Submitted by Phoenix Capital Research on 05/18/2012 11:41 -0400
Ben Bernanke
Ben Bernanke
Credit Default Swaps
default
ETC
France
Germany
Greece
Italy
Nicolas Sarkozy
Reuters
Unemployment
I just got off the plane from Europe. I went there because I wanted to see the effects of the French election as well as get an "on the ground" perspective of what's really happening in Europe.
I can tell you, the situation in Europe is far FAR worse than the media is even willing to acknowledge.
See below:
http://www.zerohedge.com/contributed/2012-20-18/i-just-got-back-eu-and-its-worse-you-imagined
"So what?" You might say. "The EU won't affect the US or other banking systems."
WRONG.
According to Reuters once you include Spain and Italy as well as Credit Default Swaps and indirect exposure to Europe, US banks have roughly $4 TRILLION in potential exposure to the EU.
To put that number in perspective, the entire US banking system is $12 trillion in size.
Heck, no less than Ben Bernanke, Mr. "the sub-prime crisis is contained" has publicly admitted that if the EU goes down, it will potentially take the US with it.
Make no mistake, what's coming will be bigger and worse than 2008. We're talking about bank holidays, civil unrest, and the worse.
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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