Posted on 05/17/2012 6:12:21 AM PDT by C19fan
A €1billion run on a recently nationalised Spanish bank has sparked further fears that the 17-nation eurozone is about to implode. European markets fell as fears of a continent-wide contagion from goverment-less Greece's economic crisis also spread. Shares in Bankia, Spain's fourth biggest bank formed in 2010 through a merger of seven struggling regional savings institutions, today plummeted by 27 per cent.
(Excerpt) Read more at dailymail.co.uk ...
They don’t want their money in the bank to be nationalized too, and it will sooner or later.
...and the second domino falls with a resounding “clank”...
The guy's amazing...check him out.He's so amazing that I'd vote for him to be President in a heartbeat.Hey,if a Kenyan can do it there's no reason why a Brit can't!
Think about it. What would you do if your wealth was in the form of euros on deposit in a bank ultimately controlled by EU bureaucrats? Europeans are fleeing to the traditional security of US dollar denominated investments. Good news albeit temporarily for the US dollar and the American economy.
” Good news albeit temporarily for the US dollar and the American economy. “
Disagree - it will be another bubble, which ‘feels’ good ( ‘Wealth Effect’ is another word for ‘delusion’), but ultimately makes things worse — bubbles are an increase in money (symbol) with no corresponding increase in wealth (substance), which is an operative definition of Inflation...
Didn’t this happen in Greece yesterday?
Thank you for mentioning him. I have watched many of his speeches over the past two years and as an anglophile myself, I can only say I wish there were more Brits like him. He is indeed a latter day Churchill, a lone voice of reason.
Bankia was a merge of many regional banks. Once they are no longer regional, that is, they won’t support regional businesses, the people living in those places have no reason to keep their money there at higher risk.
Yep. Looks like the Eurozone is collapsing a lot faster than expected.
I’m having a lot of consternation about my small 401K. I’m seriously thinking of cashing it out now and taking the penalty/tax hit. VERY seriously. Especially considering what I can get junk silver for right now.
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