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Bail-Ins And Deposit Confiscation Confirmed At ‘Future of Banking in Europe’ Conference
Gold fell $32.20 or 2.57% yesterday, closing at $1,219.00/oz. Silver slid $0.84 or 4.2% closing at $19.15/oz. Platinum dropped $20.95, or 1.5%, to $1,336.25 /oz and palladium fell $9.78, or 1.4%, to $708.72/oz.
Gold advanced from nearly a five-month low, after the biggest one-day drop since October, as investors assessed whether the U.S. economy is strong enough to warrant a move away from ultra loose monetary policies.
Gold fell despite the data yesterday being mixed. It showed that while U.S. manufacturing unexpectedly accelerated in November at the fastest pace in more than two years, retail spending fell on the weekend after Thanksgiving for the first time since 2009. The overly indebted U.S. consumer is struggling which does not bode well for the consumer dependent U.S. economy.
Gold in US Dollars, 5 Year (Bloomberg)
Bulls took solace in the fact that the price falls came on very low volumes - volume was 20% below the average for the past 100 days at this time of day, data compiled by Bloomberg showed.
Gold is down 26% year to date and many analysts agree that it is now very oversold. The 14-day relative-strength index fell to 30 yesterday, signaling to some analysts who study charts that the price may be set to rebound.
Physical demand picked up on lower prices overnight - particularly in China and Asia. In China, now the largest buyer of gold in the world, premiums of 99.99% purity gold climbed to about $11 an ounce from $7 on Monday on the Shanghai Gold Exchange (SGE).
Bail-Ins And Deposit Confiscation Coming Noonan Confirms At ‘Future of Banking in Europe’ Conference
A major conference on the future of banking yesterday heard contributions on a European banking union which is being negotiated by Eurozone finance ministers. One of the aspects of that union will be a 'bail-in' of deposits when banks fail in the future. Michael Noonan, Ireland’s Minister for Finance confirmed yesterday that bail-ins or deposit confiscation will be used.
The toolkit underpinning the Single Resolution Mechanism is provided for in the bank recovery and resolution proposal (BRR) which was agreed last June in Council under the Irish Presidency. The proposal provides a common framework of rules and powers to help EU countries manage arrangements to deal with failing banks at national level as well as cross-border banks, whilst preserving essential bank operations and minimising taxpayers' exposure to losses.
One of the main pillars to the BRR framework to facilitate a range of actions by authorities are “resolution tools”. Noonan confirmed yesterday that resolution tools include the sale of business, bridge bank and asset separation tools and also the use of bailins.
The era of bondholder bailouts is ending and that of depositor bail-ins is coming.
Preparations have been or are being put in place by the international monetary and financial authorities for bail-ins. The majority of the public are unaware of these developments, the risks and the ramifications.
It is now the case that in the event of bank failure, your deposits could be confiscated.
Let's be crystal clear: The EU, UK, the U.S., Canada, Australia and New Zealand all have plans for bail-ins in the event of banks and other large financial institutions getting into difficulty.
Download our Bail-In Guide: Protecting your Savings In The Coming Bail-In Era (11 pages)
Download our Bail-In Research: From Bail-Outs to Bail-Ins: Risks and Ramifications(51 pages)
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The graph isn't entirely accurate. It lists Canada as a "safe" place when they have also publicized a risk of bail-ins.
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The March budget announced that Canada intended to implement a "bail-in" regime for systemically important banks to ensure that in case of failure, there would be no need for governments to bail them out. In Canada, those banks are the Royal Bank, Scotiabank, the Bank of Montreal, the Canadian Imperial Bank of Commerce, Toronto-Dominion and the National Bank.
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http://www.cbc.ca/news/business/bank-bail-in-plan-shouldn-t-worry-canadi...
I have a question that I need some understanding on, perhaps somebody can help.
My understanding of the paper gold market is that it acts to deflect demand for physical gold away onto the bullshit paper promises, acting to suppress the price of physical gold than it would otherwise be without the paper market. I.e. without paper gold, the physical gold price would be much higher.
So does an increase in demand for paper gold PMs act to decrease the physical gold price?
Maybe ... but you also have to consider that speculators don't actually want to own gold, they only want to bet on the direction of the price or the volatility of its price. A lot of the gold trade is simply gambling and not ownerhp.
And when there's money being printed up out of thin air for some certain people, there can be a hell of a lot of speculation by those people.
Yes I see parallels with fractional reserve banking. Paper gold certs are claims on physical gold, and of course there are ALWAYS much much more claims than the real stuff. Just like the 97% of electronic money you see on your bank account statement are claims on the 3% physical cash in circulation.
So when a financial crash happens, there will be a rush to physical and its price will explode upwards because of the demand for physical. Does that mean that for the paper pushers to make a profit from the rising gold price, they are relying on those buying up physical? But of course not all the claimants will get to redeem because there is not enough gold. Most paper holders will be left without gold, only cash when they sell their EFTs or certs. I guess the conclusion is if you prefer cash, or believe in fiat, buy paper gold. If you don't believe in cash or fiat, buy real gold!
The FREE BTC offer through ZH has moved...
http://www.zerohedge.com/news/2013-12-03/one-big-problem-bitcoin
There are FREE BTC's still available, FoneStar has decided to share his loot.
Murder comes after theft.
I find it laughable that any ZH'ers would argue the limit versus the premise of deposit THEFT, errr bail in
The action on Gold has nothing to do in relation to the physical metal.
This is a football game where one side being totally incompetent (Central bankers, Bullion bankers, Cartel) is allowed to have 30, 40, 80 players on the field according to their desires, act as the referees and have their finger on the light switch for when things dont go well.
They can control the exact score if they wish, they can let you win if they want...or they can thrash you to death if that is what they need. They decided they didn't like 1,900 for gold and decreed 1,220
When you control all the levers, are the umpires, have access to unlimited resources...there isn't anything you cant do.....unless you are totally fucking stupid....as they are.
These total morons, being in control of everything....money, printing, judges, regulators, politicians, whitehouse...having every lever at their disposal with no accountability...to do exactly as they wanted....STILL managed totally fuck everything up. They still smashed the global economy into a wall, made themselves bankrupt requiring to print themselves massive amounts of money.
And with all those countless billions, trillions they print acording to their desires...there is one fucking thiing the supid wanker morons did not do, which they could have done....buy up gold. They could have many thousands of tons added now.......but now they are almost on empty and need scrounge around and change the rules lest they have a catestrophic failure. Bernanke is a total Fool.
The problem for them when you do shit like that is you bring in many variables, many potential black swans that can eat your ass...your total control becomes only a mirage. You let people see behind the curtain, and though you think you have total power and control over everything and that you dont have to worry that you have been exposed......well history tells us time and tides can turn very quickly.
At the end of the day it may be pariahs like China and Russia, with India that become the accidentl saviour of Americans.
I agree wit everything you said, but the truth is they want evrything to go down. This way, the avg Joe will sell all his assets for survival. Also, the powers that be really haven't lost anything, the tab has been transferred to the public. Their motto is "privatize profits, publicize losses". It's a win win situation for them, and a lose-lose situation for the common man..........
OUCH
YOU OK THERE LITTLE GOLDBUG ? I AM SO SORRY THAT THE BIG BOOT OF REALITY HAD TO COME DOWN ON YOU.
MAYBE ONE DAY YOUR GOLD HOLDINGS WILL ALLOW YOU TO TRANSFORM INTO THAT BEAUTIFUL BUTTERFLY YOU'VE BEEN TALKING ABOUT EVER SINCE NIXON
This sucks.
Here's a loaded question as to which I confess I am mystified: why is the price of gold declining at all? If anything it should be at least holding fairly steady or rising.
If you've had an account here for over 4 yrs and you say you are mystified by the paper manipulation of PM prices, you're a fucking troll of the highest order, Ned.
Good question, but NUMBER 1 reason is DEFLATION,
In deflation folks have to sell all to eat, .. that is why stuff, like toys and gold is goin down, but food and oil rises.
1.) deflation, folks sell gold to eat
2.) morons selling gold to buy BTC, cuz they're not patient to make 100%/week
3.) Everybody that had money to buy gold did buy gold, ... greatest fool theory complete,
4.) Gold had a very good run up for ten years, nothing lasts forever, and especially bull markets.
There 4-5 reasons that gold is going down, but the number one reason is nobody has money or a job, and they got to sell their gold too buy food or fuel.
You're projecting your beliefs about the US. Give me one solid reason why I should leave the US and everything I believe in, to join you in living out the rest of my life with a culture I have no connection to. (btw- I own multiple properties here and abroad and have the means to live anywhere I want) I'm not testing you, I'm seriously asking for a reason.
And the dollar has rallied a bit... temporaeily as far as I can tell, but who knows what's real anymore. They just print MOAR.
Less buying and now they turn up the heat and weaker hands will sell. Just like any pther market.
Australia...really?
Which raises the question, that if you do have money to protect how do you do it??
What is the best strategy??
I have cash in the bank and all my superannuation funds are in Cash at around 3% now.....but if bail ins are coming if Aussie banks hit trouble...!
Or thinking ahead....the price of food staples to rise? Long term energy prices?
Time to spread my money between banks.
In the future, the US will look at the indivuals IRA and 401k value and subtract any SS payments or entitlements.
EXPECT IT.
Some interesting stuff on a parabolic increase in shark attacks in Hawaii, at the same time as Japan disaster flotsam is noted in the island chain.
Yep, that whole destroy the food chain of the HOME PLANET's biggest ocean is always a bad move.
http://nukeprofessional.blogspot.com/2013/12/apex-predators-in-hawaii-ar...
My bank has a new more restrictive policy for private international wire transfers. Corporate international wire transfers are still easy.
Don't forget that the good people of the USA have already sustained the same damage as a bil in as a result of non existent interest on their accounts in addition to taxation and inflation.
Does anyone know if the bail ins will apply to investment accounts at firms such as schwab?
The money market funds at places like Schwab have been subject to bail ins and freezes for some time now.
Its not worth the risk for the miserable return. Call them and tell them to stop using the sweep fund and just hold your cash balance as cash. They won't do it.
mine declined to answer definitively saying government laws & rules were not yet clarified.
Bail ins = The traditional European way; the state controls and the Feudal lords pay their dues to "Indulge" the new Pope of state power. To purge the state balance sheet for those who don't get nationalized in bankruptcy.
Not saying that when you have amassed 95% of the wealth in the PREVIOUS phase of welfare state rape, payback of EVEN 60%, is stealing by the state/people... But a way of keeping the social peace between the predators (the humbled feudal for their hubris) and the suffering sheeple, now tasting the sour grapes of wrath as in the past and receiving the crumbs from this state initiated reset in dire attrition; eternal role of state since we cut off the head of the king of divine rights.
In order for this European solution to work it goes without saying that Europe has to DECOUPLE from the Pax Americana model; big time...Some program in first world ! The end of the WW2 legacy!
Of course, asking the state or the Oligarch to be picture perfect is not of this world; alas, that's the lesson of history. The future as the past will be an eternal tug of war never an utopian paradise.
As for those who pretend that capitalism unfettered and small state is the future of man; I refer to our libertarian zealots who have never had a functioning State in history to reflect their utopian ideology that Ron PAul incarnates; 1929 Oligarchy big business hubris and subsequent 1980 + Reaganista supply side frenzy prove the very contrary; especially since the Bush cabal jacked it up in NWO hubris à la labour arbitrage outsourcing meme. For all our dystopian joy in first world, as of post 2008 status quo doldrums.
I know RP and TP consorts are not on that page; no, no, no, none of those tea drinkers ever had ANYTHING to do with republican NWO hubris, even tho' they were part and parcel of it; like Palin and all those others.
Go figure that out, how to bemuse history after the facts. RP of course since the 80s was true to his values like a lonely prophet in his own land, I'll grant him that; not those others.
Lets see what "free libertarian USA" will produce to solve its own problems in the coming years.
From Pax Americana to Pax Libertania? Some program for a fortress USA retrenched to cleanse out the stench of past excess.
"As for those who pretend that capitalism unfettered and small state is the future of man; I refer to our libertarian zealots who have never had a functioning State in history to reflect their utopian ideology that Ron Paul incarnates;"
If you define state as a Government that can hold up a piece of paper and say, this is what gives us power and you must obey whatever rules we come up with(2008 financial crisis is just one example of arbitrary rule-making under a "state"), which is what all governments are, then exactly how can you have a state and unfettered capitalism at the same time? Or do you like to "pretend" that there could be unfettered free markets whilst having a state? Or am I misunderstanding you?
If there are libertarians that purport that there is such a thing as "utopia", I believe they are mistaken and/or misguided. I do not believe there is such a thing. My hope is that people search for the 'least imperfect' solution. If you're looking for perfection on earth you're on the wrong planet.
Btw, not that it matters much, but I neither up or down arrowed you falak.
If you "junk" State and its voted laws imposed by THE ELECTED, then you junk the whole of the US nation construct from Jefferson's Declaration, to Madison and the Constitution to Abraham Lincoln and FDR.
I don't think that in an imperfect world, and ALL human constructs are imperfect; we agree on that; you can find a community functioning without laws and elected leaders. The Roman Senate, first example of a true political construct living under written laws, taught us that; even tho' the Greeks before them taught us the rest.
As for "unfettered" capitalism, my whole thesis is that capitalism is a skewed game and markets are IMPERFECT; whence the need for the politcal process of State (legislative, executive and judicial with true separation of powers) cum the fourth pillar the "free press", required to REGULATE it on a continuous and transparent basis.
For me a fair society is one where there is balance between personal freedoms and collective responsibilities as defined by law. The first article of the US Constitution or the declaration of human rights says just that : One man's freedom ends where another's begins under law.
And, Markets are not God given, just human constructs.
"If you "junk" State and its voted laws imposed by THE ELECTED, then you junk the whole of the US nation construct from Jefferson's Declaration, to Madison and the Constitution to Abraham Lincoln and FDR."
Precisely. I recommend watching the following if you have the time: Articles of Confederation versus the Constitution (by Sheldon Richman)
I'm not going to say there shouldn't be any rules. There needs to be some rules in what we call society. I believe there will always be hierarchies. Someone has to be in charge of something somewhere, at some point in time(think of your own household). But I believe that there is a difference between what we today call "Government", and Governance. The difference is how the hierarchy and rules are formed.
I don't believe in "representative democracy". Here in my geographic location that has borders as deemed by the Government, that is called Colorado, marijuana has been decriminalized. How did it become decriminalized? Did the politicians (so-called "leaders") in the State Legislature pass laws to decriminalize it because it was "the will of the people"? No. The people had to go around the politicians with a petition process to get the issue on the ballot. Obviously, the people wanted it decriminalized. So why didn't the so-called "Representatives of the people" do this? Why did the people have to go around their "representatives"? Am I really supposed to think that the politicians represent the people? To me that notion is absurd. How about T.A.R.P.? Was that a representation of "the will of the people"? Hahaha!
What exactly is a "Nation" anyway? Is it something where you get to arbitrarily deem another human being as "illegal"? Should I look at another human being and go... look, there's an alien!
I'd hate to think what the alternative is : total every man for himself and one man governments. We are all kings; and we'll all end up as slaves to our own anarchy. But enuff said ...history has been down that alley.
If you don't know what a nation is then you don't understand history. It went from caveman, to tribe, to kingdom, to nation; sometimes to empire. It had as cement : One king, one religion, one law and one language. Until there was enlightenment and nation state construct with minimal human liberty laws; on paper if not in fact.
Never been a one man to himself construct; except on Robinson Crusoe island.
Good Luck!
Perhaps I should have left the "what is a nation?" question for later. It seems to have caused you to skip over/ignore my points/questions about representative democracy.
My understanding is that the original Greek meaning of "anarchy", was, "without ruler". Not without rules. If we were all able to be Kings, that would mean that we could all rule over others. That of course is not possible.
For what reason do people wish to be a king(today it would be called a politician), to have the power and control to "rule" over others?
No, it's never been tried. I think it should. I just want my freedom back.
Wasn't the traditional European way to borrow money from people and then KILL them to avoid paying the debt? Liquidate the debt and the person both at once. The real reason for the occasional pogroms and Templar killings.
Damn right; that was the way of divine right kings until the Enlightenment.
Since then the State took over and taxation became the great social leveller not war (except during the fascist and commie knee jerk as a RESULT of Colonial cum Capitalist collapse of 1914- 1929; something we should NEVER forget as unintended consequence of destroying the social construct of society).
Taxation; aka wealth redistribution : A more civilized route to spread the wealth horizontally and NOT vertically as was the way in times of divine kings and feudal Oligarchs. But there are limits to its efficiency; granted.
Our current world has resuscitated the vertical Oligarchy construct of old at a vertiginous pace thanks to this Reaganista sleight of hand of "small government" which in fact is mORE government BUT to protect the RICH.
Now the State sucks the teat of the Oligarchs.
You want your freedom back?
Remember freedom is never given it has to be taken at a price : Like for Snowden. He sacrificed himself to save the world from NSA slavery all hidden behind the "terrorista" meme (oups sorry Pandora!).
Getting our freedom back in first world is making our Democracy and Republic TRULY FUNCTIONAL again.
NO other way which won't be SELF DESTRUCtIVE...
round robin hood, 250 years to complete. then a real tea party?
hmmm, like my black tea hot! shh, she a beaut...
The USA as a nation has sufficient peoples and resources to be a self-sufficient nation.
Unfortunately it can no longer clothe itself and is rapidly losing the ability to build factories or houses.
The many cities are in decay, the fields lie parched and the people grow surly and obese on a diet of junk food and television.
The young children are mal-educated and many are no longer taught how to write cursive. They will in a short few years lose the ability to understand their past as they have already lost the ability to understand their present.
It is a nation of walled ghettos of the rich surrounded by a sea of poor. It is a blind nation dying before a mirror it cannot see.
As to the future:
Green shoots, all I can see are green shoots, everywhere. Green shoots.....
ouch.
It seems in the UK, that RBS were doing their own bail-in for years, tying down business customers to harsh terms with high fees and demanding interest rate swaps, then re-evaluating the collateral assets downwards to the point that they could claim the business was insolvent and they could seize the business outright. Magically the asset valuation immediately recovered, and the bank made handsome profits.
Quelle surprise.
The banker is your best friend. (If you gave him enough kickbacks or if you can blackmail him).
If you still believe that your money is still in the bank for you to take out whenever you wish then you are dreaming of the way things used to work before the financial crash.
If this isn't a fucking warning, they deserve to have their shit seized.
I made Night Soil the last Wednesday in my compost bin, and a strange white man in a $5000 dollar suit scooped it up and ran off.
Shit's getting real!
If all the people with real money start using deposit brokers these bail in schemes become useless. In this age of electronic banking spreading money around in sub deposit guarantuee accounts is trivial. Only stupid money is vulnerable to bail in ...
they'll be going after the corporates and the big fish. Not easy to hide when you have billions if your off shore becomes on shore via IRS strong arm.
Can't steal what they don't hold. Conversely you don't own what you don't hold.
When theft is the game, possession is the rule.
Filthy rotten thieving bastards one and all. Steal one copper coin from me and you'll never make that mistake again, rat fuckers.
Don't miss out!
Steal one, get one FREE!
Steal one COPPER penny and you get a free BRASS SHELL delivered at 1100 feet per second!
nobody has deals like this till today... NOOOooo body!
Unannounced Bank Holidays always start on a Friday.... :)
except when they Don't
Banks, by law cannot be closed for more than 3 consecutive days regardless. Milestones