European Bank Run: Here Comes Recession

Written by Gary North on November 23, 2011

When The New York Times has figured it out, it’s real. This story reports on what amounts to a run on the banks. Rich investors are selling PIIGS bonds, pulling out of PIIGS banks, and fleeing for safety. This forces up interest rates in PIIGS countries. This forces banks to raise rates to borrowers. This […]

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Europe Is on the Knife’s Edge

Written by Gary North on November 16, 2011

There is a bank run going on. The targets are Italian banks. Rich people are selling Italian bonds and buying other assets. Italy’s debt is huge. Its bonds constitute a quarter of bonds held by European banks. Only Germany has issued more bonds — just barely. Italy has issued more bonds than France. You can […]

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