20 Responses to Is the world about to unravel? Investor warns we are going to see bank runs happening all over Europe

  1. Preppin Pawpaw says:

    Alvin
    There is a video that accompanies the article, I have linked it for those who are interested in watching it.
    The 12yo girl is amazingly smarter than 95% of the rest of the people it appears… http://www.youtube.com/watch?v=_ae7h8FioX0&feature=player_embedded
    It seems we are primed for some really really rough times in the near future..
    thank for all the great information you supply us here on EP…
    P.P.

  2. Bone Idle says:

    If you haven’t started to do some “prepping” – Start now!

    This will snowball very quickly unless drastic measures are taken in the E.U. (especially Germany)

  3. Serioussneep says:

    This is the event horizon for a globe economic melt down. Alvin, since you have had your ear on the pulse of this economic crisis do you have an opinion on when this will start the cascading devaluation of the dollar? Though we hear news on these countries going belly up to be honest there has been a soft media blackout on insight to how this effects Americans. Some MSM have lightly covered it but it’s been severly down played keeping us frankly in the dark about what this comming storm means to us.

    My heart goes out to these countries because I know this is just the begining.

    • IM

      It is just the beginning and it’ll probably end with some new type of new currency being issued or a cash-less system being instituted. As we can all see now, this problem has gone global and I warned this would happen 2 years ago in my book. Even Kuwait is heading for a banking crisis. The banks created this mess with loaning more money than they had in cash reserves and then selling bonds and CDS contracts as insurance to make sure the bets were paid. Making matters worst; they had the government presses backing their gambles so they couldn’t lose. This is the same institution where JP Morgan’s chief investment officer, Ina Drew, retires with a golden parachute after losing $2 billion dollars in a bad trade deal, which JP Morgan CEO called “an egregious mistake.” An ‘egregious mistake’ is forgetting the iron was on your shirt while you answered the phone. Losing the GDP of a small country in a trade you should know better is ‘criminal’ but I say all this so you can understand the nature of the corrupt institutions they will be standing at politicians door to make sure they don’t lose on this deal when bank runs start and the collapses begin. Greece has $400 billion dollars in outstanding loans with EU banks that someone is going to have to eat when Greece defaults on those loans. Spain’s banks are a breath away from collapse. Portugal is not far behind. Italy’s banks have larger deposits but their financial situation is almost as bad as Greece. The European banking situation will be the determinate factor for the moment on what happens with the dollar. For now, all the money is flowing into German banks and Germany, which has the lowest bond yields of all the EU nations.

      http://news.blogs.cnn.com/2012/05/16/fbi-opens-investigation-into-jpmorgan-trade-loss/?hpt=hp_t2

      • John Durango says:

        The Toes of the image,clay and iron, and the feet of the image will cause the collapse of the entire image….

      • It’s looking like it’s coming together…partly strong, partly weak.

      • nickk0 says:

        John…… That is quite an astute observation.

      • KotaRajah says:

        JPMorgan got away with this “Egregious mistake” because they know they are a bank “Too big to fail” and the U.S. government will bail them out via the Fed.

      • Banks created the problem. They created the derivaties to insure the problem. They manipulate bond markets and rating agencies to insure the debts can never be settled or paid back, and they’ve bought the politicians to insure more bailouts and that their gambles policies continue.

        How shall they escape the hellfire they have themselves kindled?

  4. John Durango says:

    Where will they put their money…Germany? United States? We have a global monetary problem..The 1% VS the 99%. Cut all expenses and do not raise taxes is the proposal of the 1% for the USA.. If so, does corporations and the 1% fund the infrastructure roads, bridges, schools, police, security while the taxpayer 99% continues to fund military expenses and money wasted on useless wars….The world went into a depression in 2008 primarily thru fraudulent investment banking scams and lowering taxes while spending trillions on military investments and wars… Shared sacrifice is needed now..The 99% better wake up that the 1% does not want the 99% to share in their trillion dollar hidden wealth. Look at Greece, they tried cutting expenses for the last 3 years and now the 99% are living with no safety net, no jobs and no food..The 1% are pulling billions of dollars out of the Greece banks and economy… Is this the future for all of the remaining countries? This is the time for the 99% to vote out the 1% and get citizens elected for 1 or 2 terms that will have a the will to compromise with a balanced approach to resolve the problems. . It appears it does not matter who is elected there is a group of people worldwide who controls the financial future at THIS TIME. But the LOVE of money will be their downfall….The world is rapidly descending into a financial, moral and uncontrollable natural disasters that will force the citizens of the world to repair the moral and spiritual fabric of our society.

  5. Gordian Knot says:

    898 million USD/Euros were roughly withdrawn from the banks of Greece on Monday of this week. Most of those that saw the economic downturn coming made arrangements months and even years ago by transferring their assets elsewhere.

    Other than that, Greece will have to create a new currency which will devalue the Euro further throughout the European Union causing more and more instability in the Eurozone.

    I’m a betting man and as Greece separates itself from the Euro it will be “ushered in and hailed as the movement that saved the Euro and Greece”.

    Italy should do itself a solid and leave the Euro now including the other PIIGS. Read between the lines: much of what is taking place are former foes united by a common “enemy” and is well worn.

    This story writes itself based on historical past events.

  6. Frank in Africa says:

    The comment about being a fool to have euros in Italy or Spain but rather in GERMAN banks is too prophetic to ignore. Germany will rise in these last days. Then one ruler of Europe, then one ruler of the world. Praise God, then Jesus will return.

  7. B.BAIN says:

    Why move your money to any country, with the interests what it is . Just keep it under the mattress. Don’t play russian roulette with the banks in this economy. By putting it in the bank like a German one your just keep helping the strong banks get stronger. They will buy the weak banks for pennys on the dallar. That’s what happened during the Great Crash. That’s what they want you to do. Time for the sheep not to help the wolfs again.

  8. Gordian Knot says:

    Germany ? I fail to see how Germany will fall into financial chaos when they are the first responders and or engineers and architects of the final design in the Eurozone. The German financial designers will get their financial pound of flesh unscathed as they manically disconnect and circle the wagons to protect their own.

    The optical illusion is there, but don’t let your mind play tricks on you.

    • nickk0 says:

      I sure wouldn’t rule out financial chaos in Germany – The difference is, that they will be in better shape to ‘recover’ and might not fall as far.

      Quite an irony, considering Germany sells lots of durable goods (read: Automobiles) to the rest of the E.U….. including Greece. I’m sure the Greeks aren’t buying any, if any, new cars right now.

  9. Gordian Knot says:

    USD is their lifeline, but keep in mind many Greeks have lost their savings similar to those here, in the US during the 2008 meltdown when US citizens lost their investment portfolios, which were cut by a third or in half if not all.

    Hide your Euros (USD is another issue) under a mattress mentality? Watch the government confiscate your money as you try to redeem it at a ‘bank’ and or black market getting little or nothing on your return. People will rat you out if it puts food on ‘their’ family table.

    I had to sell a personal check years ago on the black market (when the economy was good) because my USD didn’t ‘show’ up as scheduled, as an American I was a trusted US individual in a third world country and was granted the amount requested . . . thank god they had compassion, but others may not be so fortunate as the Euro disintegrates.

    Don’t put all of your eggs in one basket, bank, marketplace, portfolio etc.

  10. luisport says:

    Chris Adams‏@ChrisAdamsMKTS

    Flight from Greece (day 2): bankers say total withdrawals 1.2bn euros for Mon and Tue http://on.ft.com/KlS9mN

  11. tess says:

    Greece is just the first to fall. Greed is what has caused this issue, on a global scale. As long as people act with greed or fear as their basis , this will continue to happen to the global markets. Maybe this needs to happen, so people start to wake up and realize they don’t need the next big tv, car, etc. People need to re evaluate what’s really relevent….. it might just take another world wide depression for the people who have the money to lose it. Then, hopefully we will all be in the same boat. Do people forget that there is only one planet, and we are all in this together.? Start with yourself, and maybe others will make that same choice. That’s the only way to fight greed and fear. THERE IS ENOUGH FOR EVERY SINGLE PERSON WHO LIVES ON THIS PLANET. THE ONLY REASON PEOPLE DONT HAVE IT IS BECAUSE OF SOMONE ELSES GREED!!

  12. mike says:

    Alvin, I know you’re busy but this comment has been waiting for moderation for well over a week. Begining to wonder if I’ve upset you somehow.

    • I’m not upset with anyone Mike. Nor do I have time to be. However busy, you think I am though…multiply it by 10 and that will probably give you some vague notion of why I probably haven’t gotten to your comment yet.

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