from Armstrong Economics:
The European Banking Crisis is getting much worse and the whole structure is crumbling to dust. The banks cannot save themselves. The entire crisis is all about the structural design of the Euro, which the politicians will not address. They failed to create a single national debt and in so doing, the banks then used the debts of all member states as reserves. Southern European banks still depend on the steady flow of subsidies coming from the ECB. The politicians and academics are simply lost because they are avoiding anything that would expose the fatal flaw in the Euro design. Therefore, all we get is more of the same and with each band-aid applied failing to stop the blood gushing from the fatal wound. We need stitches at this point and there is nothing in sight that the politicians will even consider that requires them to take any responsibility whatsoever.
These European Zombie Banks, as they are being called, are creating a controversy surrounding a “safety net” that the ECB and European Commission are trying to create. Europe is desperately trying to take the DEFLATIONARY path by simply confiscating assets of all citizens in all Eurozone banks. So much for the hyperinflationists. They just do not get it.
Please follow SGT Report on Twitter & help share the message.