The Beginning Of The End
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Will Italy Be The Spark That Sets Off Financial Armageddon In Europe?

Will Italy Be The Spark That Sets Off Financial Armageddon In EuropeIs the financial collapse of Italy going to be the final blow that breaks the back of Europe financially?  Most people don't realize this, but Italy is actually the third largest debtor in the entire world after the United States and Japan.  Italy currently has a debt to GDP ratio of more than 120 percent, and Italy has a bigger national debt than anyone else in Europe does.  That is why it is such a big deal that Italian voters have just overwhelmingly rejected austerity.  The political parties led by anti-austerity candidates Silvio Berlusconi and Beppe Grillo did far better than anticipated.  When you combine their totals, they got more than 50 percent of the vote.  Italian voters have seen what austerity has done to Greece and Spain and they want no part of it.  Unfortunately for Italian voters, it has been the promise of austerity that has kept the Italian financial system stable in recent months.  Now that Italian voters have clearly rejected austerity, investors are fearing that austerity programs all over Europe may start falling apart.  This is creating quite a bit of panic in European financial markets right now.  On Tuesday, Italian stocks had their worst day in 10 months, Italian bond yields rose by the most that we have seen in 19 months, and the stocks of the two largest banks in Italy both fell by more than 8 percent.  Italy is already experiencing its fourth recession since 2001, and unemployment has been steadily rising.  If Italy is now "ungovernable", as many are saying, then what does that mean for the future of Italy?  Will Italy be the spark that sets off financial armageddon in Europe?

All of Europe was totally shocked by the election results in Italy.  As you can see from the following excerpt from a Bloomberg article, the vote was very divided and the anti-austerity parties did much better than had been projected...

The results showed pre-election favorite Pier Luigi Bersani won the lower house with 29.5 percent, less than a half a percentage point ahead of Silvio Berlusconi, the ex-premier fighting a tax-fraud conviction. Beppe Grillo, a former comedian, got 25.6 percent, while Monti scored 10.6 percent. Bersani and his allies got 31.6 percent of votes in the Senate, compared with 30.7 percent for Berlusconi and 23.79 percent for Grillo, according to final figures from the Interior Ministry.

So what do those election results mean for Italy and for the rest of Europe?

Right now, there is a lot of panic about those results.  There is fear that what just happened in Italy could result in a rejection of austerity all over Europe...

"I think the election results (or lack thereof) are a negative for the euro, which will likely keep the currency pressured for some time," Omer Esiner, chief market analyst for Commonwealth Foreign Exchange, told me. But it's not just the political uncertainty in Italy, he adds. "The shocking gains made by anti-establishment parties in Italy signal a broad-based frustration with austerity among voters and a decisive rejection of the policies pushed by Germany in nations across the euro zone's periphery. That theme revives unresolved debt crisis issues and could threaten the continuity of reforms across other countries in the euro zone."

And the financial markets have clearly interpreted the election results in Europe as a very bad sign.  Zero Hedge summarized some of the bad news out of Europe that we saw on Tuesday...

Swiss 2Y rates turned negative once again for the first time in a month; EURUSD relatively flatlined around 1.3050 (250 pips lower than pre-Italy); Europe's VIX exploded to almost 26% (from under 19% yesterday); and 3-month EUR-USD basis swaps plunged to their most liquidity-demanding level since 12/28. Spain and Italy (and Portugal) were the most hurt in bonds today as 2Y Italian spreads broke back above 200bps (surging over 50bps casting doubt on OMT support) and 3Y Spain yields broke above 3% once again. The Italian equity market suffered its equal biggest drop in 6 months falling back to 10 week lows (and down 14% from its end-Jan highs). Italian bond yields (and spreads) smashed higher - the biggest jump in 19 months as BTP futures volume exploded in the last two days.

Not that things in Europe were going well before all this.

In fact, the UK was just stripped of its prized AAA credit rating.  That was huge news.

And check out some of the other things that have been going on in the rest of Europe...

In Spain, a major real estate company, Reyal Urbis, collapsed last week, leaving already battered banks on the hook for millions of euros in losses. Meanwhile, the government faces a corruption scandal and a steady stream of anti-austerity demonstrations. Thousands of people took to the streets again on Saturday, protesting deep cuts to health and other services, as well as hefty bank bailouts.

Life is no better in a large swath of the broader EU. In Britain, Moody’s cited the continuing economic weakness and the resulting risks to the government’s tight fiscal policy for its rating cut. In Bulgaria, where the government fell last week and the economy is in a shambles, rightists who joined mass demonstrations across the country burned a European Union flag and waved anti-EU banners. Other austerity-minded governments in the EU face similar murky political futures.

At this point, Europe is a complete and total economic mess and things are rapidly getting worse.

And that is really bad news because Europe is already in the midst of a recession.  In fact, according to the BBC, the recession in the eurozone got even deeper during the fourth quarter of 2012...

The eurozone recession deepened in the final three months of 2012, official figures show.

The economy of the 17 nations in the euro shrank by 0.6% in the fourth quarter, which was worse than forecast.

It is the sharpest contraction since the beginning of 2009 and marks the first time the region failed to grow in any quarter during a calendar year.

But this is just the beginning.

The truth is that government debt is not even the greatest danger that Europe is facing.  In reality, a collapse of the European banking system is of much greater concern.

Why is that?

Well, how would you feel if you woke up someday and every penny that you had in the bank was gone?

In the U.S. we don't have to worry about that so much because all deposits are insured by the FDIC, but in many European countries things work much differently.

For example, just check out what Graham Summers recently had to say about the banking system in Spain...

It’s a little known fact about the Spanish crisis is that when the Spanish Government merges troubled banks, it typically swaps out depositors’ savings for shares in the new bank.

So… when the newly formed bank goes bust, “poof” your savings are GONE. Not gone as in some Spanish version of the FDIC will eventually get you your money, but gone as in gone forever (see the above article for proof).

This is why Bankia’s collapse is so significant: in one move, former depositors at seven banks just lost virtually everything.

And this in a nutshell is Europe’s financial system today: a totally insolvent sewer of garbage debt, run by corrupt career politicians who have no clue how to fix it or their economies… and which results in a big fat ZERO for those who are nuts enough to invest in it.

Be warned. There are many many more Bankias coming to light in the coming months. So if you have not already taken steps to prepare for systemic failure, you NEED to do so NOW. We’re literally at most a few months, and very likely just a few weeks from Europe’s banks imploding, potentially taking down the financial system with them. Think I’m joking? The Fed is pumping hundreds of BILLIONS of dollars into EU banks right now trying to stop this from happening.

Like Graham Summers, I am extremely concerned about the European banking system.  Europe actually has a much larger banking system than the U.S. does, and if the European banking system implodes that is going to send huge shockwaves to the farthest corners of the globe.

But if you want to believe that the "experts" in Europe and in the United States have "everything under control", then you might as well stop reading now.

After all, they are very highly educated and they know what they are doing, right?

But if you want to listen to some common sense, you might want to check out this very ominous warning from Karl Denninger...

I hope you're ready.

Congress has wasted the time it was given by the Europeans getting things "temporarily" under control.  But they didn't actually get anything under control, as the Italian elections just showed.

Now, with the budget over there at risk of being abandoned, and fiscal restraint being abandoned (note: exactly what the US has been doing) the markets are recognizing exactly the risk that never in fact went away over the last couple of years.

It was hidden by lies, just as it has been hidden by lies here.

Bernanke's machinations and other games "gave" the Congress four years to do the right thing.  They didn't, because that same "gift" also destroyed all market signals of urgency.

As such you have people like Krugman and others claiming that it's all ok and that we can spend with wild abandon, taking our fiscal medicine never.

They were wrong.  Congress was wrong.  The Republicans were wrong, the Democrats were wrong, and the Administration was wrong.

Congress is out of time; as I noted the deficit spending must stop now, irrespective of the fact that it will cause significant economic damage.

For the past couple of years, authorities in the U.S. and in Europe have been trying to delay the coming crisis by kicking the can down the road.

By doing so, they have been making the eventual collapse even worse.

And now time is running out.

I hope that you are ready.

Armageddon

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  • Traffix

    No, it will be the U.S. We will screw ourselves and have no one else to blame.

    • markthetruth

      Our Leaders are COWARDS and will blame everyone else for their Greed…

      the end…

      • Hambone

        Why future tense?

        • markthetruth

          My wife is Spanish…

          the end…

  • K

    Perhaps Italy will use the Iceland solution. But be ready, if they do. Greece and Spain will most likely follow. At that point the markets will lose it big time.

    • Ralfine

      Italy? Never. There is too much corruption, and to avoid corruption, the government introduced regulations. so many to make it difficult to follow them all, creating more corruption, for pretending to follow the regulations.
      Just look at Berlusconi. He owns most of the media in Italy. He behaves like an emperor. And every other government only lasts months or weeks. And there is the mafia.

      • K

        Sometimes I think the politicians we have are worse than the mafia. At least when you paid them protection money. You actually got some protection. On the other hand, you just can’t get the politicians to leave you alone.

        • Ralfine

          you probably just dont pay enough.

  • Bill Mumford

    Umm, yeah well, “austerity” is as fake as the money produced from thin air by those crooked private “central” banks in charge of this bullcrap song and dance. It’s not real complicated.

  • markthetruth

    The World has become a “Processed Human Race”

    Salt,Sugar,Fat,Color, and Texture makes a “Potato Chip” made by a Scientist for The “Addiction Factor”

    We Know Their No Good For US, but We “Can’t Just Eat One” .. Because it’s engineered to Simulate Our Brain. So……

    “We Eat The Whole Bag” Until where Fat and Broke!!

    Go Ahead and Open a Bag and Try and Eat Just One,,, Just about Impossible.

    the end…

    • jaded

      i love your posts

      • Hambone

        Yeah, that one was a keeper…

      • markthetruth

        thanks, i guess I’ve been jaded.

        the end…

  • RICHARD

    There is a lot going on in Europe and when they crash we will be right behind them, but who knows we are getting ready to have our own drama here and I was surprised that the market went up today. We will see what happens on Thursday or Friday of this week.Get ready to run to the bank and see if you will be able to salvage any of your money if you have any..

    • Syrin

      The insiders have bet millions on a market crash before April 23rd. I changed my pension so that I have nothing in the market, and I converted all my liquid assets to precious metals (physical).

      • RICHARD

        Syrin, I got rid of my 401 k plan over the last 4 years I had it in Government bonds. I finished up the beginning of last year. I would go to the bank the get some cash out now because I feel the if the S.H.T.F. your not going to be able to get any money. Also payed my elect. gas and water about a year in advance. I don’t think i can get any more ready than i am now.

        • Syrin

          Yeah, I worry about a bank run leading to a freeze as well. I have taken out most of my cash too. The utilities thing is a good idea.

          By the way, I could live on my property and never leave it for 5 years. Yeah, we’ve seen this day coming for years now.

    • markthetruth

      How the Heck did the Consumer Confidence spike to 69.????? Who’s house did they call ?

      the end…

      • RICHARD

        Mark i know you don’t believe any of these numbers the government comes out with, I don’t think anyone else that reads this blog does either.

        • 007

          The funny and ironic thing about it is the 100s of billions we pay to the government to lie to us with these bogus reports. It is much more accurate to count the vacant stores in the strip malls.

      • Robin

        Exactly, maybe they surveyed Bloomberg economists.

      • DownWithLibs

        They put a bunch of number in a hat and drew one out. (They did, however, have a consensus that if the number was below 55, they would redraw!)

    • t

      Not really surprising to see our market surge on the Italian election news, it actually makes sense. When large investors with loyalty only to profit making see EUrope is about to implode they shift their money to a safe haven. Like fleas off a dead rat.

      How much longer until they look around and say “Europe is a no-go, the US is bound to implode any day, Latin America has never been safe…China?”

      Not that much longer

  • efinlays@gmail.com

    Europe is just a few months ahead of us and this should teach us something. The economic collapse is not going to be a government default or a stock market collapse or anything of the sort. The Bank of International Settlements and the Fed can prevent these from happening with their money printing and interest rate tricks. What the Fed cannot prevent is riots in the street as the middle class keeps getting poorer and being told we are in a recovery. And yes, the sequestration will expedite riots in the street so you can bet your butt congress will kick that can down the road again. But it is already happening in Spain and Greece and Italy is so brilliantly illustrated in the post above. Clearly anger is mounting and people won’t let the same leaders that led us down the toilet stay in power after the spark is lit.

  • http://www.facebook.com/profile.php?id=1596731290 James B. Hixson

    Hmmm, I wonder where the FDIC gets its money to insure all of our bank accounts? The “broke” Federal Government? I wouldn’t really want to depend on them.

    • Hambone

      I was just thinking the same thing… Assuming inflation doesn’t make it worthless first, money in the bank isn’t even safe, is it?

      • http://www.facebook.com/profile.php?id=100003526419876 KC Ted

        How can FDIC cover a failed USD with more USD? Their USD’s will be just as worthless as everyone else’s.

    • Syrin

      I read last week that the FDIC couldn’t cover 1% of what they claim they could if the SHTF.

      • DownWithLibs

        They couldn’t cover it if just a few more banks fail. Yes, guard your own nest egg!

    • JasonD

      They have 100 years to indemnify

    • RealityBetraysUs

      They create “money ” out of thin air since the Fed Reserve is neither federal nor a reserve only a front for european bankers that run our money system, Right now since end of 2012 the “FED” has been buying us all physical assets like mortgages with about 50 billion every month so that when the system crashes they will own the whole country at least as far as tangible assets are concerned. The country will be bankrupt but the uber rich that control the banks will own and control everything. you will be broke and in debt for life as a serf during the dark ages.

  • Granite Prepper

    I’ve believed all along that the final nail in our coffin as Constitutional Americans would be societal collapse….race wars, class wars, religious wars….take your pick. However, any or all of these just help soften the final blows as they come.

  • John Smith

    Don’t be fooled into thinking our elected leaders and politician puppets are to blame for this mess. Our current economic situation is no accident, it’s all by design. The elite banking families of the world must be hunted down and hung in the streets.

    • peaceangel

      It has a name “Operation Thunderdome” and a top DHS whistleblower is telling it all to Canada Free Press

  • Beanodle

    Kicking the cab down the road has just got a little harder. The can has suddenly got much heavier and the foot that’s doing the kicking has broken toes.

    Austerity, Q.E., other preventative measures are immaterial – it’s the insurmountable debts which Michael keeps hammering upon are the ultimate problem.

  • Paul

    What does Europe have to do with anything? It is thousands of miles away.

    The American economy is well on the road to recovery. See below. Read the data and weep Republicans!

    Home Depot is hiring 80,000 temp workers in 2013.

    Family Dollar Stores has 23,769 job openings.

    157,000 jobs were added in January. The unemployment rate is now at 7.9% Remember in November 2009 the unemployment rate was 10% The U.S economy has come a long way.

    Back in 2009 housing starts averaged only 554 thousand per month. In January 2013 housing starts are now at a robust 890 thousand.

    Bernake and Obama have done a masterful job of revitalizing the American economy.

    What is wrong with non stop money printing?? Just tax the rich!

    That will solve all of America’s systemic economic problems.

    Take that Republicans!

    By the way I am just kidding:)

  • Paul

    The post I wrote before was a joke. I realize the events in Europe have a huge impact on the U.S economy. The U.S economy is dying and the mainstream media refuses to acknowledge this fact.

  • A Dodgy Bloke

    I’m curious what alterative is there to austerity? AKA living with in your means. This is not politics it’s about simple math that most of the western world is either to stupid or to brain washed to understand. Europe is doomed because it spent to much, got to much in debt, most of it’s manufacturing is in Asia, it’s getting to old, to may people want to be taken care of, and Greece, Spain Italy, France, are simply not that productive. The welfare state is dying. Italy Greece, Spain, the UK and soon France all have the same problem. Germany can’t bail them out and the Germans have their own long term issues they’re not dealing with as do the Northern Europeans.
    Please don’t give me this bull corn about investment or stimulus. That bunny BHO will try to pull out of his top hat once the next down turn rears it ugly head here. THERE IS NO MONEY!!! The longer Europe kicks the can down the road hoping for a divine intervention (Funny when you think of the lack of church attendance) the worse it will be and with a embolden growing Islamic population it wont be pretty.

    • Ralfine

      There is always money for war.
      The US is currently deploying into Niger.

    • Robert (qslv)

      Austerity would be fine if it was directed at the banks and politicians. Unfortunately it impoverishes those who have already been robbed by the banks and politicians. These robber hoods have already secreted their loot offshore and if sanctioned, would just move to another part of the world. Say R-U-S-S-I-A?

  • PALADIN

    I wonder how many US Banking Corporations are heavily invested in the banking sector in Europe?
    Another round of bailouts anyone ?

  • markthetruth

    The BOOT will break loose from EU and Run…

    the end…

  • Mondobeyondo

    Italy is just one of several canaries in the European financial coal mine. Right now, they’re still chirping and singing, although their voices are getting weaker by the day. If they start dying,…

  • colin

    The country’s economy is being misdirected by a party that is ignorant of their role and the basic rules of government and that is adamant against working with the President. Speaker of the House Boehner has stated that there were two budget spending bills and that the Senate has failed to act on these bills. However, whatever bills are passed in the old Congress don’t carry over to the new Congress, so the Congress would have to craft a new legislative bill. Instead, the Congress has attempted to rewrite VAWA – eliminating protections for LGBT victims of domestic abuse and reform of the Native American laws on rape, has voted for Sandy relief, and has been on vacation for 10 days. They are due to end this current active period on the 28th and won’t resume their work until the 4th of March. This has left the Senate without a bill to vote – according to the Constitution, only the House has the power to create budget bills. The President can suggest a bill, but he doesn’t have the ability to force the Congress to work on a bill. Furthering the crisis, Speaker Boehner is kowtowing to the extremists in his party who will not support reforms in the tax code and who will not support either negotiation and/or compromise with the President. If the Speaker goes against them, he faces the prospect of losing the coveted role of Speaker.

    Later, in March, there will another crisis when the three month spending bill expires. If a bill is not crafted, this might result in the shutdown of the government.

    I know there are right wingers on this blog who think this is a wonderful thing. “Take down that tyrant in the White House.” However, for those who don’t live in your reality, we are already feeling the effects of this uncertainty. This uncertainty creates fear in the minds of employers who don’t know if the economy will be sound. So, my mother can’t land a job, and, one of the reasons cited to her, is the state of the federal government and how it is handling the economy.

    • Syrin

      Unfortunately, I have to disagree. By continuously giving ground, we only enact more taxes with NO cuts. There have been ZERO cuts to spending, and as you point out in your other thread, the ONLY solution is cuts. Studies of 21 nations over 37 years showed us the ONLY route to recovery was spending cuts. Not taxes and cuts, not taxes, just cuts. Again, an actual STUDY of multiple nations over decades.

      Look at it this way. ALL Americans were hit with a 2% reduction on January 1st with the new taxes. NO ONE bemoaned the consequences of that. NO ONE! Now, these PoS tyrants are asked to cut back a mere 2% and they are screaming Armageddon What exactly does “Shared sacrifice” mean if these PoS bastages won’t cut back 2% ? Obama can go spend $1000/hr on weekend golf lessons using my money but can’t find anything to cut besides the military. Not buying it, and you shouldn’t either.

  • TtT Engine

    The atomic mega problem is the long term unfunded liabilities. These are the financial promises/lies sold by BIG GOVERNMENT. Even conservatives can barely discuss this plague. It is conceivable with our untapped oil/natural gas/energy resources and cutting down this gargantuan, blood sucking, obese governmental monstrosity by 50%, you would have a chance to pay down our soon to be $20 trillion debt, in maybe 50 years. The debt tsunami of long term unfunded liabilties in the amount of $122 trillion and growing, is a world wrecker and is bigger than Planet Earth. Without breaking promises either now or when fianancial armageddon begins, there is no mathematical way to pay this Ponzi down. It is exponentially metastasizing faster than any economic engine in the universe. It is a crime against humanity that governments created this and mindless drone voters went along with this. Secular LIBERALS are Godless utopianists and stage one thinkers. Their mental disorder is LETHALLY DANGEROUS and only God can fix this ! Christi Fidelis !!

    • Syrin

      I have read it’s actually closer to $210 trillion which is three times the GLOBAL economy.

      There is no mathematical road to recovery. We will default, the economy and dollar will collapse, the Nazis we call democrats will declare martial law, and I could highlight no less than a dozen executive orders signed in the past 3 months prepping for it, and we will turn into Germany circa 1939.

      • 2Gary2

        Tax the rich…

        • RealityBetraysUs

          They did this during the last depression at a rate of 97% and we survived and came out of it! This time around they refuse to let the system crash or self correct, they refuse to create any jobs, they keep pumping money into a failed system with Quantitative Easing to Infinity which will guarantee the markets will never correct, and will only protect the rich but guarantee a lifetime of serfdom for the majority of Americans.Chaos theory predicts that depressions are caused by expanding money supply but limited and finite assets to back that money supply, therefore depressions happen every 60 yrs to self correct the system so the crash actually resets the systems allowing all of us to start over at the bottom. The problem is that the unlimited QE’s have now quaranteed that will never happen but majority of us 99% will be stuck at the bottom of a failing economoy that will never get better or have a chance to self correct because we refuse to let the system crash and self correct. End result depressions that will last a lifetime rather than just 6- 10 yrs. The NWO is actually a return to the “dark ages” of mid-evil times where the whole economy is nothing but pure evil designed to put us all into economic slavery until we die. 1%ters may be the only ones who benefit. Why should we not be surprised? (See Ravi Batri’s -SMU economics head book Great depression of 1990 cyclical economics history repeats itself).

          • 2Gary2

            You make a good case for how unstable capitalism inherently is. Maybe time for a rethink about capitalism.

    • Ralfine

      Just sit back and watch god fixing everyone.

      • TtT Engine

        GOD allows free choice. Like your boy John Heinz Kerry said, He gives you the freedom to be stupid. God’s bailouts come ONLY after you know, love and serve Him. HE owns the Universe, not the environmental pagans of today ! God does not believe in entitlements. He owes us NOTHING. Christi Fidelis !!

        • Ralfine

          he also owns the defense industry and sucks the taxpayer dry to fuel his addiction for guns.

  • leeholsen

    No, it will be Germany at the end of summer this year.
    As most know, Germany is the one holding up everyone else with their handouts and their election is this summer.
    imo, europe will keep the ball rolling; but germany may throw out merkel and end the bailouts. we have already seen that govt bailouts are starting to have no effect and some say they cant do it forever; that probably keeps building and imo if that wall is going to come down; its going to be germany that does it; no one else seems willing.

  • Jay Clayton

    I’m sorry Michael, but you might not be able to say “Things are rapidly getting worse…” in 3 months. You’ve been right all along & things just keep speeding up!

    Everything I’m seeing is signalling that the bottom will drop out in March and we will see a sickening decline worse than anything we’ve seen in history. Financial derivatives and the equivalent funny money IOU derivatives for the FED/GOV/Bonds/Stocks will disappear in a 36-48 hour period.

    I have considered dumping my entire 401K and buying a massive chunk of land away from population centers. It’s only 40% penalty & taxes right? The insiders are expecting 50-70% drop in the stock market.

    Be ready friends – the uglyness is peeking around the corner.

  • chilller

    I like this part, “could threaten the continuity of reforms across other countries in the euro zone.”
    The reforms they are talking about are the socialists way of life they’ve held up in the past and praised long and loud about. They are just coming to the conclusion you can’t live off other people’s money for ever and must reform! Never in history has a guberment successfully taken away the people’s financial teet without civil unrest.

  • founderchurch

    EUROPE WEAK SISTER by FounderChurch

    Europe is a failed continent. It reeks of senility, and is no model for us. They have been polluted by Lutheranism and Catholicism for centuries. And the Napoleonic Code is a monstrosity, along with the metric system.

    Abandon hope all ye who enter here.

    Austerity is basically stupid and the people see through it. It is like bleeding the patient to cure cancer. What is needed is moral reform and the ending of criminal rackets. Kick everyones b*** off of welfare, and put everyone to work immediately, and that includes all institutions and business that bleeds the nation.

    But no one has the balls to do this there or here.

    • JasonD

      What’s wrong with the metric system?

  • seb

    “deposits garanteed” LOL what a joke ! it’s always garanteed by bankrupted states that need to borrow constantly from those bankrupted banks … nothing is garanteed !

  • Robert (qslv)

    Give Italy back to a coalition government of the Pope and the Mafia. Call it the Salvation and Protection Party. Problem solved.

  • Excalibur

    “…In the U.S. we don’t have to worry about that so much because all deposits are insured by the FDIC…” – it’s my understanding the FDIC has 500 billion to cover savings deposits, but there is nearly 7 trillion in deposits. If there is a systemic failure, it would seem the FDIC could only cover a very small fraction of deposits.

    Due to fractional reserves don’t think your money is actually sitting in your bank to begin with. Try to make a withdrawal anywhere near $10,000 and watch the freak out session begin behind the counter. Then imagine what would happen if everyone tried getting their money out at once. The answer will be you won’t be seeing your money.

    Amazing that most of the compiled information in this article isn’t reported in the main stream media.

  • Qwert

    The main problem is not that there not enough evidences that Obama is not a social anti racist, war opponent, but also an anti white racist(Black Panther for example),, who hates the constitution, low energy costs and a war supporter (Libya he bombed Libya 7 months although the the majority of the congress wanted in July 2011 that Obama ends the unconstitutional Libya war, he bombed also till the end of octobre 2011)

    The problem is that the people dont want to see about ideological reasons.

    Because many people especially young whites and white women in the swing states wants that to as liberal, cosmopolitan, international, anti racist and anti anti semitism and want to believe that the mainstream of history, science, justice, media and international organisations are independent.

  • http://www.facebook.com/profile.php?id=100003526419876 KC Ted

    Surprise surprise.. They voted for more “free stuff”.
    Once a majority of humans are dependent on “free stuff” they will never vote against it. Sound familiar?

  • the nunnster

    Your post are allways very informitive, “Which is why I allways go from begging to end ! Love your post !and see why you don’t time to vist on a personal level much ! So ello Dan” you keep posting snd ill be here checking you out !;-)

  • Qwert

    The main problem is not that there not enough evidences that Obama is
    not a social anti racist, war opponent, but also an anti white racist,
    who hates the constitution, low energy costs and a war supporter (Libya
    he bombed Libya 7 months although the the majority of the congress
    wanted in July 2011 that Obama ends the unconstitutional Libya war, he
    bombed also till the end of octobre 2011)

    The problem is that the people dont want to see about ideological reasons.

    Because
    many people especially young whites and white women in the swing states
    wants that to as liberal, cosmopolitan, international, anti racist and
    anti anti semitism and want to believe that the mainstream of history,
    science, justice, media and international organisations are independent.

  • http://twitter.com/WorldEventBible World Events Bible

    Whether it’s weeks, months or a year or two it’s going to happen. I never see anyone talking about how this is a planned collapse, that’s exactly what these are. You don’t really think it’s a coincidence the nations of the world are in financial ruin at the same time do you? By design, why? What will rise from the ashes? A NWO system headed by Satan himself. We live in exciting times.

    • Richard T.

      So we should all get ready. Establish a solid foundation in Christ. Because that is Chris is the only One can save us in this hour.

  • Mike

    It will be Spain, then Great Britain, Michael.

  • DownWithLibs

    Good luck to you, Ian. If you don’t get it now, you never will.

  • James Danover

    I hate to break the news but FDIC protection is an illusion as well

  • Patriot Alice

    Our only action so far has been to borrow trillions of dollars to prop up a false economy instead of living within our means…We must have massive spending cuts with major tax increases in order to return to fiscal sanity someday…God help us all….

    • TtT Engine

      Taxing the rich is a Marxist utopian fantasy. The middle class is obliterated and has NO MONEY, NO MONEY, NO MONEY. We can barely put food on the table. The death of the middle class is on course, as planned by secular liberal progressive communists. The entitlement crowd pays NO TAXES and is growing step by step with government. The well is dry, the keg is empty. Do you understand ? Can you understand ? In the words of our rock star president, “Have I been clear?” Cut down government by 50% or buy your grave and headstone now. Forget the headstone, that is too expensive. Christi Fidelis !

  • Harold Bell

    WOW! What a good article – I did not know what bad shape the European situation was until I read this article.

  • peaceangel

    ian two words—operation thunderdome

  • Prut

    Our financial system overlords do not like this voting stuff.

  • http://www.facebook.com/people/Dan-Quigg/1116381243 Dan Quigg

    It’s a tough journey, moving from fixed valued bullion in a monetary application through to real-time (floating) bullion in a monetary application .

    Debt-money for the sake of achieving real-time liquidity for bullion (abolishing the fixed peg) , has been a necessary evil

  • Hymie Quarkstein

    The USSR of Euromerka is collapsing…..Congratulations to survivors in the post capitalist aftermath

  • Phillip Dru

    You are stranded on an island with 99 people and a banker with a printing press.The banker prints up “money” which the 99 accept because if not they will be fed to sharks.After awhile the banker owns everything, and more.He charges interest to use his money.Eventually he decides to kill off half the people because they are getting wise. What do you do???ARREST THE BANKSTERS AND THROW THEM TO THE SHARKS

  • jim west

    And does everyone think we should get away from all this insanity take all of our money and hide under the bed

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