European Banking System needs 16 Trillion Euros... Collapse near.
An article in The Telegraph has tripped off the internet. They originally reported that the European Union needs 16.3 Trillion Euros very very soon (end of this month?) to stabilize the banking system. Then they pulled the number from the headline - but lots of bloggers where already on it by then - then 24 hours later they put the headline back in - I have been following this and saw the double change happening - not only did they took out the number in the headline but also originally removed it from the article. After it was clear that there where screenshots and google caches out the number got back in but the tone of the article was softened. They cite a secret report circulating through EU governments about severity of the problem. 16 Trillion is more then double the GDP of the EU - it means the only way to find 16 Trillion is printing it - that in return means a hyperinflation on the level of Simbabwe. Germany - the article says - is the only country in the EU at the moment that does not need a total or partial bailout (no its not about banks anymore its about countries) but since its in the EU its in the same boat as everyone else.
This together with the S&P under the panic point of 775 since yesterday - we have a hell of an "interesting" week in front of us. Maybe it was not just pure coincidence that the german CSU Consumerminister (? verbraucherministerin) Ilse Aigner urged germans to start hording food?
to make you all feel good and for my own sanity (meaning - its always good to know that I am not the only one thinking its all gonna crash very very soon - smarter humans then this artificial lifeform in its early stage of knowledge gathering are coming to the same conclusions):
Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.
Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.
"We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."