A report came out tonight saying that depositors in Bankia, one of the premier Spanish banks, have withdrawn over $1 BILLION Euros in the last couple days.
So it spreads.
In other news, Moody’s downgraded 16 other Spanish banks. Think that depositors will be pulling cash out of there too?
Oh, and Fitch has downgraded Greece from B- credit to CCC credit, which is the lowest it can get without being in complete default.
But back to Spain for a minute … Apparantly the Spanish banks are holding around $100 Billion Euros in bad real estate loans. Sooner or later those will get hit as well.
Folks, this isn’t getting better. It just isn’t.
Get ready. This will be one bumpy ride.
Have cash. Have metals. Have food. Have water. Have medical supplies. Have guns. Have ammo. Have friends.