Tuesday, December 6, 2011

Like I said earlier

When it makes it to the pages of the Drudge Report, well....


There are at least 3 disturbing headlines in this capture alone

Many Greeks are draining their savings accounts because they are out of work, face rising taxes or are afraid the country will be forced to leave the euro zone. By withdrawing money, they are forcing banks to scale back their lending -- and are inadvertently making the recession even worse.


I couldn't have said it better, a banking/liquidity crisis is bad, a bank run during such a crisis is the nightmare scenario, expect news out shortly of Greek bank holidays, limits on withdrawals and other measures, clearly Greeks don't feel the upcoming EU summit is going to be to their benefit as they are no longer the core of contagion, but have successfully spread the disease to nearly every EU country , whether it be a tickle in the throat of Germany, a couch in France or a Fever in Italy, contagion has spread and in this respect, the EU has already failed as the pint was to control contagion.


Oh and if you couldn't make out the middle headline, the government is to access every tweet ever sent. 

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