Europe Wasn’t “SAVED” in 2012… and It’s In Even MORE Trouble Now
By: Graham Summers
GoldSeek.com
Wednesday, 6 July 2016
So the world has woken up and realized what we’ve been pointing out for four years now… that Europe wasn’t fixed in 2012.
European Financials have fallen back to levels not seen since the Crisis was raging to the point that France and Germany floated the idea of imposing capital and border controls.
The whole mess was “saved” based on a lie. Mario Draghi claimed he’d do “whatever it takes… and believe me it will be enough” and the markets took him at his word.
Unfortunately the math doesn’t support this. The EU banking system is leveraged at 26 to 1. Many banks are leveraged far above this. Lehman was leveraged at 30 to 1 when it imploded. People laugh that somehow that was allowed to happen in 2007… without realizing that Europe’s entire €46 trillion banking system is just below that.
Since Draghi “saved” Europe in 2012, he’s cut interest rates to negative FOUR times and has implemented over €1 trillion in QE expanding the ECB’s balance sheet well above its previous record high set at the depth of the crisis.
The Rest…HERE
