The Coming Banking Meltdown...

Oct 7th, 2011

Coming less than two weeks after the stunning BBC interview with Alessio Rastani and his forecast of financial doom, IMF advisor Dr. Robert Shapiro adds to the sense of urgency (video below):

"If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems."

"The Stock Market Is Finished"

Sept 26th, 2011

This exchange between American stock market trader Alessio Rastani and a BBC interviewer is genuinely shocking.

via IBT:

"Stock market trader Alessio Rastani commented on the current economic crisis to the BBC on Monday, saying, "Governments don't rule the world" but rather Goldman Sachs does and he "dreams of another recession."

"This is not a time right now for wishful thinking that governments are going to sort things out," Rastani told the BBC. "The governments don't rule the world,Goldman Sachs rules the world."


Um... Sleep tight.