"Without warning, Lloyd’s — the world’s oldest insurance company — just announced that it has withdrawn its money from all European banks. Their reason is that the banks are in danger of failing as Europe’s debt crisis continues to intensify.The company’s Finance Director, Luke Savage, put it simply:

“If you’re worried the government itself might be at risk, then you’re certainly worried that the banks could be taken down as well.”

Which European governments are Lloyd’s talking about? They’re not saying. But it is interesting to note that Lloyd’s didn’t just withdraw its money from Greek banks, it withdrew its money from banks all over Europe! Are they worried about contagion?One thing you can be sure of, though:

When the world’s oldest insurance company ... a firm that for 323 years has made its living by accurately calculating the odds of future disasters ... suddenly takes its money and runs, it’s a MASSIVE red flag for investors — a clear sign that the beginning of the end might be near!

Lloyd’s has every reason to worry. In addition to the government debt crisis that’s threatening to destroy European banks, a huge credit crisis is spreading across the Continent as well.Spanish and Italian banks are rejecting massive numbers of loans and charging customers more as the sovereign debt crisis continues to drive their own borrowing costs higher. Any way you look at it, this shrinking of European credit markets is the worst kind of downward spiral.

THE GOLDEN ROCKETSHIP IS GETTING READY TO BLAST OFF

The critical difference between the last crash and this coming one is the last time we were headed for Recession, this time we are headed for Depression.

DJII 6470 here we come - BUT NOT tomorrow and not in a straight line fall. This past week was the DJII worst week since October 2008, down 6.4 percent. It was the second worst week for the S&P 500 in 2011, with the S&P 500 falling 6.5 percent. The NASDAQ Composite lost 5.3 percent.

NOTE: Last Friday's bounce was not the start of any major wave up. There is more downside coming for mini Wave (5) of minor Wave I-down. Friday's rally was just part of a correction of the most recent decline, which should give us an opportunity to either add too or initiate new Shorts; once this mini rally is over, a powerful down-leg to new lows for the decline that started May 2nd will follow. "

-Aubie Baltin

Soon Banks/Investors will be tripping over each other for shares in Tyhee Gold.

-Inspireprogress