– Protect Your Savings With Gold: ECB Propose End To Deposit Protection
– New ECB paper proposes ‘covered deposits’ should be replaced to allow for more flexibility
– Fear covered deposits may lead to a run on the banks
– Savers should be reminded that a bank’s word is never its bond and to reduce counterparty exposure
– Physical gold enable savers to stay out of banking system and reduce exposure to bail-ins
‘covered deposits and claims under investor compensation schemes should be replaced by limited discretionary exemptions to be granted by the competent authority in order to retain a degree of flexibility.’
To translate the legalese jargon of the ECB bureaucrats this could mean that the current €100,000 (£85,000) deposit level currently protected in the event of a bail-in may soon be no more. But worry not fellow savers, as the ECB is fully aware of the uproar this may cause so they have been kind enough to propose that:
“…during a transitional period, depositors should have access to an appropriate amount of their covered deposits to cover the cost of living within five working days of a request.”
So that’s a relief, you’ll only need to wait five days for some ‘competent authority’ to deem what is an ‘appropriate amount’ of your own money for you to have access to in order eat, pay bills and get to work.
Last month, S&P warned that UK lenders could incur £30 billion of losses on their consumer lending portfolios consisting of credit cards, personal and auto loans if interest rates and unemployment rose sharply. Much like in the U.S., S&P warned that “loose monetary policy, cheap central bank term funding schemes and benign economic conditions” had fueled an “unsustainable” yet massive expansion of consumer credit that will inevitably end badly.
The rapid rise in UK consumer debt to £200bn from car finance, personal loans and credit cards is unsustainable at current growth rates and should raise “red flags” for the major lenders, ratings agency Standard & Poor’s has warned.
From Peter Joseph, April 16th 2014: In early 2010, I interviewed Michael C. Ruppert for a film. This is the full interview with only minor editing. Given his tragic death, I would like to say that Michael was an extremely rare person – far beyond what most see. While he certainly had no shortage of detractors and attackers, he also had courage unprecedented – fearless – and was an inspiration to millions, including myself. Mike ruthlessly put forward and defended what he had concluded without intimidation or fear of reprisal. In the climate of tension common to the activist community, Mike was a pioneer…and sadly people with this kind of commitment and sensitivity often find tragic ends. As a personal friend, this was a massive loss. This interview, as with many he did, again shows his understanding of the world along with his relentless plea for humanity to change course. While I, as a sustainability activist, do not necessarily agree with some of the pending consequences he had deemed inevitable, his logic is rock solid regarding his diagnosis of the problems at hand. The dark future he describes as possible, while certainly preventable in my mind, is far from irrational or extreme in the broad view. Think for yourself… if we all agreed, there would be no progress. His life’s work to bring justice, truth, sanity and progress to the world will live on in all of us who dare to care about the present mess we try to defend as “civilization”. ~Peter
H/t reader squodgy.
“He raised the alarm many years ago when he accused the head of the CIA, in a public hearing, that the CIA were responsible for distributing drugs in USA. Since then he produced an enlightening film called COLLAPSE in which he explained how the link to oil, fiat money and the unsustainable increase in consumerism are intertwined, and will end. His foresight is prophetic, and I thought, in view of the way things have shaped up, it is interesting to look back at how obvious it all is. He committed suicide at a friend’s ranch in 2014.”
Mother Teresa had such huge savings in the Vatican Bank that if she had withdrawn her funds the institution could have defaulted, according to an Italian journalist.
Gianluigi Nuzzi’s newly-released book, ‘The Original Sin,’ digs into the Vatican’s darkest secrets and details how, when American archbishop Paul Marcinkus was appointed president of the Vatican Bank, Mother Teresa was believed to have “by far the most cashed up account.”
“If only Mother Teresa had closed the accounts or transferred them, the institute would have risked default,” Nuzzi writes, La Pressereports.
A top Deutsche Bank strategist speculates that we may be looking at the “start of the end of fiat money”.
Bitcoin was originally developed as a peer-to-peer electronic cash system that would free its users from the bondage of state-controlled currency and the erosion of wealth due to inflation. Despite its phenomenal growth, most mainstream financial analysts remain skeptical that it will ever achieve mainstream adoption – at least as a currency used for everyday transactions.
However, as Business Insider reports, Deutsche Bank strategist Jim Reid envisions that the current fiat monetary system could begin to collapse within the next decade, creating a climate that would encourage the rise of an alternative currency system.
Quietly, without most people noticing, the European Commission is moving ahead with a strategy that will arguably make the EU into the first fully operational model of a centralised ‘one state’ supranational authority: ‘A New World Order’; the longstanding neoconservative ambition which lies at the heart of global secret society agendas and US geopolitical hegemony.
The key ingredient of this strategy is the establishment of an ‘EU Treasury’ which, according to Donald Tusk, President of the EU Council, will come into effect in June 2018, under the official title: European Monetary Fund. This will result in the single point control of all EU member state finances.
As mentioned in various previous articles. The Mystery, Babylon world banking system will soon come to an end (i.e. the Rothschild’s and the Federal Reserve) and the Kingdom of God will begin. Although the USA is only a part of the new Mystery, Babylon beast system, it is currently a major player with its established Federal Reserve and its many wars for the “Greater Israel” expansion.
The Zionist Khazarian’s (descendants of Japeth) initiated the Federal Reserve System in 1914. This FR system is not owned or operated by Americans, but is owned (shareholders) by several foreign banking systems and individuals (primarily the Rothschild’s) and it has always had a Khazarian (i.e. so-called Jew) administrator. The FRS prints US money (at little to no cost) and then loans that free printed money to the US government at interest.
The next step for the Khazarian’s (sometimes referred to as the Khazarian mafia) was the creation of the Internal Revenue Service. This allowed the USG to collect money for the payment of Federal Reserve interest. The principal headquarters for the Federal Reserve, the IRS, and the United States Corporation (which is not the US government) are located in Puerto Rico which is merely a territory and not a physical part of the United States as are the 50 states. Thus Puerto Rico will never be the 51st state under the current conditions and current US corporate system.
Wall Street equity analysts are paid ‘yuge’ salaries to employee the finance skills they picked up from their business school professors to value various corporate securities and asset-backed securitization structures, among other things. And while their valuations of those securities have served as a frequent source of comic relief for many of us over the years, no bastardization of basic financial concepts tops recent attempts by the financial elites of the world to place a value on their own services.
As evidence of that fact, we present to you ‘Exhibit A’ from a Bloomberg article published earlier today suggesting that Morgan Stanley, who is still trying to figure out how much their equity research is worth to clients after nearly a year of internal cogitation, is considering asking hedge fund clients for $2,500 for the extreme pleasure of spending just one hour with one of their esteemed research analysts.
With one foot out of the door of Germany’s finance ministry, the former head of the German economy, Wolfgang Schäuble, 75, delivered a fire and brimstone warning over the weekend, telling the FT in an interview that there was a danger of “new bubbles” forming due to the trillions of dollars that central banks have pumped into markets. Schäuble also warned of risks to stability in the eurozone, particularly those posed by bank balance sheets burdened by the post-crisis legacy of non-performing loans, something we warned about since 2012, and an issue which remains largely unresolved.
Taking a broad swipe at the current financial regime – which he helped design – Schauble warned that the world was in danger of “encouraging new bubbles to form”.
The Central Bank of Russia (CBR) has more than doubled the pace of gold purchases over the past decade, adding more than 1,250 tons to its gold reserves according to World Gold Council data.
In the second quarter alone, it accounted for 38 percent of all gold purchased by central banks. The gold rush has allowed the CBR to continue piling its reserves while abstaining from purchases of foreign currency (particularly, the US dollar) for more than two years.
“The sixth largest gold reserves in the world, they constitute 17 percent of the nation’s wealth,” said the report. It added that if buying continues at a similar pace, the full year increase in 2017 “could closely match” the 200 tons purchased annually in 2015 and 2016.