out of money

Italy ATM’s Out Of Money- Who is Next?

There are now numerous reports of possible BANK RUNS throughout Italy.  In the aftermath of Brexit, much of the investing public’s attention has turned to Italian banks which are in desperate need of a bailout as a result of €360 billion in bad loans growing worse by the day.  The Prime Minister is trying to avoid a bail-in, as European regulations mandate, as that would lead to an immediate bank run.  At this time they are trying to avoid a freeze and/or collapse of Italy’s banking sector. However, there are reports of lines of people at ATM’s draining the automatic tellers of all cash. This comes after weeks of speculation about the health of several Italian banks.
Since March of this year, we have heard reporting that the Italian banking system is a “leaning tower” heading toward collapse at literally any moment. And as Italy’s banks begin to go down like dominoes, it is going to set off financial panic all over Europe unlike anything we have ever seen before. Italian banking stocks have declined a whopping 68 percent since the beginning of 2016, and when you look at some of the biggest Italian banks the numbers become even more frightening.
Brexit momentarily spooked investors and bankers; but Italy’s banking woes have the potential to wipe out investors and undo over 60 years of supranational state-building in Europe.
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A loophole has already been found in the rules that would allow the Italian government and European authorities to raid European taxpayers in order to prop-up Italy’s third largest publicly traded bank, Monte Dei Paschi, while leaving bank bondholders and creditors whole, as Reuters reported a few days ago:

The rules, which have been in force since January, allow a state to directly acquire a stake in a bank that fails a stress test and cannot raise capital in the markets because of “a serious disturbance” in the domestic economy.

As this “run” continues, Italian banks will fail and be closed. Once they are closed, it will begin to take out big banks elsewhere in Europe, from whom the Italian Banks have borrowed. That will spark bank runs in Europe, and some very  (VERY) large banks in Europe will fail. Once that happens, it will hit Banks in the USA… game over.
B4INREMOTE-aHR0cHM6Ly80LmJwLmJsb2dzcG90LmNvbS8taWtVZktTRTFGcWMvVjRQUlJNNFh4dEkvQUFBQUFBQUJvZVUvNVBhaUlVQzBGY1UyQ044cEZPemtyRndUbFRNV204dzJnQ0xjQi9zNDAwL0l0YWx5QmFua1J1bi0yLmpwZw==We encourage readers in the rest of the world to have CASH MONEY in their possession at home, in case banks are closed for a “bank holiday” which could last for WEEKS.  If the banks are closed, your credit and debit cards either will not work, or will be severely limited. We also suggest you have physical precious metals on hand for further on down the road when the US Dollar crashes-  which is where I predict this will lead.  In the meantime, food, water, fuel and some survival items are of the utmost importance.
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