In the wake of Monday’s news that Cyprus depositors have official been scalped by the ECB and IMF, Jim Sinclair has sent an email alert to subscribers warning that If you do not exit the system now, you will not be able to exit the system, and that Capital controls and bail-ins will grow and reach your home.
Sinclair warns that DIESELBOOM’S depositor haircut precedent for bank failures is coming to the entire Western banking system, a fact that we have repeatedly driven home here at SD upon uncovering bail-in legislation in Italy, Canada, Switzerland, the UK, and the US.
Sinclair’s full alert on the Cyprus bail-in and on exiting the Western banking system NOW is below: [Read more...]
Jim Sinclair: Capital Controls and Bail-ins Will Grow and Reach Your Home!
Eric Sprott: Cyprus to Trigger Global Bank Runs, Metals Shorts in for a Rude Awakening!
In this tremendous interview with our friend Eric Sprott, Patrick MontesDeOca chats with the CEO of Sprott Asset management with $10 billion under management.
In this interview Eric gives us his insight and wisdom as it relates to Cyprus as the “Black Swan”,and how it could trigger major bank runs globally. Metals shorts are in for a rude awakening!
Sprott discusses the ongoing collapse and how the COMEX is easily manipulated and not reflective of actual supply and demand.
[Read more...]
IMF Forces Cyprus to Sell €400 Million Worth of Gold!
A breaking Reuters report has revealed that to what should come as no surprise to SD readers, buried in the Troika’s bailout of Cyprus, is a stipulation that Cyprus hand over 10 tons (€400 million) in gold reserves to the ECB/IMF pirates bureaucrats.
Like every other engineered crisis over the past 10 years, it was all about the gold. [Read more...]
A Tipping Point In The Financial System
March and April 2013 may go down in history as the tipping point for the western financial system.
The veil of banker honesty has been lifted. The EU/IMF/ECB will do whatever is necessary to support the banks, even if it means they will confiscate (tax, steal, bail-in) customer deposits.
Customer deposits are NOT assets held in the bank for safe-keeping, but are liabilities of the bank and are not guaranteed to be made whole.
Billions of dollars were removed prior to the Cyprus freeze, so insiders clearly knew in advance of the ordinary depositors (see below). There is no “level playing field” when billions of dollars/euros are in play.
According to Jeroen Dijsselbloem, Dutch finance minister and Euro Group President, this is “the template for any future bank bailouts.” In other words, your deposits are considerably less safe than you thought. Your bank could fail, and your deposits might be used to compensate for derivative losses or other losses that the bank incurred.
Cyprus and Gold: Lighting a Candle in a Dark Room
To describe the events in Cyprus and their relevance to gold, we can start with the analogy of a peaceful, self-satisfied Western investor asleep in a dark room. He has had trouble sleeping lately because he is starting to become more concerned about the safety of his personal wealth. He is unaware that he is sharing his room with three large elephants. They come each night, but remain hidden by the darkness. He awakens for a moment and lights a candle. Suddenly the room is illuminated and he sees the three beasts. The vision terrifies him, so he races to blow out the candle hoping to forget what he saw. Of course, once the light shines on truth it is difficult to return to a state of ignorance.
The events in Cyprus had the effect of turning on the lights, if only for a moment, before the financial media and the world’s central bankers began a blitzkrieg campaign of denying the truth that was briefly exposed. [Read more...]
We’re All “Cypriots” Now!
Submitted by Bill Holter:
Imagine that 2 weeks ago you were a Cypriot and faced losing some or all of your bank balances, what would you have thought? I ask you this question because chances are…you are not a Cypriot and you haven’t had your life savings “locked up”…yet. You see, whether you know it or want to believe it, we will “all be Cypriots” sooner or later. Pooh pooh me, stick your head in the sand or send me nasty e-mails, MATHEMATICALLY the entire world WILL become Cyprus sooner or later. Mathematically we are on a crash course with a global debt/currency crisis of epic proportions. [Read more...]
Eurozone Launches Currency Roach Motel: Your Money Checks In, But it Doesn’t Check Out!
By AGXIIK:
Face it folks, the die is cast. Bankers have shown their true colors. They are no different that robber barons of days past. They will steal your money through interest, fees, penalties, foreclosures and if those fail, they will steal your assets because you are a convenient and conveniently foolish cash sheep waiting to be fleeced.
The modern financial system has become a Currency Roach Motel. Your money checks in but it doesn’t check out.
Canada Includes Depositor Haircut Bail-In Provision For Systemically Important Banks in 2013 Budget!
*BREAKING SD ALERT
Just as DieselBOOM accidentally admitted Monday, it appears that the Cypriot bail-in is anything but a one-off event, and is in fact the new collapse template for the entire Western banking system, and not just the ECB/ Eurozone!
SD has been alerted to an alarming provision that has been buried deep inside the official 2013 Canadian Budget that will result in depositor haircut bail-ins jumping to this side of the pond during the next bank crisis!
Titled ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures! [Read more...]
.1% Return for the Risk of a 40% Haircut?
Submitted by Bill Holter:
What is now in play is that if you have money in the bank and are getting a whopping .1% interest…it compensates you for what? It compensates you for NOTHING that’s what! It doesn’t compensate you for the real world inflation that we are told everyday by the statisticians that doesn’t exist…nor does it compensate you for the other risk. The “other risk” (that did not exist but now apparently does) being that your bank might go under and balances over the insured limits are not covered. It’s simple “risk versus return”. If risk goes up (which it now has) so must return. And this is the problem.
The world cannot have a zero interest rate policy AND a banking system where very real risk exists.
Gold IS money. It is not an investment, it is not currently used as a currency (but can and surely will be used as one). “Gold pays no interest” has always been the knock, but…neither do bank accounts nor does currency. What has now been introduced publicly is (and has) always been present…namely that Gold can neither be debased, NOR can it default!
[Read more...]
Cyprus, Troika Agree to 20% Tax on Deposits over €100,000 at Bank of Cyprus
RT reports that Cyprus & Troika officials have agreed to a 20% haircut on all deposits over €100,000 at Bank of Cyprus, and 4% on deposits at other Cypriot banks…
Which essentially means nothing until the measure is passed by the Cypriot Parliament.
With the ECB/IMF threatening (bluffing) to kick Cyprus out of the Eurozone unless €5.8 billion is raised/ stolen from Cypriot depositors by Monday, the next 24 hours should be quite interesting as we see whether Cyprus holds its ground and follows in the footsteps of Iceland, or kowtows to the ECB bureaucrats and agrees to a 20% theft of it’s wealthiest citizens. (particularly following yesterday’s report that insiders tipped off the majority of wealthy Russians in the days leading up to last Friday’s announcement, meaning Russian wealth is already looong gone) [Read more...]
CONTAGION! Depositor Haircut Bail-Ins Spread to New Zealand, Gov’t Discussing Cyprus Style Solution for Bank Failure!
*BREAKING!
Depositor haircut wealth confiscations have just gone from a one-off in Cyprus to the new thing in 2013.
The New Zealand government is reportedly pursuing a policy of Cyprus style depositor haircuts for all future bank failures!
The plan would not limit the haircuts to any percentage, but would steal whatever is necessary from depositors to prop up the failing bank institution: Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat.
The rule of law in the entire Western financial world is apparently vaporizing faster than the spent fuel at Fukushima. [Read more...]
ECB/IMF Banksters Attempting to Increase Cypriot Haircuts to 13% For Large Accounts!
This afternoon we reported that the Cypriot Parliament vote on the depositor banking haircut had been delayed until Monday as the banking cartel was 33% short of the necessary votes needed to pass the bail-in/ wealth confiscation.
In a desperate attempt to appease Cypriots and pass the measure Monday, RT reports that the IMF is discussing reducing the wealth confiscation for deposits under €100,000 to 3%, and compensating by raising the tax to approximately 13% on larger accounts (i.e. wealthy foreign Russian oligarchs). [Read more...]
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
