Central Banks Favour Gold As IMF Warns of “Collapse of Euro” And “Full Blown Panic in Financial Markets”!
- The coming ginormous worldwide collapse will start in the PIIGS, spread to the rest of Europe, UK, Japan … and finally America! Along the way, the rest of the world will also collapse. This is a full-blown global economic, financial and monetary meltdown! The US$700T – US$1,500T financial derivatives WMD will detonate and collapse the world financial system. Do not let the lying Illuminist MSM deceive you into thinking the world is on the slow path to recovery. Got physical gold yet?
Central Banks Favour Gold As IMF Warns of “Collapse of Euro” and “Full Blown Panic in Financial Markets”
by Tyler Durden, http://www.zerohedge.com/
IMF: Risk of Collapse of Euro and “Full Blown Panic in Financial Markets”
The Eurozone could break up and trigger a “full-blown panic in financial markets and depositor flight” and a global economic slump to rival the Great Depression, the IMF warned yesterday.
In its World Economic Outlook report, the International Monetary Fund said the collapse of the crisis-torn single currency could not be ruled out. It warned that a disorderly exit of one member country would have untold knock-on effects.
“The potential consequences of a disorderly default and exit by a euro area member are unpredictable… If such an event occurs, it is possible that other euro area economies perceived to have similar risk characteristics would come under severe pressure as well, with full-blown panic in financial markets and depositor flight from several banking systems,” said the report. “Under these circumstances, a break-up of the euro area could not be ruled out.”
“This could cause major political shocks that could aggravate economic stress to levels well above those after the Lehman collapse,” said the report.
Risk Averse Central Banks Favour Gold Over Euro
The risks outlined by the IMF are real and are being taken seriously by central banks who are becoming more favourable towards diversifying foreign exchange reserves into gold.
Central bank reserve managers responsible for trillions of dollars of investments are shunning euro assets and questioning the currency’s haven status because of the region’s sovereign debt crisis, research has found, according to the FT.
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