Europeans Enter Final Stage On How To Pay For The Failed European Bankster System

By Martin Armstrong: There are talks going on in Europe on how to deal with the massive banking failure in Europe. Of course, nobody want to admit that the cause of this failure was not risky banking – but BRAIN-DEAD political design of the Euro. Because there was no consolidation of the national debts, there was no single bond issue and the euro could NEVER get off the ground as a reserve currency.
By retaining individual national debts, the European design on that score was like the USA with each state issuing its own bonds. However, state bonds are not reserve quality in the USA as they are in Europe and that was the systemic risk. Europe lacked a federal bond issue and as a result, to be politically correct, the bankers had to keep their reserves spread among all the member states bond issues. This presented huge problems for once Greece was in trouble, capital turned and looked at Portugal, Spain, Italy, and it now smells blood in France.


There is no hope to cure the European banking system and the French model that now controls the IMF is a total disaster. The IMF proposal to just confiscate 10% of all accounts is a HAIR-BRAIN-DEAD idea proposed by French communists that simply see no end to just confiscating the wealth of anyone who has money.
We may begin to see some decision trickle out of the EU by June, but it really appears that the French will destroy the EU through the IMF. The French control of the IMF has placed the entire world at risk. Insofar as Ukraine is concerned, if they follow the IMF, we will see the Ukrainian economy collapse and the civil unrest that will reemerge giving rise to the risk of a major invasion at that time from Russia who will also need an external enemy for its economy will decline sharply as well.

Source 

X art by WB7