[Zuben Elgenubi]

All financial institutions in Europe are desperately selling sovereign bonds, the back bone of the individual nations' financial systems. Who's going to buy Greek or Italian bonds? The Italians are offering 7% for the risk with little takers.

Bank of America holds extensive EU bond positions, along with understated toxic assets associated with the mortgage bubble.

I predict the TooBigToFail Bank of America will go bankrupt in the next 10 days, Yogi.

[raygun]

That’s entirely speculative.

MF Global failed because they were trading $6 billion of their own money at 45:1 leverage.

$600 million of customer $’s went missing.

That’s not the same as the other USA financial institutions having exposures to EU sovereign debt to the orders factors of 10’s greater.

For example, JP Moragan - Chase (along w/5 other financial institutions) have immediate exposure to EU sovereign debt of no less than $50 billion.

When its all added up: its quite near to 1/2 $trillion.

Its absolutely clear that I’m merely hysterical in screaming that what’s coming will make the 1930’s appear akin to walk in the park on a sunny Sunday afternoon in comparison.