They are reaching a point where passing the buck from one central bank to another won't hide the inherent problem: the assets they have are fraudulent, inflated in price and have little value, while the liabilities are astronomical. There is only one end to this: intense devaluation of currency (or currencies, from Greece, to Italy, to Spain, and on and on)...

http://www.telegraph.co.uk/finance/financialcrisis/8947470/Eurozone-bank...

This will, in turn, have an effect on US banks and the Dollar. At first, the Dollar will appear to be the "refuge", but as the US banks (includig the Fed) see their loans to EU-based banks and businesses tank, they will also see their liability sheets grow. This, in turn, will see them create even MORE fake money, further inflating the money base in the US and causing an even more rapid price increase spiral in the US. You have, at best, about a year to get ready.

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