Gerald Celente – The European Banking Nightmare Continues But What About Gold And The Rest Of The World?
With stocks moving higher along with the U.S. dollar, the European banking nightmare continues but what about gold and the rest of the world?
(King World News) Gerald Celente — From Japan, Europe and the United States to China, central bankers are either taking actions to stimulate sluggish economies or travelling the world talking up interest rates…
“This Tuesday, the Japanese Parliament passed yet another money-dumping scheme to revive its slumping economy. Despite nearly four years of quantifiable Abenomics stimulus and negative-interest-rate-policy failure, the government’s ¥3.3 trillion ($32 billion) in additional spending raised Japan’s debt-to-GDP level to 250 percent… the worst ratio in the world!
The European Banking Nightmare Continues
In Europe, with its economy slogging along at 0.4 percent for the first half of the year and the banking crisis worsening, the European Central Bank sent up more “boost the equity market” trial balloons this week. With Deutsche Bank shares having plunged to 1980 lows and 4,000 jobs cut, Commerzbank announcing it will cut 9,000 jobs and scrap its 2016 dividend, Dutch bank ING eliminating 7,000 jobs, and with European bank shares down over 20 percent this year, the ECB said Wednesday it would meet next week to discuss technical changes to its quantitative-easing program.
And, keeping hopes alive that it may increase the €80 billion-a-month government and corporate bond-buying scheme that to date has failed to spur moderate economic growth or sustained job creation, the ECB also hinted it may wait until December to decide whether it will extend the program beyond March 2017.