Day Of Reckoning: The Collapse Of The Too Big To Fail Banks In Europe Is Here

Economic Collapse ^ | 8 Feb 16 | Michael Snyder

[SkyPilot]

There is so much chaos going on that I don't even know where to start. For a very long time I have been warning my readers that a major banking collapse was coming to Europe, and now it is finally unfolding. Let's start with Deutsche Bank. The stock of the most important bank in the "strongest economy in Europe" plunged another 8 percent on Monday, and it is now hovering just above the all-time record low that was set during the last financial crisis. Overall, the stock price is now down a staggering 36 percent since 2016 began, and Deutsche Bank credit default swaps are going parabolic. Of course my readers were alerted to major problems at Deutsche Bank all the way back in September, and now the endgame is playing out. In addition to Deutsche Bank, the list of other "too big to fail" banks in Europe that appear to be in very serious trouble includes Commerzbank, Credit Suisse, HSBC and BNP Paribas. Just about every major bank in Italy could fall on that list as well, and Greek bank stocks lost close to a quarter of their value on Monday alone. Financial Armageddon has come to Europe, and the entire planet is going to feel the pain.

The collapse of the banks in Europe is dragging down stock prices all over the continent. At this point, more than one-fifth of all stock market wealth in Europe has already been wiped out since the middle of last year. That means that we only have four-fifths left. The following comes from USA Today...

The MSCI Europe index is now down 20.5% from its highest point over the past 12 months, says S&P Global Market Intelligence, placing it in the 20% decline that unofficially defines a bear market.

[SkyPilot]

Here is a picture of Wall Street early this morning.

[SkyPilot]

So the economy crashes, you can’t pay your bills, you can’t get cash, food or gas, why go to work? Now what happens?

Hunker down, take care of your family, defend your property, show your immediate neighbors who need assistance Christian kindness, and pray for God's protection throughout the storm.

[exit82]

LOL!

Place yer bets, gentlemen!

[SkyPilot]

From today's Telegraph from London:

Fears over new financial crisis come back to haunt global markets as trading turmoil hits

Most of the European banks never recapitalized after the 2008 crash. That is going to make things much worse.

[SkyPilot]

The current derivative market was last reported at 552.9 trillion

Yes, and the global derivatives is at least 1.5 Quadrillion, and probably larger than that.

[exit82]

I agree-and you see it everywhere on all the financial channels.

Complete horse manure.

There are almost no more financial tricks in the magic bag.

The pain will not be limited to an one or two countries like in the past.

This will be worldwide.

And it has already begun.

[EBH]

Do a quick search on FR for cashless society, you might be surprised that many countries in Europe are already migrating to a cashless system.

I believe someone here in the United States floated the trial balloon less than 2 weeks ago.

[Sirius Lee]

expect a total seizure by the Federal government of all 401Ks, TSPs, and IRAs.

I don't know about total seizure, but a haircut nevertheless. Those of us who worked and saved and tucked extra into our Roths will be told that "We didn't earn that."

[Sirius Lee]

CNN is saying that overall the Asian market was "not as bad" as it could have been.

The MSM is just trying to forestall panic. Basically buy some time to get their own money out of the market while reassuring the muppets that all will be fine.

[trebb]

The folks running all these banks should be jailed just like Bernie Madoff ... or.....have the option to be thrown into an arena with 10,000 of the folks who lost the most due to their actions. And throw in Hillary as a side show.

[Rusty0604]

Yes, I’ve been keeping up on that. What a great way to control the people!

[SkyPilot]

Not one bankster went to jail from the illegal shenanigans of the last crisis, much less even indicted or charged. Part of the reason is that our governments and the central banks are joined at the hip. Watch out, however, and see what happens to Deutsche Bank in the next few weeks. There is a joke going around the financial sectors.

"How do you say Bear Sterns in German?"

"Deutsche Bank."

[SkyPilot]

European stocks just reported market turmoil per The Guardian. FTSE 100 hits 3 year low as rout continues.

[SkyPilot]

I can definitely see that happening as well. It all depends on how bad and deep the global crash will be.

[trebb]

Not one bankster went to jail from the illegal shenanigans of the last crisis, much less even indicted or charged. Part of the reason is that our governments and the central banks are joined at the hip. Watch out, however, and see what happens to Deutsche Bank in the next few weeks. There is a joke going around the financial sectors. "How do you say Bear Sterns in German?"

Yepper - funny how they wring their little hands and decry them evil banks while they aid and abet them for the clout that goes with squeezing every last drop out of the wallets of the "little guy"....

[DoughtyOne]

Thank you for the mention.

[laplata]

If there are people living off less,......

---

“If”? If you are wondering about “if” there are less fortunate than you, you need to wake up.

[laplata]

Do you think it will hold together until Obama is gone?

[SkyPilot]

Possibly. Obama wants to be President of the UN in January 2017. If the world economy collapses on his watch, that could jeopardize the plans. Many New World Order elites want to see Obama installed to continue his “fundamental transformation” worldwide. What we may see is the collapse of the EU and European banks first, along with the slow bleeding death of our own economy. Rather than die via a quick blow, we will die slowly of the cancer of our financial sins. But eventually, I see a total crash coming.

[laplata]

That makes sense.

And it is likely or possible that the Muslims will be on a rampage in Europe this summer. That will add to the mix and it won’t be pretty.

Bottom line: No man will fix this.