No matter what your position in the markets, or lack thereof, what you are witnessing  is history in the making.

Bad news continues to accumulate. The latest is that European banks  are in even worse shape than US banks as they have lent far more and far more imprudently than previously disclosed.

 It was the collapse of Austrian bank Credit Anstalt  that led to a domino collapse of banks in the 1930s that pushed the world further into the Great Depression. News from Austria today is that Austrian banks have again literally bet the bank and lost.

 It is now reported that Austrian banks lent an amount equal to 85 % of Austria's gross domestic product to faltering East European countries that are  beginning to default.

Things are getting worse and will continue to deteriorate. We are witness to the collapse of a system of paper money loaned and leveraged far beyond anyone's ability to ever repay. Governments were complicit in this process. We will all pay for what they did and did not do.

 Savings are disappearing. Pensions are next. This is history in the making.

 Good luck,

Darryl Robert Schoon

www.survivethecrisis.com

www.drschoon.com