IMF Adviser says we face a Worldwide Banking Meltdown!

Commentary on ZeroHedge.

IMF adviser Robert Shapiro responding on BBC

"If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems."

IMF are usually quite reserved on their rhetoric regarding the financial crisis and possible outcomes, but perhaps not Shapiro being an adviser to the IMF. This is an extraordinary prognosis on the European debt crisis and one that announces a worldwide banking meltdown due to the interconnection of the world's banking and economic system and contagion.

reply to post by surrealist


S&F surrealist - thanks for the info, BUMP.

How many trillions did the '08 crisis cost? And this meltdown would dwarf '08's meltdown...

you heard the man, 3 weeks.

anyone who hasn't seen the money is debt documentary on youtube should do so now, this is far from good news however because this is a shtf situation...

I can't force you to come to the same conclusion, only time will tell.

reply to post by surrealist


honestly, it wouldnt surprise me either, the way we are headed with selfish governments.
Thanks for the find by the way

Interesting, S&F. It has to make you think, that this whole crisis is planned. All of these supposedly smart people, doing really really dumb things.. But even if it wasnt planned, I dont think a world wide financial meltdown is all that unexpected.

Should be interesting to see things go haywire and reset to zero.

Originally posted by Yukitup
reply to post by surrealist

 

S&F surrealist - thanks for the info, BUMP.

How many trillions did the '08 crisis cost? And this meltdown would dwarf '08's meltdown...

Good point...Many months ago, Gerald Celente mentioned the amount of money pumped in to the system which only behaved as a bandaid....Now the wound is about to burst and there will be hell to pay if you are a banker.

When ever someone comes out and makes such claim (true or not) i can't help wonder is this a scare tactic or is he right?
In this case i believe he is maybe not the timeframe though.

This is good news to me though. Because if it does happen in 3 weeks it means i can stop stressing out about how much of a failure my job search has been and go join the riots.

reply to post by Yukitup


In the US 3 trillions approved by congress, unacounted the Federal Reserve that is the biggest funder of the IMF has spend 16 trillions all this since the 2008.

reply to post by sicksonezer0




>_> "Their leaders talked and talked and talked, but nothing could stem the avalanche..."

(I literally pray this, does not occur to the letter. we can do better than that.)

He's about 6mo to 1yr late to the party...old news to anyone actually analyzing the numbers

ZeroHedge

European collapse Explained in 3minutes!

I'm not in any way convinced by the timeframe either but you have to consider, isn't Greece only financed up until around the end of October? Also markets on two occasions that I am aware of historically have had a major crash in the latter part of October as well - I could be wrong there. Regardless, I think something big is inevitable it could just take longer to unfold. I see the world in a kind of holding pattern currently, how long that lasts is to be seen, but there will be a 'day of reckoning' soon enough. Certainly governments and central banks are going to have a lot of trouble containing the next major banking implosion.

Reply to post by surrealist

Cool! This coincides with the October 24th economic doom prediction!


Posted Via ATS Mobile: m.abovetopsecret.com

My money is on either Oct 24, or 28. One of those days will be the kick off of the downward spiral if all plays out as expected. Greece is only financed through the 24th I believe, and that will be the spark that ignites the fire. Then after that all it will take for it to go global fast is a bank to collapse in the shadow of the Greek default, after that it's game over because the cascade of dominos will be falling too fast to stop.

Legatus pilgrimage is from October 12-23

Maybe Reinhardt is right about this Legatus "trigger"?

Let it happen, I would rather sooner then later (and there is NOTHING anyone can do about it)

Originally posted by surrealist
IMF are usually quite reserved on their rhetoric regarding the financial crisis and possible outcomes, but perhaps not Shapiro being an adviser to the IMF.

I think they are still being conservative.

Originally posted by SpaDe_
My money is on either Oct 24, or 28. One of those days will be the kick off of the downward spiral if all plays out as expected. Greece is only financed through the 24th I believe, and that will be the spark that ignites the fire. Then after that all it will take for it to go global fast is a bank to collapse in the shadow of the Greek default, after that it's game over because the cascade of dominos will be falling too fast to stop.

Put it all on the 24th, these corporate jackasses just love their esoteric symbolism.

Wall Street crashed on Thursday 24th October 1929 Black Thursday 24/10/1929

Now please anyone who visits this thread not to try to hijack it or anything should listen to the benjamin fulford and david wilcock interview linked below...Now tell me after you listen to this interview(its an hour but its worth it) and watch this video again please and tell me if you dont see any similiraties with what he saying is going on in the world its like eerily on the button. Also just give the whole interview a chance.

www.abovetopsecret.com...

its in a video on first page a lil down

Gonna stock up on food that lasts me whole winter (My GF will think I'm crazy so I'll wont tell her lol).

If nothing happens I don't have to go to the store every other day, if it does I will be enough to last till I can start living off the land.

Salary is due in 3 days, gonna take it out at once and buy some necessities. I already advised my gf to change her Euros to our local currency. Being responsible for a multi million dollar operation in terms of DR I will probably be needed so if TSHTF I am an elitist, however I am more of a peoples person when it comes down to distributing the wealth.

Man's gotta eat you know.