The Diesel has just dropped the boom again, as the Chairman of Eurozone Finance Minsters warned Wednesday that uninsured depositors in Eurozone banks could face losses in Eurozone bank stress tests- as the Eurozone stress tests could result in banks being shut down by the EU, with the Cyprus template bail-in resolution used to impose losses on depositors.
Is Dieselboom trying to start a Eurozone wide bank run?
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Trader and forecaster Rick Ackerman says, “As far as the Fed getting off the easing regimen, it’s not possible . . .You’d kill the system right now. There’s no way out, and although we put off the day of reckoning, it can’t be put off indefinitely.” Obama Care is one of the biggest headwinds facing the economy. Ackerman says, “January 1st, everybody is going to get socked with at least a 30% increase in their insurance premiums . . . Obama Care is the worst bill ever . . . I don’t see how the economy can survive it.” Ackerman does not believe gold prices will skyrocket but contends, “One thing I have always been absolutely confident about is that gold, relative to any other asset you can think of, will hold its purchasing power.” Ackerman fears confiscation of bank deposits and says, “All depositors everywhere should be scared for their money. Cypress should have spooked the whole world, and it did! I think it makes the likelihood of some sort of black swan event even greater.” Join Greg Hunter as he goes One-on-One with Rick Ackerman. [Read more...]
We see the lions as issuers of fiat, Gazelles as owners of gold, and if you are uncertain as to which you are, the issuers of fiat will financially eat you alive. Cyprus was an overt wake up call. Many people in the U S think it will not happen to them.
It already has. [Read more...]
Image: Pining, TFMetalsReport
By Jim Willie, GoldenJackass.com
The Western nations really truly sincerely need a wake-up call on reality, and it is coming as a paradigm shift with shock waves.
When the coming dust clears, the evidence is plain that the change to be seen will be dead banks in dissolution with private bank accounts vacated. In other words, razed leveled banks with no functioning operating offices, and bank accounts showing zero balances. The consequence is ugly and powerful, lost client trust in the banking institutions.
Faith is a key ingredient to stable systems. The US account holders will be treated with stock shares in conversion for the dead banks, whose value will converge quickly to zero. Same effect, lost accounts. Expect soon the result to be a climax with bank runs.The bank runs will coincide with bullion bank runs, the fast removal of gold held in inventory vaults at the bullion banks.
[Read more...]
In the wake of the Cyprus depositor haircuts becoming official this week, a Cypriot SD reader has sent us a screen shot of his online banking terminal with Cyprus Popular Bank (Laiki).
The screenshot below puts new clarity to If You Don’t Hold It, You Don’t Own It.
Balance: €849,682.68
Blocked Funds:… [Read more...]
“It’s” going to happen …because it already is happening and mathematically it had to and has to.
“It” being a complete breakdown of the financial system.
The fly in the ointment is Europe, or I should say Europe’s “structure”. The fact that Spain, Italy, Portugal and the rest cannot “print” their way to pay debt service and issue new debt is the detonation device. It is only a matter of time before another …only bigger, MUCH BIGGER! [Read more...]
Was last week’s epic gold smash a deliberate exploitation of fresh Russian spot gold positions in the wake of the Cyprus bank bail-in?
SD reader David makes his case below: [Read more...]
A Quick Recap
Legendary gold trader Jim Sinclair has turned his sights from warning investors to protect themselves with gold to urgently warning them to exit the financial system immediately, and take possession of physical gold held in your own possession. Sinclair, who Friday warned investors that the US will be Cyprus’d and gold will reach $50,000/oz sent an email alert to subscribers Monday night warning that merely owning gold and storing is not enough, and that:
How you own and store becomes of critical and possibly terminal importance. Investors with significant deposits at in the system banks and brokers are in the dead center of harm’s way. Retirement accounts are also in the cross hairs of central planners.
Sinclair urges readers not to become a casualty of the central planners via the coming bail-in deposit confiscations, but to protect yourself by owning physical gold held outside of the financial system.
Sinclair’s full alert is below: [Read more...]
Irish Savers & Pensioners Have Just Been Cyprus’d!
As if on cue, a day after my expose on Anglo Irish Bank and its shenanigans (see Global Banking Crisis – How & Why YOU Will Get “Cyprus’d” As This Bank Scrambled For Capital!!!), The Irish Business Post announces senior bondholders will get wiped out. That’s right, a 100% loss! Zilch! Zero! Nada! Now, that’s investing. That’s getting “Cyprus’d”, plus some!!!
This is actually MUCH WORSE than the deal the Cypriots got. These Irish pensioners are facing a total wipeout – 100% LOSS!!!
UPDATE:
Reggie Middleton published an Irish news story by Niall Brady that noted: ”Pensioners who leave retirement funds in Irish banks have no protection from the deposit guarantee scheme that protects savers up to 100,000 Euro.” Much of Middleton’s story rehashes his previous reporting, which makes yesterday’s article a bit confusing. Nevertheless, the IBRC precedent does indicate Irish pensioners should not rest easy.
In an interview released over the weekend, silver guru David Morgan discusses Federal Reserve governor Jeremy Steins’ official comments last week confirming that the U.S. will do as Cyprus and take depositors money if need be.
Morgan urges listeners to understand their money is not safe in banks, the banksters do not consider your deposits as your money, and that the time to exit the US banking system is NOW.
Morgan’s full interview is below: [Read more...]
Legendary gold trader Jim Sinclair shocked the precious metals community Friday by publicly stating that the US will be Cypruss’d, the current take-down in gold & silver is a last-ditch can kicking attempt by the bullion banking cartel, as that as a result of the coming derivatives collapse banking system bail-in, physical gold is headed to $50,000/oz!
Today, Sinclair updated CIGA’s on the fundamentals behind his $50k gold prediction: [Read more...]
The Swiss Financial Market Supervisory Authority (FINMA) has quietly joined the growing parade of western nations who have quietly re-written banking laws to allow depositor bail-ins upon the next banking crisis.
If Switzerland, the once ultimate safe haven for banking deposits across the world is preparing to confiscate depositors funds, there truly is no protection anywhere other than physical gold and silver in your own possession!
In the event that a bank is failing or where its capitalization is no longer adequate, the Swiss Financial Market Supervisory Authority (“FINMA”) may take measures to improve such bank’s financial viability rather than liquidating it. “Loss absorption” and “bail-in” are important instruments to support any such measures. [Read more...]
Jeff Nielson from Bullion Bulls Canada joins Sean of SGTreport.com to cover the pure desperation of the Banksters. We cover it all in this one; the Comex raid, the decoupling of paper price from physical reality, the Cyprus litmus test, the Canadian banks bail-in plan & the webbots prediction that silver WILL hit $500 and beyond in the near future, ultimately trading at 1 to 1 with gold. [Read more...]
Outgoing Bank of Canada Governor (& Goldman alum and incoming BOE Governor) Mark Carney just released an epic Freudian slip today during a televised speech in Washington regarding the Western financial system’s co-ordinated move from bailouts to bail-ins as official policy to future bank crises.
It’s one thing when the editor of an obscure financial blog discovers bail-in language written into policy by the Fed, Bank of England, the Bank of Canada, Italy, & New Zealand and it goes viral throughout the alternate financial blogosphere, and it is another thing entirely when the incoming head of the Bank of England himself accidentally lets slip that Western financial policy-makers are working diligently to devise an international “bail-in” regime to prevent big bank failures.
Mark Carney’s DIESELBOOMesq retraction in 3…2…1…. [Read more...]
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