Get Ready For Bank Runs

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The media was wrong in pronouncing the economic crisis over in Europe. They are wrong in America, too. The real economic indicators — the ones not based on fraud, propaganda, deception or delusion — prove that the economic crisis caused by too much government, too much spending, too much taxing, too many government regulations and too many government employees with obscene salaries and pensions is just beginning.

Get ready for bank runs, capital controls, theft of your pension funds, economic collapse and a government armed to the teeth that wants to disarm you: its citizens. Because what is happening now in Europe is a sign of things to come under Barack Obama.

The media has told us for months that “everything is fine in Europe, a recovery is under way, the worst is over.” Really? How’s that working out for you? The economic crisis and contagion in Europe that was supposedly “under control” are now spiraling out of control. There is desperation in the air. Fear and panic are everywhere.

Think I’m exaggerating? Well, don’t take my word for it. A major bank executive stated publicly last week: “Only Jesus can save the EU now.”

Bank runs might be a sign that things are deteriorating, don’t you think? Well, they started in Cyprus last week as it became clear that Cyprus was bankrupt, insolvent and out of options.

Just as I’ve predicted in dozens of commentaries over the past three years, a historic economic collapse is under way in the EU. The media and world leaders denied it, but it’s getting worse by the day. Do you think this can’t happen in the United States under Obama? Think again.

Over the past three years in Europe we’ve heard political and leaders and economic experts recite the same lies over and over again: telling us to relax, government is smarter than you and we have it all under control. Recognize that theme? It’s the same theme we hear daily from Obama, his socialist lackeys and the Obama-adoring media here in the U.S. It’s how you keep the masses calm and prevent unrest, rioting and bank runs.

Well, the Cyprus crisis proves that the worst isn’t over; it’s actually just beginning.

More importantly, you need to understand how the EU “solved” the Cyprus crisis: by stealing the money out of the citizens’ personal bank accounts. The final decision is in. EU authorities are freezing any funds above 100,000 euros in personal bank accounts and stealing up to 40 percent to pay for the bailout.

But worst of all, this is now the model for what’s to come all around the globe. It was announced just yesterday that this is exactly how the EU will bail out Italy, Spain and France, too: by stealing money directly out of citizens’ bank accounts.

Well, I have news for the EU’s financial geniuses. They haven’t solved anything. This news will start a banking crisis. The falling dominoes will now accelerate. Tell me what sane citizen would keep more than 100,000 euros in his accounts any longer? Which means, starting at this moment, the wealthy of Europe are removing all their money from their bank accounts. And if no one has more than 100,000 euros in their bank accounts anymore, then the only choice for the next bailout will be raiding smaller bank accounts of average citizens — which was the original plan anyway.

Guess what this does to the EU banking system? There will be panic, uncertainty and loss of confidence. Your money is certainly no longer safe in a bank account. Guess how the first Great Depression started? Exactly how this one is starting: with bank runs and loss of confidence in the banking system. And if bank runs spread throughout Europe, you can be sure the United States is next, as American bank account holders realize that our money is no longer safe from theft by government in a crisis.

The Signs Of An EU Economic Collapse Are Everywhere

While the EU seizes bank accounts from citizens in Cyprus, Spain has already stolen the pensions of its citizens.

Formerly respectable professionals in Spain and Greece are eating out of dumpsters.

In Bulgaria citizens are so desperate they are setting themselves on fire.

In Greece there is no money to heat homes, forcing desperate residents go out into the night to cut down trees in parks and national forests to use as firewood.

We recently found out that Italy’s economic situation may be even worse off than pathetic, completely bankrupt Portugal.

In Italy buses return to the station because there is no money to pay for gasoline.

The Jobs Minister of France publicly slipped and called the country “completely bankrupt.”

Why is this not front-page news in the United States? Because the Obama-adoring media doesn’t want you to make the connection that Obama’s policies mirror the exact same policies that destroyed the EU: big government, big debt, big spending, big taxes, big unions, big pensions, big entitlements, early retirement, free healthcare, green energy and high-speed rail.

The EU is the canary in the coal mine. Europe’s economic collapse proves that if everyone actually believes they deserve something for “nothing,” and everyone either works for government or gets checks from government, and everyone thinks it is their right to have free healthcare, eventually the economy collapses and the country (or in this case, the continent) goes kaput. Eventually, everyone lives in shared misery and malaise.

We will be reading about this disaster in the history books decades from now, shaking our heads, saying: “How could we have been this stupid to think that government had the answer or that government was too big to fail or that there was such a thing as a free lunch?”

Now to put this all in perspective, the EU is America’s No. 1 trade partner, meaning our best customer is about to go broke. That’s just another hit on our economy. Secondly, the EU banking system will require a massive, record-setting bailout. Guess who will be on the hook to give them trillions of taxpayer dollars? The United States. And third, the EU economic plan that led to this disaster is nothing more than the Obama economic plan. They are mirror images. The EU just started a couple of decades sooner with its financial suicide.

Up next: America. Because what happens in Europe doesn’t stay in Europe. It’s just a sneak peak at our future under Obama. Get ready for the bank runs. Get ready for a crisis that makes 2008 look like a walk in the park. I’m Wayne Allyn Root for PersonalLiberty. See you next week right back here. And may God bless America — because we will need all the help we can get!

Wayne Allyn Root

Wayne Allyn Root is one of America's leading Libertarian-conservative authors. Wayne's new book is The Murder of the Middle ClassWayne is a Capitalist Evangelist, serial entrepreneur, conservative media commentator, and proud champion of the middle class. He is a former Libertarian vice presidential nominee and Fox News regular. Follow Wayne on Twitter and visit Wayne's web site: www.ROOTforAmerica.com

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  • Bob666

    YO RBT,
    Alonda does have her own version of reality.