There are a lot of large companies that are going to begin layoffs. I just read this going where Wal-Mart is having a very poor sales showing, and they are wondering where the customers are. Obama’s phony recovery is about to be exposed at the expense of the citizenry............D

You're not going to see a lot of high-ranking bankers being anywhere near this frank until the eve of disaster, because most people in finance see it as their duty to push optimism to the limit.
But the limit is about here.
Obviously, the informant, Lars Christensen, is a smart cookie, because as the author says, he NOW lives in Switzerland. In other words, he moved to the one industrialized country on the European mainland (I mean south of Scandinavia) that is not part of the doomed EU.
I too would move there if I could.
Don

European Bank CEO Admits: "The Whole Thing Is Doomed"

By Tyler Durden

Created 02/18/2013 - 10:54

[1]

Submitted by Tyler Durden [1] on 02/18/2013 10:54 -0500

·         Dubai [2]

·         Fail [3]

·         Gross Domestic Product [4]

·         Renaissance [5]

·         Saxo Bank [6]

·         Switzerland [7]

 

As the European parliament attempts to create a budget and Draghi repeats how the temporary lull in European growth is merely a prelude to a growth renaissance in the second half of the year (not to be confused with the verbatim lie rehashed by European dignitaries in 2012, 2011, 2010 and 2009), it appears a few leaks of truthiness are seeing daylight in the disunion. In a shockingly frank interview, the CEO of Saxo Bank describes the Euro's recent rally as illusory and that "the whole thing is doomed," as the continent is not supported by a fiscal union. As Bloomberg reports [8], Lars Seier Christensen says he would be a "seller of the EUR at anything near 1.40," noting that "right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all." Confirming that the only thing holding the farce together is political not economic efforts, he sums the situation up perfectly: "people have been dramatically underestimating the problems."

Via Bloomberg, [8]
Lars Seier Christensen, co-chief executive officer of Danish bank Saxo Bank A/S, said the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union.
“The whole thing is doomed,” Christensen said yesterday in an interview at the bank’s Dubai office. “Right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all.”
...
“I’d be a bigger seller of the euro at anything near 1.4,” according to Christensen, who said he isn’t making any speculative bets against the currency.
...
“Another possible fallout is getting rid of some of the countries that are being ruined by being in the euro, notably the southern European economies,” Christensen said. “People have been dramatically underestimating the problems the French are going to get from this. Once the French get into a full- scale crisis, it’s over. Even the Germans cannot pay for that one and probably will not.”
...
Record Debt
Public-sector debt is at record levels, having more than doubled from 40 percent of gross domestic product in 2008. The European Commission, which is due to update its forecasts this week, sees it rising to 97.1 percent of GDP next year.
“It’s the political world that has been extremely supportive of the euro, not for economic reasons but for political reasons,” said Christensen, a long-time critic of the single currency who now lives in Switzerland.

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