Wave of "Floating-Rate Notes" to Bankrupt Banks Over Next 12 Months
By Mike Adams, August 29, 2008 | Key concepts: Banks, U.S. economy and Financial institutions
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The fractional-reserve banking system is on life support, and the plug is about to be pulled. A series of cascading collapses will begin in the next few months, bringing down well over a hundred financial institutions in the U.S. alone.
From Azcentral.com: U.S. and European banks, already burdened by losses and concerns about their financial health, face a new challenge: paying off hundreds of billions of dollars of debt coming due. At issue are so-called floating-rate notes - securities used heavily by banks in 2006 to borrow money. A big chunk of those notes, which typically mature in two years, will come due over the next year or so, at a time when banks are struggling to raise fresh funds. That's forcing banks to sell assets, compete heavily for deposits and issue expensive new debt.... more
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