Saxo Bank CEO: The Euro Crisis Has Turned Into A Fatal Disaster And It Gets Worse and Worse Every Day
Investmentwatchblog.com
May 13th, 2013
“In his keynote speech at this week’s #FXDebates event in London, Lars Seier Christensen, the co-founder and co-chief executive of Saxo Bank, said the euro crisis had turned into a fatal disaster with huge consequences for the members involved.”
http://www.tradingfloor.com/posts/euro-crisis-turned-fatal-disaster-1972962783
Saxo Bank CEO On The ‘Eurozone Minefield’: “This Crisis Will Not Pass”
Niall Ferguson recently remarked, “[Europe] is a politicial experiment gone wrong. The experiment was to see if Europeans could be forced into an even closer union – despite their wishes – by economic means, because the political means failed.” In this brief clip, Lars Seier Christensen, co-CEO and co-founder of Saxo Bank, tells an audience at the Saxo #FXDebates in London that the eurozone will eventually break up as Brussels claims even more power from nation states. He warns investors that Cyprus was indeed a template for bail ins and that outright confiscatory wealth taxes, disguised as solidarity payments, could be used to raise funds. “The governments of Europe need money, and the private sector has it. It is as simple as that. Be very paranoid,” he said, warning investors that the mattress may be a safer place to deposit money over the weekend than their bank accounts. “Frankly, it is a complete mess. And it is a mess that gets worse and worse every day,” is how the outspoken truthiness begins, adding, “anyone with a rational view of the world now sees the currency collaboration as a historic failure that can lead to even further fatal consequences for Europe and the continent’s competitiveness vis-à-vis the rest of the world.”
