Be aware of the phrase "silent cross border bank run."
What's eye-opening to me about this article is Whitney's elaboration of the fluid movement of bank monies across borders, something that is commonly shrouded in economist argot and Greenspan-speak by other analysts. Whitney pierces that shroud with: [excerpt] ... This is a "real time" meltdown and it requires real solutions, not bailouts for foreign creditors and Wall Street Goliaths. (Foreign victims of this scam will have to sue the perpetrators not the US taxpayer) As Nouriel Roubini, chairman of Roubini Global Economics, points out, we are on the verge of the "mother of all bank runs", a cross-border savaging of reserves that would crash the entire financial system.... Taxpayers and citizens all should continue calling their elected officials inside the DC beltway and tell them Not One Dime!
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