Dexia Bank nationalized by Belgium and France
Oct 12, 2011
BERLIN — The governments of France and Belgium agreed to nationalize Belgium’s largest bank on Sunday as the Greek debt crisis took its biggest victim yet, while France and Germany’s leaders promised far-reaching changes to the euro zone’s economic governance in a bid to stabilize Europe’s reeling finances.
Dexia, a Franco-Belgian bank that had a debt exposure totaling more than $700 billion at the end of June — more than twice the size of Greece’s annual economic output — had invested heavily in European government bonds whose value is now under question.
The nationalization is a sign of the spiraling problems facing European banks and governments, and it may threaten Belgium’s credit rating, making it one of the countries on shaky financial ground alongside Greece, Ireland, Italy, Portugal and Spain.
Here is what analyst Bix Weir says about this:
"One of the largest derivative players in Europe is imploding as we speak. This will destroy ALL derivative markets across every continent. Watch for a bailout followed by massive market manipulation next week... followed by a total collapse."The bailout happened as expected this weekend and now we are in the "massive market manipulation next week" part. Stock markets are being pumped up by the banksters to hide the truth and to support the world's financial system a bit longer...but it will fail.After this comes the "total collapse".
"Our data suggests that the most likely target date will be October 17th (a Monday), after very shocking developments emerge on October 15th."
Others tell me: If (or when) the euro collapses, we in America will have about two weeks to prepare for the tsunami to hit our economic shores. Do what you can to prepare ahead of time. The most valuable preparation is spiritual, followed by educating yourself about basic financial matters. (But please do not ask me to be your financial advisor.)