Cataclysmic Events in the Coming Weeks ?

[jeff of pa]

With stocks plunging, the dollar rallying and the situation in Italy spinning out of control, today King World News interviewed James Turk out of Spain to get his take on what is happening. When asked about Italy and if we should expect more bank failures, Turk replied, “We had a major development here in Europe today, Eric. Yields on the ten year Italian bond soared to over 7%. The 7% hurdle is considered critical because once Greece and Ireland went over 7%, they turned to the EU for a bail out. So the thinking now is that Italy needs a bail out too, but here’s the problem. Italy has two trillion euros of debt. That’s greater than the total amount of debt owned by Greece, Ireland, Portugal and Spain combined.”

James Turk continues:


http://kingworldnews.com/kingworldn...t_Cataclysmic_Events_in_the_Coming_Weeks.html

 

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[spartacus53]

Jeff, for kicks, take a ride into NYC and watch the national deficit clock at work.. The speed our debt mounts, will make you head spin... I was so used to the old one in Times Square, I didn't realize that it was moved a block away and replace with a clock that could start going backwards...

Yeah, like that will happen in my lifetime