The Bow Tie Says You Can Not Avoid ‘Financial Armageddon’

“A much-hyped decision by European leaders allowing banks to tap bailout funds to recapitalize won’t halt the advance of a “Financial Armageddon,” says international investor Jim Rogers.

European Union leaders at a summit voted to give their bailout fund, European Stability Mechanism (ESM), power to lend directly to countries to prop up banking sectors.

Under previous rules, bailout money went to countries, who then funneled the funding to recapitalize banks, which added to a country’s overall debt burden.”

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