Collapse Of Entire Global Banking System Is Underway Signals CEO of Worlds Largest Mutual Fund | Before It's News

Collapse Of Entire Global Banking System Is Underway Signals CEO of Worlds Largest Mutual Fund | Before It's News: PIMCO’s CEO tells the Financial Times that the institutional bank run on French Banks has left them with as little as 1% capital against the total assets reported on their balance sheets and institutional panic in the global financial system is underway

If this is true, we are looking at the collapse of the very foundation of the entire European banking system which in turn means the collapse of an essential pillar of the entire global banking banking system

Seriously, the Europeans have been pulling their money out of banks for weeks and so have many of the world’s most important corporations. Don’t be a fool and wait until the last minute to do the same

Global economy weekahead: From a soft patch to quicksand | Reuters

Global economy weekahead: From a soft patch to quicksand | Reuters: "The global economy has entered a dangerous phase, calling for exceptional vigilance, coordination and readiness to take bold action from members and the IMF alike," the International Monetary Fund's steering committee warned on Saturday.

Australian Treasurer Wayne Swan spoke of a "somber mood" among policymakers. Financial markets priced in a growing risk that Greece may default, which could touch off a panic worse than what followed the Lehman Brothers bankruptcy.