Meet the Wall Street-International Monetary Fund Brothers of Destruction; why Ben Bernanke can’t count; the 10-year hangover from the Tequila Trap; and the fox guarding the chicken coop. Seek truth from facts with Econned author Yves Smith, Web of Debt author Ellen Brown, former senior financial regulator Bill Black, Balkans specialist Nebojsa Malic, and globalization debunker Dr. Carlos Encinas
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by GoldCore Today’s AM fix was USD 1,436.50, EUR 1,103.47 and GBP 938.15 per ounce. Cross Currency Table – (Bloomberg) Gold fell $11.90 or -0.82% yesterday to $1,431.40/oz and silver finished -0.8%. The European Union will today meet to discuss and move forward the proposal to ‘bail-in’ depositors with savings of over €100,000 as part of future bank wind-downs. It now looks [...] Canadian news agency interview bankers from Canada, the US and Europe. They admitted that the bankers meet in secret and control the governments of the world. The interviewer suggests that our money is no longer safe in the banks. A Canadian documentary explores the repercussions of globally-coordinated quantitative easing (aka, printing gobs of thin-air money): They stated in the interview that we will see a crash unlike any other and there will [...] Hoarding Alternative Money & Reforming Banks Argentina is going through the classic stages of economic collapse. The government seized all pensions. They are destroying everything that gives the people incentive to be a society that emerges from the cooperation of everyone. When government turns against its own people, even as the USA is currently doing, you end up with deflation insofar as the economy collapses and wages are not available, while hoarding [...] Spain’s unemployment rate has hit its highest level since “at least” 1976, topping 27.2 percent in the first quarter of 2013, according to BBC News and other media outlets around the world. The new figures were released ahead of anticipated remarks by Prime Minister Mariano Rajoy on Friday afternoon, which were largely expected to focus on plans to cut back on austerity measures in favor of other methods designed to stimulate the Spanish economy. Government ministers spoke to the press [...] from Zero Hedge: A few hours ago, Greek lawmakers approved a reform law to unlock about €8.8 billion of rescue loans from the European Union and the International Monetary Fund. The law, which was a condition for further aid installments, passed easily with the solid backing of the three parties comprising Greece’s ruling coalition, by 168 to 123 votes. Next, euro zone officials will meet on Monday to approve overdue payment of [...] Pushed by its European creditors amid its crippling economic crisis, Greece began this week to do something it hasn’t done in more than 100 years: fire public-sector workers en masse. Following weeks of tough negotiations with its lenders – the “troika” of the International Monetary Fund, theEuropean Union, and the European Central Bank – the Greek government started laying off public-sector workers in an effort to implement the austerity that the troika has demanded. The first [...] Global Financial Crisis – Tensions at G-20, IMF Meetings. No Economic Recovery in Sight Last weekend’s meetings of the International Monetary Fund and the G-20 saw further calls for policies to stimulate global economic growth. There were no concrete measures advanced to implement such a program, however, amid deepening divisions among the major powers. While the discussions were not characterised by the air of crisis that accompanied some recent meetings, they were [...] Please make me chaste, but not yet. This famous prayer by St Augustine has been the defining characteristic of the policy response in advanced countries to the economic crisis ever since it began nearly six years ago. by Jeremy Warner, The Telegraph: Throughout, policymakers have attempted to ease the pain of the adjustment by reinforcing many of the things that made the economy ill in the first place; pre-existing structural deficits have been [...] by Jack Ewing, NY Times: When Wolfgang Schäuble, the German finance minister and war horse of European politics, celebrated his 70th birthday at a theater in Berlin last September, two of the most powerful women in the world offered warm words in his honor. ` The other, delivering the keynote speech, was Christine Lagarde, the managing director of the International Monetary Fund. Ms. Lagarde’s presence reflected her close, longtime friendship [...] A growing trend towards excessive risk-taking and lack of action to repair broken bank balance sheets could trigger a “chronic” new phase in the financial crisis, the International Monetary fund has warned. by Szu Ping Chan, The Telegraph: The IMF said that while near-term risks had abated in response to loose central bank policies, reforms to repair ailing banks were not yet complete and could pose a threat to future stability, particularly in [...] This carefully research article by Ellen Brown was first published in April 2009. It sheds light on the current crisis of the World monetary system. (GR ed. M. Ch.) In an April 7 [2009] article in The London Telegraph titled “The G20 Moves the World a Step Closer to a Global Currency,” Ambrose Evans-Pritchard wrote: “A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the [...] “Nearly five years after the financial crisis started, the International Monetary Fund (IMF) has issued a warning about the increasing fragmentation of the global economy, the very visible split between the dynamism of emerging countries, the US’ resistance and the persistent weakening of the eurozone.” http://www.europolitics.info/economy-monetary-affairs/imf-warning-art350344-50.html WASHINGTON (MarketWatch) — U.S. banks are stronger than they were a few years ago, thanks in part to government stress tests, Federal Reserve Chairman Ben Bernanke said Monday. “The resilience of the U.S. banking system has greatly improved since [2009], and the more intensive use and greater sophistication of supervisory stress testing … deserve some credit for that improvement,” Bernanke said in a speech to the Atlanta Federal Reserve’s annual financial-market [...] London Gold Market Report from Adrian Ash, BullionVault Mon 8 Apr, 08:00 EST
Soros Says Gold’s Safe-Haven Status Is “Destroyed” as Small Speculators Slash Bullish Bets on Futures Market
The GOLD PRICE ticked lower against the US Dollar early Monday, but held onto the bulk of Friday’s sharp rally at $1577 per ounce as world stock markets rose alongside commodities. Silver bullion traded at $27.30 per ounce, some 2.5% above last week’s 9-month low, while both [...] Spanish banks post multi-billion euro losses over the weekend!!! Spain to revise 2013 GDP growth forecast from -0.5% to -1.0%!!! Russian Market‏@russian_market41 min Russian Market‏@russian_market35 min https://twitter.com/russian_market/status/318737825086468096/photo/1 BRICS dumping euro amid simmering EU banking crisis Brussels has been forced to eat a generous slice of humble pie: A massive sell-off of the euro is [...] The national average for a gallon of gasoline is currently at $3.65. On top of that sky-high price, the International Monetary Fund has now proposed that the U.S. should impose a tax of $1.40 per gallon in order to pay for social programs around the world and help the environment. by Phoenix Capital Research
The news coming out of Cyprus only gets worse. It was bad enough that the political class even promoted the idea of STEALING depositors’ savings. But now we’re finding out that they lied time and again about how much they’d take. Initially the plan in Cyprus was the following: Simply TAKING 6.75% of ALL savings accounts up to the official insurance limit of €100,000 China and Brazil to sign trade deal for local currency at summit of BRICS nations DURBAN, South Africa – China and Brazil plan to sign a deal to do up to $30 billion of trade in their local currencies, as the five-nation BRICS forum of emerging market powers work to lessen dependence on the U.S. dollar and euro. Read more: http://www.foxnews.com/world/2013/03/26/china-and-brazil-to-sign-trade-deal-for-local-currency-at-summit-brics-nations/#ixzz2OeRJiP9B BRICS Nations Plan New Bank to Bypass World Bank, IMF The biggest emerging markets are uniting [...] London Gold Market Report from Ben Traynor, BullionVault Tuesday 26 March 2013, 08:30 EST
Stronger Economy “Means Investors Lack Reason to Add to Gold Holdings”, Cyprus Means Markets “Will Now Be Wary of European Depositor Flight”
U.S. DOLLAR prices to buy gold dipped back below $1600 per ounce Tuesday morning in London, though it remained above yesterday’s low hit following news of the Cyprus bailout, while stocks and commodities were broadly flat and US Treasury bonds dipped.
“We [...] How the European Union killed Cyprus in one day Commentary: Bailout for Cyprus could become euro zone’s problem With no other source of aid available and the European Central Bank threatening withdrawal of emergency funding, Cyprus faced default and rapid economic collapse. After balking at the original, controversial bailout provision that required ordinary depositors to pay a “tax” or “solidarity levy” on Cypriot bank deposits, Cyprus struck an amended deal early [...] Cyprus: Will We Ever Learn? by Miguel Perez-Santalla, BullionVault Monday, 25 March 2013
So Cyprus got its IMF-ECB bail out. But have bank savers elsewhere got the message yet…? After marathon and heated discussions, agreement was reached on a new rescue package for Cyprus. Compared to what had emerged a week earlier, this is a better technical outcome — both in what it contains and in what is left out. Yet implementation will be very challenging, especially as Europe is yet to find an answer to the most important question of all: how to improve growth and employment prospects in a [...] Cyprus finally reached a deal with the EU on how to bail out its troubled banking system tonight.
Nonetheless, the events of the past week have likely shattered confidence in Cypriot banks. In a new piece, Moody’s analyst Sarah Carlson argues that the financial crisis in Cyprus “will have profound long-term negative consequences for the sovereign,” and that ”even in the best-case scenario, where the Cypriot parliament passes and implements measures that the euro area governments of the European [...] Sinclair, Farage, Roberts – Cyprus May Dwarf 2008 Collapse Today legendary trader Jim Sinclair told King World News why Lagarde’s IMF Cyprus disaster may cause far more damage than the frightening turmoil the world witnessed during the collapse of 2008. Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, was also joined in this interview by Britain’s very popular MEP Nigel Farage, and [...] Cyprus told: take bank levy or leave euro President, eurozone finance ministers and bailout troika hold emergency meeting as €100 limit imposed on ATM withdrawals Wealthy Russians stand to lose billions of euros in Cypriot banks under draconian terms being hammered out on Sunday night in Brussels to prevent the Mediterranean tax haven becoming the first country forced out of the single currency. Negotiations got underway [...] 03/23/2013 A senior Cypriot official suggested late on Saturday that his government was not close to an agreement with the troika over a range of measures aimed at securing a 10-billion-euro bailout for his country. “We are not in touching distance of an agreement,” the official, who preferred to remain anonymous, told the Cyprus News Agency. According to the news agency, the official said that the impasse was a result of the “inflexible” stance of [...] London Gold Market Report from Ben Traynor, BullionVault Wednesday 20 March 2013, 08:45 EST
Gold & Silver Trade Lower, Germany “Could Live Without Cyprus in Euro”
GOLD dropped below $1610 an ounce Wednesday, as stocks, commodities and the Euro all regained some ground lost since news of the Cyprus bailout negotiations broke over the weekend.
“We still believe that an interim low was made in February and that the precious metal should reach the January low [...] edmontonjournal.com Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country’s bank accounts. Lines formed at many ATMs as people scrambled to pull their money out after word that the €10 billion ($13 billion) rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included one-off levy [...] |
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TICK, TICK … BOOM! The European Project Is Crashing To Earth: IMF BLOCKS TROIKA DEAL!!! Every Half Hour, New Demands Are Made! CYPRUS CHURCH CLAIMS IMMEDIATE EURO EXIT – SPIEGEL! A Potential Bankruptcy Just 48 Hours Away!
zerohedge‏@zerohedge5 min
Nicosia official says Cyprus not in reach of deal with troika, blames IMF
A senior Cypriot official suggested late on Saturday that his government was not close to an agreement with the troika over a range of measures aimed at securing a 10-billion-euro bailout for his country.
“We are not in touching distance of an agreement,” the official, who preferred to remain anonymous, told the Cyprus News Agency.
According to the news [...]