‘Doomsday’ is a term used with alarming frequency in recent articles. The reasons are many, but I only just learned that the global economy is under threat in yet another way: big U.S. banks have something like 15% of their total commercial banking assets at risk in Europe. I don’t see how another financial crisis can be avoided, and my worst fear is that it will be a lot worse than the last one. I hope I’m wrong, but it seems prudent to get out of any connections with the following banks and their exposure to PIGS.
Bank of America – $14.6 billion, Citibank – $20.6 billion, and JP Morgan Chase – $15 billion.