Countdown to Financial Armageddon
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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began

The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began | Countdown to Financial Armageddon | Scoop.it

The European Union is the biggest economy in the world — close to $15 trillion in GDP. When it sinks, so does the U.S. and much of the world.

European banks are roughly THREE times larger than U.S. banks. When they’re forced to cut their lending drastically, global capital shortages hit hard.

Most frightening of all, the U.S. has committed most of the same mistakes as Europe — the same kind of massive debts, deficits, and failed bailouts.

And now the European Union is crumbling, threatening a systemic collapse far larger than the near meltdown witnessed in the wake of the Lehman Brothers collapse in 2008.

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Why Europe's Debt Crisis Could Trigger another Giant Bailout of Wall Street

Why Europe's Debt Crisis Could Trigger another Giant Bailout of Wall Street | Countdown to Financial Armageddon | Scoop.it

If Greece goes down, investors will flee Ireland, Spain, Italy, and Portugal. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble.

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