The Run On Europe Begins As Global Investors Head For The Hills...

http://www.businessinsider.com/the-run-on-europe-begins-as-global-investors-head-for-the-hills-2011-11

'Only massive debt restructuring can save EU'

Sure, the preface to this video mentions Kyle Bass profited by betting on the subprime mortgage and Greek sovereign debt crises materializing, but what it doesn't mention is that Bass has also been long gold in preparation for these crises.  Go ahead and do a search in this blog, and read about his previous insightful commentaries.

http://news.bbc.co.uk/2/hi/programmes/hardtalk/9639507.stm

European Debt Crisis Threatens the Dollar

http://paul.house.gov/index.php?option=com_content&view=article&id=1927:european-debt-crisis-threatens-the-dollar&catid=62:texas-straight-talk&Itemid=1&Itemid=69

Selling More CDS on Europe Debt Raises Risk for U.S. Banks

This is why Wall Street banks will need another bailout:  unmitigated and unaccounted for counterparty risk.

http://www.bloomberg.com/news/2011-11-01/selling-more-insurance-on-shaky-european-debt-raises-risk-for-u-s-banks.html

Two words:  Lehman and AIG.

Major U.S. Banks At Risk If European Debt Crisis Spreads

http://www.huffingtonpost.com/2011/10/06/banks-wall-street-europe-crisis_n_999204.html

Four Biggest Banks in America have Huge Leverage

http://usawatchdog.com/four-biggest-banks-in-america-have-huge-leverage/

Greenspan Says Euro ‘Breaking Down’

I want every reader of my blog to read this.  Keep in mind these opinions are coming from a former Fed Chairman, in fact one the most visible and influential Fed Chairmen ever, if not THE most.  This opinion is not coming from  the blogosphere.  Having said that, us "lunatic fringe bloggers" have seen this coming a mile away.  Ignore Greenspan's warnings at your peril. 

http://www.bloomberg.com/news/2011-08-23/greenspan-says-the-euro-is-breaking-down-may-harm-stock-prices.html

No Gold Bubble

Greenspan also said that he did not think gold, which reached a record above $1,900 an ounce this week, was in a bubble.


“Gold, unlike all other commodities, is a currency,” he said. “And the major thrust in the demand for gold is not for jewelry. It’s not for anything other than an escape from what is perceived to be a fiat money system, paper money, that seems to be deteriorating.”

After leaving the Fed, Greenspan founded the consulting firm Greenspan Associates and has been a consultant or adviser to Deutsche Bank AG, Pacific Investment Management Co. and hedge fund Paulson & Co.

Again, put this into context.  As Fed Chairman, Greenspan was the master anti-gold evangelist.  He knew that confidence in the USDollar as the global reserve currency meant the price of gold had to be incessantly knocked down (i.e. price suppressed).  Even current Fed Chairman Ben Bernanke denied gold was money in a Congressional testimony.  When queried by Ron Paul why gold was stored in vaults as reserves on our nation's balance sheet, and why not diamonds, Bernanke lied and said it was due merely to "tradition", and that gold was NOT money.

Greenspan, Bernanke's predecessor, completely refutes Bernanke in this article.  It certainly appears central bankers only speak the truth when they are OUT of office, not while IN office.

Even Goldman Sachs Secretly Believes That An Economic Collapse Is Coming

http://theeconomiccollapseblog.com/archives/even-goldman-sachs-secretly-believes-that-an-economic-collapse-is-coming

Perhaps most startling of all is what the report has to say about the debt problems of the United States and Europe.

For example, this following excerpt from the report sounds like it could have come straight from The Economic Collapse Blog....

“Solving a debt problem with more debt has not solved the underlying problem. In the US, Treasury debt growth financed the US consumer but has not had enough of an impact on job growth. Can the US continue to depreciate the world’s base currency?”

Remember, this statement was not written by some guy on the Internet.  A top Goldman Sachs analyst put it into a report for institutional investors.

The report also goes into great detail about the financial crisis in Europe.  Brazil writes about how the euro is headed for trouble and about how dozens of financial institutions in Europe could potentially be in danger of collapse.

In A Currency Tug Of War The US Dollar Loses

As I've posited before, even if you're the tallest midget in the room, you're still a midget.  Problems in the Euro zone are real, but mere distractions from the US' own systemic financial problems, and they are just as big domestically, if not bigger than those across the pond.  Euro sovereign debt crises create headlines in order to mask US insolvency.  Don't let the media divert your attention away from protecting your assets.  It will get uglier here in the US.

http://www.zerohedge.com/article/guest-post-currency-tug-war-us-dollar-loses