24 Nov 2011

Bank Run in Parts of Europe Underway - Open Letter to CME

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Open Letter to CME here http://inpoints.blogspot.com/ Looking at Spanish short rates now paying 5.22 over three months, its clear that NOBODY wants to touch Spanish Sovereign paper thereby creating a virtual run on the bank. Discussions of the EU president and follow on reactions by Angela Merkel also suggest that deteriorating conditions in Europe will continue to be insolvable. Kicking the can down the road with a Eurobond also seems unlikely. MF Global may shortly become illustrative for new wave of failures triggered by Europe.. Without action and coordination we are once again within days (or a few weeks) from total economic collapse. wepollock Warren Pollock