Bank predicts US Financial market meltdown within weeks

Started by sullivan, June 28, 2008, 03:37:15 PM

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sullivan

June 28, 2008, 03:37:15 PM
From a Kitco (Bullion Dealers) forum

QuoteFortis is a large bank and insurer in the Netherlands and Belgium. It took over ABN Amro last year, together with RBS and another bank. Last Thursday, its share lost 17% because Fortis attracted foreign capital.

I was shocked when I read the following, which was brought out 4hours ago:

American 'meltdown' reason for money injection Fortis.
28th of June, 9:10
BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. "We have been saved just in time. The situation in the US is much worse than we thought", says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US"

The quoted text above includes a translation of this article in the Dutch newspaper De Financiële Telegraaf
"The real menace of our Republic is the invisible government which like a giant octopus sprawls its slimy legs over our cities, states and nation. At the head is a small group of banking houses generally referred to as \'international bankers.\' This little coterie... run our government for their own selfish ends. It operates under cover of a self-created screen, seizes our executive officers, legislative bodies, schools, courts, newspapers and every agency created for the public protection."
John F. Hylan (1868-1936) - Former Mayor of New York City

joeblow

#1
June 28, 2008, 04:06:26 PM
It's been years since I've lived in Amsterdam, but I read the original Dutch and I got some nice little extra tidbits:

Two months ago we didn't know it was so bad going in America.

And it'll probably become worse.

All Belguium newspapers opened with "Foris crashes", "Shitday for Fortis", and "Fortis loses 5.3 billion".

"The Fortis emergency is not a reason for a run on the bank and to grab your money".

"The credit crisis has affect all banks, but it is no excuse".
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