Monthly Archives: March 2013

Is Spain Preparing For Its Own Deposit “Levy”?

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“While Spain’s economy minister Luis De Guindos proclaimed in the Senate today that bank deposits under EUR100,000 are ‘sacred’ and that ‘Spanish savers should stay calm,’ Spain, it would appear, has changed constitutional rules to enable a so-called ‘moderate’ levy on deposits- as under previous Spanish law this was prohibited. For now, they claim the ‘levy’ will be ‘not much higher than 0%’ and is mainly aimed at regions in Spain that have ‘made no effort to collect taxes’ based on new revenue expectations.”

http://www.zerohedge.com/news/2013-03-19/spain-preparing-its-own-deposit-levy

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Peter Schiff Global Investor Newsletter – March 2013

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“The Keynesians have overlooked a much more dangerous and demonstrable pitfall of their own creation: something that I call ‘The Stimulus Trap.’ This condition occurs when an economy becomes addicted to the monetary stimulus provided by a central bank, and as a result fails to restructure itself in a manner that will allow for robust, and sustainable, growth. The trap redirects capital into non-productive sectors and starves those areas of the economy that could lead an economic rebirth. The condition is characterized by anemic growth (masked by the delivery of perpetual stimulus) and deteriorating underlying economic fundamentals.”

http://www.europac.net/global_investor_newsletter_october_2012

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Peter Schiff: Cyprus Lifts the Curtain

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“The decision to inflict pain on both large and small depositors was almost universally described as a historic blunder. But the mistake was to do so in a manner that was not camouflaged by financial smoke and mirrors. In truth, rank and file depositors have been paying, and will continue to pay, for all manner of bailouts and stimulus.  Whether it’s through lower interest payments on deposits, inflation, higher taxes, higher borrowing costs, or the accumulation of unsustainable sovereign debt, Cypriots will bear the burden of past profligacy. But the new plan for Cyprus was far too transparent, simple, and direct to survive in a world dependent on deceit and obfuscation.”

http://www.europac.net/commentaries/cyprus_lifts_curtain

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Bernanke: ‘Bank Confiscation Unlikely In America’; ‘No Idea How Much Money We’re Giving The Banks’

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Bernanke: ‘Bank Confiscation Unlikely In America’; ‘We Have No Idea How Much Money We’re Giving The Banks’

“Ben Bernanke does not say bank or wealth confiscation, like we’re seeing in Cyprus, would be impossible here in the U.S. But rather he says it would be extremely unlikely. My question is; Would it have been extremely unlikely for such a thing to happen in Cyprus a few years ago?”

http://libertycrier.com/finance/bernanke-bank-confiscation-unlikely-in-america-we-have-no-idea-how-much-money-were-giving-the-banks/

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Spoiled greens

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“Ever since the Illícitos Cambiarios Law was approved in 2010, buying, selling, and even mentioning the price of black market dollars in Venezuela has become a crime punishable by up to 7 years in prison. The answer to this legal gag on all things dollar-related was a flourishing black market, which has spawned its own little sub-culture, jargon (Lechuga Americana, Lechuga Europea, Lechugas en hojas frescas, Lechugas Amazónicas), code-words (1000 a 25. Transfer. Norte. Inbox me.), and a host of anonymous Twitter accounts that helpfully quoted daily reference prices, which, as we established, is illegal.”

http://caracaschronicles.com/2013/03/20/spoiled-greens/

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Underground Economy Helps Account for Discrepencies in Economic Data

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“Kalmes is among the 4.8 million unemployed Americans — 40 percent of all those jobless — who have been out of work for more than 27 weeks, even as the economy has been growing since June 2009 and the job market shows recent signs of healing. As her unemployment benefits have run out, she has entered the informal economy to make ends meet.  America’s shadow economy includes activities that are actually illicit — prostitution and drug dealing — and more benign jobs like working construction for a day for cash, or even the $2 per child that Kalmes gets for walking neighborhood students to the bus. Economists estimate $2 trillion could be involved.”

http://www.economicpolicyjournal.com/2013/03/underground-economy-helps-account-for.html

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Scotland will vote on referendum for independence in 2014

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“Scotland’s First Minister Alex Salmond said on Thursday that Scots will vote in a referendum on whether the country should become independent on September 18, 2014.  Announcing the long-awaited date for the ballot, Salmond said it would be the ‘historic day when the people will decide Scotland’s future’.”

http://www.rawstory.com/rs/2013/03/21/scotland-will-vote-on-referendum-for-independence-in-2014/

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Gold and Silver Coins in Arizona May Become Legal Tender

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“Arizona is likely to become the second state after Utah to pass a law specifying that gold and silver coins will be regarded as legal tender inside the borders of the state.  The important thing about this legislation, as well as the law in Utah, is that it is now becoming clear to more voters that there is something fundamentally wrong with a monetary system that is run by a committee of tenured bureaucrats in Washington. This kind of legislation would have been inconceivable 10 years ago. The legislation is important mainly as an economic indicator of a change in public opinion, at least in Western states, regarding the future of fiat money.”

http://teapartyeconomist.com/2013/03/22/gold-and-silver-coins-in-arizona-may-become-legal-tender/

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Tarrant lawmaker seeks to create Texas Bullion Depository

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“Call it the Rick Perry gold rush: The governor wants to bring the state’s gold reserves back from a New York vault to Texas.  And he may have legislative support to do it. Freshman Rep. Giovanni Capriglione, R-Southlake, is carrying a bill that would establish the Texas Bullion Depository, a secure state-based bank to house $1 billion worth of gold bars owned by the University of Texas Investment Management Co., or UTIMCO, and stored by the Federal Reserve.  Capriglione said the bill is not about putting Texas on its own gold standard. Rather, a depository would give the state a reputation as being more financially secure in the event of a financial crisis.”

http://www.star-telegram.com/2013/03/21/4721036/tarrant-lawmaker-seeks-to-create.html

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