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French Fried Banks

Written by Gary North on December 2, 2011

If Italy defaults in the next few weeks, or even suspends interest payments, French banks will need a massive bailout. Where will they get the money? From the French government? But where will it get the money? At what price?

The dominoes could fall. Other nations’ banks could fail. The world faces French fried banks.

The coordinated announcement on November 30 by six central banks of a new policy of making dollars and other foreign currencies available to unnamed buyers sent stock markets soaring — for one day. Then they all declined slightly the next day, in Europe and the United States.

The announcement was framed in the language of FedSpeak. Not many people are fluent in FedSpeak. I speak it well enough to make my way into what the Hebrews used to call the outer court of the temple. The Federal Reserve System is surely the most important temple in the world of John Maynard Keynes and his disciples.

I devoted an article to translating the FED’s announcement into English. I point out that the FED is vague about its motivation. It justified this by saying that it will be good for the People. Anyone who believes that is probably not one of my subscribers.

The announcement was times to push markets up prior to today’s speech by Angela Merkel to the German Parliament. The central bankers want her to persuade the Parliament to accept an unconstitutional annulment of the European Union’s treaties, to allow the New World Order’s long-term plan: a unified government with power over the member nation’s budgets.

If continued, this new monetary policy will produce mass inflation. But the alternative is the break-up of the Eurozone. The NWO desperately fears this — the destruction of 60 years of planning.

If you want to know the actual “mechanics” of the new policy, click here.

For details of what this means for the economy, read my article. Click the link below.

Continue Reading on lewrockwell.com

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