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Martin Armstrong Warns Donetsk's Bank Closures Are A Lesson For The Rest Of Us
What is happening in Donetsk is by the classic book on how to wipe out an economy.
The banking system has shut down. The banks simply have said it is too dangerous for their staff to work.
The only way to get any money is using a bank card but that will soon run out.
Ukraine’s biggest bank, Privatbank, says the situation in the eastern cities of Donetsk and Lugansk has reached a critical point that is too dangerous for staff to go to work. ATM and branch services have been shut down. Elderly who relied upon pensions from the state just do not know what will happen now.
This is a warning of what can happen in the middle of an economic crisis in the modern era. With everyone relying upon government handouts and the dwindling supply of actual real physical paper money (cash), we can easily end up in a situation of barter.
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Bag of potatoes for liter of vodka
It's fun to make fun of the dollar, because it's such a worthless piece of shit.
But we fail to remember sometimes that there are two kinds of dollars: digital dollars and paper dollars.
When you consider that digital dollars outnumber physical dollars by a factor of thousands to one, one is forced to realize that paper dollars must be worth a lot more than their digital cousins.
Got cash?
Remember change (coinage) will be extremley important, running amok with "big bills" (10's,20's, 50's etc) could quickly bite you in the ass! If I have something you want & all you have is a $50.00 FRN well guess what! My item is now worth what ever you have! So keep loose change when cash is king!
That fits with history. I had a long, fascinating conversation a couple years ago with a Russian woman who described her memories as a child of playing with wads of worthless Tsarist banknotes. Her parents saved all the coins for food and bribes, because the metal still held value. What ultimately saved their lives was a gold coin pendant that her mother wore, which bought them space on a boat.
It's fascinating how the sheep are herded into plastic and the new smartphone "swipe" technology. In a barter economy, I find it hard to believe that desperate sheeple are going to be hoarding credit cards and BTC wallets and lining up in front of local cell phone providers.
Barter bitches.
The Rabbit Hole
Another shameless blog by TwoShortPlanks
http://twoshortplanksunplugged.blogspot.com.au/2014/05/the-rabbit-hole.html
Privatbank is owned by oligarch kolomojski who sponsors right sector and Nazis in Ukraine! Fuck that bank!!! Martin Armstrong ur articles are half truths!!! Makes me wonder...
Armstrong has an unnatural hatred of Russians it seems...
During the 30s my grandfather said the county couldn't make change for a 5 dollar bill when you came in to pay property tax, money was scarce
I hear there's an APP for that!!
One of these days somebody will come out with an iphone/android app that will allow a transaction, for anything, anywhere, and will advise you as to the the most profitable currency from an FX AND Tax perspective, for the transaction without ever involving a bank anywhere
Who run Bartertown?
removed
It must get worse before it gets better.
Off topic Kim Jong Un racees. Let's use this as an excuse to free N Korea. Works perfectly as racism not tolerated. Wonder what his buddy Dennis thinks of his new "best friend"?
http://theweek.com/article/index/261229/speedreads-north-korea-launches-...
Perhaps the NBA owners could tell Obama and the UN how to handle the situation??????
I wonder how Dennis Rodman is handling the racist rant?
Close them all and then they people will realize they don't need banks or banksters to survive. Just like when the US govt shuts down, I don't notice any difference in my life.
That's because the govt didn't really shut down. Something like 80% of it still ran, they just made a big show of closing down things like open air parks to try to play the blame game. If the govt ever does actually shut down, I guaran-fucking-tee you riots in all major cities when the snap cards don't get filled up and the welfare checks stop flowing. You may not notice a difference in your life, but anyone who lives in a big city will certainly notice, rather they rely on a govt check to survive or not.
You better have two avenues for bartering - one would be for immediately after the collapse (goods such as alcohol or food or water), and one for longer term survival (which would be a skill or ability that has value in a post-collapse world).
Ukrainian females are cute. Rise in bartered VD for Ukraine now, Martin??
Most people don't realize that Ukraine has the world's highest population of white, non-gay AIDS-infected. Although it is well understood that needles are the primary vector of transmission, not sex.
Someone please shutdown the Wall St banks asap.
Obviously, those banks were not FDIC protected.
THAT would have made a difference.
<sarc>
Didn't see your Commodore C64 prediction for this, Mart. Or was it 2013.388765?
The problem with your assertion is that Martin actually has a long track record of success with his models.
so why hasn't he retired?
Well, he was quite literally a prisoner of his own success, for the better part of a decade.
Do you even know the first thing about the guy?
Yes, I read his stuff when he was in jail and Jim Sinclair published his typed newsletters over at jsmineset.com. That must have been about 2010. I found that material quite good, also the stuff that was published at the predecessor website to armstrong economics. After that it just bored me, there was nothing new.
I also take exception to people claiming to predict future asset prices based on whatever wave patterns were observed in the past. If any system was even remotely better than chance in this respect the inventor could just trade it on his own account, lever up 20 x and retire to the Cayman islands. Why would he have to hawk it like Robert Prechter? If you've made any serious money with MA then I'm happy for you.
good for hookers...bad for the old ladies living onthe $15 dollar a month retirement money....maybe they are seeing that Russia is not that good...
If they join Russia, they'll get $45/mo.
How do you think they'll vote?
You forgot to mention that Privatbank finances the fight against Russian Ukrainians.
Ukraine’s largest bank, Privat bank, promised to pay US$10,000 for every “Moskal” – which is an insulting word used by Ukrainians to refer to Russians.
“Anyone who furthermore arrests a Kremlin-backed saboteur and passes him to the National Resistance Headquarters in Dnipropetrovsk Oblast will receive $10,000. Freeing any government building will lead to a $200,000 reward, disarming separatists of their weapons could to allow earn an additional $1,000-2,000”.
The bank was founded by the country’s third richest man, Kiev-appointed governor of Dnepropetrovsk, Igor Kolomoysky.
interesting. Wonder why Martin's sources didn't provide him with this gem.
Let me guess, another Irishman?
I have cots, sleeping bags, MREs, and bottled water. If you're a cute girl, perhaps we can,um "do business."
Or maybe someone comes and takes it all from you?
*points to login ID* "Postal" isn't just a cute name: It is my actual, unit-annointed, commander-approved, military call-sign. "Someone" who comes to take my shit and my girls is in for a nasty surprise.
Cute chick with the black Newfoundland. Or is it a Schnauzer?
There is a cute blonde as well, she is wearing a red shirt. It looks like she is looking for the ATM.
Shit! You're right. I missed her on the first viewing. That must be her husband front R.
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You can see the bomb trigger device in the guy's hand. Just walking by to admire his work.
A few silver and gold coins will probably go a long way as long as you do not store it with a bank!
What is the sound of one hand clapping?
What is the share price of AAPL on a closed down stock market?
What is the ROI of US bonds after China delivering a coup de grâce to the "winner" of a nuclear war between NATO and Russia?
This really is a big story. While we all focus on the political nature of the Ukraine crisis and the possible military confrontation, the real story is one of economic collapse. The IMF, USA and EU have all promised the west Ukrianinas a western European lifestyle, with all that that implies. The people of Kiev are looking at Paris, London and Berlin and saying, "look what we will have as soon as we get into the EU". I got news for them, WRONG! Ukraine's political crisis is mostly born of the economic and social crisis in the Ukraine. We have all read of how Poland and Ukraine has similar GDP per capita at the end of communism, and while Poland has grown to some economic prosperity, not much, but Poland is liveable and has hope for the future. Ukraine has been looted down to nothing by ALL SIDES. Yulia, the gas queen of Ukraine, is a western hero now, but that cunt has stripped Ukraines people of billions, her and all pro western politicians have robbed the people blind. The pro Russian political class has robbed the citizens blind. Nothing is left, people are fucking poverty stricken and it is getting worse. All parties of Ukrainian nationality are theives and crooks, liars and criminals. People have nowhere to turn, nobody under the Ukrainian flag is not a crook. They take billions from industry and commodities form the economy and leave the workers with nothing. Yet this continues, the new EU politicians like Yulia the blond gas fucking queen is their hero, a fucking liar and robber whore is who they look to for a new future. That bitch should be lynched, instaed of looked up to as a Ukrainian hero! What does that tell you about the situation? Can you blame East Ukraine for wanting to escape the hell hole of liars and crooks and fascists called Ukraine? They want out, to join Russian Federation, at least there Yulia can't follow them and rob them. Those in Crimea are thanking their licky stars they got away from the dead hand of fascist Kiev, nothing is there now but more theft, destruction and liars.
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http://brucewilds.blogspot.com/2014/03/few-people-really-understand-econ...
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http://brucewilds.blogspot.com/2014/04/inflation-seed-of-economic-chaos....