FSN: European Bank Runs Could Come to America – Laurence Kotlikoff with Greg Hunter
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Laurence Kotlikoff – Hyperinflation, Not Deflation
by Greg Hunter
USA Watchdog
Boston University Economics Professor Laurence Kotlikoff says Greece is, once again, in financial trouble and that could set off another global financial calamity. Dr. Kotlikoff contends, “So, you have the same problem. You have a country that is fiscally unsustainable, and they haven’t really been able to get out from under that situation. . . . It sets up a situation where you could have runs on other banks like in Italy, Spain, Portugal, and that could spread to other banks in other countries, including France and Germany. Remember, the big to do about the Cypriot banks that failed and said they weren’t going to pay off the depositors? That led to a major international panic. It was a small country with two relatively small banks.”
So, a daisy chain of defaults and bank runs could happen in Europe. Could it also come to America? Dr. Kotlikoff says, “Yes, it could also come to the U.S. If everybody believes the banks are going to be solvent and they can get their money out, that’s fine. But if everybody starts to run on the banks, you want to run before they do because you want to get you money out before it’s all gone.”
With the price of oil plunging, Russian banks are also at risk. Dr. Kotlikoff says, “There are questions about the sustainability of Russia’s fiscal policy now that oil prices have dropped so much. About 40% of the revenues for Russia come from the oil sector. So, now you see what you say in 1998, which is the concern about Russian banks failing. They did fail in ’98, and there were concerns about the government printing money.”
Continue Reading at USAWatchdog.com…
Source: http://silveristhenew.com/2015/01/11/european-bank-runs-could-come-to-america-laurence-kotlikoff-with-greg-hunter/
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