An excerpt from a non-comforting piece by Phoenix Capital Research:
With that in mind, I believe we have at most a month before Spain drags down the entire EU. The Spanish economy and banking system are too large to be bailed out. The IMF and ECB know this.
Moreover, worldwide banking exposure to Spain is well over €1 TRILLION. What impact do you think that might have on the EU which has an entire banking system that is leveraged at 26 to 1 (Lehman Brothers was leveraged at 30 to 1 when it collapsed)?
Yes, Spain is on the verge of collapse which will set off the European dominoes which in turn with trip the US.
Whether Spain is actually the Alpha Domino doesn’t matter. One of the EU basket cases will be. Whether it is next month, next year (doubtful) or next week only affects the timing and not the devastation. The political charade known as the Welfare State is over. Only its final chapter is left to be written.
Readers should not think what is coming is “caused” by Europe. Europe only happens to be further down the same road as the US. If Europe didn’t exist, the US would still collapse under its own weight. Its fragility is such that a European collapse first will hasten what was coming anyway.
If helicopter Ben can bail out our economy, surely Spain will not be difficult. Whats to stop him from doing what he does best; making limitless frn’s covertly and shipping them where the need of the moment happens to be? These days its simple as a few keystrokes.
Think the current administration or anyone in either political party will stand on principle to prevent it? Not a chance.
For a description of how this will all turn out, read the back of the Book or for a shorter summary, just Matthew 24.
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