Gary North: Too many Eurozone Summits

New World Order, by Aherograff / Wiki Commons *

“The New World Order is in big trouble.
The European subdivision is visibly coming apart at the seams.”


“The whole banking structure is at the edge of the abyss.”


“the entire international fractional reserve banking system
is coming apart, and it will take more than press releases to hold it together. Behind the scenes, each government is trying to pass on liability to the other governments.”

Gary North

Too Many Eurozone Summits  (extract)
by Gary North
LewRockwell.com

November 5, 2011

REPEAT SUMMITS

When the group meets again within two months to consider The Problem, we can be sure that the folks at the top of the heap – the real top, not their elected front men – are in trouble. The previous meeting of their spokesmen did not calm the situation. The crisis is getting worse.

***

Here is an unbreakable rule: if there is a third summit within a three-month period, the banking system is in really big trouble.

***

The Powers That Be are facing Problems That Won’t Go Away. The heart of their control is fractional reserve banking and the market for government bonds (sovereign debt). Both are under siege. Both are showing signs of unprecedented vulnerability.

***

Meanwhile, Estonia is the only nation in the West that is not in fiscal trouble.

Then there is Iceland.

Iceland, whose banks defaulted on $85 billion in 2008, completed a 33-month International Monetary Fund program in August. The Washington-based fund expects Iceland’s economy to grow faster than the average for the euro area this year and next. It costs less to insure against an Icelandic sovereign default than it does, on average, to hedge against a credit event in Europe’s single currency bloc, debt derivatives show.

Iceland and Estonia never get invited to major European summit meetings. They are not in the G-20. There is a lesson here.
Read COMPLETE article HERE

Copyright © 2011 Gary North

Gary North is the author of Mises on Money.
Visit http://www.garynorth.com.

Source: http://lewrockwell.com/north/north1057.html

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