Global Debt Crisis Implosions,Use Gold and Silver to Protect from The Big One, Coming Soon

Monday, November 29, 2010
By Paul Martin

By: DeepCaster
Market Oracle

“Attempts to bail out the Irish banking sector via multinational loans will only increase debt burdens in Europe and lead to a nightmarish scenario there, says New York University economist Nouriel Roubini.

There is too much private debt in Ireland, and aid from the International Monetary Fund, the European Union or whoever merely amounts to pushing the payday down the road and ultimately increasing the total amount owed in the end.

“Now you have a bunch of super sovereigns – the IMF, the EU, the eurozone — bailing out these sovereigns,” Roubini tells CNBC, adding nobody “from Mars or the moon” will bail out the IMF or the eurozone once Ireland’s debt is socialized.

“At some point you need restructuring,” he told CNBC. “At some point you need the creditors of the banks to take a hit — otherwise you put all this debt on the balance sheet of government. And then you break the back of government — and then government is insolvent.”…

“If Spain falls off the cliff, there is not enough official money in this envelope of European resources to bail out Spain. Spain is too big to fail on one side — and also too big to be bailed out.”

“Roubini: Debt Nightmare Unfolding in Europe”
Forrest Jones, Moneynews, 11/19/10

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.”

President James Madison

“Americans over-consumed and over-leveraged, but who enabled that trend to take place? Only the lenders could have facilitated such a spending spree. So then it was the predatory lending of banks? In part, but we must go further to the root of the problem. Who directs the lending capacity and practices of the big banks? Why the central bank, of course! Ever since the Depository Institutions Deregulation and Monetary Control Act passed in 1980, all banks fall under the purview of the Federal Reserve. It was the Federal Reserve that artificially lowered interest rates and borrowing costs to historically low levels in order to excite the debt bubble which then burst in 2008. Credit was easy. In fact, it was so easy that big banks practically threw money at people unqualified to handle mortgage payments.”

The Rest…HERE

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