‘Financial Anarchy’: Jim Cramer Predicts a Run on Banks in Spain and Italy Within Weeks
- Posted on May 20, 2012 at 6:59pm by
Erica Ritz
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(Photo: AP)
Jim Cramer, a former hedge fund manager and the host of CNBC’s Mad Money, was on Meet the Press with David Gregory this morning where the two discussed Europe’s economic woes and the worldwide ramifications of the disaster.
“I’m predicting bank runs [in] Spain and Italy within the next few weeks. Without a coordinated policy, there is going to be financial anarchy in Europe and [it's] going to cause a slowdown worldwide, China and here.”
Watch the interaction, below:
Just a few days ago, Cramer was discussing the run on Greek banks and how it would become a “slippery slope.”
“This is not Argentina and Brazil in the 80′s,” he said, “these are big countries.”
The Street TV, which conducted the interview, summarized: “Our Banks Can’t Outrun European Banks.”
(H/T: Business Insider)
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Comments (107)
sbenard
Posted on May 20, 2012 at 10:00pm“Coordinated policy” = more bailouts, courtesy of American taxpayers and the Fed.
Report Post »Those of us working in the financial markets know very well what this means. It is Wall St’s eternal entitlement — free Fed money! But it will ultimately bring a calamity of biblical magnitude. Plan for it! Prepare for it! It is inevitable!
soybomb315
Posted on May 20, 2012 at 10:05pmThis is why so many of us did not want a guy who supports bank bailouts and is part of the banking elite to be running as the republican nominee.
Report Post »toto
Posted on May 20, 2012 at 10:36pmCramer is a Democratic apologizer and shill. He will tow the Democratic economic line right over the cliff.
Report Post »paperpushermj
Posted on May 21, 2012 at 12:33amShocked: had no idea Jim’s politics where that far Left of Center. Just about fell off my chair when on “This Week” he claimed Bain made its wealth from taking over Companies and firing employees, inferring that was the totality of the business model.
Report Post »lukerw
Posted on May 21, 2012 at 7:33amAMERICAN CAPITALISM… was never designed to work, to include Markets OutSide the US… but to rendering Trading Outside the US as a Balance Of Trade.
Clinton/Gore destroyed the Economic System with their NWO, Foreign Markets, NAFTA Partners!… and all the Effects/Affaects are just being felt!
Report Post »HKS
Posted on May 21, 2012 at 7:39amIt’s coming here alright, the only thing you will have left that’s worth anything, could be any old gold that you may have laying around. All those people buying up all that gold aren’t stupid, that would be the ones that aren’t preparing.
Report Post »A Doctors Labor Is Not My Right
Posted on May 21, 2012 at 12:02pmWhat will all those foreigners with our Treasury Bonds do?
As explained by Peter Schiff, the economy is NOT recovering, and there’s going to be a bond market crash. The Fed will print money to buy Treasuries to keep interest rates low; and this will destroy the purchasing power of our fiat dollar through hyperinflation.
See here.
Don’t believe the hype — the U.S economy is not recovering, it’s getting sicker.
http://www.youtube.com/watch?v=Vcd5IO_LMBs
And here.
Peter Schiff: Ben Bernanke is Public Enemy No. 1
Report Post »http://www.youtube.com/watch?v=0LC1RIljtp8
fabjr71
Posted on May 21, 2012 at 12:30pmActually, I think you mean China… we are just the middle man who literally passes the buck to the idiots in Europe. I guarantee you this, I will not be sending my children to save their butts and die when the next Hitler gains control of Europe. They will have to just deal with what comes their way. It is time for the US to become an Isolationist country. They don’t listen to our logic anyways. In fact, their idiot mentality has infected nearly 50% of the USA with like minded idiots. Let the idiots volunteer to save the idiots. It’s like watching Dumb and Dumber!
Report Post »NCREPUB
Posted on May 21, 2012 at 2:03pmhttp://youtu.be/uBnlXGvA1Wk
Report Post »Redmanblackdog
Posted on May 20, 2012 at 9:15pmCramers a liberal piece of crap. I stop following him years ago.
A so called economist that wants socializm. Part of the big liberal lie!
Report Post »Independent4233
Posted on May 20, 2012 at 9:38pm“Jim Cramer Predicts a Run on Banks in Spain and Italy Within Weeks”
That’s a pretty safe prediction considering that a large number of top economists have been saying the same thing for months now. Gerald Celente has been warning the same thing for about 4 years.
Too, I’m wondering if Cramer might want to include Portugal, Ireland and Greece in that prediction, because all three are the weakest links in the European Union. The bank runs, incidentally, have already started in Greece, as many here probably already know.
The only chance any EU country might have of continuing on in any kind of shaky economy is to embrace austerity and live within their means as ordinary citizens have to do, but I see where Obama encouraged them to abandon austerity at the recent G-8 meeting.
Good Lord, who advises this community organizer in matters of economic principles? Surely not Geitner. Must be the brilliant Reverend Jeremiah Wright or Calypso Louie.
Or is Obama purposely trying to destroy Western economies as Glenn suspects via the Pivens strategy?
Report Post »soybomb315
Posted on May 20, 2012 at 9:53pmNeed to know where obama and romney stand on this issue. It’s really really important for our future…
Report Post »West Coast Patriot
Posted on May 21, 2012 at 12:46amThey are talking about this on Breitbart also: http://www.breitbart.com/Big-Peace/2012/05/17/Spain-Eurozone-run-on-banks
Report Post »I agree with Soybomb that we do not need a nominee that is deeply tied to all these corrupt financial corporations. Romney‘s top contributors who were also Obama’s: Goldman Sachs, Credit Suisse Group, Morgan Stanley, HIG Capital, Barclays, Kirkland & Ellis, Bank of America, PriceWaterhouseCoopers, EMC Corp, JPMorgan Chase.
Pauls top contributors: US Army, US Air Force, US Navy, US Marines and individuals. I would rather have a POTUS that was beholden to our military and citizens than these corrupt financial corporations.
Dismayed Veteran
Posted on May 21, 2012 at 11:07amIndependent
Unlike other economists, with Kramer you get to shout “booyah.”
Report Post »G-WHIZ
Posted on May 21, 2012 at 11:45amSooooo…he “predicts”??…AFTER it has already started for months, or for years. As you are about 50feet from smashing into the ground…he shouts: “Your parrashute!! Pull the Cord!”…splatt!
Report Post »broker0101
Posted on May 20, 2012 at 9:02pmAlso, LINE, I‘ve ACAT’d so many accounts away from blowhards like you (claim to be) that I can’t even count. Each and ever one of those clients thank me every chance they get for finally providing them the service and returns that they deserve.
Report Post »BlackCrow
Posted on May 20, 2012 at 8:55pmWith fiat currencies and world economies built on debt and debt service anyone with any knowledge of economics would have (and many did) predict this train wreck twenty years ago. Now we are within weeks. Gold, silver, lead and guns!
Report Post »landofaahs
Posted on May 20, 2012 at 9:06pmAmen. Cramer must be confusing inflation with growth. They are not the same and me thinks that his ilk are drumming up support for more Wallstreet sugar fix called QE3.
Report Post »broker0101
Posted on May 20, 2012 at 9:22pmBLACKCROW, Ambiguous much? What, exactly, did you know was coming for twenty years that is now just weeks away? A run on Spanish and/or Italian banks? Greek bankruptcy? Or is it what you did your best to imply in your post, the Collapse of the American Economy and Currency (for which one here in America might need gold, silver, lead and guns)? Be specific. Take the credit you’ve had coming for so long.
Report Post »objectivetruth
Posted on May 21, 2012 at 9:08amOne of the reasons we are in this mess.Greed.There were several companies that sold futures and other marketables with a murky paperwork trail of collateral and securities for same.It turns out that the holders of the collateral were banks in sanctioned countries.Part of the bail out of the banks here was the repayment of the loans collateral.If the banks had of done so themselves they would’nt have remained liquid enough to keep operating.
Report Post »BlazeMom
Posted on May 20, 2012 at 8:49pmIs anyone on this thread really surprised by this? I don’t think so.
Report Post »G-WHIZ
Posted on May 21, 2012 at 11:48amY a w n ! !
Report Post »progressiveslayer
Posted on May 20, 2012 at 8:45pmCramer asserts that they‘ll be a run on the banks in Italy and Spain and that’ll cause a slow down here?
We‘re 144 trillion in the hole dumb ass so it doesn’t matter what happens in Italy or Spain or anywhere else for that matter,we‘ll have a depression in four to five years no matter who’s in the white house.
Our government is addicted to spending and they’ll spend us into oblivion come hell or high water.No amount of taxation will get us out of this manufactured crisis.
Report Post »Baddoggy
Posted on May 20, 2012 at 8:56pmCramer is a clown. When the SHTF he will not have a pot to pee in. The thing is that he does not even see it coming here….Probably be shot looting…
Report Post »TRILO
Posted on May 20, 2012 at 8:44pmDidn’t he get the memo that Obama, Merkel, and the gang of banksters and criminals were going to solve the problem at this weekends G-8 summit at Camp David?
Report Post »Mr.Fitnah
Posted on May 20, 2012 at 8:44pmWow the guy is kreskin!
Report Post »Tri-ox
Posted on May 20, 2012 at 8:34pmAnyone who watches Cramer on ‘Squawk on the Street’ knows how much he loves EVERYTHING That obama has done – Cramer wants the U.S. economy to go the way of Europe – Cramer wants exactly what obama wants.
Report Post »nobull14
Posted on May 20, 2012 at 8:33pmGlenn Beck said this was going to happen months ago !!!!! Jim Cramer is sort late making his prediction ?
Report Post »broker0101
Posted on May 20, 2012 at 8:44pmThen again, Glenn Beck has predicted every conceivable catastrophe imaginable over the past couple years. No matter what bad things happen, he’s going to be proven “right” to his mindless followers.
Report Post »Unix
Posted on May 20, 2012 at 9:31pm@Broker – even when Glenn is right he is wrong according to you. Tell me sir, where has Glenn gone wrong so far? A lot of what he has said is still in the oven cooking, so time will tell how wrong YOU are my friend.
Report Post »Dabldo
Posted on May 20, 2012 at 11:22pmSadly, the person who foretold it first is not given the credit for it and usually not remembered for it. Only as there is a swell of people that start believing, then someone who elucidated it well is given credit for it.
Report Post »One of my sayings has become: “It is easy to foretell the future! It is nearly impossible to say exactly how and when it will happen.” The exact sequence usually only visble to all in the last days/hours/minutes of the happening. Then, when all come close to agreeing what will happen, it is usually far too late to change it.
ThemDemsLie2much
Posted on May 21, 2012 at 8:16amI think Broker is a little jealous of Glenn. Or, he’s got a man crush on Kramer!
Report Post »soybomb315
Posted on May 20, 2012 at 8:29pm“Without a coordinated policy, there is going to be financial anarchy in Europe and [it's] going to cause a slowdown worldwide, China and here.”
Never let a good opportunity go to waste
Report Post »TurboCat
Posted on May 21, 2012 at 3:37amPeter Schiff (wrong spelling of last name probably), but anyway he predicted the housing bubble of 2008 WAY before it happened. At least as far back as 2005, where he can be heard on some cable news channels debating a variety of other experts and they all laughed at him repeatedly. You would not believe how many of these experts laughed at him and said derogatory things at him. Fast forward to several appearances he made before Congress in the last couple of years predicting the Big One that Paul Ryan speaks of. But no matter what he tells them, all the Democrats do not get it, all the Republicans do get it, and Peter has a very unique talent for explaining it so even an 8th grader could understand it. What bizzarro planet do these inept libs come from? DUH!!!!
Report Post »Turin
Posted on May 21, 2012 at 6:32amSchiff follows Austrian economics, so there‘s no surprise that he’s rights, and all the central planning bureaucratic shills are wrong.
Report Post »gyro
Posted on May 20, 2012 at 8:11pmwhat do you bet the crash comes at begining of olimpics??
Report Post »G-WHIZ
Posted on May 21, 2012 at 11:50amThe crash will come exactly one day after O’bammy gets re-annointed.
Report Post »HatesLiars
Posted on May 20, 2012 at 8:06pmCramer had 24% returns as a hedge fund manager. You don’t get that done in a bubble. Iam just waiting to see how much attention it gets. I’m waiting to see if people wake up and which candidate will benefit from the bad news. I think the public will be reminded that we are heading in that direction. They dont have the tools we have to bail out the banks. It will be interesting to see if the WH tries to play it down and keep everyone from paying attention and getting real.
Report Post »copatriots
Posted on May 20, 2012 at 8:20pmIt’s easy to make 24% returns with insider information and knowing what the government is passing before the information is officially released.
Report Post »Big Media Bias
Posted on May 20, 2012 at 9:25pmCramer admitted to insider trading on his tv show a couple years ago. That’s how he made millions from his previous employment. Cramer is like 90% of Wall Street investors, a bunch of liberal hacks who steal from hard working Americans.
Report Post »G-WHIZ
Posted on May 21, 2012 at 11:55amKramer…a hedgefund-manager…OH that’s rich…and so is he!
Report Post »soybomb315
Posted on May 20, 2012 at 8:02pmWhere are you Ron Paul – we need you NOW!
Report Post »TIME_2_END_THE_PAUL_CAMPAIGN_IN_12
Posted on May 20, 2012 at 8:25pmSOY, Ron Paul ran ya’ll dry….
A foole & his money,
Report Post »be soone at debate:
which after with sorow,
repents him to late.
phrogdriver
Posted on May 20, 2012 at 8:27pmOut of the race.
If you are waiting for some politician to help you, you are all ready screwed.
Report Post »broker0101
Posted on May 20, 2012 at 8:29pmI suspect you can find Dr Paul at his crappy house in Texas, now that he is officially just a crazy old man and private citizen again. Say “Hi” for me if you see him.
Report Post »soybomb315
Posted on May 20, 2012 at 8:41pm@time
lol – the first time i read one of your posts in weeks and i am lost.
I fully expect Beck to do a repeat of 2008 when he longed for Ron Paul when it came down to Mccain vs Obama. If we have another financial meltdown as a result of the banking system and global federal reserves – Ron Paul would clearly have been the correct choice
Report Post »West Coast Patriot
Posted on May 21, 2012 at 1:02amThis is what I mean, a lot of you that post on here get all your info from the MSM. Paul is still in the race, he is doing quite well and still has a chance at the nomination. As of right now before the new numbers are posted from the last few days, Romney has a total of 351 delegates and Paul has 137, Santorum 143, Gingrich 24. There are still 1660 to be had and three states there is no clear answer on who has the majority. The numbers for Paul over the weekend that I have heard is a pickup of 51 delegtes and 36 delegates for Romney. That makes 387 for Romney and 188 for Paul by my calculations. That is a difference of less than 200. The media tries to tell you Romney has 991, but they are wrong with their count and all of you just believe what they say. The media is counting percentages from straw polls and they do not matter. Bound delegates? I think not. We will use rule 38 and with my research, I believe that we can unbind delegates from most of the states.
Report Post »soybomb315
Posted on May 20, 2012 at 8:00pm“Without a coordinated policy, there is going to be financial anarchy in Europe and [it's] going to cause a slowdown worldwide, China and here.”
That sounds like the same thing they told us before shoving TARP bank bailouts down our throats. Cramer is not a limited government kind of guy. Do you think he is paving the way for American intervention??? You bet
Report Post »objectivetruth
Posted on May 21, 2012 at 9:20amI agree with you he is trying to pave the way.We took care of europe for far too long.This is also another part of the problem.We went beyond the necessary provisions.They became complacent.they thought we would be there to bail them out forever.We can’t
Report Post »NOBALONEY
Posted on May 20, 2012 at 7:57pmG 8 and NATO meetings were a waste of time.
Report Post »lassiegirldawn
Posted on May 20, 2012 at 7:52pmCramer is a sideshow artist. He has a temper so bad; he once threw computers and monitors at his office crew because they made mistakes. He is all for show and a blowhard.
Report Post »RJJinGadsden
Posted on May 20, 2012 at 7:51pmThere is a credible mix, Jim Cramer and David Gregory.
Report Post »doomytram
Posted on May 20, 2012 at 7:49pmHuh. wait, duh. We know this already, and isn’t Cramer astonishingly in the tank for Oblamer? I certainly don’t watch CNBC anymore, nor listen to Cramer on as advice on anything. But isn’t Cramer on, like, the Sunday Shows with David Gregory? If so, then Cramer has just, Ozero credabilty and is just a propaganda clown for the Obamunist. Just a surrogate for the Obamunist, is Cramer, so this is a non story, then right?
Report Post »TurboCat
Posted on May 21, 2012 at 3:45amCramer rhymes with Oblamer!
Report Post »copatriots
Posted on May 20, 2012 at 7:45pmUseful idiot trying to create a panic/crisis for the election. Jim’s problem is……no one with money to invest actually follows his less-than-stellar advice.
Report Post »TXPilot
Posted on May 20, 2012 at 7:37pmApparently, Cramer is really good at predicting things that are already happening. Reports are out that after the runs began a few days ago at banks in Greece, that they are also seeing some of the same behavior in Spain and Italy.
Report Post »Snowleopard {gallery of cat folks}
Posted on May 20, 2012 at 7:50pmThey already began in Spain and Italy I believe last weekend, there was a series of articles on Drudge about it. The keys to watch for will be what happens with Germany and with Switzerland; if they close up their financial borders, there is a dead even chance for the EU to collapse, and then of a war to happen.
Remember that when a government begins to fail, most of the time they do one of two things – an civil war erupts, or desperate leaders turn to military adventurism to avert the public attention in the name of national and civic pride until they lose.
Report Post »Stoic one
Posted on May 20, 2012 at 7:17pmI ALWAYS thought Starbucks was all hype.
Report Post »soybomb315
Posted on May 20, 2012 at 8:27pmafter his ‘mad money’ show, he has no credibility. That show is like finanical news for the ADD
Report Post »TRONINTHEMORNING
Posted on May 20, 2012 at 7:15pmThere‘s something I’ve never liked about Cramer; oh yeah, he’s on MSNBC and NBC!
I’ll stick with Cavuto and bunch. Get lost, James.
Report Post »broker0101
Posted on May 20, 2012 at 7:10pmSooner or later, the legal liability Cramer subjects his employers to will outweigh his Circus Geek appeal. This may be that time.
Report Post »jhaydeng
Posted on May 20, 2012 at 7:05pmI would like to thank Cramer for telling me on live TV that Starbucks was too expensive at $26 a share! Thanks Jimbo!
Report Post »broker0101
Posted on May 20, 2012 at 7:13pmHow about a shout-out to Glenn Beck for attempting to sell you gold at a spot price of over $1800/oz?
Report Post »chips1
Posted on May 20, 2012 at 7:48pmIf you bought gold at $1,800 an ounce and now it sells for $1,600 an ounce, your lucky. When the dollar goes to $0, you will still have gold to buy things. It’s worth something. Buy guns and ammo to trade. Anything electronic will be just a paper weight. Canned food will go thru the roof.
Report Post »broker0101
Posted on May 20, 2012 at 7:55pmCHIPS, “When the dollar goes to $0″ you’ll be on of many, many corpses in mass graves, unable to trade anything for anything. But you’ll be a self-righteous corpse. Theoretically.
Report Post »MrButcher
Posted on May 20, 2012 at 7:59pmGold is a worthless commodity.
Try eating it.
Report Post »broker0101
Posted on May 20, 2012 at 8:05pmBUTCHER, Let these Rubes keep buying the stuff. Either the Dollar will “go to $0″, in which case, let’s see them “trade” it for anything. OR (infinitely more likely) things keep plodding on about like they always have and let them deal with owning one asset whose return has NEVER outpaced inflation (bot even close). Nor paid a dividend or interest payment. Let them REALLY learn all about the “safety” of owning gold.
Report Post »soybomb315
Posted on May 20, 2012 at 8:28pmi would rather stockpile lead – can be used for bullets while gold can only be used for electrical circuits and space travel…both of which would be pretty useless in that situation
Report Post »seeker9
Posted on May 20, 2012 at 8:31pmSBUX $53.23
Report Post »Worst places for investment advice: talking heads on tv, brokers, internet blogs. Funny, sometimes they can also be the best.
lineinthesand
Posted on May 20, 2012 at 8:39pmBroker0101,
Report Post »First of all, Glenn never recommended “Buy gold now at $1800/oz”. He recommends to look at gold at whatever price it is to see if it may fit it one’s portfolio. And second, he does not recommend it as an “investment” but more as an “insurance” policy….BIG distinction. By your name, you seem to be trying to convey you are some sort of financial expert, but judging by your past posts and this one as well, you are nothing of the sort. As someone who actually is an advisor, I would suggest to you to keep your pie hole shut….or spew your self-portrayed fake knowledge elsewhere.
broker0101
Posted on May 20, 2012 at 8:53pmLINEIN, I know exactly how Glenn peddles Gold(line). And he most certainly recommended purchase at spot prices above $1800/oz. As an “actual advisor” yourself, you would know that it doesn’t matter how you spin a bad recommendation. Your clients still lost money. Then again, as an “advisor”, you’ve been charging your clients a minimum of 1% a year no matter how terrible your advice. Fee based “Advisory Service” is the biggest scam since the indexed-linked fixed annuity. I am a Broker, not an Advisor.
Report Post »Baddoggy
Posted on May 20, 2012 at 9:00pm@Broker…how did you get your arm out of your straightjacket???
Report Post »broker0101
Posted on May 20, 2012 at 9:07pmYou fools who think that the Global (or at least American) economy and currencies are going to collapse and that you and your handful of weapons, 1000 or so rounds, a few ounces of Gold and a makeshift bomb shelter are going to survive are HILARIOUS! Do you do children’s birthday parties? My daughter’s is coming up. I can pay you with whatever “currency” you’d like.
Report Post »ModerationIsBest
Posted on May 21, 2012 at 1:01am@BROKER0101
Haha Broker, I love that I ran across you on here. I’d enjoy having a conversation with you. You seem to have some very interesting thoughts and opinions.
I like and enjoy owning guns(though I rarely use them) but I am also not one of those people who have a “bug out” bag prepared in case the dollar collapses. I realize that the guns I don’t have, will be of no value in trying to “fight back” an over reaching Government who have the technology to send a missile into my bathroom while I’m on the toilet.
Gold had some value when it was cheaper and is nice in regards to diversifying your portfolio, but its value(mainly the way Gold is perceived as a trading unit if fiat currency collapses) is only valuable in such a scenario(where all forms of society break down). If that happens, I sure hope you already have physical ownership of your Gold, because you will NOT be able to collect it if such a thing happens.
In my opinion, the only way to truly prepare is to have a little bit of extra food/water, some form of limited protection and then hoping for the best. Anybody who is preparing to survive mass world breakdown is idiotic and paranoid. Plus, I wouldn’t want to live in such a world, lol.
Report Post »seeker9
Posted on May 21, 2012 at 1:09am@broke…1
Report Post »So you are a 1%er? Cheating the average little guy? So why are you also a Marxist? Oh, I get it. You are the ruling elite, a legend in ypur own mind.
Cruelnunusual
Posted on May 21, 2012 at 2:09amI was buying gold at $230 and ounce. Gold will always have value, ESPECIALLY if the dollar goes to zero. Gold is just like any other commodity, except it’s more convenient. People can’t eat lumber, either, but it has value as a material. People value gold as jewelry AND as a currency. There is only so much of it, people have always wanted it, and it backs up it‘s own value because it can’t just be printed. Don’t listen to these smart guy brokers, calling us gold bugs. They were calling me that when I was dumping all my stocks in Dec 07‘ and moved into cash by Feb 08’. They said real estate was fiiiiiine lol. Larry Kudlow, MR. GOLDILOCKS, was calling the economy the “Greatest Story Never Told”…LOL. Screw those smarty pants. Buy stocks and sell gold as Romney becomes president, then when it becomes evident the Republicans can only fix so much, and that the collapse is coming again, sell your stocks and buy back the gold.
Report Post »