Jun 11, 2012

At the beginning of June George Soros said that the EU has about three months to solve its economic crisis, otherwise the euro will collapse.

Eurozone governments have around three months to ensure the survival of the single currency, billionaire investor George Soros said in a speech on Saturday. 

“We are at an inflection point. After the expiration of the three months’ window, the markets will continue to demand more but the authorities will not be able to meet their demands,” he warned in a speech at the Festival of Economics in Trento, Italy.

http://www.gurufocus.com/news/178735/george-soros-three-months-to-save-the-euro

Bix Weir says they would be lucky to have three weeks. He says further:

We know that the European derivative market is in distress from the strange JP Morgan loss announcement. We also know that things are imploding in Europe and there have been mass resignations at banks from people directly involved in the derivative markets. The Euro experiment is also imploding with Greece likely exiting the Euro after this weekend's election. There are NO PLANS for a smooth transition as the consequences of it are too complex due to the multi-trillion dollars in derivatives involved directly with Greek credit. Many have said that when the European banking system goes the US will go within two weeks. That puts us at the end of June or the beginning of July for the Global Monetary Meltdown to hit.. 

 

As I have explained many times, these events will first freeze up and then destroy all the paper and electronic assets of the world. No one will come out unaffected.

With Spain getting a 100 billion euro loan ($125 bn) over the week end, the Babylonian Plague has certainly spread there--to no one's surprise. People have been writing about this for well over a year, alongside the problems of Greece and Italy.

I just learned that on May 31, 2012 an investment bank in Italy declared a Bank Holiday and suspended all withdrawals or payments during the month of June. The article says the bank "decided to suspend the payment of liabilities of any kind." That even includes utility bills and taxes. They did this without informing or consulting their clients. Depositors don't like not being able to access their money, so the bank is finished. No one will ever trust them again with their money.

http://ncrenegade.com/editorial/bank-holiday-reported-in-italy/

The Plague has spread to Italy, as we all knew would happen. I find it amazing that so many people are actually taken by surprise when this kind of thing happens. Don't they read the news? Answer: No, they listen to the glowing government reports and don't seem to comprehend that these reports are designed only to prevent panic so no one can run from the plague. They don't want to clog the highways out of town, so they say nothing and let the people die.

Of course, if the government DID actually tell the truth, then the system would IMMEDIATELY collapse. So the reason for government lies is to postpone the inevitable and hope for a turn-around. I understand their reasons for lying, but I still insist on retaining the right to disbelieve them.