Financial Panic Sweeps Europe As The Head Of The IMF Warns Of A “1930s Depression”

Financial Panic Sweeps Europe As The Head Of The IMF Warns Of A “1930s Depression” by The American Dream

"Right now, this is the situation in Europe….

-Most EU governments are drowning in toxic levels of debt

-Bond yields have risen dramatically this year and this has caused borrowing costs for most EU members to soar

-In an attempt to get debt under control, governments all over Europe are implementing brutal austerity measures and this is causing European economies to slow down substantially

-There is a tremendous lack of confidence in the European financial system at this point and this is causing a massive credit crunch

-The credit crunch is causing the money supply to drop significantly in almost every nation in the EU

-Major banks all over Europe are massively overleveraged and are on the verge of failing

This is all so similar to what we saw back during the early 1930s.

...

If you can believe it, approximately 20 percent of all bank deposits in Greece have been withdrawn since the start of 2011.

Europe is in a massive amount of trouble. The euro is dropping like a rock and the European financial system is paralyzed by panic and fear.

It is going to take a miracle to prevent a massive financial collapse from happening in Europe in 2012."


Revised 12-30-11. Added the following:

The Number One Catastrophic Event That Americans Worry About: Economic Collapse by The Economic Collapse

"So the truth is that Americans should be very concerned about an economic collapse.

It is coming and it is going to be very painful."

Bill