What will the next financial meltdown look like to the man on the street? Market analyst Lynette Zang predicts, “The Bank for International Settlements (BIS) showed how they would bail in the banks over the weekend. It’s pretty easy to see if you look across the pond to Greece. You will have no access to your wealth. You may have a pretty statement that says you have xyz (stocks) in there. You just can’t touch it. It will be the same thing with your bank account . . . basically, access will be gone. That’s what it will look like, and people are going to be freaked out. What do you do when the computer says no? There is a certain amount of cash in the ATM, maybe $60 a day, maybe $300 a day. Who knows? But it’s not going to be enough. So, that’s what it is going to look like. Most people will freak out because they have about three days of food in their house. Most grocery stores have about three days of food on their shelves. So, what happens after day six? People will be scared for sure, and they will panic.”
Join Greg Hunter as he goes One-on-One with Lynette Zang, Chief Market Strategist at ITM Trading.com.
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