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Europe is heading into a full-‐scale disaster. You see, the debt problems in Europe are not simply related to Greece. They are SYSTEMIC.
As you can see, even the more “solvent” countries like Germany and France are sporting Debt to GDP ratios of 75% and 84% respectively. These numbers, while bad, don’t account for unfunded liabilities. And Europe is nothing if not steeped in unfunded liabilities. Let’s consider Germany. According to Axel Weber, the head of Germany’s Central Bank, Germany is in fact sitting on a REAL Debt to GDP ratio of over 200%. This is Germany… with unfunded liabilities equal to over TWO times its current GDP. To put the insanity of this into perspective, Weber’s claim is akin to Ben Bernanke going on national TV and saying that the US actually owes more than $30 trillion and that the debt ceiling is in fact a joke.
To put this number into perspective TOTAL EQUITY at the top three banks in Germany is less than 100 billion Euros. And this is GERMANY we’re talking about: the supposed rock-‐solid balance sheet of Europe. How bad do you think the other, less fiscally conservative EU members are?
Think BAD. As in systemic collapse bad.
It is game on. 2 choices and none are nice.