Lessons From The Worst Banking Crisis In History…” Europe’s banks and its governments are caught like two drunken sailors holding each other up.”

Monday, July 11, 2016
By Paul Martin

by Tim Price via SovereignMan.com,
ZeroHedge.com
Jul 11, 2016

It’s ironic that some of the most honest words to come out of a politician’s mouth were, “When it becomes serious you have to lie.”

That was a quote from Jean-Claude Juncker, former Prime Minister of Luxembourg and President of the European Commission (the EU’s executive branch) in 2011 when asked about Greece’s financial crisis.

Greece was on the ropes and the entire system about to collapse, so, of course they lied. Then they lied about lying.

This raises a very reliable rule of thumb to keep in mind during (and before) a banking crisis: don’t trust anyone in the establishment, especially a politician.

It’s good advice these days. Europe’s banks and its governments are caught like Macbeth’s “two spent swimmers that do cling together / And choke their art.”

Or perhaps a less elegant comparison– two drunken sailors holding each other up.

As usual there’s quite a bit of deflection to steer people away from looking too deeply at bank balance sheets, and high sounding language that everything is just fine.

A review of a historical banking crisis would be highly instructive. So let’s go back to one of the absolute worst in history– the US banking crisis of 1982.

The Rest…HERE

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