Our Treasury is going to have to raise over $2 trillion to fund fiscal needs in the next six months.
The creation of American debt is totally out of control and there will come a time when foreigners will be forced to say no – no more.
England and Europe are trapped in depression and England is bankrupt.
In Greece and in the Baltics and South Balkans they are having the worst riots in almost 20 years.
S&P has cut Greek debt to near junk and the bonds of Italy, Spain, Portugal and Ireland are on negative watch.
As we told you before this is a worldwide catastrophe.
Ireland has nationalized the Anglo Irish Bank, the biggest bank in the country.
Latvia’s streets look like a war zone. This is going to happen worldwide.
As we’ve said, the major financial institutions in the US are broke.
The Fed and Treasury know and a few in Congress.
There is no question now but Bank of America and Citigroup are broke. Plus banks in Canada and Europe. You can add JP Morgan Chase and Goldman Sachs. They went a bridge too far.
The connections in these stocks and others are just the prelude to oblivion. Wait until the derivative bomb explodes...
Crom Alternative News - A Professional Run On Banks Has Begun