Brace For Impact – The Financial, Economic Crisis Blog

Here’s an independent trader out of London and seen on the BBC.  3 1/2 minutes of financial reality for both sides of the Atlantic and truth that you’ll never see on CNBC.  The financial crisis has been and is being papered over since 2008.

Then add this……………..

By Greg Hunter’s USAWatchdog.com  

I keep hearing the so-called experts say how much better shape the banks are in now than in the last financial meltdown of 2008.  To that, I say horse hooey!  Any expert worth his salt knows that nothing has been fixed in the financial system.  The problems were papered over with fiat currency and the proverbial can kicked down the road—ting ting ting.  You will know things are truly getting better when the banks start valuing the assets on their books at what they can be sold for today, not for what they hope to get for them a couple of decades in the future.

Even with what I call government sanctioned accounting fraud, the banks are still in just as much trouble as they were in 2008, and probably more.  Lost in the cliff dive the markets took last week were the downgrades of three very big U.S. banks.  There was zero talk of downgrades in 2008, and now Moody’s has cut the debt rating of Bank of America, Wells Fargo and Citigroup.   Last week, Reuters reported, “The government is “more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled,” said the rating agency, a unit of Moody’s Corp (MCO.N).  ‘This is crystallizing the fact we’re in a new political reality,’ said Jason Ware, equity analyst with Salt Lake City-based Albion Financial Group.”  (Click here for the complete Reuters story.)

Read the rest of the article here:

http://usawatchdog.com/it%E2%80%99s-much-worse-than-2008/