March 21, 2013
In case Cyprus leaves eurozone, it will be a good example of the rest of us. And we will also find out, what is happening to a country AFTER the euro.
HUNGARY CUT TO BBB- FROM BBB BY S&P
Cyprus Popular Bank: “Only A Few Hours Of Liquidity Left”
Popular Bank restricts ATM withdrawals to EUR 260 per customer per day
Pictures From A Cyprus ATM Line
For a few days, the people of Cyprus were calm, quietly and orderly accepting the unreality of the levy being imposed upon them – incredulous that it was even possible. As we reach the 4th day of bank closures, amid rolling rumors and ECB threats, it appears the people have reached a tipping point as this series of images from Cyprus ATM lines indicates – the bank-jog has arrived. When will it become a full blown sprint?
SOCGEN PREDICTS GOLD WILL CRASH TO $1300, CYPRUS “WILL LOSE EMERGENCY LIQUIDITY IF NO BAILOUT AGREED
The dollar gold price hovered just below $1610 an ounce Thursday morning, while stocks and commodities fell along with Euro as disappointing economic data was added to news that Cyprus’s banks will remain closed until next Tuesday.
“We forecast the gold price to have dropped to below $1400 by year-end and for it to continue to trend lower next year,” says a note from SocieteGenerale.
Here’s Why the World Economy is DOOMED: The Global Financial Pyramid Scheme By The Numbers
Why is the global economy in so much trouble? How can so many people be so absolutely certain that the world financial system is going to crash? Well, the truth is that when you take a look at the cold, hard numbers it is not difficult to see why the global financial pyramid scheme is destined to fail. In the United States today, there is approximately 56 trillion dollars of total debt in our financial system, but there is only about 9 trillion dollars in our bank accounts. So you could take every single penny out of the banks, multiply it by six, and you still would not have enough money to pay off all of our debts. Overall, there is about 190 trillion dollars of total debt on the planet. But global GDP is only about 70 trillion dollars. And the total notional value of all derivatives around the globe is somewhere between 600 trillion and 1500 trillion dollars. So we have a gigantic problem on our hands. The global financial system is a very shaky house of cards that has been constructed on a foundation of debt, leverage and incredibly risky derivatives. We are living in the greatest financial bubble in world history, and it isn’t going to take much to topple the entire thing. And when it falls, it is going to be the largest financial disaster in the history of the planet…..
Anyone that would tell you that the current global financial system is sustainable does not know what they are talking about….
The Economic Implosion is Going According to Plan
Video via SGT Report