http://www.zerohedge.com/contributed/2013-03-21/bernanke-fails-answer-concerns-about-cyprus-style-seizure-american-bank-depos
Bernanke Fails to Answer Concerns about a Cyprus-Style Seizure of American Bank Deposits
The government of Cyprus wants to grab bank deposits, and the chief economist of the German Commerzbank has called for private savings accounts in Italy to be similarly plundered, and other nations may be moving in that direction as well.
The American government has seized private assets before, and President Obama authorized seizure of property again last year. (The Argentinian government grabbed 401k assets; and some in the American government have mulled the same thing. And the U.S. government’s take-down of Megaupload was also an exercise of the power to seize all of the legal property held in a storage facility because a handful of crooks have illegal property in theirs. )
Zero Hedge has been warning for years that Western governments – including the U.S. – would eventually seize bank assets.
Bernanke was asked yesterday whether a Cyprus-style grab of bank deposits is possible in the U.S. :
Question: I was wondering if you can tell me how if a run on the banks happens in Cyprus, how that might affect U.S. markets. And also is it possible for the U.S. to levy a tax on regular deposits here? Or why not?Bernanke: As someone mentioned Cyprus is a tiny economy. I don’t think these issues as worrisome as they are and as concerned as we would be for the Cyprus people, I don’t think that they have a direct implications for the U.S. economy.The only way that they would create a problem would be if the runs became contagious in some sense, if depositors in other countries lost confidence. But to this point I’m not aware of any evidence that that is in fact the case.The argument the Europeans are making is that Cyprus is a unique situation, very different situation, and indeed, it is quite unusual to have a banking sector as large as they have relative to their economy.In terms of the United States, the FDIC was founded in 1934, and we have insured deposits and they are very proud of the fact that no one has ever lost a dime in insured deposits.And during the crisis the response of the government was in fact to increase the level of deposit or account sizes that were insured. So I consider that to be extremely unlikely in the United States.
Bernanke’s response is unsatisfactory for 2 reasons.
Initially, the FDIC only insures deposits up to $250,000. So deposits over that amount are unprotected.
Indeed, the FDIC has, in fact, come very close to being insolvent at various times. See the following articles from the New York Times , American Banker, Bloomberg, Zero Hedge and Mish.
True, the Treasury Department would likely just bail out the FDIC if the FDIC really went belly up. But that would take a political act of will. And so Bernanke should have said, “we will always make sure the FDIC has enough money”.
Second – and more important - Bernanke failed to answer the question altogether. The question was not about whether the government would save bank depositors from economic conditions caused by others. The question was whether the government itself would grab deposits.
People didn’t think any European country would seize bank deposit assets. But the EU demanded that the government of Cyprus seize private bank deposits. The attempt of a government to seize private property is undermining confidence in Europe … and many people worry that that contagion will spread. That is what the question was about.
Bernanke entirely failed to answer the question which was actually asked … and has thereby caused a tsunami of distrust on the Internet.
In the same way that the Department of Justice’s wishy-washy assurances that it probably wouldn’t assassinate Americans on U.S. soil hasn’t reassured anyone, Bernanke shouldn’t have given a half-hearted reply. He should have said:
The U.S. will never, ever seize any American’s bank deposits under any scenario whatsoever … without exception. We respect the rule of law as the basis for our economy, and we will never do anything which interferes with private property rights.
Bernanke’s failure to reassure couldn’t have come at a worse time.
British MP Nigel Farage just gave the following advice in response to the Cyprus bank deposit grab:
Get your money out while you still can.
The failure of American economic “leaders” to provide real reassurance regarding our bank deposits will just increase mistrust.
Indeed, more and more Americans realize that the government has bailed out the super-elite of the big banks, and enabled their fraud … while hosing the little guy again and again(and again). People see that we have socialism for the rich, but cut-throat, sink-or-swim capitalism for everyone else. They see that we have a malignant synergism between D.C. politicians and giant companies. Look here,here, here.
Indeed, after Wall Street giants such as MF Global and JP Morgan got caught seizing segregated client funds – but were never prosecuted by the government – both amateur and sophisticated investors have lost trust in the American financial system and financial regulators. (It has become obvious to all that the government is trying to cover up for the stunning crimes of the big banks.)
An extremely important conversation between Eric King and Jim Sinclair.
I would like to point out that the French police raided Christine Lagarde's apartment yesterday.
The case is 20 years old:
(very important Kingworldnews/Jim Sinclair)
SINCLAIR – LAGARDE’S IMF DISASTER FORCES BERNAKE OUT OF FED
March 21, 2013, at 12:08 pm
by Eric King in the category King World News |
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by Eric King in the category King World News |
Print This Post | Email This Post
Courtesy of KingWorldNews.com
Dear CIGAs,
Today legendary trader Jim Sinclair told King World News that Lagarde’s IMF Cyprus disaster, in stunning fashion, has now forced Chairman Ben Bernanke out of the Fed. Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, takes readers on a trip down the rabbit hole that has become know as “The Cyprus Catastrophe” in this extraordinary and exclusive interview:
Eric King: “Remarkably, just a day and a half ago you stated on King World News that ‘Putin has faced down the International Monetary Fund, which by the way is located in Washington, DC, and is in fact Washington itself. So in the sense of a Cold War, you have Washington vs Moscow, and Moscow won this round. The bottom line here is Lagarde took on Putin, but Putin has checkmated both her and the IMF the same way a Russian grandmaster chess player would destroy his opponent.’ Within hours of KWN reporting that news, Lagarde’s apartment was raided by police and she is now scrambling.”
Sinclair: “The important point is, how long has this case been going on in which there was a police raid on the Lagarde’s apartment? This is a 20-year old case, making it look a little less like just a coincidence. I would also add to that I don’t think it’s any coincidence that the Chairman of the Federal Reserve has now indicated the possibility that he will not be reappointed, and that he will not accept the reappointment….
22 Mar 2013
Police have searched the Paris home of the head of the International Monetary Fund as part of a fraud investigation centred on a supporter of former president Nicolas Sarkozy.
Christine Lagarde‘s flat was raided along with that of her office manager and the home of businessman Bernard Tapie, a former politician, actor, singer and television celebrity.
The IMF chief has been the subject of preliminary investigations for “complicity in the embezzlement of public funds”, since 2011, when Tapie was awarded €284m of public money in compensation in a financial dispute while she was economy minister.
The search came hours after the French government was rocked by a separate scandal after the budget minister Jérôme Cahuzac was put under criminal investigation amid claims he hid money from the French taxman in a secret Swiss bank account. Lagarde and Cahuzac have vehemently denied any wrongdoing.
Lagarde’s lawyer, Yves Repiquet, said Wednesday’s searches would vindicate his client. “They will serve to establish the truth and will contribute to the exoneration of my client of any criminal wrongdoing,” he told Reuters.
The accusations against Lagarde centre on her role in what is known as the Tapie Affair, a row that has rumbled for two decades, which ended when she made a controversial decision to refer the businessman’s dispute with the public bank Crédit Lyonnais to arbitration. Critics say she abused her authority. Investigators are looking into whether Tapie was given a secret deal in return for supporting Sarkozy during his successful 2007 presidential election campaign.
Tapie, who specialised in picking up and resuscitating bankrupt companies, bought Adidas in 1990 for €243.9m using a loan from a sister company of Crédit Lyonnais, a part state-owned bank and partner in his company Groupe Bernard Tapie.
After being offered a government post in 1992 by the then Socialist president, François Mitterrand, he was ordered to sell the group, including the jewel in its crown, Adidas, the sportswear brand of which he was a major shareholder. Crédit Lyonnais was given the job of selling it.
Tapie, who used to own Olympique de Marseilles football club and was found guilty of match-fixing, later sued Crédit Lyonnais over its handling of the sale. He lost his case in the country’s highest court, but had been appealing against the decision when Lagarde intervened.
Critics say the case should never have been referred for private and binding arbitration because public money was at stake, and that Tapie received considerably more than he would have been awarded by a court. There is no suggestion Lagarde profited personally.
Lagarde, who had ignored objections from colleagues, defended her decision, saying it was “the best solution at the time”. There are concerns that Lagarde, who replaced disgraced Frenchman Dominique Strauss-Kahn as head of the IMF after he was arrested on charges of sexual assault, later dropped, could be forced to resign if she is formally put under investigation.
Cahuzac, the Socialist government minister in charge on clamping down on tax evasion, resigned on Tuesday and was relieved of his public duties by President François Hollande.
http://www.aljazeera.com/news/europe/2013/03/20133212395169908.html
Sarkozy charged with illegal fundraising |
Ex-president accused of accepting illegal donations from L'Oreal heiress Liliane Bettencourt, France's richest woman.
Last Modified: 22 Mar 2013 01:58
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Case against former French president Nicholas Sarkozy could end his political career, analysts say [AFP]
|
| Former President Nicholas Sarkozy is being investigated over claims he accepted thousands of dollars in illegal donations from L'Oreal heiress Liliane Bettencourt, France's richest woman, for his 2007 election campaign, reports have said. Lawyer Antoine Gillot told French TV i-Tele that Judge Jean-Michel Gentil in the southwestern city of Bordeaux placed Sarkozy under investigation, a step short from formal charges, after hours of questioning on Thursday. Sarkozy in November was named a key and potentially indictable witness in an investigation involving 90-year-old Bettencourt. Gillot represents Bettencourt's former butler, who was also questioned Thursday along with Sarkozy. If charged, Sarkozy, 57, could face a suspended jail sentence, Paris-based journalist Anne-Elisabeth Moutet told Al Jazeera. "If Sarkozy gets into real judicial trouble, if charges stick, he is finished," said the columnist for Britain'sTelegraph newspaper. 'Politcal stench' A poll published on March 18 showed Sarkozy was the overwhelming favourite among conservative voters to run for president and for the first time since November 2011, a survey the same week said he also was now more popular than Hollande among the French. The news of the investigation will provide some respite for Hollande who is being battered in the polls for his handling of the economy and was embarrassed this week when budget minister and cabinet heavyweight Jerome Cahuzac was forced to resign over a tax-fraud inquiry. Sarkozy's former industry minister Christian Estrosi said there was a "political stench" to the decision. "Everybody will notice that this happened 48 hours after a Socialist minister was called into question, probably to compensate for that," he said in a statement. More cases Investigating judge Jean-Michel Gentil was looking into conflicting accounts about how many times Sarkozy visited the home of Bettencourt in the run-up to his winning 2007 campaign for president, according to one lawyer. Bettencourt was declared in a state of dementia in 2006 and was placed under the guardianship of her family in 2011. Earlier in the probe, Bettencourt's ex-accountant told police she gave $192,000 to the manager of Bettencourt's fortune that was to be passed on to Sarkozy's campaign treasurer. "If Mr Gentil placed Mr Sarkozy under investigation this evening it's because he had a reason to do so,'' said Gillot on French TV i-Tele. "It was a semi surprise ... it means the judge has a certain number of facts.'' Bettencourt's family has long had close connections with the UMP party of Sarkozy, who lost presidential immunity when he left office. Lawyers also are demanding that Sarkozy explain himself in two other cases. One is about the terms of a submarine sale to Pakistan and another concerns lavish spending on opinion polls by his office when he was president. |
Bond crash dead ahead: tick, tick … boom!
Why are investors complacent? Why? Because “the public thinks bonds are safe, but they’re not … Bonds are a big problem, and most people don’t understand that yet,” said Harry Clark, chief executive of Clark Capital Management.” Deep inside, the public has a vivid memory of the $10 trillion market cap lost on Wall Street in the 2008 collapse. But after four years of being lulled into feeling safe in bonds, “they have no idea what’s about to happen to them.”Listen to the warnings. Start planning now. You have no excuse. Something big is “about to happen” and you are not going to like it.
Of course, if you’ve been watching Keiser Report, you’ve already been warned, most recently here:
And when this happens get ready to by Corzined to be Cyprused and more. Hope you have gold, silver, cash and bitcoins!
and BitCoin has caught the attention of the thieves and their enablers......
Bitcoin Goes Parabolic: Updated Thoughts
Submitted by Michael Krieger of Liberty BlitzKrieg
So Bitcoin has finally dipped its electronic toe into the fringes of mainstream consciousness. The results have been, to put it mildly, explosive, divisive and highly emotional. I can see why.
As I write this, there are about 10.9 million Bitcoins in existence, putting the entire market at around $775 million. To put this into perspective, even after this parabolic move, Ben Bernanke still prints into existence an average of four new Bitcoin markets every single day.
Supporters of Bitcoin should not only expect an attack from “the state”, we should embrace it. Just think about how ridiculous the government will look if they attack Bitcoin. I mean, these guys can’t put a single banker in jail, but when citizens decide to freely exchange goods using a currency of their choice that is where they draw the line! Bitcoin’s purpose is to both show us the way forward and to make the authorities look foolish as they spastically and irrationally respond to it. I suspect it will be highly successful in accomplishing both objectives.
Read the entire article here.
http://maxkeiser.com/2013/03/21/euro-beware-the-real-threat-may-be-bitcoin-the-online-crypto-currency/
Euro Beware: The Real Threat May Be Bitcoin, The Online “Crypto-Currency”
Berlin. Quote:
…the bitcoin system bears resemblance to thegold standard
. Unlike euros or dollars the amount of bitcoins cannot be increased at will. The virtual coins are interesting for investors betting on the inflation of paper money.
. Unlike euros or dollars the amount of bitcoins cannot be increased at will. The virtual coins are interesting for investors betting on the inflation of paper money.
Bitcoins might even presage a whole new era. “Money is being re-invented,” Thorsten Polleit, chief economist at Degussa Bank, believes. He sees a future where different kinds of money will be competing with each other. “The banks are misusing the money monopoly they have, using money for political purposes. In the long run that will lead to devaluation” – and the demand for private mediums of exchange will increase, he says.
Read more… @ Worldcrunch
http://www.zerohedge.com/news/2013-03-21/us-begins-regulating-bitcoin-will-consider-virtual-transactions-money-laundering
US Begins Regulating BitCoin, Will Apply "Money Laundering" Rules To Virtual Transactions
- British Pound
- Central Banks
- European Central Bank
- FBI
- Federal Reserve
- Gambling
- M0
- M1
- M2
- M3
- Precious Metals
- Treasury Department
Last November, in an act of sheer monetary desperation, the ECB issued an exhaustive, and quite ridiculous, pamphlet titled "Virtual Currency Schemes" in which it mocked and warned about the "ponziness" of such electronic currencies as BitCoin. Why a central bank would stoop so "low" to even acknowledge what no "self-respecting" (sic) PhD-clad economist would even discuss, drunk and slurring, at cocktail parties, remains a mystery to this day. However, that it did so over fears the official artificial currency of the insolvent continent, the EUR, may be becoming even more "ponzi" than the BitCoins the ECB was warning about, was clear to everyone involved who saw right through the cheap propaganda attempt. Feel free to ask any Cypriot if they would now rather have their money in locked up Euros, or in "ponzi" yet freely transferable, unregulated BitCoins.
For the answer, we present the chart showing the price of BitCoin in EUR terms since the issuance of the ECB's paper:
Therein, sadly, lies the rub.
As central banks have been able to manipulate the price of precious metals for decades, using a countless plethora of blatant and not so blatant trading techniques, whether involving "banging the close", abusing the London AM fix, rehypothecating and leasing out claims on gold to short and re-short the underlying, creating paper gold exposure out of thin air with which to suppress deliverable prices, or simply engaging in any other heretofore unknown illegal activity, the parabolic surge in gold and silver has, at least for the time being - and especially since the infamous, and demoralizing May 1, 2011 silver smackdown - lost its mojo.
But while precious metals have been subject to price manipulation by the legacy establishment, even if ultimately the actual physical currency equivalent asset, its "value" naively expressed in some paper currency, may be in the possession of the beholder, to date no price suppression or regulation schemes of virtual currencies existed.
It was thus only a matter of time before the same establishment was forced to make sure that money leaving the traditional M0/M1/M2/M3 would not go into alternative electronic currency venues, but would instead be used to accelerate the velocity of the money used by the legacy, and quite terminal, monetary system.
After all, what if not pushing savers to spend, spend, spend and thus boost the money in circulation, was the fundamental purpose of the recent collapse in faith in savings held with European banks?
So, as we had long expected, the time when the global Keynesian status quo refocused its attention from paper gold and silver prices, to such "virtual" currencies as BitCoin has finally arrived.
The WSJ reports that, "the U.S. is applying money-laundering rules to "virtual currencies," amid growing concern that new forms of cash bought on the Internet are being used to fund illicit activities. The move means that firms that issue or exchange the increasingly popular online cash will now be regulated in a similar manner as traditional money-order providers such as Western Union Co. They would have new bookkeeping requirements and mandatory reporting for transactions of more than $10,000. Moreover, firms that receive legal tender in exchange for online currencies or anyone conducting a transaction on someone else's behalf would be subject to new scrutiny, said proponents of Internet currencies.
And just like that, there goes a major part of the allure of all those virtual currencies such as BitCoin that consumers had turned to, and away from such rapidly devaluing units of exchange as the dollar and euro. Because if there was one medium of exchange that was untouched, unregulated, and unmediated by the US government and other authoritarian, despotic regimes around the insolvent "developed world", it was precisely transactions involving BitCoin.
That is no longer the case, as the bloodhound of the Federal Reserve has now turned its attention toward BitCoin, and will not stop until it crashes both its value to end-users, and its utility, in yet another attempt to force the USD, and other fiat, upon global consumers as the only forms ofallowed legal tender.
The rising popularity of virtual currencies, while no more than a drop in the bucket of global liquidity, is being fueled by Internet merchants, as well as users' concerns about privacy, jitters about traditional currencies in Europe and the age-old need to move money for illicit purposes.The arm of the Treasury Department that fights money laundering said Monday that the standard federal banking rules aimed at suspicious dollar transfers also apply to firms that issue or exchange money that isn't linked to any government and exists only online.
Naturally, the actual object of US monetary persecution, is BitCoin:
"We are beyond the stage where this was just funny money and a fun online thing. This is used as a currency," said Nicolas Christin, associate director of Carnegie Mellon University's Information Networking Institute.Bitcoins can be used in a host of legitimate transactions—for example, website Reddit allows users to upgrade services using bitcoins and blog service Wordpress.com's store accepts them as a form of payment. Pizzaforcoins.com also lets bitcoin savers pay for deliveries through Domino's and other pizzerias.
The problem with virtual currencies is that defining what is permitted in a narrow regulatory sense, is impossible, which is why any definition will be as broad as possible: after all what better way to spook users than to make virtually any transaction borderline illegal:
Creating clear-cut rules for virtual currencies is difficult. A FinCen official said that anti-money-laundering rules would apply depending on the "factors and circumstances" of each business. The rules don't apply to individuals who simply use virtual currencies to purchase real or virtual goods.The new guidance "clarifies definitions and expectations to ensure that businesses…are aware of their regulatory responsibilities," said Jennifer Shasky Calvery, FinCen director.The FBI report last year said Bitcoin attracts cybercriminals who want to move or steal funds. "Bitcoin might also logically attract money launderers and other criminals who avoid traditional financial systems by using the Internet to conduct global monetary transfers," the report said. An FBI spokeswoman declined to comment when asked about the agency's concerns regarding virtual currencies.
We were not the only ones to expect imminent intervention from Big Brother:
Some firms say they anticipated the rules. Charlie Sherm, chief executive of bitcoin payment processor BitInstant, said his company is already compliant.Mr. Christin of Carnegie Mellon said that he believes Bitcoin's dominant use right now is speculation."When you have a commodity or currency whose value has grown as rapidly as Bitcoin it makes sense to hold on to it as a speculative instrument," he said. It also is commonly used for online black markets or gambling sites. "Whether used for money laundering…there is no smoking gun."
As to the question of timing - why now - the answer is simple. Europe. After all, it was only yesterday that we wrote that "In Spain, The Bitcoin Run Has Started." It is self-explanatory that if such an exodus away from legacy currencies and into BitCoin was left unchecked, more and more people would follow suit, which is why it had to be intercepted as early as possible.
The jump in the bitcoin exchange rate this week also coincides with concerns euros could be taken from retail bank accounts in Cyprus to fund a bailout. Internet blogs say speculators are looking toward currency alternatives.
Well, if internet blogs say... Of course, internet blogs also say that if and when the fascination with virtual currencies fizzles, all those who are disgusted with the abuse of fiat will not cease from seeking USD, EUR, JPY, GBP and CHF alternatives, but will merely go back to the safety of having hard assets as a currency, namely silver and gold, instead of electronic ones and zeroes, which the US government, in all its Orwellian benevolence may one day, for lack of a better word, hack right out of existence.
On the other hand, the regime's desperation is reaching such a level that aExecutive Order 6102-type confiscation of all hard asset currencies may not be far behind.
Because forewarned, is forearmed.
http://beforeitsnews.com/international/2013/03/900-million-says-euro-crashes-in-2-weeks-put-trade-rocks-london-options-market-2454160.html
$900 Million Says Euro Crashes In 2 Weeks: PUT Trade Rocks London Options Market
Thursday, March 21, 2013 16:37
Someone has placed a GIGANTIC $900 million EURO PUT trade on the Euro to crash vs. the dollar within 2 weeks. Is this a 'smart bet' by someone who has seen the writing on the wall with the situation in Cyprus or does someone have inside knowledge that something big is about to happen? Beware! We have seen this before as shared in the videos below; in fact, it happened prior to September 11th, 2001, and we ALL saw what happened thereafter. This story is brought to us by Derivatives Intelligence.:
http://www.silverdoctors.com/latest-cypriot-bail-in-proposal-40-haircuts-on-uninsured-deposits/#more-23699
LATEST CYPRIOT BAIL-IN PROPOSAL DECLARES WAR ON RUSSIA: 40% HAIRCUTS ON UNINSURED DEPOSITS!
The ECB/ Cypriot bailout situation has just gone full retard as the latest proposal reportedly has the ECB seeking to split up Cypriot banks into a good bank/bad bank,
http://www.globalpost.com/dispatch/news/afp/130321/russia-complains-government-accounts-blocked-cyprus
Russia complains government accounts blocked in Cyprus
Russian Prime Minister Dmitry Medvedev complained Thursday that accounts of Russian government agencies in Cyprus had been blocked as Cypriot Finance Minister Michalis Sarris was set to resume talks in Moscow to secure aid.
In comments released early Thursday, Medvedev warned that Russia would take a "firm" stand on Cyprus because the accounts of governmment structures had been blocked on the island.
"A large number of our open public structures work through Cyprus. They now have money blocked for reasons that are unclear, because the source of that money is obvious. This money is declared everywhere. These include government structures," Medvedev said in an interview published early Thursday on the Russian government website.
"That's why we have to take quite a firm position on the events around Cyprus and regulating the debt of Cyprus," he said.
Sarris was expected to continue talks Thursday after holding meetings with his Russian counterpart Anton Siluanov and First Deputy Prime Minister Igor Shuvalov on Wednesday that failed to produce tangible results as Russia sought lucractive assets in exchange for more help.
The head of the European Commission, Jose Manuel Barroso, was also set to begin talks with Medvedev on Thursday, with Cyprus to top the agenda.
Sarris has vowed to stay in Moscow until some agreement is reached that could help his country's banks avoid bankruptcy and the island from going into default.
The Cypriot finance minister also hopes to ease the terms of a 2.5-billion-euro ($3.2-billion) loan that Moscow afforded Nicosia in 2011 and which matures in 2016.
A spokesman for the Russian finance ministry said Thursday morning that he could not comment on what talks were planned.
Officials familiar with Wednesday's talks were cited by Vedomosti business daily as saying there were no concrete results and that Cyprus did not make any offers to Russia that were immediately attractive, although Russia was analysing them.
The chief executive of Russia's largest lender, Sberbank, German Gref, told Prime news agency late Wednesday that Cyprus had offered it the opportunity to acquire a Cypriot bank but that Sberbank "did not express interest."
http://beforeitsnews.com/economy/2013/03/bank-manager-verifies-cash-withdrawal-limits-reduced-hours-coming-to-us-banks-within-60-days-2502422.html
Bank Manager Verifies Cash Withdrawal Limits & Reduced Hours Coming To US Banks Within 60 Days
Wednesday, March 20, 2013 22:19
SteveQuayle.com
Gentlemen:
Just received a call from a highly agitated bank manager who stated that within 60 days, banks will be greatly reducing their hours, days of operation, amount of withdrawals and a requirement to fill out "paperwork" if the amount is questioned by bank officials. Unless the form is completed, money will not be disbursed. What really irritated this manager is that after hearing our statements on the air, and receiving years of assurance that our positions and contacts were so much bravo sierra, now he hears from corporate people that it is apparently true after all. He said, "screw them, grab the money while you can." The parameters given were banks open two days a week for four to five hours with below minimum staffs, increased security and greatly reduced amounts of actual cash in the vault. Amount of withdrawal will be held to $500-2000 per day per customer account--not customer. So my account could only have either my wife or I withdraw, not both. That level could change at ANY time. There is no plan (at least known) for automatic confiscation from accounts--yet, and he said that the banks hold the "ownership" authority and final disposition of any items found in safety deposit boxes. (surprise, surprise!) Withholding mortgage payments could result in expedited (30) day foreclosures and 15 day Sheriff's locks on your front door.
Just received a call from a highly agitated bank manager who stated that within 60 days, banks will be greatly reducing their hours, days of operation, amount of withdrawals and a requirement to fill out "paperwork" if the amount is questioned by bank officials. Unless the form is completed, money will not be disbursed. What really irritated this manager is that after hearing our statements on the air, and receiving years of assurance that our positions and contacts were so much bravo sierra, now he hears from corporate people that it is apparently true after all. He said, "screw them, grab the money while you can." The parameters given were banks open two days a week for four to five hours with below minimum staffs, increased security and greatly reduced amounts of actual cash in the vault. Amount of withdrawal will be held to $500-2000 per day per customer account--not customer. So my account could only have either my wife or I withdraw, not both. That level could change at ANY time. There is no plan (at least known) for automatic confiscation from accounts--yet, and he said that the banks hold the "ownership" authority and final disposition of any items found in safety deposit boxes. (surprise, surprise!) Withholding mortgage payments could result in expedited (30) day foreclosures and 15 day Sheriff's locks on your front door.
The Federal Reserve could and will initiate other more draconian restrictions on all aspects of "private" banking and access to any property held by banks. It could include forfeiture of your primary (paid for) residence if your summer cottage has a mortgage and you fail to pony up to keeping it current or any forthcoming restrictions on your accounts.
Clearly, the only option is to close accounts or only keep funds that can be paid instantly to keep electric, water, or other critical accounts paid. Cash will be drying up---so, unless people hold precious metals, bullets (the new currency) or medicines, etc., you are screwed. Barter will be king. As the Colonel said yesterday, "the universe is contracting into the black hole. There is no way to escape its pull." (Political/economic/social order black hole) Received at 1545 hours
20 March 2013
The Lawman
Clearly, the only option is to close accounts or only keep funds that can be paid instantly to keep electric, water, or other critical accounts paid. Cash will be drying up---so, unless people hold precious metals, bullets (the new currency) or medicines, etc., you are screwed. Barter will be king. As the Colonel said yesterday, "the universe is contracting into the black hole. There is no way to escape its pull." (Political/economic/social order black hole) Received at 1545 hours
20 March 2013
The Lawman
http://www.silverdoctors.com/survivor-of-mexican-peso-devaluation-read-the-writing-on-the-wall-extricate-yourselves-from-your-us-dollar-positions/#more-23628
SURVIVOR OF MEXICAN PESO DEVALUATION: READ THE WRITING ON THE WALL, EXTRICATE YOURSELVES FROM YOUR US DOLLAR POSITIONS!
