JPM: “Things Have Gotten Out Of Control: People Have More Confidence In Gold Than In Paper Money”

Please see the source for the video.

 

Following the biggest one-day surge in the price of gold since 2009, it is understandable that suddenly everyone who until recently was predicting the price of gold in the triple digits, or laughably explaining why “gold is doomed” wants to talk about the “pet rock.” As we showed earlier, already Goldman and Bank of America have opined with new and upwardly mobile “price targets”, while the scramble to obtain gold in a world drowning not only in negative rates but soon, cash bans, has already been unleashed. Continue reading

‘It’s going to be bad, whatever happens’: Greece on edge as eurozone exit looms

Greece’s spiralling debt crisis saw cash withdrawals total €400m on Monday. While anxiety varies around Athens, few Greeks see benefit in leaving the euro

“Everybody’s doing it,” said Joanna Christofosaki, in front of a Eurobank cash dispenser in the leafy Athens neighbourhood of Kolonaki. “Our friends have all done it. Nobody wants their money to be worthless tomorrow. Nobody wants to be unable to get at it.”

A researcher in the archaeology department at the Academy of Athens, Christofosaki said she knew plenty of people who had “€10,000 somewhere at home” and plenty of others who chose to keep their stash at the office. Was she among them? “If I was, I certainly wouldn’t tell you.” Continue reading

They’re Coming to Take Away Your Cash

The stories are all over the Internet. Governments are forcing us into a cashless society. Supposedly the pretext is terrorism, and the real reason is to take more control. No doubt more power appeals to politicians, and banning cash seems like the next step after mandatory reporting of cash transactions. However, I think there is a more serious driver than simple power lust.

A more compelling case is that cash banning is the logical follow up to bail-ins. Most people think a bail-in is when banks steal your deposit. So it seems to make sense that governments want to force people to keep their cash in the bank. Then they are easy meat for the next bail-in. Continue reading

Fearful Greek savers pull money from banks and put it in cars

As was reported a month ago HERE.

 

Two weeks after Greece’s leftwing Syriza party won power at the election in January, Panayotis Fotiades pulled his deposits from an Athens bank.

“I felt certain there’d be a confrontation before long with the troika [of bailout monitors],” said the 55-year-old .

Like other owners of small and medium-sized companies in Greece, Mr Fotiades feared a radical government would resort to capital controls if relations with the country’s creditors deteriorated sharply. Continue reading

Bank Deposits No Longer Guaranteed By Austrian Government

If you’re not already familiar with one of the more recent invented economic terms of the last few years, “bail-in”, it essentially means your respective government has given the banks the green light to legally take your deposits to cover their obligations should there be another crisis. Instead of the corrupt government bailing ‘out’ the banks, you, the depositor, are bailing them ‘in’. This is also an indication of an anticipated crisis.

In 2013, the United States reportedly missed one by a hair’s length.

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– Austria will remove state guarantee of bank deposits
– Austrian deposit plan given go ahead by the EU
– Banks to pay into a deposit insurance fund over 10 years
– Fund will then be valued at a grossly inadequate €1.5 billion
– New bail-in legislation agreed by EU two years ago
– Depositors need to realise increasing risks and act accordingly
– “Bail-ins are now the rule” and ‘Bail-in regime’ coming

Bank deposits in Austria will no longer enjoy state protection and a state guarantee in the event of bank runs and a bank collapse when legislation is enacted in July. The plan to ensure that the state is no longer responsible for insuring deposits has been readied by the Austrian government in conjunction with the EU two years ago according to Die Presse. Continue reading

Budget 2015: Federal Government set to introduce tax on bank deposits, Labor accuses Tony Abbott of backflipping on election promise

In Australia it will now cost you to deposit your own money into your own bank account, courtesy of the government and against the banking industry’s wish.

 

The Federal Government looks set to introduce a tax on bank deposits in the May budget.

The idea of a bank deposit tax was raised by Labor in 2013 and was criticised by Tony Abbott at the time.

Assistant Treasurer Josh Frydenberg has indicated an announcement on the new tax could be made before the budget. Continue reading