Guggenheim CIO: Europe Is A “Train Wreck” On The Brink Of A “Major Financial Collapse”

Europe-on-Brink-of-Major-Financial-Collapse

Scott Minerd, CIO of Guggenheim Partners, tells CNBC Tuesday Europe Is A “Train Wreck” And On The Brink Of A Major Financial Collapse

In the midst of today’s major market crash in the United States that shot gold to all time highs and the people of Greece flocking to the banks in massive numbers to pull their cash from the banks more and more investors, economists and analysts are joining the chorus singing about a pending worldwide global collapse.

Gerald Celente sounded the bell today saying that the U.S. dollar isn’t worth the paper it is printed on and that the spending cuts part of the debt ceiling bill that was passed into law today will trigger a Great Depression.

Laurence Kotlikoff, an economics professor from Boston University said the U.S. will need to make $20 trillion in debt cuts to save America from a financial collapse.

On the other side of the Atlantic the situation is even worse.

Scott Minerd, CIO of the fixed-income firm Guggenheim Partners, and former managing director at Morgan Stanley and Credit Suisse weighed in on the problems facing Europe.

In this interview with CNBC he says the Europe is such a train wreck that investors will have no choice but to flee the currency altogether at some point while pointing out that Europe is on the verge of a major financial collapse.

Categories: ECONOMY

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