It looks like the inevitable financial collapse that we have been waiting for has started. The bailout ,launderd drugs money and a smash and grab on Libyan resourses did not stop the inevitable.IMHO it never was supposed too, it was just a transfer of wealth and Goldman Sachs seems to be at the root of all this evil. They where the ones cooking the books for Greece, they where the ones pushing for a bailout ,they where the ones financing BP in the Gulf. BUT it looks like the light at the end of the tunnel for this gravy train is in fact, another on coming train!!!
PIMCO’s El-Erian Drops The F-Bomb: “French Banks Are Down To 1% Capital, Institutional Panic Underway”
El-Erian just screamed ‘shut their ass down‘ from New York to Paris.
French banks have 1% capital. No polemic is needed. This is a solvency and liquidity crisis.
Notice below the bold quote from the CEO of the world’s largest bond fund. Not to overstate the obvious, but 1% capital ratios imply leverage of 100:1.
Collapse Of Entire Global Banking System Is Underway Signals CEO of World’s Largest Mutual Fund
PIMCO CEO signals the collapse of entire global banking system underway as a panic driven institutional bank run drains French banks of nearly all their capital.
PIMCO’s CEO tells the Financial Times that the institutional bank run on French Banks has left them with as little as 1% capital against the total assets reported on their balance sheets and institutional panic in the global financial system is underway
If this is true, we are looking at the collapse of the very foundation of the entire European banking system which in turn means the collapse of an essential pillar of the entire global banking banking system
Seriously, the Europeans have been pulling their money out of banks for weeks and so have many of the world’s most important corporations. Don’t be a fool and wait until the last minute to do the same.
I provided complete background context to this story when it became evident that the bank run that started Greece had spread into French banks, then across Europe, and even into China.
Global Financial Meltdown: Investors Dump Nearly Everything Amidst Worldwide Market Crash
Commodities, Currencies And Everything In Between Is Being Dumped By Investors Across The Globe In The Midst Of A Global Financial Meltdown.
The financial markets across the globe are facing one of the most massive sell-offs in recent memory.
The Dow Jones Industrial average has sold off over 467 points today. When and when you add that on top of 284 point drop following yesterday’s crash FED’s statement, which announced operation ‘twist’ and warned of significant downside risk and strains in global financial markets, we have a 751 point drop in the DOW since 2:45 PM est yesterday,
IF YOU STILL HAVE MONEY IN A BANK ,GET IT OUT NOW!!!!