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» Another Banking Crisis?:

Another Banking Crisis?

Posted by on June 14, 2011 at 3:31 pm.

Hold on to your wallets. Once again, the banksters are about to pick your pockets. How so? American banks are on the hook for much of that European sovereign debt that you keep hearing about . Of course, American banks don’t have enough money to cover for the defaulting Irish, Greek, Portugal, Spanish and Italian governments. Once again, the American taxpayer will be asked to bail out the too big too fail. Remember those pesky credit default swaps that you paid for back in 2008? Well, there’s more CDS problems on the way.  U.S. bank exposure to Ireland, Greece and Portugal through direct loans is about 63.6 billion dollars. Do you think that’s a problem? Here’s a much bigger problem. U.S. banks have guaranteed 129.2 billion dollars worth of  debt through credit default swaps. That’s just Ireland, Greece and Portugal. 
U.S. Bank Direct Loans To Greece 7.3 Billion
U.S. Bank Direct Loans To  Ireland 51.0 Billion
U.S. Bank Direct Loans To Portugal 5.3 Billion
U.S. Bank Credit Default Insurance On Greek Loans 34.1 Billion
U.S. Banks Credit Default Insurance On Irish Loans 54 Billion
U.S. Bank Credit Default Insurance On Portuguese Loans 41.2 Billion
Many of the swaps were sold to German and French banks, so American taxpayers could be sending more cash to the European banksters. This may be only the tip of the Euro-debt iceberg. Countries like Spain and Italy are also in dire straits and my guess is we will be asked to pay up once again, should they default. (Spanish and Italian debt is even bigger.) The banking crisis of 2008 isn’t gone it’s just getting much larger. Apparently, there is no stopping the too big to fail. I just wanted to get the word out about this fiasco before it happens. I am not wasting my time contacting my elected representative.   The last trillion dollar bankster bailout was opposed by over 90 percent of U.S. citizens, but still passed. Where are our government officials? Bilderberg, I guess.

http://www.johnmauldin.com/images/uploads/pdf/mwo061011.pdf 

This is not the only crisis facing our financial system. Stay tuned for a report on another banking/real estate crisis.

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