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Swiss National Bank Hints At Capital Controls
Even as the whispers that the imposition of capital controls by Greece, which is now running out of both time, negotiating leverage and tax money is just a matter of time, get louder with every passing day if not acknowledged by Greek officials yet, it was none other than one of the supposedly most "rock-solid" central banks in the world that fired a shot across the bow of global financial stability when it hinted that not Greece but another country may be the first to engage in capital controls. The country: Switzerland.
The revelation came during an interview by SNB head Thomas Jordan who, as reported by Reuters, told Swiss radio station SRF on Saturday that "the Swiss National Bank is prepared to intervene in foreign exchange markets and has room to lower already negative interest rates if necessary to weaken the franc, the central bank's chairman said. "We are observing the exchange rate situation as a whole. If necessary we are active but as I said we do not speak about our transactions."
Or as Bloomberg paraphrased it "negative rates haven’t yet hit rock bottom." Of course they haven't: by definition negative rates can go down to infinity, although the system will collapse long before the "rock bottom" is hit. The problem is what happens in the meantime. As a reminder, the NY Fed was kind enough to break down some of the scariest possible outcomes as NIRP becomes NIRPer becomes NIRPest and so on:
- if rates go negative, the U.S. Treasury Department’s Bureau of Engraving and Printing [or any other nation's Treasury] will likely be called upon to print a lot more currency as individuals and small businesses substitute cash for at least some of their bank balances.
- I might even go to my bank and withdraw funds in the form of a certified check made payable to myself, and then put that check in a drawer.
- If bank liabilities shifted from deposits to certified checks to a significant degree, banks might be less willing to extend loans, because certified checks are likely to be less stable than deposits as a source of funding.
- As interest rates go more negative, market participants will have increasing incentives to make payments quickly and to receive payments in forms that can be collected slowly
- if interest rates go negative, the incentives reverse: people receiving payments will prefer checks (which can be held back from collection) to electronic transfers
- we may see an epochal outburst of socially unproductive—even if individually beneficial—financial innovation
Then again, as Russell Napier explained simply yesterday, this is nothing more than central bankers losing control because "In a world of currencies backed only by confidence, every failure is masqueraded as success." As a result action becomes rhetoric (something the SNB already enacted when it moves from a credibility-backed hard Swiss Franc cap at EURCHF 1.20 to a "kinda, sorta" rumored 1.05-1.10 corridor), becomes attitude:
The key for investors today is to see behind the masquerade and the mask, the façade of those putting up a front behind a public face, and be able to tell the difference between the soaring flight of reflation and the perilous fall of deflation. The more attitude you hear from policy makers, the more you can be sure it’s style compensating for the lack of real substance and that this is falling and not flying. And as the attitude becomes more high-handed, the lower the altitude gets. The attitude quotient is rising rapidly.
Back to the Swiss and the ever increasing "attitude" and "style" (compensating for any substance) out of its central banker whose concerns about loss of credibility are becoming all too obvious.
In a bid to discourage investors from piling into the safe-haven Swiss franc, the SNB is charging negative interest rates of -0.75 percent on some of the banks which deposit overnight funds with it. Jordan said the negative interest rates are having a "strong impact" to make the franc less attractive, and signalled the central bank has room to push rates lower.
"There is certainly a limit for negative interest rates, but the question is where exactly that limit is," Jordan said.
"However, I believe at the current level of -0.75 percent, the limit certainly isn't reached yet."
Translation: more threats, more style, more attitude. No substance.
But the punchline via BBG:
"When asked about the prospect of using capital controls to weaken the franc, Jordan said that it was not a measure that is at the forefront at the moment."
So at the non "forefront"? Because as everyone knows, the best way to admit the possibility of capital controls is to not explicitly, and unequivocally reject them. That there is even a possibility of capital controls in a central bank's arsenal, and everyone suddenly begins to pay attention.
And then there is the question how one defines a "moment" at the SNB: because when it comes to the Swiss National Bank, the answer is unclear. After all it was two days before the SNB scrapped the EURCHF floor that none other than SNB member Danthine said:
"We took stock of the situation less than a month ago, we looked again at all the parameters and we are convinced that the minimum exchange rate must remain the cornerstone of our monetary policy," Jean-Pierre Danthine told RTS (on January 12)
Then again, desperate times call for deserpate soundbites, because when your central bank is perceived as a rock of stability in a sea of central banks whose credibility is crashing on a daily basis, forced to cut rates to zero or negative to offset the still soaring dollar, and where the fear of a Grexit may lead to a dissolution of the Eurozone and the collapse of the Euro, what better way to eliminate capital inflow than to hint at the nuclear option. And as Cyprus has "successfully" demonstrated in recent years, the blueprint of capital controls to preserve financial stability works wonders (if only for those outside of Cyprus).
Paradoxically, suddenly the question becomes who imposes capital controls first: Greece, where the specter of whoelsale bank insolvency is now raging across the nation, and where a capital lockout may well be imminent, or Switzerland, which knows that the moment Greece is pushed too far and a Grexit is perceived inevitable, is the moment it will be flooded with a tsunami of Euros desperate to find safe haven in a new, Swiss Franc denomination, somewhere deep in the vaults under the Swiss Alps. A tsunami which would crush SNB credibility all over again, and when capital controls will also become inevitable.
Perhaps the best way to preserve some of said credibility, especially if it is already borderline non-existent, is to frontrun capital controls tomorrow, by imposing them today. So keep a close eye on the CHF, and better yet, the USD. Because if Switzerland is suddenly isolated from the global capital system, said Tsunami will redirect itself straight to the central planners at the Marriner Eccles building, who still refuse to acknowledge that decoupling never works, and having a soaring currency in a world in which everyone else is desperate to crush theirs especially when there is some $9 trillion in offshore USD-denominated debt, always ends in tears.
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All currencies will be non-convertable in the future. With the only linkage being Bitcoin.
Print baby print!
Lots of holes in that Swiss cheese.
Looks like we may need to reinterpret Poe's "Masque of the Red Death".
"If rates go negative, the U.S. Treasury Department’s Bureau of Engraving and Printing [or any other nation's Treasury] will likely be called upon to print a lot more currency as individuals and small businesses substitute cash for at least some of their bank balances."
Been there; done that...
[If you're Greek; you should have already done that too...]
One word to describe the epic collapse of the global financial system: Tedious.
... Swiss National Bank Hints At Capital Controls
... and Ukraine’s finance minister has announced the upcoming nationalization of all bank accounts above 200,000 Hryvnia ($7,920).
Poor Ukrainians are about to get Super-Cyprus-cided.
Looney
"and Ukraine’s finance minister has announced the upcoming nationalization of all bank accounts above 200,000 Hryvnia ($7,920)."
Here's the "good" news for 95%+ of Ukrainians: they don't have 200,000 Hryvnia in their bank accounts.
It was only a few years ago that 200,000 Hryvnia was worth ~$25,000
It's tedious because it has to be that way for it to go according to plan. So very few will notice.
Unlike Americans, who use plastic for everything, Europeans are still used to cash. They will simply use it more, and bank it at home.
A shrewd few may even buy gold bullion. More would buy it, if it were as readily available at the retail level, as it is in the US and the dealer margins were more sane.
Where I live in Belgium you can freely buy gold with cash, the cash limit has just been upped to 7500 euro.
In Germany, an hour's drive from here, you can buy up to 15000 euros of gold anonymously with cash.
New Zealand has no dollar limit to the cash folding-money purchase of gold and silver, or any requirement for ID.
Dress nice.
Ever been to Sweden? No one there uses cash.
That's not surprising to hear, Sweden is probably the most brainwashed of all European peoples.
They're so brainwashed that most of them love getting immigrants straight from the Middle East and Africa.
Move to Sweden: be raped http://www.frontpagemag.com/2013/dgreenfield/1-in-4-swedish-women-will-b...
Erik, where are you to help me...
When you adopt Swedish policies, your country deservedly dies. I'm half-Swedish, and I still enjoy watching the show.
Schadenfreude, I guess.
They will, wait till mother elephant bank decides to eat all their cookies - we are going to have a nation of unhappy muppets!!
Bullish swiss Starbucks.
Forget real accounting, go with Purchasing Power indexes from for profit companies.
Do they serve Swiss Miss hot chocolate there?
negative rates for your fiat and caps on how much of the pretty paper you can get your hands on. now that's daring. but is it more smoke or more mirrors?
Its about time......You can't let these peeps take CONtrol of their own money.....Next thing ya know they'll be wanting to buy physical gold or silver....and we all know THAT can't happen
Been there; done that, too...
I am coming to the conclusion that only things of value are things that must be consumed, an example : coffee, t paper, to name a few, barrels of oil would be nice.
Unless you can figure a way to take your wealth with you when you die, consumables are the only things of real value.
Tangibles, and even Commodities are OK...consumables are a subset.
Anything in the CRB index is fine.
Commodites are required to run industry which obtains (locates, grows, produces, processes) consumer consumables.
Booze should be at the top of your list. Folks used to use it like cash back in the 30's.
Did you guys know Steve nSeagal is great friends with Putin: https://www.youtube.com/watch?v=QRhom3EEi40
From his WIKI page:
Political views and friendship with Vladimir PutinSeagal and Vladimir Putin, August 11, 2012
In a March 2014 interview with Rossiyskaya Gazeta, Seagal described Vladimir Putin as "one of the great living world leaders", stated that he "would like to consider him as a brother," and expressed support for the annexation of Crimea by Russia.[59] In July 2014, following calls for a boycott, Seagal was dropped from the lineup of the Augustibluus music festival inHaapsalu, Estonia.[60][61] Estonian rock legend Tõnis Mägi, the minister of Foreign Affairs, Urmas Paet, and Parliament's Foreign Affairs chairman, Marko Mihkelson, had condemned inviting Seagal into the country,[61] with Paet stating, "Steven Seagal has tried to actively participate in politics during the past few months and has done it in a way which is unacceptable to the majority of the world that respects democracy and the rule of law."[62] In August 2014, Seagal appeared in Sevastopol, Crimea in a Night Wolves-organized show supporting the Crimean annexation and depicting Ukraine as a country controlled by fascists.[63][64]
working on the sabbath?
the hasbara never rests
Seagal is a fat pimp dolt.
Try saying that to his swolen permatanned face and see how far you get
All that learned experience working in, and around, capital controls, looks like it might become
valuble again .
Long smuggling, the ultimate arbitrage.
They do look at me funny when I deposit my check made out to the word "cash" on it.
But they do take the check!
The Greek economy is relying heavily on the shipping industry. BDI collapse has partially crashed the Greek economy.
Thoughts on Greece becoming Europe's Panama after Grexit? Panama has free trade zone and a good international banking sector. Greece has the ports and could allow Europeans to earn tax-free incomes.
Taxation is a difficult topic in Greece so why not make it tax free and suck back the money from Greek oligarchs and attract deposits from oligarchs else where?
To fight the cabal, they have to make themselves so attractive that the cabal starts fighting itself. Why do you think Panama is allowed to exist?
You make to much sense. The Commies in power in Greece will never do what you propose. Sadly they live on envy and sticking it to the wealthy. They could never bring themselves to do what you propose.
you have the wrong thread ... this thread is about cheese makers
i can see though you feel very pasionnate about greece ... dont let the mirrors fool you, you look like a smart guy
Panama is a drug corridor. Greece needs that kind of shipping, if they don't already. No coincidence that the former c I a boss arrested Noreiga. He was gettin' too greedy.
http://en.wikipedia.org/wiki/Manuel_Noriega
The Chinese have invested heavily in a port outside of Athens. They got a deal going in it to bust the dock unions (2010) to which which our new "government" was not too happy about. It is a port the Chinese want to use as a gateway to Europe.
"The Swiss National Bank...has room to lower already negative interest rates if necessary to weaken the franc."
The currency war is accelerating. It's a race to the bottom! When will the Fed announce its next move to keep up in this bizaro world! We all know that thois ends badly for all fiat currencies. They all will be worthless in the not so distant future. Protect the fruits of your labor by storing it in silver. A great way to get someone started on silver are these candles with a silver coin: https://www.etsy.com/shop/ScentSavers?ref=hdr_shop_menu
Most of all, do not trust the banks! Have a back up plan!
ya, I've been reading more articles on the Fed increasing rates in June-July, what a farce! If they do so, the debt becomes unmanageable and the whole thing collapses in a short time period thereafter!
Not, if they raise taxes. Budget negotiations will come around again in August. In Aug., 2011 B. Hussein threatened to take grandma's SS check if CONgress didn't raise the debt ceiling. We will see a similar farce, again. Boehner will cry a little, of course, while he sells us down the river.
Stinks !
How much do you want to bet that the play book for the FED and the SNB will be to concurrently (one Friday afternoon on a bank holiday weekend) impose negative interest rates to a level that forces bank runs then order capital controls to lock everyone out of gettign their money. Kind of like 'Cyprus Lite'.
Reminds me of those poor fks in the lower class cabins on the Titanic.
Used to call it steerage. Now its called Business Class.
Now it's called 'citizen' class
Another misleading headline by the Tylers. What yellow journalism.
No kidding! I read the whole article and they said nothing of the sort!
Pheonyte, what silly logic. Jordan said it is not at the forefront at the moment. Tylers say that is a hint of captial controls. Even your view that saying it is not something you are considering at the moment does keep the door open to it in the future, but it does not hint that it will. Central banks, like all decision makers have a range of options. The Tylers make claims that their evidence does not support. At most Tylers could have said, based on their evidence (Bloomberg) that the SNB did not rule out capital controls, but it is not hinting at them.
If they mention it, it is on their minds, that is all!
could you list that range of options ?
Pot, meet kettle.
"individuals and small businesses substitute cash for at least some of their bank balances."
The downward movement on Exter's Pyramid continues.
the tip of the pyramid connects to the ether.
..."substitute cash for at least some of their bank balances."
oops! there goes the profits of the plastic card services skimming a bit of each sale. Using cash means no revenue to the likes of MC, VISA, etc. and the Banks that issue them. Tsk, tsk, tsk..... and, ta dah! Keeping cash out of the banks means they cant loan as much. Uh oh!
Swizzle on this you MF's.
What could be the Black Swan in waiting is the dark side of the derivative business. Word is that a default by Greece will start a demand for payment from bets made in this game that is not controled at all and it could very well cause a Snowball efect to start rolling. The drop in Shale Oil price will have the same efect with derivatives getting called in and the Tax Buyer getting the Bill. 2015 is shaping up to be a very interesting year and each new day has a surprise waiting to greed us. Those small Waves rolling in are getting bigger and bigger and when they hit the Shore will clean up the mess left by all those fat Banksters and their Stooges.
"Word is that ..."
right there you eliminate this choice and move to the next possibility ....
What kind of idiot would put up with negative interest rates? They are a clear sign that the borrowing entity is bankrupt.
Or the skim is out of control.
Both, I should think.
With the real inflation rates anything in a bank is at NIRP
NSA error
NSA error
Well, it is a new day so that means I should go to the ATM and max out my debit card for the eighth day in a row. That is my form of capital control. The coin show starts on March 20th so I had better get my ass in gear. Give me my fiats so I can get rid of them for MOAR silver.
Silver is very handy. Buy Silver, then wait.
Be careful of the cops on the way mate: Civil Forfeiture. I don't want you to become a statistic in the 1 billion dollars + a year highway robbery business conducted by the Dept of Justice. I'm sure you'll find a way smart way to hide the cash from a casual search if worst case happens.
If you have enough it might be worth hiring an armored car service, honestly. Otherwise, assuming you're transporting legal goods, be stealthy and uninteresting. Do not transport PMs using a car with missing taillights covered in hippie bumper stickers. Carry copies documentation supporting that what you have was acquired and held legally. Split what you're carrying up into more than one bundle, and have the smallest one be hidden but in the easiest to find of places you hide things. Do not transport everything you have at one time. Carry multiple food items such as sandwiches in separate bags distributed around the vehicle; offiicer fluffy, if present, is going to hit on your car regardless because it's been trained to manufacture probable cause, so once the search proceeds having mutliple hits on pastrami and rye contraband is going to seriously undermine the search's validity and the handler's confidence in finding anything real.
Never consent to a search. Film everything.
Do not speak to the cops. Show them a written demand that they get a warrant to search your person or property. Do not voluntarily get out of your car as it is your private space the same as your home. If they steal something and charge you with some phony commercial code violation, go to the court where they file their complaint and file a cross complaint that they seized your liberty without a judicial warrant being issued and seized your private property without a judicial warrant.When cops act outside of their lawful duties they give up their immunity from prosecution and act in their capacity as a private man.
For the cops to do otherwise to a human being is a violation of their oath of office and not part of their job description.
Excellent article.
CBs globally either in the corner or on the wall.
This will soon end very very badly.
Caused by tsunamis of liquidity created by these clueless clowns.
A year, maximum two before there is the big bang and several of them are swept away by these tsunamis.
No way out anymore.
Get ready for the middle ages again.
More like the dark ages, or the stone age, IMHO
Banks that don't want money.... Who da thunk!
ZIRP< NIRP< BURP!
the fan is spinning, I wonder when the material hits it for real?
I don't see anything hitting the fan. I see the fan's motor bearing fucked. The bearing will heat up just before it ceases, enough to melt the wiring insulation in the hub feeding the socket it's wired into, and subsequently, burning the fucking house down.
"by definition negative rates can go down to infinity"
Well not quite. -100% : all of the money would be gone in one year. -1200% : all gone in a month. -36500% : gone in 24 hours. At some rate that is far below infinity, the E-Trade baby's experience would be real.
Yes -100% would be the max negative interest rate needed. A zero coupon bond price would go to infinity at -100% interest. If I borrow $1 million amortized over 30 years with a negative 100% interest rate, the bank would pay me $1 million every year for 30 years. So might as well borrow $2 million or more.
I say we extend this idea of negative rates throughout the economy. I want to go to a restaurant and have them pay me for the privledge of feeding me. And when I am finished I want the server to hand me a 15% bonus.
Let the Soviet shortages begin!
SNB and negative interest rates = Swiss capital controls? It sounds like a very long shot to me.
I need to stock up on popcorn.
Had the popcorn ready 2 years ago when I thought the shit show was going to start any minute...
As long as the sheeple don't care, and the muppets are convinced the Fed has their backs, it won't matter what the 'news' is: Yellen and her ponzi crew can keep the plates spinning. Herd psychology is a very powerful thing.
There you go...It's all Bullshit!!!
The herd is headed for the slaughterhouse. Pass me the A-1 bottle please.
Local Los Angeles produce is going through the roof this weekend.
Pricey $5 small watermelons are now $8 since yesterday.
LONGSHOREMAN’S UNION TO STRIKE 29 WEST COAST PORTShttp://www.breitbart.com/california/2015/02/06/longshoremans-union-to-st...
This weekend no containers will be unloaded or loaded in Long Beach, the busiest port in the US.
I'd expect every retail chains (Walmart, Target, Home Depot, etc.) to get impacted NOW.
The herd has all their savings locked up in pensions ($5Trillion in the US). Other than that, they are broke. Watch the pensions for the slaughter.
Hey guys, just some facts which I don't know if you are aware of. Thomas Jordan wrote his PhD about the euro system and why it will most likely fail. That PhD he wrote in the 90s before the Euro was even introduced. That guy is not particularly optimistic about the highly praised Euro currency to begin with. So if he now hints at capital controls I doubt it will be a measure for tomorrow but rather if all hell breaks lose and the Euro is split up, in which case it is actually probably necessary to safeguard the franc from hordes of Germans, French and Italians trying to save their decaying Euros in the franc. I don't think he will intervene now with capital controls, he has other tools for that.
Samjam, here is a fact for you. Jordan did not say SNB was considering capital controls. Tylers spun you. They give their post a shocking headline, but that is all it was. Now I am not saying that Jordan's denial means that they won't impose capital controls, but there was no hint that they would. Just the opposite.
the snb clearly stated that the peg was policy, only to break it 2 days later. they are liars.
This entire Saturday thread is philosophy and impressions.
It does show how excited everone is getting about those things said, and not said.
When we leave out the most important thing, ... that obviously becomes re-direction.
Capital controls were blueprinted in Cyprus recently, and copies were made from the original.
This is a one time offer.
I'm not going to repeat ever, maybe possibly
I am currently accepting deposits with a never to be repeated -0.1% deposit rate, Those wishing to take up this one time fantastic offer can send checks, IOU's cash coins, well anything you have really. Pension funds most welcome, inheritances, unlimited amounts over one billion will also get a preferential rate of just -0.09% saving a further 10 %.
Once a friend offered me car, I hadn't seen it, he just asked if I would like to buy it. He said it going cheap, and when I asked how much he said $30.
I declined. Later he said he would give me $10 if i took it off his hands
Another time said he knew an apartment available to rent, very cheap he said,, I asked how much, He said $50 a month.
Again I declined. I didn't want to live in a toilet. figuring that any place let for measly sum of $50 was worthless.
I use the same principle with money.
Real money has a real value, If a bank want to push its shite on me a zero interest I reckon that shite is fucking worthless and the cunts know it is.
And when they fucking pay you to take it off their hands as in Denmark in negative rate mortgages you know its fucking toxic shite with a fucking liability attached like a fucking clunker or a fucking rat hole fit only for a black jew.
You need to be more and more of a half wit every day this goes on to believe those fucking pieces of ass wipe have any value whatsoever.
Sammy Davis Jr. disapproves of your post. Interesting to note this quote of his, as well:
"Ten million dollars after I'd become a star I was deeply in debt."
With every deposit you get a toaster or a scented candle !
King Dollar approves of this message
every King eventually falls.
Capital controls: "We stole everything of yours, and we'll be coming back around to get what we missed."
The banksters need to repay us.
They'll loan you what is already yours.
banks can't repay, they are not producing any real goods...
"banks can't repay, they are not producing any real goods..."
Gold, silver, and/or heads are gladly accepted.
The banksters need to repay us.
capital controls means one thing for greece and an ENTIRELY DIFFERENT thing in switzerland. in greece you won't be able to get deposits out. in switzerland outside money will only be allowed in if it pays higher and higher nirp.
in the usa nirp means a whole host of problems not addressed above. nirp means people pay off loans quickly instead of holding cash. this reduces outstanding debt, reducing bank income, leading to even moar onerous nirp in a vicious deflationary cycle. americans will tolerate zirp quite nicely, however, if you try to nirp their asses that's when the shtf.
help yourself to a cigar
absolutely correct
i saw this coming years ago ... and have deleveraging AMAP since the recession (on my business loans been paying down 2.5 times the scheduled amortized amount)
Takes a while doesn't it ?
Start getting you debt free assetts of the grid while you still can.
Jeb and Hillary will fix all this! Right? Right? No? Oh shit...
This $9T of "short US dollar" debt outstanding means that there is a shitload of debt on one side of the dollar boat. But let a little liquidity out of the dollar pond, and all of a sudden (i.e. evidently in 2014) that boat is starting to rock.
Leafing through Hyun Song Shin of the Bank for International Settlements presentation on "Financial stability risks: old and new" - heck he could be writing for ZH! Give that man a ZhD - if he doesn't already have one. OK your turn - find the ZH cycle below in his presentation.
https://www.bis.org/speeches/sp141217.htm
Elements in possible distress loop
1. Steepening of local currency yield curve
2. Currency depreciation, corporate distress, freeze in corporate CAPEX, slowdown in growth
3. Runs of wholesale corporate deposits from domestic banking sector
4. Asset managers cut back positions in EME corporate bonds citing slower growth in EMEs
5. Back to Step 1, and repeat...
Honestly I don't get why anyone in government or banking would ever answer a capital controls question with anything other than an uneqivocal, explicit "No, never."
They don't work if people know they're coming, and in fact the problems you have are worse if they know capital controls are coming. They're lying about everything anyway, why waffle on that one?
It worked once. So its only right that they get to do everyone else.
Capitol controls sounds so much better than theft or bank robbing.
With CB's all over the world blowing up plooms of liquidity here, there, and everywhere, what choice does a independent CB have other than limiting their own currency's convertibility? Don't they have an obligation to protect their country's currency from the coming currency shit-storms?
dup
I wonder if gov employees have been exempted from having thier accounts stolen?
Eventually they will discover they cant swipe the same money from the same person twice.
I guess thats what credit cards are for. Never mind.
We know from last time some people were given a heads up.
Oh and ah how did it work out last time? A. People just went hungry for a week or two no biggy.
Id show ya the news story on it but somehow it was not covered very well.
Less willing to extend loans?
Capital controls? Who the fuck you trying to kid?
When you print the currency from thin air, with impunity, with no over sight, without abandon, and with the full legal backing of not just your law force but the courts, just who the fuck do you think you are kidding?
Just how the fuck is America in 18 trillion quids worth of debt? Hows England in the hilt for 1.5 trillion? Never mind other countries, just look at these two cesspools of outright fucking corruption. And does anyone think the people who are responsible for our current situation, think that the people who are responsible can resolve the same fucking situation we now find ourselves in?
Are you taking the fucking piss? Child molesting cunts.
;-)
Most Brits don't get it, but you get it ITM...money out of thin air everywhere, sans a few countries. Marvellous! It will and end, and allegator tears will flow!
CHF capital controls = derivatives blow-up ?
Hope so - time to bankrupt the bastards!
Trillions of debt, ever-expanding balance sheets, negative interest rates.......and gold can't get a bid.
"They" always said the reason people don't buy gold is that it doesn't pay interest. Funny, people are still willing to lose money putting billions in the banks and giving the banks extra money just to hold it instead of buying gold.
For the life of me I could never have believed gold would be at these depressed levels with negative interest rates around the world. I guess you learn something new everyday.
Stateside
"gold can't get a bid" ???
I think you'll find that gold gets plenty of bids.
The "price" of gold is a bit like the inflation numbers... somewhat doctored...
At this point its probably a mistake to assume your going to buy
gold today and sell it back for ( e.g. ) US$ tomorrow...
Short of hard asset currencies making a comeback, I
doubt you'll ever trade gold back for any currently
issued script... !!!
Calling all Zeroheads. So I already understand there is no place to hide your ass and your assets except at the bottom of a lake. No country is safe and no or most assets are not safe. So here is the question....
Which of the following three un-safe assets is less and the least safe?
1. Cash stored in a hole in the ground.
2. Your "cash" in your bank deposit account.
3. A certified check from your bank made out to you stored in a hole in the ground.
4 farm land
5 nonperishable food stuffs
6 guns/ammo
7 small denominations of gold/silver
Woa, guys!
-----
You forgot:
... boatloads of heirloom seeds.
... equipment to make that farmland productive.
Chickens
Bunny rabbits
N.I.R.P. .... Negative Interest Rate Protocols ?
Bring it on. You crook.
It all took a turn for the worst for the global banksters and their fiat ponzi when Putin kicked the Rothschild banking elite out of Russia on their goddam corrupt asses.The Russians actually have over 20,000 metric tonnes of gold stored in deep tunnels under the Kremlin.The 1,000 tonne story is just a story thrown out into the air to satisfy a dumber than dumb general public in most of the western world but especially in the neo-nazi State Department.Anytime that Putin wants lean over and pull the plug on The Bank of England and The Fed he can do it.He won't just yet because Russia and China still want every last gram of gold they can get.When they've "had their fill" then the monetary reset will come.That's what the reset is,most don't understand,it'll be the instant repricing of gold to reflect all the corrupt counterfeit fiat printed by the global bankster ponzi psychopaths.What that price will be will be determined by the restructuring that was signed onto by the U.S. but recently delayed.When the world wakes up about the time gold breaks its old high and then becomes unavailable for delivery,the fiat money supply will pile into global mining shares.The ETF's that are unbacked by physical will be the biggest investment mistake.
2015 is shaping up nicely, here comes the crash.