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“This is the biggest currency crisis the world has ever seen”
- Text size
Ambrose Evans-Pritchard
Telegraph
October 27, 2008
The financial crisis spreading like wildfire across the former Soviet bloc threatens to set off a second and more dangerous banking crisis in Western Europe, tipping the whole Continent into a fully-fledged economic slump.
- A d v e r t i s e m e n t
Currency pegs are being tested to destruction on the fringes of Europe’s monetary union in a traumatic upheaval that recalls the collapse of the Exchange Rate Mechanism in 1992.
“This is the biggest currency crisis the world has ever seen,” said Neil Mellor, a strategist at Bank of New York Mellon.
Experts fear the mayhem may soon trigger a chain reaction within the eurozone itself. The risk is a surge in capital flight from Austria – the country, as it happens, that set off the global banking collapse of May 1931 when Credit-Anstalt went down – and from a string of Club Med countries that rely on foreign funding to cover huge current account deficits.
The latest data from the Bank for International Settlements shows that Western European banks hold almost all the exposure to the emerging market bubble, now busting with spectacular effect.
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October 27th, 2008 at 12:51 pm
Repopulate Kansas’ farms people!
October 27th, 2008 at 1:18 pm
Wealth doesn’t disappear, it changes hands. It’s obvious into which hands the wealth and power is falling.
Next week virtually all house seats are up for grabs. If we allow those who supported this crisis to remain in office, then shame on us. Those who support the Federal Reserve Board and dual citizenship need to be voted out of office and held accountable for their treason! The power to govern must be removed from all foreign interests and returned to our Republic.
October 27th, 2008 at 2:05 pm
Im going for all I can get,kickin it to the top,cause im too lagit to quit.hay hay,too lagit to quit.
October 27th, 2008 at 2:41 pm
#2
So then “Wealth doesn’t APPEAR” as well, like the non-fed reserve. I would say, like Chapman :
‘Those hundreds of billions in losses floating in never-never land are just a figment of your imagination.’
http://www.theinternationalforecaster.com/
October 27th, 2008 at 4:08 pm
This is the world wide consolidation of all wealth and soon we will have only four or five currencies in the world. The Banksters have us in check, the only move left is revolution be it peaceful or violent it has to be done. The banksters leave us no choice. I bet though before the dust has settled people everywhere will be stringing up banksters right in towns square for all to see. When you see an efigy of Greenspan hanging from the wall st. street sign then you’ll know the people have had enough of the planned theft of all countries citizens money, retirements, and property and the robbing of sovereignty of this nation and the shreadding of the constitution.
October 27th, 2008 at 11:35 pm
Stay alert and steady. Do not be angry at those who cannot see. Be sure of which side that you stand. Love your country and your family and know that the time for American Patriotism is close at hand. The New World Order must not survive!
October 28th, 2008 at 7:53 am
There’s only 7 days left until the elections!
Make a wise decision at the voting booths!
Vote Chuck Baldwin in 2008!
NOBama! McCain is nearly exactly like Bush!
http://www.baldwin08.com
Information provided by,
-Freedom Forever-
Tyranny, NEVER!