Wednesday, May 15, 2013

Saxo Bank CEO: "The Euro Crisis has turned into a Fatal Disaster"

The eurozone will eventually break up. Cyprus was indeed a template for bail ins and outright confiscatory wealth taxes, disguised as solidarity payments, could be used to raise funds

Lars Seier Christensen, co-CEO and co-founder of Saxo Bank at the Saxo #FXDebates in London

"The governments of Europe need money, and the private sector has it. It is as simple as that. Be very paranoid," he said, warning investors that the mattress may be a safer place to deposit money over the weekend than their bank accounts".

"Frankly, it is a complete mess. And it is a mess that gets worse and worse every day," is how the outspoken truthiness begins, adding, "anyone with a rational view of the world now sees the currency collaboration as a historic failure that can lead to even further fatal consequences for Europe and the continent’s competitiveness vis-à-vis the rest of the world."

"I have rarely, in my 25 years career in foreign exchange, witnessed an equally turbulent and fascinating time," he told the audience.

Full transcript of the speech on >>>