Charles Biderman: EU Debt Crisis Going to Get Worse
By Greg Hunter’s USAWatchdog.com
The most underreported story this week is the European debt crisis. Greece, Portugal and Ireland have all been in the spotlight with money troubles. Now, Spain is taking center stage, and its debt is more than double the previous three countries.
There has been one bailout after another. Nothing is working as many EU countries plunge into recession. Charles Biderman, CEO of Trim Tabs Investment Research, says the situation is bad and it’s going to get a lot “worse.” Mr. Biderman says the Europeans won’t be the only ones that will feel financial pain. He thinks it’s only a matter of time before the EU “implodes,” and that crater will be big enough to pull down some very large U.S. banks.
Greg Hunter talks to Charles Biderman about the problems with the EU, U.S and a new reserve currency coming out of Asia in the not-so-distant future.