We remember the meltdown in late 2008. Get ready for another one, says MarketWatch’s David Weidner.

First it will hit in Europe. Then here. There is a connection. Americans are “being held hostage by the Angela Merkels, Nicolas Sarkozys, Mario Draghis and Mario Montis.”

Moreover, it’s not just our wealth, it’s our ability to attain credit and earn interest on our assets. Europe has long put a squeeze on the world’s financial markets. Now it’s putting our personal finances at risk.

Simply put, Europe’s banks look to be on the brink of collapse.

Collapse is a frightening word. We do not see it often in the Establishment financial media.Weidner goes on.

Don’t take my word for it. The Bank for International Settlements issued its quarterly report on Monday. And the outlook is more than just gloomy.

“The intensification of the euro-area sovereign-debt crisis went hand in hand with banking-sector weakness,” BIS researchers observed. “While bank funding problems had manifested themselves throughout the year, policy makers and market participants increasingly turned their attention to issues of bank solvency.”

And “participants” did not like what they found. Standard & Poor’s downgraded two French banks, four Spanish banks, seven Italian banks and three Greek banks.

Moody’s Investors Service was more aggressive, slashing the previously “strong” financial systems. It downgraded three German banks, three British banks, and two U.S. banks.

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