Royal Bank Of Scotland Issues Official Warning
A great financial disaster could happen this summer!
by Ian Mosley
The London Daily Telegraph reports: “The Royal Bank of Scotland has advised clients to brace for a full-fledged crash in global stock and credit markets over the next three months as inflation paralyses the major central banks. ‘A very nasty period is soon to be upon us - be prepared,’ said Bob Janjuah, the bank’s credit strategist.”
Now, I know that those of us who do not live in Great Britain won’t appreciate the seriousness of this story, but the Royal Bank of Scotland is basically the top dog in the British banking system, more so than the Bank of England, and when they say something like this, everybody had better listen and batten down the hatches.
The US stock market lost 220 points on Friday closing under 12,000 for the first time since March. Gas prices are at a record high putting a severe strain on consumers. Two-thirds of the US economy depends on consumer spending, and the oil companies are looting people’s wallets every time they fill up their tanks. Add to this the continuing subprime mortgage crisis and the continuing threat of a war with Iran, which could send gas prices to six or eight dollars per gallon.
The Telegraph goes on: “A report by the bank’s research team warns that the S&P 500 index of Wall Street equities is likely to fall by more than 300 points to around 1050 by September as all the chickens come home to roost from the excesses of the global boom, with contagion spreading across Europe and emerging markets. Such a slide on world bourses (stock exchanges) would amount to one of the worst bear markets over the last century.” (more…)