Tag Archives: Money

Jeffrey Tucker: Greeks Prepare to Be Pillaged

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“One thing needs to be said about this frantic authoritarian approach: It never works. Bank closings add to the atmosphere of panic. They are often followed by an announcement that the government is going to devalue or outright steal people’s money. Whatever trust remains in the system is drained away along with the value of the currency.  But there’s another factor in play, for the first time. People are looking at Bitcoin as a way to store and move money.  There is now a Bitcoin ATM in Athens that is reportedly doing a brisk business. Redditors are sharing tips. And, of course, the exchange rate of Bitcoin is on the move again.”

http://fee.org/anythingpeaceful/detail/greeks-prepare-to-be-pillaged

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Capital Controls and a Bank Holiday in Greece

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“When you hear a central banker or politician deny that something is going to happen to bank depositors, you can almost be certain that it will happen. And probably soon.  There’s a reason for the dishonesty. The government needs to take the public by surprise. Otherwise they won’t get the results they want from capital controls or a bank holiday.  Calling the experience a bank holiday is like calling a street mugging a surprise party.  Once the banks are closed – or on ‘holiday,’ as the government puts it – the politicians are free to help themselves to as much of the customer deposits (including yours) as they want. It’s like an all-you-can-steal buffet.”

http://www.internationalman.com/articles/capital-controls-and-a-bank-holiday-in-greece-heres-how-you-can-profit

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Central Bank Lies & Consequences

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“We now have two examples in three years of a major central bank simply walking away from its supposedly most fundamental obligation. The lies upon which fractional reserve banking exists are beginning to catch up to it. Citizens everywhere in the Eurozone now have good reason to wonder if their banks will be next. After Cyprus and Greece, why should anyone believe anything the ECB says?  If the ECB is willing to shut banks in a crisis, what assurance do we have that the Bank of England, Federal Reserve or the Bank of Japan won’t do the same? Answer: None. Today’s highly leveraged banks can fail very fast, stretching the capacity of even the strongest central banks.”

http://www.thedailybell.com/news-analysis/36381/Central-Bank-Lies–Consequences/

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The real sign that Greece’s financial turmoil is getting worse

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“Here is a slightly surprising sign that Greece is in the classic throes of a bank run: car sales jumped by 47pc in April. It was the 20th consecutive month that car registrations of new and used vehicles has risen.  People living in a country gripped by financial turmoil often worry about the security of their money. If it’s in a bank, it can be caught up in capital controls or lost through insolvency. Better, then, to spend it. And the purchase of choice is often a car.  This makes motor vehicle sales a decent proxy for financial turmoil (under some circumstances).  Ordinary Greeks are taking their money of the financial system and spending it on ‘hard’ assets.”

http://www.telegraph.co.uk/finance/economics/11599513/The-real-sign-that-Greeces-financial-turmoil-is-getting-worse.html

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Islamic State mints its own ‘Islamic Dinar’ coins

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“Islamic State of Iraq and the Levant (Isil) has begun minting its own ‘Islamic dinar’ coins, Syrian activists claimed on Tuesday night. Pictures posted on social media showed a series of gold sovereigns bearing Isil inscriptions, and with a reported value of one gold dinar being with $139 (£89). Isil announced last November that it would start producing their own currency in areas under its control, in an effort to ’emancipate itself from the satanic global economic system’.  The currency, based on the original dinar coins used during the Caliphate of Uthman in 634 CE, was set to include seven minted coins: two gold, three silver and two copper.”

http://www.telegraph.co.uk/news/worldnews/islamic-state/11694838/Islamic-State-mints-its-own-Islamic-Dinar-coins.html

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Iran Receives 13 Tons of Gold in Sanctions Relief

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“The Islamic regime showed how the current sanctions regime has been unable to punish its economy as it repatriated 13 tons of gold this week.  Iranian officials on Monday announced the transfer by the South African government, which released the gold bullion as part of the sanctions relief agreed on in the November 2013 interim deal reached between world powers and Iran over the latter’s controversial nuclear program. By the newly extended July 7 deadline for a deal next week, Iran will have had nearly $12 billion in assets unfrozen over the course of nuclear talks. Indicating the failure of sanctions, Iran’s GDP grew 3% in 2014.”

http://www.israelnationalnews.com/News/News.aspx/197570#.VZYf7JvbIdW

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Bitcoin Payment Service Helps Greek Businesses Avoid Capital Controls

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“With the banking system locked down, capital controls prevent Greek citizens from accessing cash and this disrupts the economy. The Irish company Spartan Route has come to the rescue of Greek businesses with an innovative service proposal: They will invoice their Greek clients’ foreign customers in euro, collect the payment, and send bitcoin back to Greece.  Their proposal to Greek businesses is simple and crystal clear: 1. Invoice Spartan Route for your exports, 2. Deliver your goods as normal to your customer through your current supply chains; 3. Spartan Route pays you with bitcoin; 4. Spartan Route invoices your customer for euro.”

https://bitcoinmagazine.com/21104/spartan-route-offers-invoicing-bitcoin-payment-service-greek-businesses/

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Greek bank official dismisses ‘haircut’ report as “baseless”

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“Greek leaders have repeatedly dismissed the possibility they will have to ‘bail-in’ depositors to prevent the collapse of the banking system.  But citing bankers and businesspeople with knowledge of the measures, the Financial Times reported: ‘The plans, which call for a ‘haircut’ of at least 30 percent on deposits above 8,000 euros, sketch out an increasingly likely scenario for at least one bank.’  The report quoted a source as saying: ‘It (the haircut) would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme.’ The head of Greece’s Bank Association dismissed the report as ‘completely baseless’.”

http://www.cnbc.com/id/102809199

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The $4 Trillion Money Printing Press

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“One pandemic, two great depressions, 11 major wars, and 44 recessions. Four U.S. presidents were assassinated while in office. Hundreds of thousands of businesses went bankrupt; tens of millions of Americans lost their jobs.  Did the U.S. government respond to many of these events with countermeasures? Of course.  But never once had the U.S. government resorted to such extreme abuses of its money-printing power as it did in 2008-10. Now, all that tradition of leadership and discipline was abandoned — all for the sake of perpetuating America’s addiction to spending, borrowing, and speculative bubbles.”

https://www.moneyandmarkets.com/72020-72020

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“It Could Never Happen Here”

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“Of course, not everyone in Greece is hurting. Many people saw this coming and took action. They took all their money out of the banks, put it under the mattress, or maybe stored it in a safe. Maybe they bought gold, or diamonds, or something else. These people aren’t standing in lines at ATMs. They aren’t going to go homeless or hungry.  But these people get a pretty bad rap—at least here in the US, where we call them ‘doomsday preppers.’ Or ‘bunker monkeys.’ Or ‘conspiracy theorists.’ Or ‘gold bugs.’ They take a beating.  Jim Rickards tweeted the other day, ‘I’ll bet there a lot of Greeks saying, ‘I wish I had bought some gold.’’ Truer words have never been spoken.”

http://www.mauldineconomics.com/the-10th-man/it-could-never-happen-here

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