Are Europe's Big Banks Becoming Scared Of The Global Economy?

As the world's economic outlook darkens and as the continent's financial crisis deepens, big European banks are selling government bonds and slashing credit lines to troubled European nations, while hoarding cash.

The have become fearful of European financial contagion and the rapidly mounting U.S. debt and are preparing to weather the potential huge financial storm they see coming. London based global bank Barclays is but the latest to express grave concerns as their CEO this week spoke of a "Loss of Confidence."

What does this tell us? That even huge conservative banks are growing jittery about the global economy and that we should carefully assess our own exposure and if possible, take protective actions.

Dick
To read more, please see "Europe's Banks Retreat," The Wall Street Journal http://online.wsj.com/article/SB10001424053111903341404576483361004063864.html