''Panic in the New World Order''

this is about european bank runs.......a must read........From Market Oracle
By Gary North

''Today, the entire banking system of Europe is at risk. The banks are highly leveraged, and they have made enormous investments at low-interest rates in bonds issued by governments that are technically insolvent. There is no possibility that any of these bonds will ever be repaid. They were never designed to be repaid. They were designed to keep the taxpayers of all European countries in permanent bondage to the banking system.

Now, in a complete reversal of fortune, the banks are increasingly dependent on the governments. The governments are now the lenders of next-to-last resort to the commercial banks. The central bank, of course, is the lender of last resort. But today, the European Central Bank has moved into neutral. It does not want to take action to bail out Greece, Spain, or Italy.

The PIIGS governments that wrote the IOUs to the banks in northern Europe are technically insolvent. When Greece defaults, which it will, there will be enormous losses sustained by some northern European banks. When Spain defaults, which it will, these losses will get far worse. When Italy defaults, which it will, the entire banking system of Europe will be busted.''

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