Loading ...We’ll know by Sunday night if the wolf really is at the door this time
Jim Willie:
Italian Bank Collapse And Exit From Common Euro Currency
The Italians have a national referendum coming up very soon. The decision to push PM Renzi aside and to go on a more independent defiant path seems imminent. All his opponents have a common theme, to bail out the banks and to exit the Euro currency, which means a return to the Old Lira currency. The implications are staggering and lethal to the sovereign bond market in Southern Europe, since the PIGS all look alike. The dire implication is to the big European banks, primarily the French and German big banks. When the Italians flip the bird to the Euro Central Bank and their big bank masters, refusing to endure the financial rape as seen in Greece, the continent will undergo widespread tumult. Leaving the Euro currency must coincide with leaving the European Union itself. Key EU leaders are certain to leave en masse, much like in the style of Schultz recently. When Italy bails out its banks and leaves the Euro currency, the Western banks go poof and the USDollar dies.