Europe: from bad to worse

18 Signs That The Banking Crisis In Europe Has Just Gone From Bad To Worse

With each passing day, the banking crisis in Europe escalates. European banks are having their credit ratings downgraded in waves, bond yields are soaring and billions of euros are being pulled out of banks all across the eurozone. The situation in Europe is rapidly going from bad to worse. It is almost like watching air being let out of a balloon. The key to any financial system is confidence, and right now confidence in banks in Greece, Italy, Spain and Portugal is declining at an alarming rate. When things hit the fan in Europe, it is going to be much safer to have your money in Swiss banks or German banks than in Greek banks, Spanish banks or Italian banks. Millions of people in Europe are starting to realize that a "euro" is not necessarily always going to be a "euro" and they are starting to panic. The Greek banking system is already on the verge of total collapse, and at this rate it is only a matter of time before we see some major Spanish and Italian banks start to fail. In fact it has already been announced that the fourth largest bank in Spain, Bankia, will be getting bailed out by the Spanish government. It is only a matter of time before we hear more announcements like this. Right now, events are moving so quickly in Europe that it is hard to keep up with them all. But this is what usually happens in the financial world. When things go well, it tends to happen over an extended period of time. When things fall apart, it tends to happen very rapidly.

And at the moment, things across the pond are moving at a pace that is absolutely breathtaking.

The following are 18 signs that the banking crisis in Europe has just gone from bad to worse. . .

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One of the top officials at one of the top credit rating agencies in the world publicly declared on television that "Greece will default very shortly."

Moritz Kraemer, the head of S&P's European sovereign ratings unit, made the following statement on Bloomberg Television on Monday: "Greece will default very shortly. . .That should chill you to your bones.

If the EU allows Greece to default, that would be a signal to investors that the EU would allow Italy, Spain and Portugal to all default someday too.

Confidence in the bonds of those countries would disintegrate and bond yields would go through the roof.

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Palin knocks it out of the park

Hot Air: Green Room

Few people in the public eye have said anything useful about the recent unpleasantness with the national debt and the national credit rating. The president hasn’t. The vice president hasn’t. Surprisingly few of the declared Republican candidates have. The MSM haven’t. They’re busy trying to make the expression “Tea Party downgrade” go viral. . .What is interesting is how few in our national political life have put the case together, as Palin has, without temporizing or bloviating. I haven’t heard anyone else do what she does with this post.

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S&P UPGRADES...OHIO!

Gov. John Kasich (R-OH) explains how Ohio turned its greatest fiscal shortfall into a structurally balanced budget, all while cutting taxes for every Ohioan.

Conservative ideas work!

Socialist ideas don't (never have).

Former Obama advisor: "We're pretty darn f*cked!"

...and then she laughed.

These 18 countries have a better credit rating than the United States!

Australia...Austria...Canada...Denmark...Finland...France...Germany...

We're at the bottom.

Thanks, Bama!

Obama loses it

First time in history: U.S. credit rating downgraded

I have a lot of friends to whom I could say "I told you so," but what good would that do? The only thing that matters, now, is 2012...

WARNING: the shit has already hit the fan...it just hasn't hit your face yet

Duck and cover: The truth, as U.S. Representative Ron Paul put it recently, is that the U.S. government is already "insolvent" and at some point we are all going to have to face reality....