James Turk "gets it"...

"“In other words, the liabilities of these banks, which are mainly the money it owes to depositors, are far greater than the value of the banks' assets, even after accounting for bank equity and any reserves. This insolvency of course did not happen overnight. It has been going on for months - actually years and took a turn for the worse when Greece fell over because the banks in these two countries are so closely interlinked. One has to ask why this insolvency was allowed to happen?""

ie...the depositors money is already GONE.

Knowing this, the questions are... 1. When do the Russians come and take the Cyprus gas fields in re-payment? (and this is just the first instance of bank failure...)

2. Who actually owns the paper deposits (and gold IOUs), behind the remaining hugely defaulting banks? (China?)

3. When does the real war begin?

Yikes!

gildage