Two Financial Nukes Explode
By Greg Hunter’
2 NOVEMBER 2011
On Monday, I said at the end of my post, “I think someday we will “grow” our way out of the economic mess we are in but not before a very big fall.” I didn’t think the fall would come the very next day–but it did. Two monster nukes exploded on the financial landscape. They are the surprise MF Global bankruptcy and the equally surprising Greek referendum on the second bailout package. Kaboom and kaboom!!! I see not one, but two giant mushroom clouds on the horizon, and destruction is headed our way. Anyone underselling these two bombs is on some pretty heavy Prozac. This is a turning point, and the turn is decidedly bad. It’s a global financial crash.
Two weeks ago, I wrote, “When European banks start failing, there is no way U.S. banks will be able to avoid being sucked into a vortex of default. For anyone who thinks this crisis can be resolved with a pain free plan—forget it. Welcome to the age of bank failures.” (Click here for the complete post.) I didn’t think MF Global, headquartered in New York City, would beat everyone to the punch.