The Phaserl


Former White House Official – Europe In Danger Of Mega-Bank Runs That Jeopardize The World

from KingWorldNews:

Eric King: “It now appears at this point that the multiple bank runs in Europe have the ability to spread and create massive contagion.”

Dr. Philippa Malmgren: “We have seen Banco Santander, which is considered the most important of the continental banks in Europe, recently announce without any warning that they didn’t have enough cash and they had to do a very sudden and abrupt cash call of almost $8 billion just to stay alive….

“This started a bank run at Banco Santander. As much as 30 percent of the deposits in the U.K. were immediately withdrawn. So this was of course a very big event and it has contributed to further euro weakness. The fact is that when the biggest bank in Europe tells you without any warning that they need $8 billion just to keep the doors open, this is a big story.”

Dr. Philippa Malmgren Continues @

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3 comments to Former White House Official – Europe In Danger Of Mega-Bank Runs That Jeopardize The World

  • rich


    Somebody robbed the global financial train and made off with huge profits. Had the SNB wonks not battled against the Swiss referendum, the SNB could have been buying gold with unlimited Swiss francs, which, of course, is a real example of Gresham’s Law. The “COMMON MAN” in the Swiss cantons was far wiser than the gnomes of the Swiss ruling classes. It is in respect for citizens against their enlightened technocrats that I offer up this week’s battle cry, “PEPPER SPRAY DAVOS.” This effort to pepper spray Davos is to break the meeting of the power elite that in its collective wisdom has continued to cause so much destruction to the global economy. The image in my mind is the video of University of California-Davis police spraying campus protesters in 2011.

  • JMiller

    There is very little chance, if any, of bank runs here in the U.S. in the near future. The U.S. is not Greece of Cyprus. Eric King and Dr. Philippa Malmgren are comparing apples to oranges.

    • Ed_B

      Who do you think is backstopping the EU banks? Giving cash to a failing or failed bank is like giving heroin to a life-long junkie. The world is now quite closely linked, so whatever affects one part of the world, particularly in a highly negative way, WILL affect the other parts of the world. We cannot shoot a hole in our foot without the rest of our body feeling deleterious effects… and so too is it with banking. In the 1930s, we had a world-wide deflationary depression and it very seriously affected North America, Europe, Russia, and some of the Asian countries. Those economies that fared best were the least developed. Japan is failing. The EU is starting to fail. How much pressure can the world economy take before the SHTF? My guess would be not a lot more, yet more continues to come.

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