December 28, 2008

Israeli attack backfires; stocks plunge 49%; Bank Leumi FAILING

Israel plunged itself into economic disaster after its military attacks on the West Bank and Gaza Strip sent the Israeli stock market plunging and caused a "run" on its largest bank, Leumi. Reports from financial sources indicate Bank Leumi is now is grave danger of failing.

According to Bloomberg Business news, the Israeli stock market is down 49% and shares in bank Leumi are their lowest as investors pull money out of the country at a furious rate.

Unlike the United States, Israel does not offer any type of national "insurance" if a bank fails. People are wiring money out and pulling cash out of Bank Leumi so fast that the bank may utterly collapse as early as tomorrow afternoon.

If I had money in that bank, I would take it out fast.

More details as they become available. . . . .

Click Here for the Bloomberg Story