Absolute Failure & Collapse of the Financial System -- Gregory Mannarino

Gregory Mannarino-Absolute Failure & Collapse of the Financial System






  Gregory Mannarino, founder of TradersChoice.net, is worried about a daisy chain of default in the bond market. Mannarino says, “This is what we saw in 2008; but this time, it’s much, much worse because nothing was fixed back then. This issue with Argentina is going to trigger a credit default swap event. A credit default swap is an insurance policy that is purchased by another entity to insure the debt of another institution or, in this case, country. So, we just found out that the issue with Argentina is, in fact, going to trigger a credit default swap event. What that means is whatever debt is owed is the problem of another entity. And, if that entity can’t pay it back, it becomes the problem of another entity, and another entity, on and on. So, absolutely, boom, boom, boom, a cascade of events that will happen. This is not a maybe. We are going to watch this sweep the globe. We are going to see, at one point, an absolute failure and collapse of the financial system. 2008 was when the music stopped, and this is the terminal side effect. They are not done yet because they are going to do some more things to keep this whole system propped up. That’s really all they can do because the system is dead.”