Tag Archives: Money

Never Hand Over Your Gold To The Bank Of England For “Safekeeping”

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“With London, Paris, and Basel’s compliance, Nazi Germany looted 23.1 metric tons of gold without a shot being fired. More than two-thirds of that gold was traded with the Dutch and Belgian national banks and was eventually transported from Amsterdam and Brussels to the Reichsbank’s vaults in Berlin. Czechoslovakia’s diligent planning to safeguard its national gold reserves, together with its misplaced faith in the integrity of the new international financial system, had come to nothing. [..] Churchill himself demanded to know how the government could urge people to enlist in the military when it was ‘so butter-fingered that six million pounds of gold can be transferred to the Nazi government.'”

http://www.zerohedge.com/news/2015-05-01/what-happens-when-you-hand-over-your-gold-bank-england-safekeeping

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Croatian Swiss franc debtors demand central bank governor resign

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“Thousands of Croatians holding loans denominated in Swiss francs took to the streets of Zagreb on Saturday, demanding local banks to restructure the debts and the central bank governor to step down for failing to take action. Some 60,000 Croatians hold around 27 billion kuna (£2.5 billion) worth of Swiss franc-denominated loans, mainly taken out during the 2000s when many in central and eastern Europe were attracted to low interest rates on the Swiss currency. The franc surged in January when the Swiss central bank scrapped its peg to the euro, driving the loans’ costs sharply higher. The Croatian government fixed the franc rate against the kuna at 6.39 for one year to put a cap on the mounting debts.”

https://au.news.yahoo.com/world/a/27350119/swiss-franc-debtors-march-in-croatia-demand-cen-bank-governor-to-resign/

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Bloomberg: The Death of Cash

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“JPMorgan Chase recently sent a letter to some of its large depositors telling them it will charge certain customers a ‘balance sheet utilization fee’ of 1 percent a year on deposits in excess of the money they need for their operations.  That amounts to a negative interest rate on deposits. [..] Several central banks have discovered that depositors will tolerate some rates below zero if withdrawing cash and storing it themselves is costly and inconvenient. There are signs of an innovation war over negative interest rates. There’s a surge of creativity around ways to drive interest rates deeper into negative territory, possibly by abolishing cash or making it depreciable.”

http://www.bloomberg.com/news/articles/2015-04-23/negative-interest-rates-may-spark-existential-crisis-for-cash

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Feds To Banks: Call Cops on Customers Withdrawing $5,000 or More

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“The Justice Department is ordering bank employees to consider calling the cops on customers who withdraw $5,000 dollars or more, a chilling example of how the war on cash is intensifying.  Banks are already required to file ‘suspicious activity reports’ on their customers, with threats of fines and even jail time if financial institutions don’t meet quotas.  But last week, ‘A senior official from the Justice Department spoke to a group of bankers about the need for them to rat out their customers to the police.’  Assistant attorney general Leslie Caldwell urged banks to ‘alert law enforcement authorities about the problem’ so that police can ‘seize the funds’ or at least ‘initiate an investigation’.”

http://www.prisonplanet.com/feds-urge-banks-to-call-cops-on-customers-who-withdraw-5000-or-more.html

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JPMorgan Chase Bans Storage of Cash in its Safety Deposit Boxes

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“The letter, entitled ‘Updated Safe Deposit Box Lease Agreement,’ was sent out to customers at the beginning of the month.  ‘Hide your wallets, the banksters are on the move,’ warns the Economic Policy Journal.  As of last month, Chase has also instituted a new policy which, ‘restricts borrowers from using cash to make payments on credit cards, mortgages, equity lines, and auto loans,’ writes Professor Joseph Salerno of the Mises Institute.  The news arrives on the back of comments by Citi’s Willem Buiter, who recently advocated abolishing cash altogether in order to ‘solve the world’s central banks’ problem with negative interest rates’.”

http://www.infowars.com/report-jpmorganchase-bans-storage-of-cash-in-its-safety-deposit-boxes/

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Citi Economist: Abolish Cash To Enforce Negative Interest Rates

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“In a new piece, Citi’s Willem Buiter looks at this problem, which is known as the effective lower bound (ELB) on nominal interest rates.  According to Buiter, the ELB only exists at all due to the existence of cash, which is a bearer instrument that pays zero nominal rates. Why have your money on deposit at a negative rate that reduces your wealth when you can have it in cash and suffer no reduction?  Cash therefore gives people an easy and effective way of avoiding negative nominal rates.  Buiter’s note suggests three ways to address this problem: Abolish currency.  Tax currency.  Remove the fixed exchange rate between currency and central bank reserves/deposits.”

http://www.bloomberg.com/news/articles/2015-04-10/citi-economist-says-it-might-be-time-to-abolish-cash

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Russia’s new Eurasian Economic Union could get its own single currency

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“The union is still in its early days, having formally begun only in January, but the bloc has tentatively agreed to bring in a single currency and a Eurasian Central Bank by 2025. Belarus’ Mikhail Myasnikovich, prime minister until 2014, is calling for the process to be fast-tracked so the currency is ready in the next four years, according to Belarusian state news.  And Putin instructed Russia’s central bank earlier this month to work with both the government and other central banks ‘to determine the future direction of integration in the monetary and financial sectors in the framework of the Eurasian Economic Union with the study of the feasibility of establishing in the future monetary union.'”

http://www.businessinsider.com/russia-eurasian-economic-union-could-get-its-own-single-currency-2015-3

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IMF says Chinese yuan on path to inclusion in SDR basket

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“China’s economic reform plans, including opening up its capital account and deepening financial markets, should help Beijing meet the IMF’s criteria to join its Special Drawing Rights currency basket, the head of the IMF said on Thursday.  International Monetary Fund Managing Director Christine Lagarde earlier this year said it was a question of when, not if, China’s yuan will be included in the SDR basket – currently made up of dollars, yen, pounds and euros.  The IMF is due to review the basket’s composition later this year to assess whether any currencies meet its criteria, including being ‘freely usable,’ or convertible – seen as a key obstacle for the yuan, also known as the renminbi.”

http://www.reuters.com/article/2015/04/16/imf-g20-china-idUSL2N0XD1LI20150416

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Chinese Binge on Hong Kong Stocks Rescues City’s Flagging Bonds

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“The flood of Chinese money pouring into Hong Kong stocks has had a spillover effect: rescuing the city’s flagging yuan bond market.  Southbound flows through the Shanghai-Hong Kong equities link exceeded those headed to the mainland by more than 30 billion yuan ($4.8 billion) this month, swelling the offshore supply of China’s currency. As banks in the former British colony take in more yuan, they’re reducing deposit rates, making Dim Sum debt yields more attractive to investors.  Hong Kong’s Hang Seng Index has jumped 11.6 percent this month after China made it easier for mainland funds to use the cross-border link to buy stocks.”

http://www.bloomberg.com/news/articles/2015-04-16/chinese-binge-on-hong-kong-stocks-rescues-flagging-dim-sum-bonds

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Valuations of Hong Kong’s stock market operator go interstellar

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“For the first time analysts are more bullish about the operator of Hong Kong’s stock market than fast-growing Chinese firms like Lenovo Group and Tencent Holdings.  Shares in Hong Kong Exchanges and Clearing Ltd (HKEx) have risen about 40 percent in the past six days on an unprecedented flood of mainland investment in Hong Kong stocks.  Fund managers are stacking their chips on HKEx after Beijing allowed institutional investors to buy discounted shares in Hong Kong via a landmark stock pipeline scheme.  HKEx is well placed to benefit from more initiatives such as the planned Shenzhen-Hong Kong connect scheme, and as investment quotas for the Hong Kong-Shanghai pipeline are increased.”

http://www.reuters.com/article/2015/04/16/hkex-stocks-idUSL4N0XD1HU20150416

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