banks so is he on point or is he missing the bigger picture here well let's turn now to michael t. snyder he is the founder of the economic collapse blog dot com michael let's start with the greek news here i was a little bit surprised that he said it in the q. and a he was asked whether the crisis could really affect u.s. banks and he said it would be a very small hit do you agree or completely disagree big recross sometimes that seems to be another lehman brothers moment because what you have in greece is a situation where there are just kicking between and on the route if greece defaults it's not going to just affect rhesus going to search all of your. banks all over europe or very much exposed to greece and beings from europe are very highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely horrible you know german banks are actually a whole lot of greek debt and there are liberals thirty to one at this point so greece goes don't it's going to ripple effects across the entire world and there are experts all throughout the f

could be overcome with due course and of course that's not the perspective of my next guest michael t. snyder he's the founder of the economic collapse blog dot com and i asked him what he thought of. optimistic views on the economy. i completely disagree a big request this has been seems to be another lehman brothers moment because what you have in greece is a situation where they're just kicking the can down the road if greece defaults it's not going to just play greece is going to have thirty all of your. banks all over europe or very much exposed to greece and now the banks from europe are barry highly leveraged for example when lehman brothers collapsed they were leveraged thirty one to one which was absolutely horrible now german banks actually hold a lot of greek debt and there are leverage thirty two to one at this point so greece goes down it's going to ripple effects across the entire world and they're experts all throughout the financial industry that are warning that this could set off another two thousand and eight salt crisis and michael another interesting thing that came out o