Spain is likely to do the trick. The jolt from that nation’s banking collapse is about to “tilt” the rickety EU pinball game, as the score of debt is racked up higher and higher. This is no time to be in debt, personally. Prepare for the tsunami from the seismic shift across the Atlantic.
And here we’ve been told (at least since 1913) that central banking prevents collapses — well, for the central banksters, that is. Remember the financial version of The Golden Rule, “He who has the gold rules.” Updated for the 21st Century: he who has the gold and energy stores, and control of food and water….
Analysis: Euro zone fragmenting faster than EU can act
By Paul Taylor
PARIS | Mon Jul 9, 2012 2:05am EDT
(Reuters) – Signs are growing that Europe’s economic and monetary union may be fragmenting faster than policymakers can repair it.
Euro zone leaders agreed in principle on June 29 to establish a joint banking supervisor for the 17-nation single currency area, based on the European Central Bank, although most of the crucial details remain to be worked out.
The proposal was a tentative first step towards a European banking union that could eventually feature a joint deposit guarantee and a bank resolution fund, to prevent bank runs or collapses sending shock waves around the continent.
The leaders agreed that the euro zone’s permanent bailout fund, the 500 billion euro ($620 billion) European Stability Mechanism, would be able to inject capital directly into banks on strict conditions once the joint supervisor is established.
But the rush to put first elements of such a system in place by next year may come too late.
Deposit flight from Spanish banks has been gaining pace and it is not clear a euro zone agreement to lend Madrid up to 100 billion euros in rescue funds will reverse the flows if investors fear Spain may face a full sovereign bailout.
Illinois Rep Explodes In Fury On House Floor.
Shames Congress For Selling Us Out The Defacto Dictator Barack Hussein Obama!
Shouting At The Top Of His Lungs…
Let My People Go!
http://www.youtube.com/watch?v=sbNzDnDoDOg