Coming Collapse of the EU Banking System Will Bring About Collapse of Entire Western Financial System!

"We are facing a crisis in Europe that is far, far worse than 2008. [It is so bad that,] before it ends, it is quite possible that we will see the entire western financial system collapse and a new system put into place.

Summers goes on to say, in part:
This will mean:

1. Many major banks disappearing, as well as numerous, potentially lengthy, bank holidays...
2. Multiple sovereign defaults, as well as broad economic contractions and their commensurate unemployment/ civil unrest/ erasure of retirement accounts/ pensions...
3. New currencies or new denominations of currencies possibly being introduced…
4. Massive wealth destruction to the tune of tens of trillions of dollars…
5. The breakup of various countries/ unions and the implementation of new political/power structures.
6. Very serious trade wars…and very possibly a real war.

If the above make you frightened, you’re not alone.
As I’ve dug deeper and deeper into the inner workings of the global financial system over the past months, the information I’ve come across has only gotten worse. I’ve been holding off writing all of this because up until roughly April/May it seemed possible that the world might veer towards another outcome. I no longer view this to be the case. I am almost certain that what I’ve written above will come to pass – so buckle up and let’s dive in..."

at http://www.munknee.com/2012/07/coming-collapse-of-the-eu-banking-system-will-bring-about-collapse-of-entire-western-financial-system/