being said, America has been better than most places except Europe, Canada, and those places with a more community based economic system

      lol, IOW more socialist. And of course, the rousing success you think they are, they haven’t been too afraid to suck on the teat of America for decades. And of course, they’re in worse shape than we are.

    • Dr. Hofferrrr

      They can afford to be commie based because we’ve been footing the bill for their defense for over 70 years.

    • Angela Amaya

      YES AND YES TO EVERYTHING YOU WROTE

  • http://www.mindbodygreen.com Kim

    I don’t think most Americnas are blind to this. Maybe they don’t know the specifics but I talk to a lot of people in my line of work and I would say most of them know exactly what’s going on. Some don’t care. Some are more hopeful than others and some are ready to arm themselves.

    • Trump 4 Peace

      The U.S. State Dept. has been infested with communists since WW1 and Woodrow Wilson, they tried to steal the Russian elections for their comrades in the Russian Communist Party through non-profit n.g.o.s… just like at home in America… But Vladimir Putin beat them… so they launched a fággot jihad against the Russian Orthodox church over the the punk rock band and the Olympics (something Romney also piled onto).

      When Marine Le Pen can face criminal prosecution (in France of all places) for criticizing Islam in context with existing French laws, there is something rotten.

      Francois Hollande is a Sodom Hussein Obama sycophant… they are both lawn jockeys for the Jéwish globalist financiers flooding Europe with the Muslims who are just witless pawns of their “destabilization” policies all across Europe, the Middle East and the Americas.

      judaic bolshevist mammonism (baphomet) = mahomet (muslim brotherhood)

      It is the same devil.

    • ALWAYSTOMORROW

      If you knew you were going to die in a year would you enjoy life to its fullest or would you spend every day on a blog talking about death?

      What is going to happen is going to happen so enjoy every day.

      • शैतानी एक यहूदी पूजा है

        The Jewish doctrine of Marxism rejects the aristocratic principle of Nature and replaces the eternal privilege of power and strength by the mass of numbers and their dead weight.

        (Adolf Hitler, Mein Kampf)

      • Bill G Wilminton NC

        That is OK to think….AS LONG AS YOU DONT HAVE KIDS !.

      • Ken

        No excuse not to prepare. Water, food, friends, family, community and shelter are your primary needs.

        • Snake Plessken

          @Ken:
          Also read ALEAC DEACON and his DARKEST DAYS package and books and articles and facebook site and website and forum and Online videos.
          Best Prepper literature for PREPPERS and PREPPING in the net.
          Also about diseases and plagues and pandemies sure to come and to spread.
          How to help yourself without doctors and working Antibiotika or Antibiotica, because this medicine is loosing the effectiveness it once had due to new kinds of diseases and virus and Bacteria.
          Maybe also a look at the website and books of Prof. Margrit Kennedy should be good. She writes about SILVIO GESELL and LOCAL CURRENCYS! Build up your own local money and currency system!
          Without Interets and Usury! Money for your local cummunity and/or region. Surviving the economic collapse and fall of the US Dollar that will come and destroy society and US National Economy, being bankrupt already! And also PEAK OIL and PEAK EVERYTHING will occur and happen. And do not forget, many of your fellow countrymen and neighbours and most of the many US Gangsters and especially the postmodern Ghetto Gangsters and organized crime have weapons. Maybe you also should get a gun or rifle. Arguments and rational LOGIC do not always work the friendly Christian way they should do…! And learn how to use your weapons properly. Play the FALLOUT Video Computer PC Games and WASTELAND for a little look in the future and watch MAD MAX! 😉 There won`t be total harmony.
          Do not be naive about THAT…!

    • Matches Malone

      @Kim: Maybe you are interested in reading the books and visiting the websites of Prof. Margrit Kennedy about SILVIO GESELL and BIOREGIONALISM!
      Get your own local currency and economic system without Interest and Usury! Your local community and region might survive the economic collapse that way o a local and regional based economic system!

  • Mondobeyondo

    Trouble in South America… Trouble in Italy…. not looking very good.

    Major and minor banks worldwide are wobbling like Weebles. If you remember the old TV commercial, Weebles wobble but they won’t fall down. Unfortunately, these banks are not Weebles and a great many of them will eventually fall. Tiimmm-bbeerrrrr…

    • Satanism is a Jéwish cult

      The best thing about Russia getting Crimea back… Catherine the Great took it from the Turks… What happened right after Russia retook Crimea? The Russian FSB searched all the Turks living there… Why? Because NATO sponsors Islamist terrorism when it suits them.

      The EUSSR needed Libya’s oil, but Muammar Gadaffi decided he wanted gold instead of worthless fiat currency from the EU… What was the first thing NATO did when Gaddafi was deposed besides stealing all of Libya’s gold? Form a new government? NOPE, they formed a new Libyan national bank. Now, why would they do that? Because even if Muammar was deposed, he and his heirs would still be the sole proprietors.

      Like with the nonsense in Syria, the U.S. State Department armed terrorist rebels to get rid of Gadaffi, the same ones that killed Ambassador Stevens and stole weapons from that secret armory in the basement… It was easy to dispose of the hated Muammar Gaddafi, but Bashar al Assad has friends… Syria and Ukraine are the same scenario as Serbia… NATO bombed Serbia so the IMF could make loans for rebuilding and get control of Serbian iridium assets…

      Albanian Muslims operate human slaughterhouses in Kosovo where they rip out the organs of Christians to sell to Turkey and Saudi Arabia… How is Hillary Clinton’s “reset button” working out for America? Her husband bombed Christian Serbs for the Muslims… The Muslim Brotherhood in Egypt and ISIS in Syria is just a proxy army for the Israelis and the Turks.

  • REALIST

    PLEASE realize that none of this has anything to do with anything of value. All this “debt” is credit transactions. The Central Banks allow their member banks to issue “credit” when anybody (Individual, Corporation, Municipality, State or Nation) borrows. Nothing of value is used. The banks issuing the “credit” are not using gold or silver or copper or anything. They type in the amount number into an account number. That is all.

    Thus, there is no way Italy or Greece or Portugal can “collapse” since the Banking System only has to role over the “outstanding credit” or issue (type on the Key Board) more credit. The system is unbreakable, infallible and can not collapse.

    Sure, you can have inflation (which they want) and many individuals may get hurt one way or another, but no “protected” bank (members of the Central Bank) or Nation/States will fold.

    Hasn’t happened, has it?

    • Mark

      Nonsense,

      New rules will allow banks to take money from depositors and pensioners globally. It became rules we agreed to actually implement. The governments are no longer going to be responsible for bailing out the big banks. These are about 30 international banks. So, you are going to have to save yourself, and the way you are going to have to do it is by bailing in the money of your creditors. The largest class of creditors of any bank is the depositors.” We lose and small business loses.
      When you don’t pay your bills they take what you owe and your a** is kicked to the curb. It has not happened yet because they continue to print money but that will end badly. Remember the US Petro $ lets us borrow but as you can see it has not helped the middle class or working class. I see many more empty business buildings all around me and it is growing with the fact that there is higher welfare roles with as many as 109 million dependent on welfare. That’s 50 million and their dependents combined. This is a slow process so it is not going to shock us right away until everyone starts feeling the squeeze and it starts to hurt. All of a sudden it is looking at you straight in the face. Just look at the layoffs by big business and how many small businesses are going out of business. I have a friend that is trying to sell his plumbing business because it has become unaffordable. He cannot wait to sell it but has had a hard time getting rid of it because of the high overhead and health care costs.
      Being a Realist is maybe going out and seeing the real world as it is. I hope your not a retired fella that sits in his room all day and never steps out the door to see how things have changed.

  • themacabre

    I disagree that postponement is a good thing. If the collapse is inevitable, the sooner the better…why drag it out…I don’t see a hero on a white horse coming to the rescue…this time we’re on our own.

  • rat28

    None of the big bank is going to collapse soon when all small banks in Greece are still surviving.. TPTB will not allow bank collapse!!

  • Richard O. Mann

    100 plus years ago many people still lived in the country and had the ability to raise food, stock, etc. Today, it does not exist. Except for the people who have moved back to the country and are growing food, and using some of the old ways to prep things. Those of us who depend on the local WalMart or Kroger, or what ever the name of you fav store is, are going to be in a mess. Food riots, race riots, and riots just for the fun of riots. But, it has to be. Heading towards the end of this age like a bat out of hell. And hell is just waiting to take the stage.

  • J.L.W

    Tomorrow I’m going out with friends.

    The next day the ECB will meet to decide for their meeting on all things financial.

    IMO they’ll either put forward NIRP or nothing.

    And the stocks might go down then.

    If they hold out for a while longer I’m buying some silver.

  • Clifford Ishii

    Unfortunately many would rather stick their head in the sand and deny how bad things could become. They say that government will look after us and that we should not worry. Well the truth is government will not look after anyone but themselves

  • Angela Amaya

    I visit your this page every morning and start checking the news from your page, I take different topics you discuss, google the info and check the news in other sights, it really helps to direct me on what I should be aware of, very informative, and eye opening, I have began to get prepared, thank you for your work, God bless you.

  • Steeve Girard

    The Shadow Government will try to hide the failure again. They still have access to money produced from the energy sector.

  • James King

    you said the same thing about German banks and they are still standing today

  • al

    I am a believer that the economic meltdown is underway and that most Americans are completely clueless. We have a pretty good economy at this moment here in the Seattle area so people here are even more clueless than most places.

    However, i have to side with Martin Armstrong on the idea that the stock market is going to sling shot to new highs during this meltdown. If he is right, and this is a shift in confidence from the public sector to the private sector, than all private assets should rise; precious metals, collectibles, and stocks. Real estate probably not because it is so illiquid and is a target for taxation.

  • Matches Malone

    @Survive the Collapse:
    I suggest, you all read the books of ALEC DEACON and visit his webiste and forum and facebook website and watch his Online videos in the net. ALEC DAECON and DARKEST DAYS have the best PREPPER LITERATURE and Items for PREPPERS and PREPPING in the net!

  • Modern Medical Quacker(y)

    Since 2008 the world should have been a full blown global financial meltdown. God help those who are living in denial of these facts. The 1929 stock market crash was a picnic compared to the global nightmare that’s quietly unfolding and may yet linger for years to come. These Satanic Zio-Jew money parasites have really out done their own criminal insanity on a massive global scale. I pray the rapture happens soon…

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