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Alasdair Macleod: The destruction of the euro
By Alasdair Macleod
GoldMoney.com, St. Helier, Jersey, Channel Islands
Thursday, October 22, 2020
The eurozone is bust. The deterioration of TARGET2 imbalances has been hardly noticed, but in recent months it has been alarming. Despite official denials over the years that it is a matter of concern, it is increasingly obvious that the national banks of Italy, Spain, and other nations with increasing bad debts are hiding them within the TARGET2 system.
The first wave of Covid-19, which is leading to bankruptcies throughout the eurozone, is now being followed by a second wave, which will almost certainly take out a number of important banks, in which case the cross-border euro system will implode. ...
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