IMF advisor : Global Financial Meltdown In 2 To 3 Weeks

IMF advisor Doctor Robert Shapiro says "In The Absence Of A Credible Plan We Will Have a Global Financial Meltdown In Two To Three Weeks"



Robert Shapiro who advised Presidents Clinton and Obama and who currently advises the IMF predicts a cascading meltdown of the World's banking system starting with Sovereign debt in the Eurozone, affecting the UK then finally bringing down the global banking system. He says "If they cannot address this in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, ( DELXIA ) we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom,in part through the sovereign debt to Ireland , it will spread everywhere because the global financial system is so interconnected. All those banks are counter-parties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serious than the crisis in 2008." before he adds "... Well what we don't know is the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of Credit Default Swaps held by British banks, nor are we certain of how serious the exposure of British banks is to the Ireland sovereign debt problems."