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Woman’s life savings destroyed by termites… Chinese woman almost lost her life savings recently when termites invaded a wooden drawer in which she kept a plastic bag containing 400,000 yuan: the equivalent of $65,000 U.S. dollars. It was only after the woman decided to redecorate her house in Guandong Province that she noticed the termites had dined on her nest egg. According to the Guangzhou Daily, the money was given to the [...] CYPRUS: COULD THERE NOW BE A RUN ON SPANISH, ITALIAN & GREEK BANKS? Well if I lived in Spain. Greece or Italy, do you know what I would be doing tomorrow? Trotting off down to my local bank and withdrawing all my savings and then either stuffing it under my mattress, putting it into a German bank, or buying property or gold with it. http://www.iaindale.com/posts/2013/03/17/cyprus-could-there-now-be-a-run-on-spanish-italian-greek-banks? After The Banksters [...] By Mike “Mish” Shedlock The Chinese banking system is insolvent. Of course, the entire global banking system is insolvent, but today’s spotlight is on China. Please consider China averts local government defaults. Chinese banks have rolled over at least three-quarters of all loans to local governments that were due to mature by the end of 2012, an indication of the immense challenge facing China in working down its debt load. Local governments borrowed heavily from [...] Up until 2wks ago I lived on the Dearborn/Detroit border, I’m very used to seeing security posted outside of banks in that area, in any inner city area for that matter. I’ve lived in the burbs and rural areas mostly and now I’ve moved back, it’s an area well known to be safe, peaceful and well patrolled. A cpl weeks ago I noticed a security guard posted on the outside [...] Richard Koo is the Nomura economist who is famous for his theory of the “balance sheet recession”, the idea that busts like ours or Japan’s are the result of the private sector deleveraging and need to be counteracted with aggressive fiscal policy. In his latest note, he does a grand tour around the world, making observations in Germany, Japan, Spain, and the US. The observation about the state of the banking/housing system in [...] Closing Time… Poet ———- Heidi is the proprietor of a bar in Detroit. She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar. To solve this problem, she comes up with a new marketing plan that allows her customers to drink now, but pay later. Heidi keeps track of the drinks consumed on a ledger (thereby granting the customers’ loans). Word gets [...] by Tyler Durden
Between headlines of Bankia’s demise and the growing deposit outflows from Spanish banks, perhaps the market is doing its job. According to the EC’s Stability Report, via UBS, one measure of bank sector capacity and efficiency (population per bank branch) shows Spain in a dismal worst place with the least efficiency (or highest over-capacity). Of course, we would suspect that whatever state-funded reach-around bailout the Spanish government comes up with next [...] From Forbes: The Consumerist reports on a soldier who is having a dispute with Bank of America: WKTV in Utica, N.Y. says John [McDevitt] has been protesting outside his local Bank of America branch with a sign saying, “A soldier that puts America first should have a bank that puts the soldier first.” JIM MUSTIAN Former Columbus police officer Edward Pascucci had been jobless for more than a year and was facing homelessness last summer when he decided to rob a local bank. Making off with stacks of cash, however, never was his intention. Pascucci told a federal judge on Thursday he’d run out of options, was facing “severe health problems” and opted to avail himself of the services offered by the federal [...] James Rawles Editor’s note: The following article comes to us via Lew Rockwell and has been graciously contributed by James Rawles, author of Patriots and Survivors, and editor of one of the most resourceful preparedness web sites on the internet – Survival Blog, a daily web journal for prepared individuals living in uncertain times. As the economic crisis deepens and the US dollar progressively depreciates until its eventual demise, enterprising minds that act ahead of the masses [...] Yesterday I dropped by to see my personal banker at my small, highly rated, local bank. She’s the district manager now so I thought she would have a finger on the pulse of the local economy. “How are people doing”” I asked. “It depends,” she answered. “Some have their house paid off and no debt and they are doing okay, But some . . .” she frowned and looked at a loss for words. “But some [...] “My thesis is that, with the sustainability of euro integration now a pressing issue, capital flight has begun in earnest. There is evidence that huge flows have left the “periphery” banks in search of the safety of German and other “core” institutions. A fascinating Bloomberg article on Thursday (“Germany’s Hidden Risk” by Peter Coy) introduced the term “Target2″. It’s the name for the European Central Bank’s suddenly important interbank payment system, which before [...] Mary is the proprietor of a bar in Dublin . She realises that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronise her bar. To solve this problem, she comes up with new marketing plan that allows her customers to drink now, but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans). Word gets around [...] by ZH
Two weeks ago we presented pictures of a bank run in Latvia after one local bank had been found to do just what MF Global is alleged of doing – gross commingling. To wit: “If anyone is wondering why the collapse of MF Global after the discovery of its commingling and theft of client funds was the single worst thing that could happen to market confidence, then look no further than [...] #1. I’m sure if you added up all the student loan debt that has been borrowed and then add up all the student loan debt that has been paid back i’m almost certain the amount paid back exceeds the original amount loaned out. So therefore they have made their profit. It would be interesting to see how much exactly they have made. #2. I’m sure you have heard the term buyer [...] Risk correlations will likely remain high, at similar levels to what we have seen since 2007/2008. Broader macro shocks continue to dominate country-specific factors and most FX cross rates. A local reporter in Eureka, California has the unenviable task of trying to figure out who pooped on a local bank. Via YouTube: “News Channel 3 Eureka CA reporter asking the Occupy protesters if they peed or pooped on the bank. All they can say is that the bank pees and poops on us all every day. She then walks through the camp and then gets assaulted by a camping occupy protester [...] by Nomi Prins Ten Reasons Not To Bank On (Or With) Bank Of America Charging customers for a debit card is just one reason not to bank at BoA. Recent Occupy Santa Cruz Bank of America incident illustrates how sensitive B of A is to protest. This “too big to fail” bank may collapse like a house made of junk bonds and become a taxpayer burden. Here are a few other reasons why [...] Obama at anti-war protest, 2002 (Source: Verum Serum) Just twenty or so years ago, Barack Obama wouldn’t just have supported the Occupy protests. He would have organized them. From Stanley Kurtz’s essential Radical-in-Chief: Barack Obama and the Untold Story of American Socialism, pp. 117-8: “In fact, Obama personally helped plan one of UNO’s most confrontational actions of the eighties [in 1988]: a break-in meant to intimidate a coalition of local business and neighborhood leaders into dropping [...] • Research your local credit union options (or community bank, if applicable) • Open an account with the one that best suits your needs • Cancel all automatic withdrawals & deposits • Transfer your funds to the new account • Follow your bank’s procedures to close your account on or before 11/05 • Spread the word!
Bank Transfer Day encourages supporters to close their accounts just as they opened them– independently, with respect and without signage. [...] provided by A new federal program is offering aid with a sweet kicker: It doesn’t need to be repaid. For the roughly four million homeowners who have fallen behind on their mortgage payments, the federal government is offering yet another remedy: free money to catch up on their loans. The effort, called the Emergency Homeowners Loan Program, is the latest in the federal government’s efforts to [...] From FT: In a perverse sign of the economic recovery, the US divorce rate, which dipped in the recession, has bounced back, lawyers and matrimonial experts say. A stronger economy, lower unemployment and a housing market that – while still weak – is no longer in free fall are all contributing to a rebound in divorce filings. “There is huge pent-up demand,” said Marshal Willick, a Las Vegas matrimonial attorney, who has [...] by Nate I’d been raving about your stuff to my mom and she had been intimidated by the more extreme things like using Mint (hey’ she’s old, give her some slack!), so I took another approach and offered to help her cut costs on some of the smaller things she’d been complaining about, like her too-high cable bills. I pulled out my copy of your book, [...] via WSJ: PARIS—Bankers and politicians warned against a plan inspired by French former football star Eric Cantona to spark a bank run next week, saying that such a move would be counterproductive. The plan—which calls on depositors to remove their money from banks on Tuesday—has attracted increasing attention in recent days, drawing comments from French financial leaders .. “What Eric Cantona said, I had been thinking for a while,” she [...] by belsebub Mary is the proprietor of a bar in Dublin . She realises that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronise her bar. To solve this problem, she Word gets [...] The Plan: Go to your local bank, near bank, shadow bank, or credit union on Tuesday, Dec 7th, 2010 and simply withdraw and remove all of your funds in cash or certified money drafts also work well (payable to yourself)…. and vote for some real change upstairs. Even if it costs you an overpriced $18 service fee – it will feel so [...] by theCrazy-Cajun Today, most financial institutions still hold the “barbarous relic” attitude toward gold. Yes, you can get GLD through any stockbroker, but with a few exceptions, the brokerage firm’s heart isn’t in it. They offer GLD for the same reason even the best seafood restaurants have a steak on the menu – they know someone will ask for one, even though that’s not what they are in business to serve. Before [...] The explanation below arrived in my inbox and certainly seemed to assist in debunking the myths of the crisis. Heidi is the proprietor of a bar in Berlin. In order to increase sales, she decides to allow her loyal customers – most of whom are unemployed alcoholics – to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans). Word gets around [...] Heidi is the proprietor of a bar in Detroit . She realizes that virtually all of her customers are unemployed alcoholics and, as such, can no longer afford to patronize her bar. To solve this problem, she comes up with new marketing plan that allows her customers to drink now, but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans). Word gets around [...] |
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