Prepare For a Run on the Banks

June 2, 2012 at 9:38 PM 1 comment

I love when people who rule the world retire and (have the guts to) say what they’ve wanted to say all along.

(Image via

This would be Robert Zoellick, a 1%-er if ever there was one:

The head of the World Bank, Robert Zoellick, is about to step down after a 5-year term.

That means he can say what he really thinks.

Here, via the Daily Mail, is what he really thinks about what’s going on in Europe and the global financial markets:

  • financial markets face a rerun of the Great Panic of 2008.
  • It’s ‘far from clear that eurozone leaders have steeled themselves’ for the looming  catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain.
  • ‘Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008…. ‘If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences.’
  • ‘There will not be time for meetings of finance ministers to discuss the outlook and debate the politics…. ‘In panicked markets, investors flee to safe assets, sparking other flames.’

  • More…
It ain’t good.  I highlighted that one sentence but I wanted to highlight all of it.
We can only imagine what he’ll say when he’s fully retired.

Entry filed under: Corporatocracy, Financial Crisis.

While Rome is Burning Scott Walker, If You’re So Innocent…

1 Comment Add your own

  • 1. JC for pennies  |  June 4, 2012 at 7:00 AM

    He’s not the first person to say this, but people should listen to him. But the western powers seem more interested in “staying the course” in Afghanistan, and other such divine foolishness. Who was it that first referred to that poor beleaguerd Asian country as “The graveyard of empires?” And here WE are now! Some quarter-century or so behind the former Soviet Union.

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