Venezuela Orders Largest Bills Turned in Ahead of New Bank Notes

Take cash away from the citizens and, in theory, they can’t make a run on the banks and spark a full economic collapse.

Take cash away from the citizens and they can’t have full economic control over their own lives.

 

  • Maduro says move to fight smuggling, currency attacks
  • 100-bolivar bills must be out of circulation in 72 hours

Venezuela’s government ordered all 100-bolivar bank notes out of circulation within 72 hours, amid a hard cash shortage and the scheduled release this week of bigger bank notes. Continue reading

Europe’s Banks Begin to Fail

Guess who did eventually bail out Greece.

An article from 2011 with lessons to learn from for today:

 

A chain reaction is set in motion—and a lot of people are going to get hurt.

The date is May 11, 1931. Creditanstalt, a little-known Austrian bank, suddenly announces it can’t make its debt payments. An unstoppable chain reaction results.

Bank failure, stock market crash, mass business closures, 25 percent unemployment, trade wars, runaway inflation, multiple currency collapses, the Great Depression, World War ii. All of it began with a little-known bank in a small country in the heart of Europe.

That is history. And it is happening again.

A similar epoch-changing event may be about to occur in Europe.

Continue reading

Currency Collapse

https://www.sprottmoney.com/media/magpleasure/mpblog/post_thumbnail_file/8/c/cache/1/ece9a24a761836a70934a998c163f8c8/8c551fa389eb43b31327f35f4f6608a5.jpg

 

Cash is a scarce commodity in Greece.

In June, Greek banks declared a surprise limitation on how much could be withdrawn from an account. At present, the government still limits the cash withdrawals of its citizens.

Of course, this is just the most recent development in a series of events that make up the cash squeeze. In response, Greeks have done what all people do when they cannot get enough currency – improvise. Continue reading

Markets More: HSBC Bearish HSBC WARNS: The world economy faces a ‘titanic problem’

HSBC chief economist Stephen King is already thinking about the next recession.

In a note to clients Wednesday, he warns: “The world economy is like an ocean liner without lifeboats. If another recession hits, it could be a truly titanic struggle for policymakers.” Continue reading

Who’s Got the Gold?

In 1971, the US abruptly went off the gold standard, and in making the public announcement, US President Richard Nixon looked into the television camera and said, “We’re all Keynesians now.”

I was a young man at the time and had previously bought gold, albeit on a very small scale, but I recall looking into the face of this delusional man and thinking, “This is not good.”

However, the world at large apparently agreed with Mister Nixon, and within a few years, the other countries also went off the gold standard, which meant that, from that point on, no currency was backed by anything other than a promise.

Party Time Continue reading

Zimbabwe Adopts the Yuan

We could be seeing the beginning of the end, which has been years in the making. At first glance, the uninformed reader would say “Zimbabwe? Big deal.” However, avalanches don’t start off big, America’s enemy list is exponentially growing world-wide and is far from being untouchable, but most people who invest their time following the Kardashians couldn’t tell you that. As long as the malls are still open, everything is fine.

When the Zimbabwe currency collapsed, they began using U.S. dollars. It was a pretty smooth transition because at the time (2009), the dollar was really very stable. As the global reserve currency, the dollar attracted a great deal of support during the financial crisis. Of course, there were a few problems. One was that while there were plenty of dollar bills to use, there was very little change (meaning coins). The New York Times wrote a story about this reality in 2012: Continue reading

BIS: The most powerful bank in the world announces the crash

The following is an article published originally in German, translated in the best way Google can offer. Because this is fresh off the German press, don’t expect it to hit American news outlets until another week or so — and likely not on the major national outlets.

When the BIS speaks, markets listen. This is essentially a jaw dropper of an announcement. They realize that all the QE heroin injections are not working and that there is no way to financially turn the American economy around — it’s mathematically impossible. They also know that the US financial leadership knows. The day of reckoning is near and it’s not just the US that will be affected and, although it will suffer the worst, the entire world over is going to go through a change unheard of in its entire history.

(Für die Lesern, dass deutschen sind, klicken Sie bitte auf dem original Link.)

The Bank for International Settlements (BIS) is the current situation on the financial markets as worse than before the Lehman bankruptcy. The warning of the BIS could be the reason why the U.S. Federal Reserve decided to continue indefinitely to print money: Central banks have lost control of the debt-tide and give up.

The decision by the U.S. Federal Reserve to continue indefinitely to print money (here ) might have fallen on “orders from above”.

Apparently, the central banks dawns that it is tight.

Very narrow.

The most powerful bank in the world, the Bank for International Settlements (BIS) has published a few days ago in its quarterly report for the possible end of the flood of money directly addressed – and at the same time described the situation on the debt markets as extremely critical. The “extraordinary measures by central banks” – aka the unrestrained printing – had awakened in the markets the illusion that the massive liquidity pumped into the market could solve the fundamental problems (more on the huge rise in debt – here ). Continue reading

James Turk: Above Ground PHYSICAL Gold Stocks Likely a Lot Smaller Than Commonly Believed

GoldMoney has released an interview with Chairman James Turk about his study of the above-ground global gold stock, gold’s role as money, and the coming fiat currency collapse. They discuss the discrepancies between official gold stock figures and the study’s carefully calculated figures, going all the way back to Roman times and using the year 1492 as a pivotal calculation point — which was when the Spanish Empire began its imports of gold deposits discovered in the Americas. In contrast to the widely referenced number of 171,000 tonnes of above-ground gold, James’s study suggests that it is actually closer to 155,000 and therefore overstated by about 10%.

Video Source: James Turk: Above Ground PHYSICAL Gold Stocks Likely a Lot Smaller Than Commonly Believed (Silver Doctors)