Financial Analyst Gregory Mannarino says the banking crisis in Cyprus is a signal of what is coming to the rest of the world. Mannarino says, “People are now going to start losing faith in these institutions. This cannot stand, and we may be very, very close to the pan-global financial collapse that I believe is coming.” Mannarino contends, “People do not understand that the debt owed by their nation is their debt. They own it. They are going to force people to pay one way or another. Haircuts are coming for everyone.” Mannarino states, “There is a debt war going on right now.”
Think what is happening in Cyprus can’t happen in the U.S? More than $10.8 trillion in deposits are insured by the FDIC with a$33 billion insurance fund. Mannarino says, “That’s pretty scary,” and the best way to protect yourself is to “get into real assets . . . there would be no problem if people in Cyprus would have heeded that advice.”
Join Greg Hunter as he goes One-on-One with Gregory Mannarino of TradersChoice.net.
By Greg Hunter’s USAWatchdog.com