Euro Wobbles,

or is it reeling?  I dunno, but it is shaky. It is after all a fiat currency, backed by nothing.  Can the PTB start enough wars quickly enough to distract from their failing kleptocracy?  As bad as it might be for a while, financial collapse is better than war, and the fiat money system will fail in any case.  ALL fiat currencies have failed.  Make no mistake, this WILL affect the dollar, the US economy and you.

If [When!] eurozone governments defaulted on their debts, the European banks that hold many of their bonds would risk collapse.

Some analysts say the shock waves of such an event would risk the collapse of the entire financial system, leaving banks unable to return money to retail depositors and destroying companies dependent on bank credit.

The Financial Services Authority this week issued a public warning to British banks to bolster their contingency plans for the break-up of the single currency.

Some economists believe that at worst, the outright collapse of the euro could reduce GDP in its member-states by up to half and trigger mass unemployment.

http://www.telegraph.co.uk/news/politics/8917077/Prepare-for-riots-in-euro-collapse-Foreign-Office-warns.html

Comments

  1. One of the 99% says:

    Things must be VERY serious out there when major news organizations start putting this in print.

  2. Without a doubt.

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