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You Will Never Receive a Warning From a Central Banker, Banker or Politician
Central Banks, Bank CEOs, politicians… all of these people are focused primarily on maintaining CONFIDENCE in the system, NOT on fixing the system’s problems. Indeed, they cannot even openly discuss the system’s problems because it would quickly reveal that they are a primary cause of them.
For that reason, you will never and I repeat NEVER see a Central banker, Bank CEO, or politician admit openly what is happening in the financial system. Even middle managers and lower level employees won’t talk about it because A) they don’t know the truth concerning their institutions or B) they could be fired for warning others.
Central bankers lie because they draw all of their power based on the fact that they are beyond oversight or regulation. The minute they lose this power, it becomes obvious that Central Banks and Central Bankers are one of the primary causes of the financial system’s problems.
Ordinary bankers lie because if they were honest, their banks would collapse, they would lose their salaries/ bonuses, and they would very likely face legal actions.
And finally, politicians lie because many of them are receiving kickbacks, bribes, and other benefits from the banks.
Cue Cyprus…
A list of Cypriot companies and politicians that allegedly had millions of euros in loans written off by the three Cypriot lenders at a center of an unprecedented banking crisis on the Mediterranean island has been forward to Cyprus's parliamentary ethics committee after its publication in Greece's daily Ethnos newspaper.
According to the revelations, Bank of Cyprus, Cyprus Popular Bank (Laiki) and Hellenic Bank -- which were earlier this week acquired by Greece's Piraeus Bank -- has forgiven companies, MPs and local authority officials millions of euros in loans over the past five years.
The list reportedly features the names of politicians from all Cypriot parties except Social Democracy (EDEK) and the Social Ecology Movement (KKO).
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_29/03/2013_490679
The point here is that one of if not THE primary role for the political/ financial elite is to maintain confidence in the system. These folks will NEVER EVER admit systemic risk is present until it is far too late to prepare for it.
Case in point, the Bank of Cyprus, the bank that just imploded and STOLE clients’ funds was voted Best Bank for Private Banking in Cyprus by EUROMONEY magazine in 2012.
No joke…
Bank of Cyprus has been named as the Best Bank for Private Banking in Cyprus, by the internationally acclaimed magazine EUROMONEY
Bank of Cyprus Private Banking ranked first among Cypriot, Greek and other international financial institutions operating in Cyprus in the Private Banking sector. This accolade classifies the Bank among the leading financial institutions offering Private Banking services and is yet another important international distinction for the Bank of Cyprus Group…
This recognition by EUROMONEY is ever more important in today’s macroeconomic environment as it reaffirms the Bank’s ability to safely and successfully respond to its clients’ financial needs and emphasizes its clients’ loyalty and trust.
http://www.bankofcyprus.com.cy/en-GB/Cyprus/News-Archive/Best-Bank-for-Private-Banking/
So do not expect to EVER hear a Central Banker, politician, banker, regulator or anyone else in a position of power warn you of the real risks to your wealth. Indeed, as Cyprus has now SHOWN US, the only people who WILL be warned are the elite’s cronies. Indeed, as RT reports 132 companies had insider knowledge of the “bail-in” in Cyprus, and moved almost $1 billion OUT of the banking system in advance.
Please take a few minutes to digest what I’m telling you here. You will not be warned of the risks to your wealth by anyone in a position of power in the political financial hierarchy (with the exception of folks like Ron Paul who are usually marginalized by the media).
On that note, if you’re an individual investor worried about what Europe’s Crisis really means for your portfolio, we’ve published a FREE Special Report outlining exactly that. It’s titled, What Europe Means For You and Your Savings.
In this report, we outline the risks Europe’s banking crisis holds not only for those in Europe, but for savers around the world. We also explain how this crisis will most likely unfold, including which areas are most at risk in the financial system. And we cap it off by listing multiple backdoor plays on Europe that investors can use to profit from Europe’s Crisis.
You can pick up a FREE copy here:
http://gainspainscapital.com/what-europes-collapse-means-for-your-savings/
Thank you for reading!
Graham Summers
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http://bankimplode.com/
When they all implode, will things then get better?
Hey ZHers,
As a former risk manager for a certain large financial entity (of a cental orientation) I am going to be writing a book about savers and takers. Please don’t be shocked if I say it will be critical of certain aspects of our current financial system.
The general outline of the book will be that an upcoming struggle is emerging in civil society. It will be between those who have money but lack the political and financial power to defend it, and those who have the political clout to take it.
The savers and the takers.
This will happen because the capitalist system has been turned into a financialist system. The economy is no longer served by the banks and financial institutions. We are now at a point where the banks force the economy to serve them. Those who benefit are the financial class, their servants in the political class and the large international organizations such as the EU, the IMF and the World Bank. Those who suffer are the rest who are trapped in the system and cannot find the means to escape it – but they do have small amounts of saved money or equity.
Who are the savers? In short, it is those people who look to their own future and have taken decisions to set aside “value” from today and hold it for use tomorrow. This includes those with savings deposits, pension funds (401K, RRSP, ISA etc) and those who have equity in their homes. It also includes those who hold small physical amounts of precious commodities such as silver, gold and palladium.
The takers are those governments with unsustainably high debt levels and high levels of unfunded future liabilities. In cooperation with them are the major international banks that have over leveraged themselves as well as supra-international institutions such as the EU.
This meme – savers and takers – will shape much of the political and economic discourse over the next few years. The existing examples of where this has occurred have been Greece, Spain, Ireland and Portugal. How this all plays out is not clear, but there are lessons to be learned about the limits of the individual and potential social unrest.
You can see the rest of an article which describes the outline of the book at: http://tinyurl.com/dxsqjbe
or at
http://economicsfortherestofus1.blogspot.ca/2013/04/savers-and-takers-new-fault-lines-and.html
If you have any comments, ideas or whatever, feel free to leave comments and I will try and answer them. Send the URL to friends if you think this is a worthy project.
The Honest Ex-Banker
Their is no such thing as an Honest Ex-Banker.
You @ one time asset-stripped the community you were in and now that all that remains is the sun-bleached bones of the carcass you are going to write a book. Great! @ your book signing tour I hope a band of citizens who were ripped off by you hang you from a ESSO gas station sign.
How did you become an "EX" banker? Was it your concious or the fact you had nothing left to take from your community. I'll bet the latter.
In the future when we're all standing around the burn barrel reminincing about our past glory days, you know, John from the loading dock, Tom the carpenter, Joe the farmer, Etc., There will be you, the ex-banker, the one who corroborated to steal peoples lives, who will be treated like a pedophile in general population in the prison @ Leavenworth, Kansas.
I become an ex-banker (operational risk) by asking too many questions about contract sourcing.
For years, I've gone into my local bank branch (it rhymes with "Pee" Bank) several times per week. I know all the employees and they know me on a first name basis. A couple of month's ago, I went in to transfer more than 10k elsewhere.
By chance, the branch manager was in the teller booth with the teller. As the withdrawel was being completed, I commented that I probably shouldn't withdraw over 10k because withdrawels over 10k are reported to the IRS.
The branch manager looked at me suspeciously with the scorn of my 4th grade teacher and said..."I have NO comment and won't".
I've been on alert for this type of attitude since then and, have sent out "test" comments several times since then to gauge if the manager's attitude was throughout the bank and I now believe that not giving "fair warning" or comment on any banking issue is ordered top to bottom to all employees.
The authors article rings true to me.
I went last year to cash a $2K check at Regions. They asked me what it was for. Say, what?!
First response: None of your business. I thought better of it and told them "petty cash". That seemed to satisfy them. There will be a day when it won't be explanation enough -- but I won't have $2K in a bank either.
PS: I do NOT have a Regions account any more. What bankable funds I need are in a local small bank with only 6 branches.
Graham must be having writers block today, and felt obligated to point out the obvious. Well maybe there's some newbies here.
Difficult to imagine how those of us at ZH would be able to navigate these treacherous waters without Graham.
Be sure to sign up for my free email report detailing exactly how serious I am.
Politicians and Banksters. A Global cull of these fuktards is required.
The way I get a heads-up about an impending bank implosion is just believe the opposite of whatever a banker or politician says. That's the only way you're going to know the truth. The banks in Slovenia are about to implode because the bankers there said they are well capitalized and don't need any IMF money. Timmy Geithner said the credit rating of the USA would never be downgraded. 3 months later, downgraded!!
When Jamie Dimon takes a bus tour around the country "to get to know their customers", I'll be afraid... very afraid. Look for glad-handing, back-slapping, and baby-kissing campaigns amongst the upper crust for the tell-tale signs that something is nearing the fan blades. That crew includes politicians, bankers, and household names in Big Business.
You left out MSM and the govrnment as other co-conspiritors.
Light weight material, "purple prose" at it's best...... (so fluffy and pretentious ya just can't stand it.....)!
It's "Wag The Dog" all over again ...
Ever since Phoenix Capital had been giving these apocolyptic predictions timed to the week and month, I had totally ignored any of their postings.
But the first statement on this headline was the truest, most straight forward and appropriate warning /statement of fact I have heard in a long time.
You will not know your screwed untill they are finished.
Screwed.
Q: How many politician is take for screw incandescent bulb?
A: None is admit bulb is burn out even in darkness.
you will receive pre-approved platinum credit card applications however
Credit Card application is actual core of Titanium.
Credit Card application is actual core of Tritium
there ,fixed it for ya
Tritium is liquid, so is cannot be in seized credit market.