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IMF Adviser says we face a Worldwide Banking Meltdown!

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posted on Oct, 6 2011 @ 04:40 PM
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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.

edit on 6-10-2011 by surrealist because: (no reason given)




posted on Oct, 6 2011 @ 04:45 PM
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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...



posted on Oct, 6 2011 @ 04:47 PM
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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.



posted on Oct, 6 2011 @ 04:49 PM
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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


edit on 6-10-2011 by thebelieverufo because: Sorry guys, i forgot to put in the "t" in it



posted on Oct, 6 2011 @ 04:50 PM
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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.



posted on Oct, 6 2011 @ 04:50 PM
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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.



posted on Oct, 6 2011 @ 04:52 PM
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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.



posted on Oct, 6 2011 @ 04:52 PM
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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.



posted on Oct, 6 2011 @ 04:54 PM
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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.)



posted on Oct, 6 2011 @ 04:55 PM
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He's about 6mo to 1yr late to the party...old news to anyone actually analyzing the numbers


ZeroHedge



posted on Oct, 6 2011 @ 05:09 PM
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European collapse Explained in 3minutes!





posted on Oct, 6 2011 @ 05:12 PM
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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.



posted on Oct, 6 2011 @ 05:25 PM
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Reply to post by surrealist
 


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


 
Posted Via ATS Mobile: m.abovetopsecret.com
 



posted on Oct, 6 2011 @ 05:27 PM
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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.



posted on Oct, 6 2011 @ 05:39 PM
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Legatus pilgrimage is from October 12-23


Maybe Reinhardt is right about this Legatus "trigger"?



posted on Oct, 6 2011 @ 09:10 PM
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Let it happen, I would rather sooner then later (and there is NOTHING anyone can do about it)



posted on Oct, 6 2011 @ 11:39 PM
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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.
edit on 10-6-2011 by rogerstigers because: (no reason given)



posted on Oct, 7 2011 @ 12:32 AM
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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
edit on 7-10-2011 by JudgeDeath because: none given



posted on Oct, 7 2011 @ 12:39 AM
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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



posted on Oct, 7 2011 @ 07:22 AM
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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.



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