UH-OH: ITALY'S BANKS DOWNGRADED - UPDATE: EUROZONE GREW... 0%

Ratings agency Moody's has cut the credit ratings on 26 Italian banks, including Italy's largest lenders Unicredit and Intesa Sanpaolo. Italy's economy is contracting while the government also tries to reform the nation's public sector. The agency said the banks were increasingly vulnerable to Italy's recession and the effects of government austerity measures. 

Ten banks were cut from investment grade to so-called junk status.

THE EURO HAS BEEN A DISASTER FOR EUROPE - JUST AS FARAGE PREDICTED.

UPDATE: EUROPE'S OVERALL ECONOMY GREW AT 0.00% - SO IT'S ON THE EDGE OF RECESSION. 


UPDATE #2: THIS 0% IS PROBABLY GOING TO BE CORRECTED AND SHOW A SECOND STRAIGHT QUARTER OF CONTRACTION WHICH MEANS EUROPE IS IN RECESSION.


AND SINCE EACH NATION'S CHALLENGES ARE SO DIFFERENT, THE EU IS NOTHING MORE THAN A STRAIGHT-JACKET AND THE EURO A PAIR OF CEMENT SHOES.

THEREFORE: THE END OF THE EURO IS COMING - SOONER THAN YOU THINK.

IT WILL CAUSE HUGE HAVOC IN THE MARKETS, BUT THEN - AFTER THING SETTLES DOWN - IT WILL BE BETTER FOR EACH NATION IN EUROPE AND INTERNATIONAL MARKETS.