from Off Grid Survival:
Some of the world’s top bankers are warning of “catastrophic” consequences that could start as early as next week should the government default on its debts.
Deutsche Bank chief executive Anshu Jain said, while speaking at a conference hosted by the Institute of International Finance in Washington, “This would be a very rapidly spreading, fatal disease.” He warned that the consequences of an American default would be “utterly catastrophic,” and would plunge the world into at the very least another recession.
As we reported earlier this week, banks around the country are starting to stockpile huge amounts of paper currency in fear of a major run on U.S. Banks in the coming weeks.
On Saturday, JPMorgan Chase chief executive Jamie Dimon confirmed the stockpiling of cash, when he said banks are spending “huge amounts” of money and making “enormous preparations” preparing for the possibility of a default.
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