Feb 03

If your place has been fumigated with sulfuryl fluoride or its other toxic friends …

Wikipedia:

Methyl bromide was among the most widely used fumigants until its production and use was restricted by the Montreal Protocol due to its role in ozone depletion.

Widely used fumigants include:

  • phosphine
  • 1,3-dichloropropene
  • chloropicrin
  • methyl isocyanate
  • hydrogen cyanide
  • sulfuryl fluoride
  • formaldehyde
  • iodoform

… you better consider moving to another place, or you and your family will get sick, which sometimes takes a while, but it’s not worth waiting for it to happen.

Oh, and these bastards are not spraying to prevent the Zika virus from spreading, they are spraying you, the people, like bugs!

Maybe they want to spray and force vaccinate the entire world, who knows?

Related info:

The Zika Virus Hoax Exposed, “Thanks” To The Associated Press (AP): Of The 4,180 Suspected Microcephaly Cases Only 270 Could Be Confirmed And Of Those 270 Cases Only 6 Cases Were Confirmed To Have The Zika Virus. SIX CASES!!!

The Zika Hoax: 5 Things That Will Happen Next

Is The Zika Virus A Smokescreen For Vaccine Induced Birth Defects?

Zika Virus: Genetically Engineered Mosquitoes Causing Smaller Heads?:

“Okay, boys, here’s what we do. We’ve got this old virus called Zika. It’s been around for 60 years that we know of. It never caused anything serious. A real dud. But we’ve got to explain all these babies born with small heads and brain damage. We’ve got to protect some important people and shield them from heavy blame. So let’s bring back Zika. Even though very few mothers who give birth to babies with defects have the dud-virus, we can finesse that. People are idiots. So let’s build up Zika into a terrifying killer. Get our PR folks moving. Spread some money around. You know, the usual. And we make out on the back-end with a Zika vaccine.”

Zika Virus Freakout: The Hoax And The Covert Op Continue

And somebody just unleashed the corporate media … (See all those articles down below.)


Brazil fumigates Olympic venue as fears mount over Zika:

Massive cleaning operation at landmark Sambadrome comes as health minister admits country is “badly losing” war against the virus

Concerns over the Zika virus reached new heights on Tuesday after Brazil sent fumigators into Rio de Janeiro’s world-famous carnival venue that will help host the Olympic games amid intensified efforts to control the mosquito-borne infection. Continue reading »

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Jan 16

Switzerland

Switzerland follows Denmark’s lead to seize assets from refugees to pay for upkeep:

Switzerland says it will introduce legislation which will force refugees to hand over cash and valuables to the authorities to help pay for their upkeep. The move by the Swiss follows a similar plan implemented by Denmark.

Refugees arriving in the Alpine nation will have to turn over any assets they possess which are worth more than 1,000 Swiss francs ($997).

“If you have property worth more than 1,000 Swiss francs when you arrive at a reception center you are required to give up these financial assets in return for a receipt,” an information sheet for refugees states, as cited by Reuters. Continue reading »

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Jan 12

1-Switzerland

You Know Negative Interest Rates Are Bad When…:

 

Switzerland is famous for being punctual.

The trains. The buses. The meticulously crafted, hand polished luxury watches.

The Swiss are so culturally punctual that they even tend to pay their taxes well in advance of the filing deadline.

So it was quite a shock to hear this morning that the Swiss canton of Zug is asking its citizens to delay paying their taxes for as long as possible. Continue reading »

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Jan 07

5,000 Swiss Army Troops Will Protect World’s Billionaires During Annual Davos Boondoggle:

With a new wave of terrorism, mass shootings and unprecedented social violence around the globe now a part of the daily routine for billions of people across both developed and developing nations, one group wants to be certain there is no chance of “close encounters”, violent or otherwise, with the peasantry during its upcoming annual boondoggle at the World Economic Forum in Davos. According to Swissinfo, when the world’s billionaires land their private jets in the gorgeous Swiss town (which at 1,560 m is also the highest town in Europe) on January 20, they will have up to 5,000 Swiss army troops protecting them.

davos troops_0

As a result, the Swiss army has begun on-site preparations for the annual World Economic Forum (WEF) meeting in Davos.  Continue reading »

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Jan 02

Swiss Army Chief Warns Of Social Unrest, Calls Upon Citizens To Arm Themselves

Gun Sales Surge In Switzerland As Army Chief Warns “Arm Yourselves”:

It would appear the people of Switzerland have been listening to their military leaders. Having recently been warned by the Swiss army chief of growing social unrest, SwissInfo reports applications for gun permits in Switzerland increased by 20% between 2014 and 2015, according to a survey conducted in 12 cantons. But while the army proposes “arm yourselves,” Swiss crime prevention officials warn against the false sense of security that guns bring.

Whereas in 2011 numerous people in Switzerland voluntarily gave up their firearms, today more and more people are purchasing guns.

Swiss army chief André Blattmann warned, “The threat of terror is rising, hybrid wars are being fought around the globe; the economic outlook is gloomy and the resulting migration flows of displaced persons and refugees have assumed unforeseen dimensions,” adding that “Social unrest can not be ruled out.”

He further recalled the situation around the two world wars in the last century and advised the people of Switzerland to arm themselves

And, as SwissInfo reports, it appears they have… Continue reading »

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Jan 02

On The Trail Of Dubai’s Stolen Gold: A Robbed Client Breaks The Silence, And A Fascinating Detail Emerges:

On Christmas Day, 2015, we told our readers the fascinating tale about the Turkish-Iranian gold smuggling ring – perhaps the biggest and most brazen in history, one which lasted for years, which saw billions in gold transported out of Turkey and into Iran to allow Tehran to circumvent the western financial sanctions using gold as a medium for bater, and which was all made possible thanks to the tiny Emirate of Dubai.

What made this particular instance of gold smuggling especially memorable is that it reached to the very political top in both Turkey, and Iran, and Dubai. Continue reading »

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Dec 30

Swiss Army Chief Warns Of Social Unrest, Calls Upon Citizens To Arm Themselves

Swiss Army Chief Warns Of Social Unrest, Calls Upon Citizens To Arm Themselves:

Swiss army chief André Blattmann warned, in a Swiss newspaper article on Sunday, the risks of social unrest in Europe are soaring. Recalling the experience of 1939/1945, Blattman fears the increasing aggression in public discourse is an explosively hazardous situation, and advises the Swiss people to arm themselves and warns that the basis for Swiss prosperity is “being called into question.”

As Deutsche Wirtschafts Nachrichten reports, speaking on the record for the first time since the November Paris terror attacks, Blattmann told the paper that despite a rise in security incidents over the past two years Switzerland’s means of defence were being reduced. Continue reading »

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Nov 23

Zero_0

Swiss Bank “Goes There”, Applies Negative Rates To Retail Deposits:

Back in September in “How Mario Draghi Can Force The Swiss National Bank To Go ‘Nuclear On Depositors,” we discussed the implications of the ECB’s (likely) decision to plunge further into NIRP-dom at the bank’s December meeting.

In short, DM central banks – with the possible exception of the Fed which is about to create a rather meaningful policy divergence with its core CB brethren – are in a proverbial race to bottom. It’s a beggar-thy-neighbor monetary policy regime and the more stubborn inflation expectations prove to be, the more aggressive the tit-for-tat easing, as everyone involved scrambles to protect their currency in the face of incessant competitive devaluations on all sides.

As we outlined in great detail in the post linked above, the ECB’s ultra dovish lean has the potential to create a lot of problems for the Riksbank, the Norges Bank, and the SNB. Continue reading »

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Aug 26

Switzerland

1000s Of Political Figures Are Stashing Cash In Swiss Accounts, Foreign Ministry Admits (ZeroHedge, Aug 26, 2015):

In spite of all the attention the nation has received in recent years, SCMP reports that thousands of so-called “politically exposed persons”, or PEPs – a category that includes heads of state and other top officials – hold Swiss bank accounts, a Swiss foreign ministry official said. But, perhaps not for much longer as Bern aims to finalize a law aimed at simplifying the process of freezing and unblocking such funds.

As The South China Morning Post reports,

Swiss authorities estimate that “there are thousands of PEPs [with accounts] in Switzerland, not hundreds,” Valentin Zellweger, who heads the ministry’s Directorate of International Law, told reporters on Monday. Continue reading »

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Aug 09

“The future is unknown and we are not dealing with markets that are free markets anymore…now we have government interventions everywhere. [But] in the last say twelve months, I have observed an increasing number of academics who are questioning monetary policies. That’s why I think they will take the gold away and go back to some gold standard by revaluing the gold say from now $1000/oz to say $10,000 dollars. An individual should definitely own some physical gold. The bigger question is where should he store it? because… the failure of monetary policies will not be admitted by the professors that are at central banks, they will then go and blame someone else for it and then an easy target would be to blame it on people that own physical gold because – they can argue – well these are the ones that do take money out of circulation and then the velocity of money goes down – we have to take it away from them… That has happened in 1933 in the US.”

Related info:

What Gold Nationalization Really Means

Roosevelt Gold Confiscation In 1933: ‘No American Could Visit A Safe Deposit Box For Some Time Without A Government Agent Accompanying Him’

On This Day In 1933

The Day The Government Seized Americans’ Gold – April 5th 1933


marc-faber
Dr Marc Faber was born in Zurich, Switzerland. He studied Economics at the University of Zurich and, at the age of 24, obtained a PhD in Economics magna cum laude. Dr Faber publishes a widely read monthly investment newsletter “The Gloom Boom & Doom Report” report which highlights unusual investment opportunities, and is the author of several books including “ TOMORROW’S GOLD – Asia’s Age of Discovery”.

“They’ll Blame Physical Gold Holders For The Failure Of Monetary Policies” Marc Faber Explains Everything (Marcopolis, Aug 7, 2015):

Interview with Marc Faber, Editor and Publisher of “The Gloom, Boom & Doom Report’”

In this exclusive interview with Marcopolis.net Marc Faber covers it all: from commodities and China to the outlook on inflation, the Euro and gold. According to him the global economy is not healing. To the contrary, we might find ourselves back into recession within six months or a year. In that case he expects more money printing by central banks, which eventually could lead to high inflation rates and renewed strength in commodity prices.

On the bright side, he sees great economic potential in Vietnam. Also, the Iraqi stock market has good potential now that a deal with Iran has been reached. While mining stocks are extremely depressed we might see defaults before any meaningful recovery.

*  *  *

In your 2002 book “Tomorrow’s gold” you identified two major investment themes: emerging markets along with commodities. That was a great call. As for commodities, they had a great run up until 2008. Then they crashed sharply along with everything else just to recover strongly into 2011. Since then they have acted weakly, and recently commodities even reached a 13-years low. Is this the end of the commodities-super-cycle, as some have claimed, or is it more like a correction? Continue reading »

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Jun 03

See also:

The Complete History of Monsanto, ‘The World’s Most Evil Corporation’


Swiss Supermarkets Stop Sales of Glyphosate over Health Concerns (Sustainable Pulse, June 3, 2015):

Swiss supermarket giants Coop and Migros have announced that they will no longer sell products that contain glyphosate, following the World Health Organization’s report stating that glyphosate is a probable human carcinogen. They have also announced that they will be exploring non-toxic alternative weed-killers.

coop-640x363

Coop stated last week that “Even if the (Swiss) Federal Office for Agriculture (BLW) judges glyphosate can be continued to be sold without a health hazard for the population, we decided on Monday 18th May to no longer sell any glyphosate-based products in Coop supermarkets and Coop Building & Hobby hardware stores.” It is a preventive measure. “…we don’t sell the concentrate, but only a very diluted form, the ready-made products. These concentrations are up to 48 times lower than the range used in agricultural products.”

Continue reading »

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May 26

silent-circle-zimmerman-switzerland

Silent Circle shifts to Switzerland to bypass US surveillance (RT, May 26, 2015):

As US mass surveillance continues to make headlines, one man has had enough. Philip Zimmermann, creator of one of the most widely-used encryption systems, has moved his company to Switzerland, claiming societies need to “roll back” surveillance tactics.

Expressing his concerns about mass surveillance, Zimmerman told the Guardian that “every dystopian society has excessive surveillance, but now we see even Western democracies like the US and England moving that way.”

Zimmerman is the inventor of the encryption program Pretty Good Privacy (PGP), as well as the co-founder of three-year-old encryption start-up Silent Circle. Continue reading »

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Apr 30

SNB-Schweizerische-Nationalbank

The Swiss National Bank Is Long $100 Billion In Stocks, Reports Record Loss (ZeroHedge, April 30, 2015):

When the Swiss National Bank revealed its long awaited Q1 financials earlier today, everyone was eagerly looking at the number showing just how massive the quarterly P&L loss would be to the central bank following its shocking decision from January 15 to remove its EURCHF 1.20 floor, which sent the CHF soaring and by implication caused huge losses to the mostly EUR-denominated SNB assets.

The loss was indeed, massive, coming in at CHF 29.3 billion, or $32 billion.

This was the biggest quarterly loss for the Swiss central bank to date, dwarfing that of CHF18.5 billion incurred in the second quarter of 2013, when the price of gold plummeted, and certainly one of the biggest central bank losses in history, if of course, the others tracked their P&L the way the SNB does. Continue reading »

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Apr 25

001-switzerland

–  The “War on Cash” Migrates to Switzerland  (Acting Man, April 24, 2015):

Banks Increasingly Refuse Cash Withdrawals – Switzerland Joins the Fun

The war on cash is proliferating globally. It appears that the private members of the world’s banking cartels are increasingly joining the fun, even if it means trampling on the rights of their customers.

Yesterday we came across an article at Zerohedge, in which Dr. Salerno of the Mises Institute notes that JP Morgan Chase has apparently joined the “war on cash”, by “restricting the use of cash in selected markets, restricting borrowers from making cash payments on credit cards, mortgages, equity lines and auto loans, as well as prohibiting storage of cash in safe deposit boxes”. Continue reading »

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Apr 11

bis-bank-for-international-settlements-basel-switzerland

Meet The Secretive Group That Runs The World (ZeroHedge, April 11, 2015):

Over the centuries there have been many stories, some based on loose facts, others based on hearsay, conjecture, speculation and outright lies, about groups of people who “control the world.” Some of these are partially accurate, others are wildly hyperbolic, but when it comes to the historic record, nothing comes closer to the stereotypical, secretive group determining the fate of over 7 billion people, than the Bank of International Settlements, which hides in such plain sight, that few have ever paid much attention.

BIS committee

This is their story.

BIS table

First unofficial meeting of the BIS Board of Directors in Basel, April 1930

* * *

The following is an excerpt from TOWER OF BASEL: The Shadowy History of the Secret Bank that Runs the World by Adam LeBor.  Reprinted with permission from PublicAffairs.

The world’s most exclusive club has eighteen members. They gather every other month on a Sunday evening at 7 p.m. in conference room E in a circular tower block whose tinted windows overlook the central Basel railway station. Their discussion lasts for one hour, perhaps an hour and a half. Some of those present bring a colleague with them, but the aides rarely speak during this most confidential of conclaves. The meeting closes, the aides leave, and those remaining retire for dinner in the dining room on the eighteenth floor, rightly confident that the food and the wine will be superb. The meal, which continues until 11 p.m. or midnight, is where the real work is done. The protocol and hospitality, honed for more than eight decades, are faultless. Anything said at the dining table, it is understood, is not to be repeated elsewhere. Continue reading »

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Apr 08

1-Switzerland

Swiss Government Becomes First Ever To Issue 10Y Debt At A Negative Yield (ZeroHedge, April 8, 2015):

It had to happen sooner or later… in the new normal of yield-reaching, collateral-shortage-ing, money-printing economalypse, the Swiss government has become the first ever to issue a 10Y sovereign bond at a negative yield. As WSJ notes, while several European countries have sold government debt at negative yields up to five years of maturity – which means investors effectively pay for the privilege of buying it – no other country has previously stretched this out as long as 10 years. Mission Accomplished Central Bankers?

As The Wall Street Journal reports, Continue reading »

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Mar 22

LHC - Large Hadron Collider could discover parallel universe
Collision course: Large Hadron Collider could discover parallel universe

Scientists at Large Hadron Collider hope to make contact with PARALLEL UNIVERSE in days (Express, March 20, 2015):

The staggeringly complex LHC ‘atom smasher’ at the CERN centre in Geneva, Switzerland, will be fired up to its highest energy levels ever in a bid to detect – or even create – miniature black holes.If successful a completely new universe will be revealed – rewriting not only the physics books but the philosophy books too.

It is even possible that gravity from our own universe may ‘leak’ into this parallel universe, scientists at the LHC say. Continue reading »

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Feb 22

Switzerland flexes parliamentary muscle as scrutiny of HSBC intensifies (Reuters, Feb 19, 2015):

FINMA had first investigated HSBC as long as four years ago, when it criticized the bank’s internal controls, and it said on Thursday that two previously unpublicised investigations had found that HSBC violated money laundering guidelines.

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Feb 19

Swiss Franc Is Tumbling, Retraces 60% Of SNB Move (ZeroHedge, Feb 18, 2015):

Is the SNB buying Euros to keep the mirage alive that Grexit is “managable”? EURCHF is up dramatically in the last 2 days, retracing 60% of the Swiss Franc’s valuation surge against the USD…

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Feb 07

1-Switzerland

Swiss National Bank Hints At Capital Controls (ZeroHedge, Jan 7, 2015):

Even as the whispers that the imposition of capital controls by Greece, which is now running out of both time, negotiating leverage and tax money is just a matter of time, get louder with every passing day if not acknowledged by Greek officials yet, it was none other than one of the supposedly most “rock-solid” central banks in the world that fired a shot across the bow of global financial stability when it hinted that not Greece but another country may be the first to engage in capital controls. The country: Switzerland.

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Jan 25

You can be a billionaire and still don’t have the foggiest idea about healthy food and how to keep the body healthy.


$43 Hot Dogs; $47 Burgers And $55 Caesar Salads: A Look At The Davos Menu (ZeroHedge, Jan 23, 2015):

Billionaires may live in a world untroubled by such petty concerns as rising costs of living and declining real wages, but like everyone else they have to eat. And pay. The picture below shows what the menu prices, in Swiss Francs, are for various meals offered for sale to the billionaires and other upper class “luminaries” currently congregating in Davos.  Some examples converted to USD: Hot Dog: $43; Burger: $47; Caesar salad: $55.

davos menu

This is what a $55 caesar salad looks like: Continue reading »

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Jan 24

Soros


How The Swiss National Bank Almost Crushed George Soros (ZeroHedge, Jan 23, 2015):

Minutes after last week’s Swiss National Bank shocker, jokingly we mused:

… because there would be nothing more ironic if the man who “broke the Bank of England” ended up being FXCMed himself by another central bank, over two decades later and just as he was set to finally retire, at the age of 84, formally, something he supposedly announced in Davos yesterday. Continue reading »

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Jan 18

The SNB’s Wake-Up Call: Keynesian Central Banking Is Destroying Money And Markets (David Stockman’s Contra Corner, Jan 17, 2015):

It seems everyone was short the franc (CHF) as a matter of taking monetarism at face value. In other words, it amounted to believing the central party line about the economy and normalcy despite the fact that markets have been increasingly pessimistic about it all and actively and aggressively betting against it. Goldman Sachs is just one of many: Continue reading »

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Jan 16

001-switzerland

What Really Happened At The SNB Yesterday: One Person’s Take (ZeroHedge, Jan 16, 2015):

Via Reto Rietberg,

Here are a few theories on what really happened at the Swiss National Bank on January 15, 2015. That fateful day, the SNB suddenly decided to end suppressing the value of the Swiss Franc versus the Euro.

What happened at the SNB? Continue reading »

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Jan 16

Switzerland

Peter Schiff: Swiss Surrender Wins Currency War (Euro Pacific Capital via ZeroHedge, Jan 15, 2015):

 By Peter Schiff

By ending its three year currency peg to the weakening euro Switzerland has become the first major economy to surrender in the international currency war, and in so doing has given a long-delayed victory to the Swiss people. Contrary to the indignant reaction by the media and financial establishment, the decision is not a disaster for Switzerland. A continuance of an open-ended peg to the euro could have ultimately ruined the country. Its surprise move, perhaps prompted by the European Central Bank’s recently announced intentions to unleash its own quantitative easing program, may be looked at in the future as the first significant counter-attack against our current global system of monetary insanity.
Continue reading »

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Jan 16

1-Switzerland

What In The World Just Happened In Switzerland? (Economic Collapse, Jan 15, 2015):

Central banks lie.  That is what they do.  Not too long ago, the Swiss National Bank promised that it would defend the euro/Swiss franc currency peg with the “utmost determination”.  But on Thursday, the central bank shocked the financial world by abruptly abandoning it.  More than three years ago, the Swiss National Bank announced that it would not allow the Swiss franc to fall below 1.20 to the euro, and it has spent a mountain of money defending that peg.  But now that it looks like the EU is going to launch a very robust quantitative easing program, the Swiss National Bank has thrown in the towel.  It was simply going to cost way too much to continue to defend the currency floor.  So now there is panic all over Europe.  On Thursday, the Swiss franc rose a staggering 30 percent against the euro, and the Swiss stock market plunged by 10 percent.  And all over the world, investors, hedge funds and central banks either lost or made gigantic piles of money as currency rates shifted at an unprecedented rate.  It is going to take months to really measure the damage that has been done.  Meanwhile, the euro is in greater danger than ever.  The euro has been declining for months, and now the number one buyer of euros (the Swiss National Bank) has been removed from the equation.  As things in Europe continue to get even worse, expect the euro to go to all-time record lows.  In addition, it is important to remember that the Asian financial crisis of the late 1990s began when Thailand abandoned its currency peg.  With this move by Switzerland set off a European financial crisis? Continue reading »

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Jan 16

20150115_EOD

Swissnado Stuns Stocks, Bonds & Bullion Bid (ZeroHedge, Jan 15, 2015)

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Jan 15

Gold-SNB-Reaction

What would you (as SNB) do if you knew that the euro is doomed?

Related info:

So Much Changes In 48 Hours (ZeroHedge, Jan 15, 2015):

January 12, 2015: “We took stock of the situation less than a month ago, we looked again at all the parameters and we are convinced that the minimum exchange rate must remain the cornerstone of our monetary policy,” SNB’s Jean-Pierre Danthine.

January 15, 2015: “Recently, divergences between the monetary policies of the major currency areas have increased significantly – a trend that is likely to become even more pronounced. The euro has depreciated considerably against the US dollar and this, in turn, has caused the Swiss franc to weaken against the US dollar. In these circumstances, the SNB concluded that enforcing and maintaining the minimum exchange rate for the Swiss franc against the euro is no longer justified.”


Switzerland

–  “It’s Carnage” – Swiss Franc Soars Most Ever After SNB Abandons EURCHF Floor; Macro Hedge Funds Crushed (ZeroHedge, Jan 15, 2015):

“As if millions of macro hedge funds suddenly cried out in terror and were suddenly silenced”

Over two decades ago, George Soros took on the Bank of England, and won. Just before lunch local time, the Swiss National Bank took on virtually every single macro hedge fund, the vast majority of which were short the Swiss Franc and crushed them, when it announced, first, that it would go further into NIRP, pushing its interest rate on deposit balances even more negative from -0.25% to -0.75%, a move which in itself would have been unprecedented and, second, announcing that the 1.20 EURCHF floor it had instituted in September 2011, the day gold hit its all time nominal high, was no more.

What happened next was truly shock and awe as algo after algo saw their EURCHF 1.1999 stops hit, and moments thereafter the EURCHF pair crashed to less then 0.75, margining out virtually every single long EURCHF position, before finally rebounding to a level just above 1.00, which is where it was trading just before the SNB instituted the currency floor over three years ago. Continue reading »

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Dec 23

I agree the with Marc Faber that the U.S. government will – again – try to take away the gold from the people, …

… which is one of the many reasons why I’ve told people to invest into silver, because I do not believe that they will try to take away your silver.

However, I do not agree with Marc Faber’s recommendation to store your gold in a vault in Singapore or Switzerland.

Related info:

Secret Document: EU Plans To Forcibly Open All Safe Deposit Boxes

The Importance Of Owning Your Own Bullion And Storing It Outside The Banking System

States Seize Citizens’ Safe Deposit Boxes To Balance Their Budgets (ABC News Video)

US DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS – IN WRITING – IT MAY INSPECT SAFE DEPOSIT BOXES WITHOUT WARRANT AND SEIZE ANY GOLD, SILVER, GUNS OR OTHER VALUABLES IT FINDS INSIDE THOSE BOXES!

James G. Rickards of Omnis Inc.: Get Your Gold Out Of The Banking System

Roosevelt Gold Confiscation In 1933: ‘No American Could Visit A Safe Deposit Box For Some Time Without A Government Agent Accompanying Him’



Dec 22, 2014

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Dec 18

Switzerland

Swiss Central Bank Plunges Into NIRP, Sends Deposit Rates Negative, Scrambles Against Safe-Haven Capital Flight (ZeroHedge, Dec 18, 2014):

Everyone thought that any major monetary policy surprises and/or capital controls today would come from Putin during his annual press conference. Boy were they wrong: just after 2 am Eastern, none other than the Swiss National Bank joined the ranks of the ECB in scrambling to stem the wave of capital flight, not to mention the cost of money, when it announced it too would start charging customers for the privilege of holding cash in its banks, when it revealed a negative, -0.25% interest rate on sight deposits: a step which according to the SNB was critical in maintaining the 1.20 EURCHF floor.

From the SNB:

The Swiss National Bank (SNB) is imposing an interest rate of –0.25% on sight deposit account balances at the SNB, with the aim of taking the three-month Libor into negative territory. It is thus expanding the target range for the three-month Libor to –0.75% to 0.25% and extending it to its usual width of 1 percentage point. Negative interest will be levied on balances exceeding a given exemption threshold. Continue reading »

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