We’re Looking At A Global Banking Crisis, One Beyond the Euro Banks

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by Chris

There’s no way to disconnect the system of banking at this point.  That’s how I see it and understand it.

It’s a gigantic daisy chain of owing.  Every asset in on every bank balance sheet is somebody else’s liability.  Thus, it’s not possible for the major Italian banks to go down without affecting the other banks that hold their bonds on their books.

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It’s not possible for Italy to crater with the Target 2 liabilities now ~$1 trillion (with a “T”) without smashing through the very core of the European system beginning with the ECB itself.

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Just minutes ago on Twitter I ran across this, confirming the idea that Spain’s banks are not far behind.


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