Credit Suisse Predicts End of Euro, Bank Runs

Posted on Nov 22, 2011 in Emergency Preparedness & Survival, Federal Reserve & Bankers

Kevin Hayden –

Source: Zero Hedge

Credit Suisse bankers, like everyone else, know damn well that “no ECB intervention” means “no bonus,” and very likely “no job,” and so they go for broke and join Deutsche Bank, JPM, RBS, and everyone else (but, again, not Goldman), in predicting the end of Europe unless Draghi does his rightful duty and remembers that without banker support he will also be lining up at the jobless claims office very soon.

“We seem to have entered the last days of the euro as we currently know it. That doesn’t make a break-up very likely, but it does mean some extraordinary things will almost certainly need to happen – probably by mid-January – to prevent the progressive closure of all the euro zone sovereign bond markets, potentially accompanied by escalating runs on even the strongest banks.

Of course, being a Goldman boy, Draghi will only do what Lloyd tells him to. Either way, here is Credit Suisse’s rejoinder to the global Mutual Assured Destruction tragicomedy, which now makes Honk (as Lagarde calls him) Paulson’s overtures to Congress seem like amateur hour.

Tiny URL for this post: