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Financial Anarchy': Jim Cramer Predicts a Run on Banks in Spain and Italy Within Weeks

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"It's going to cause a slowdown worldwide, China and here"

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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