"Opa!"
Donna Summers will be the big distraction for the MSM.
Don’t worry, global ‘governance’ will take care of it;
So now you can go back to the sports page...
PIIGS switching troughs!
Gonna get interesting when the ATM flashes "No money left".
Coming to Amerika soon.
When the Euro-peons get the runs they really get the runs!
Would one of the really financially astute folks here spell out what all this means for us in the USA?
I learned in history that our “Great Depression” started ultimately in post WWI Germany as a result of the unjust and enormous war reparations debt imposed by the allies. What is likely to happen here, now?
Won’t do them any good. The government will just say there’s a new currency now, and the one they have is no longer legal tender. LOL!
Because they don’t want to see that start here.
A few interesting notes:
1) The Greek government was so incapable that it didn’t even try to call a bank holiday, stopping withdrawals. Don’t count on the US government, or even US banks to make that mistake. Any stress at all, and even demand accounts will be frozen solid. During the Great Depression, some of these holidays lasted from 3 to 300 days.
2) There is only enough physical currency, paper and coin, to back 5% of US daily retain trade. The US Bureau of Printing and Engraving has only two, high security printing offices for currency, and they work at 100% capacity just to maintain that 5%, mostly 1$ bills, and proportionately fewer higher denominations.
This means that they can neither print *more* bills, or more higher denomination bills, for the simple reason that nobody would be able to make change for even $500 or $1000 bills.
3) In turn this means that US banks could experience a “paper run”, where depositors want their savings in cash, which could drain every bank branch in the US in minutes.
This would almost certainly be associated with most of the retail economy refusing to accept virtual currency, such as credit and debit cards and checks, or even direct transfer.
The US media is ignoring this on orders from the obama regime.
I think the dimrat plan is this:
Keep the news of the bank runs in Europe quiet.
Start trashing the US banks, like JP Morgan.
Let the news out about how bad it has gotten in Europe.
Nationalize the banks to protect the citizens from rogue bankers.
Go back and look at how Frank and Dodd manuvered the initial bank takeover with home loans and what that did to the US economy.
Given the chance, the dimrat party will do this with their media cheering them along.