Eurozone is ready to explode, but probably not for the reasons you think

[no more banksters]

Only Deutsche Bank, the largest bank in Germany, is significantly exposed, holding dubious financial products known as "derivatives", worth 67 trillion euros. This amount is similar to the GDP of the entire world and 20 times greater than the GDP of Germany. Any comparison with the situation of the bank Lehman Brothers in 2008 would not be irrelevant. Just when Lehman Brothers went bankrupt, had available derivatives of only 31.5 trillion. The crisis of 2008 confirmed the concise definition of derivatives as proposed by the American tycoon Warren Buffet: "financial weapons of mass destruction."

http://failedevolution.blogspot.gr/2015/07/eurozone-is-ready-to-explode-but.html

[Warpy]

1. Buffet is right and when the casino collapses, few will see it coming

It will be only a few investment bank wonks who notice how shaky the whole thing has gotten and try to rid themselves of exposure as quickly as possible. Nothing spreads in finance as fast as panic does, and while panic is the worst reason to make any financial decision, it often rules. The casino is so convoluted there will be no way of counting up who owns what, money will simply evaporate into thin air the way it did in the Depression. With panic at the top and massive debt at the bottom, everything will go.

It's easy to see how it will happen. Anyone who predicts when it will happen is a fool.

[Demeter]

2. Not soon enough. That's my prediction.

2008 should have been the cleansing we needed globally.

[Warpy]

3. I keep hoping it stays together until after I kick the bucket

What's truly scary is that it could be happening right now. We'd never know a thing until the "closed" signs appeared on the banks.

Future generations will wonder why in the world Obama had a Goldman Sachs group of financial wonks and why Congress did nothing. 2008 should have been a warning and a great opportunity to fix a few things. Now it is likely too late.

[mother earth]

4. It is class warfare, plain and simply, as Warren Buffet stated long before....and as he also said,

they are winning.

[snagglepuss]

5. Do you think that this has any connection to how hard Germans

are being to the Greeks? Does Merkel and gang know something others don't?

[Warpy]

6. It might.

I wouldn't be terribly surprised to find out that it does.

[StoneCarver]

7. Warpy...

If I recall correctly YOU correctly called the 2008 crash (along with guiderglider, girlgonemad, and dixiegirl). So some do see it coming. I wish you all posted more. You're the signal through the noise. Thanks.
Stonecarver

[dixiegrrrrl]

8. What a nice thing to say, Carver....

I have been feeling discouraged for some time now, as it seems that few people pay attention to economic issues in their lives.
I even tried posting more in GD, hoping more would see what was happening.

The Cyprus bank thefts, called the bailout, had such horrible implications, and indeed it has happened again, no matter what the people voted for,no matter how illegal the Greek loans in the first place.
In fact, Greece has shown the obvious...people's votes and elections do not matter.

But we knew that....remember TARP? Patriot Act? And now, TPP?
Isn't it amazing that somehow, despite the debates, despite citizens demanding their representatives vote against giving away the planet,
despite apparently close debate in the august cambers of Parliament/Congress, etc.
the vote ALWAYS seem to be "just" close enough to pass a law for more theft.
Ever notice that?

Meanwhile, digital money rules the world, covering up the the fact that markets no longer work in any sane manner, that the big banks are actually insolvent, and global citizens become poorer and poorer every day.

If Greece.....the center of democracy, for Christ's sakes! had succeeded the ECB would have crashed like a rotten tree.
Germany would have been hurt too, but not as bad, since Merkel succeeded in taking Germany's share of the original Greek loans and shoving them over to the ECB.

Ireland gave us a hint when it voted to ACCEPT bad debts it was not legally bound to pay.
Now Greece.
And then...?

France is outlawing cash..wonder if anyone has figured out the implications.