A few crazies still see problems ahead:

Financial Analyst Gregory Mannarino says the banking crisis in Cyprus is a signal of what is coming to the rest of the world.  Mannarino says, “People are now going to start losing faith in these institutions.  This cannot stand, and we may be very, very close to the pan-global financial collapse that I believe is coming.”  Mannarino contends, “People do not understand that the debt owed by their nation is their debt.  They own it.  They are going to force people to pay one way or another.  Haircuts are coming for everyone.”  Mannarino contends, “There is a debt war going on right now.”  Think what is happening in Cyprus can’t happen in the U.S?  More than $10.8 trillion in deposits are insured by the FDIC with a $33 billion insurance fund.  Mannarino says, “That’s pretty scary,” and the best way to protect yourself is to “get into real assets . . . there would be no problem if people in Cyprus would have heeded that advice.” 


Economist Dr. Laurence Kotlikoff said “This morning, I moved my money out of the stock market  . . . because I’m worried about Cyprus.”  Dr. Kotlikoff explained his dire concern by saying, “The rich people are already running on these banks.  That’s been going on for a year. . . . The everyday working people could start visibly running on these banks, and that could spread like wildfire throughout Southern Europe and Northern Europe and into the U.S. because we have a banking system that’s built to fail.”   Dr. Kotlikoff also says, “It’s going to happen in the form of a crash in the bond market.  Interest rates are going to skyrocket, and we’re probably going to have high inflation because the government is printing money out the wazoo.” 


Charles Biderman, CEO of Trim Tabs Investment Research, says, “If Europe, the U.S and Japan are all printing money to pay bills, what else is there besides gold?”  Everone should be holding physical gold in their portfolio.  Biderman thinks Europe is a mess, and tax revenue is “nowhere near enough to pay government expenses.” So, he thinks, “Europe has to implode!”  The U.S. will follow Europe.   Will the banking system survive?  Biderman says, “Probably the big guys won’t, but so what!”  In America, Biderman says, “The U.S. government is printing $100 billion a month, and it’s not generating growth.”