Dr. Doom, Nouriel Roubini says the worst is yet to come.
The economic shock from the fall of European economies like Greece, Portugal or Italy leaving the Eurozone would be much larger than from the disorderly collapse of Lehman Brothers in their Fall of 2008.
If a Euro crisis unfolds, global growth would slow down and trade would shrink, with emerging markets also adversely effected by the fiscal train wreck.
“ Well, you know, I’m putting most of my money into cash. A sophisticated high net worth individual all 100% into cash. This is not the time to be in risky assets.” – Dr. Doom Nouriel Roubini
Wall St. banks WMFD weapons of mass financial destruction to the poor while the rich get richer.
The loss of America’s AAA credit score has sparked panicked sell-offs on global markets. French banks are loaded with toxic derivatives and hedge funds are attacking them. Societe Generale is an insolvent institution, so is BNP.
By downgrading you create volatility. Volatility is the goal.That is making the 1% in New York and London very, very rich. That is the goal, milk the system and extract wealth.
“ This is part of a new era on Wall St. where they go after sovereign debt. The hedge funds and the ratings agencies and Wall St. banks work together now to destabilize the sovereign debt of countries.
You have to understand. This is a war. This is WW3. This is the new war using financial derivatives.” – Max Keiser
Wall Street bankers are using WMFD weapons of mass financial destruction on the masses while they get rich in the process.