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Bail-Ins Coming – GoldCore Interviewed By Financial Repression Authority
Bail-Ins Coming – GoldCore Interviewed By Financial Repression Authority
- Governments move toward ever greater financial repression
- Repression includes suppression of rates, capital controls, outlawing of cash and bail-ins
- Finance ministers discuss cashless society, giving banks total control over public’s money
- Bail-in legislation is at advanced stage internationally
- Bail-ins coming to indebted western nations – question is when …
- Legislation is devised to protect larger banks
- Ramifications of bail-ins have not been thought through
- Bail-ins will be destructive and may contribute to deflationary collapse
- Diversification both in asset classes and geographical diversification essential

Goldcore’s Director of Research Mark O’ Byrne joined Gordon T Long of Financial Repression Authority for an in depth discussion on the deepening financial repression in the world today, with particular focus on bail-ins.
Mark identified a number of elements which he believes amount to financial repression including the suppression of interest rates using QE, capital controls, the move towards a cashless society and most importantly – bail-ins.
He points out that bail-in legislation, while under reported in the mainstream media, is actually at a very advanced stage. He quotes from the Bank of England’s former Deputy Governor, Paul Tucker, who following a meeting between the Bank of England and the Federal Deposit Insurance Corporation (FDIC) in October, 2013 said:
“U.S. authorities could do it today — and I mean today … ”
Bail-in is the confiscation of bank deposits of savers and businesses which were formerly viewed as sacrosanct in the event of a bank failure. The deposits of “widows and orphans” are now at risk and treated akin to bondholders.

The Fed’s Stanley Fischer has said that the U.S. was preparing such legislation – after Tucker had indicated that such legislation was in place.
The EU is also at an advanced stage in forcing countries to ratify bail-in legislation. The legislation is being devised to protect the larger banks against the interest of both depositors, taxpayers and the wider economy.
The various “state guarantees” for deposits or deposit insurance – generally a big round figure of €100,000 in most EU states and £75,000 in the UK) is purely arbitrary and can be adjusted lower with the stroke of a pen lulling the public into a false sense of security.
The ramifications of bail-ins have not been thought through. With central banks taking unprecedented measures to fight deflation, Mark points out that bail-ins would create “deflation like you would not believe” by taking a large portion of cash out of the system and with further consequences for future spending and investment, consumer confidence, trade, commerce and all our economies.
Gordon points out the EU finance ministers in Dresden recently discussed moving quickly to a cashless society which would give the banks total control over the money of the public.
They could charge for “services” arbitrarily and the public would be unable to protect itself from bail-ins and reckless bank activity.
View the interview here.
Must-read bail-in guides:
From Bail-Outs To Bail-Ins: Risks And Ramifications
Protecting Your Savings In The Coming Bail-In Era
MARKET UPDATE
Today’s AM LBMA Gold Price was USD 1,162.40, EUR 1,041.20 and GBP 750.30 per ounce.
Yesterday’s AM LBMA Gold Price was USD 1,162.10, EUR 1,053.96 and GBP 755.37 per ounce.
Gold climbed $2.60 or 0.22 percent yesterday to $1,161.40 an ounce. Silver rose $0.32 or 2.11 percent to $15.46 an ounce.
Both gold and silver are lower in major currencies for the week but have recovered tentatively from the latest bout of intense selling on the futures market on Tuesday which again led to sharp price falls despite robust physical demand.
Gold bullion in Singapore for immediate delivery was up 0.3 percent at $1,162.71 an ounce near the end of the day, while gold in Switzerland was essentially flat.
The Greek government sent reform proposals to its eurozone creditors last evening in an effort to secure new funds to avoid bankruptcy and will seek a parliamentary vote on Friday to endorse immediate actions. European stocks have risen sharply on hopes for a resolution or at least some form of reprieve and another exercise in “extend and pretend.”
Chinese stocks rose again today after ministry officials try to stop the 30 percent market drop from mid-June, by banning shareholders with large stakes in listed firms from selling. Asian stocks were buoyant on Chinese gains.
The financial repression in China will not end well and may lead to an even greater bubble – followed by an even greater crash.
Other economic news has been poor with the IMF cutting global growth forecasts and U.S. jobs data poor and this has supported gold today.
The IMF cut its global economic growth forecast this year to 3.3 percent from 3.5 percent, citing recent weakness in the United States which also supported the yellow metal.
New applications for U.S. unemployment insurance benefits rose last week to their highest level since February, suggesting a slowdown in the labour market. Initial claims for state unemployment benefits rose 15,000 to a seasonally adjusted 297,000 for the week that ended July 4, the U.S. Department of Labor said on Thursday.
The U.S. and indeed global ‘recovery’ remains on tentative grounds at best.
Members of the Chinese Gold & Silver Exchange Society (CGSE) in Hong Kong began trade on the Shanghai Gold Exchange (SGE) directly on today, expanding ways to access to one of the world’s fast-growing bullion markets, China.
The CGSE members can now trade the Shanghai gold in Hong Kong through the CGSE’s membership in the Shanghai Gold Exchange, a CGSE spokeswoman said today.
London’s role in the benchmark gold fix will be challenged by China’s Shanghai Gold Exchange (SGE) who reported last month it will launch a yuan-denominated gold fix by the end of 2015.
China is the world’s largest producer and buyer of gold bullion, making China’s dominance of the gold market a foregone conclusion.
In late morning European trading gold is up 0.50 percent at $1,164.56 an ounce. Silver is up 0.45 percent at $15.60 an ounce, and platinum is up 1.47 percent at $1,035.00 an ounce.
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They'll need to pass gun control in the US before they allow the bankers to simply steal everyone's life savings.
The bankers would rather be pushed out of windows, nailgunned or necklaced..
I'd take the boolitt.
The topic of bail-ins is considered in Swizerland also : see https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma...
This 14-pages pdf was issued in 2013 by the The Swiss Financial Market Supervisory Authority FINMA, so it's quite official.
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This paper outlines how large banks with significant cross-border business can, in the event of a crisis, be resolved in such a way that the integrity of the group as a whole is preserved, avoiding a disorderly insolvency. Given the structure/nature of the largest Swiss banks, a bail-in at the parent bank is the most suitable strategy to achieve these goals. Following initial conceptual considerations, the aim here is to take the next step by outlining implementation options.
UnQuote
Only Americans have the guns to do that so Obama ET AL and the UN want them taken away badly.
Molon Labe, bitchez!!
The people of this world need to free themselves from debt money. It only leads to slavery.
Agreed that people need to get out of debt as much as they are able. However, on the issue of enslavement; after looking up the definition of "enslavement" verses "freedom"; you will not find a person in man's history that had freedom and equally true you cannot find a person who is not under some type of enslavement.
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BTW - God puts it this way and no one can successfully disagree...you are either a slave to "self, world, & Satan" (the "god" of this world) OR a slave to Jesus, the perfect benevolent Master. There are none who fit in between...all are slaves to one or the other; we are enslaved to Christ and very thankful. Have a wonderful weekend and consider the following on What is Salvation? in 2 minutes.
https://www.youtube.com/watch?v=NMlv21zGARM
Just because they are preparing legislation to steal your money, doesn't mean they are going to steal your money. I'm sure your money is as safe as money in the bank.
As safe as money in a Greek safety deposit box.
i feel the US is probably the safest. switzerland lives off a reputation it probably no longer deserves. the dollar may collapse, which will destroy the consumer market, and that is a bail in, if the money in your bank account can no longer buy as much as it used to. theyll get their 2% inflation, notice TIPS are still in the stratosphere, and thats with negative yield so they are really just an insurance policy. and if the global economy tanks the benefits of a lower dollar, which is a better export market will not materialize. that would be our depression moment i think.
"With central banks taking unprecedented measures to fight deflation..."
Central banks are taking unprecedented measures to cause deflation.
Inflate a debt bubble, it deflates.
clearly there is a bear market in credit, credit is now almost worthless, we are quick nearing the moment when THEY pay you to borrow. the bear market in credit came about through price controls, (interest rate controls) now the only way to create credit demand is to restrict credit. the fed will restrict credit allowing bankers to set higher loan rates to (fewer) qualified buyers. that has the dual advantage of allowing them to finance goverment at zirp rates while loan rates to retail consumers rise, due to a shortage of credit. the solution seems draconian, but look at yellen does she look like someone who gives a crap? if you pay your credit card off each month you\ll be okay and if your APR is high youll be okay because the banks are killing consumers who use credit already, they can afford to hold their already high rates where they are, but if the price of exports rise, what does it matter? the people who were getting liar loans and subprime will finally get shut out of the market, well it took ten years didnt it. home manufacturing will take a hit but housing will do well with inflation rising, and sellers will choose to carry the paper at a lower rate in order to sell their home for maximum value. (they learned this trick from the automakers, never lower the price of your product give away the financing) housing can do well which is why hedge funds are gobbling up existing homes. there should be some sort of internet business in helping home sellers write their own finance agreement, and then collecting the payment.
WTF are you talking about? The bond market and not the Fed sets interest rates. Thats why, during Yellen ' s back and forth about raising the Fed funds rate the 20 yr and 30 yr rates began to rise in advance of the Fed because the bond market had decided the Fed is behind the curve.
in a free market thats how it works, in a distorted and manipulated market this is what it looks like, by monetizing government debt the fed is the 800 lb gorilla in the market. they could lose control if government spending was cut in half maybe. the fed serves government spending, if they tighten it puts even more economic control in washington. there is also a corporate bond market but the two bond markets are linked by cross activity. its all government all of the time
"The U.S. and indeed global ‘recovery’ remains on tentative grounds at best."
There is no recovery. The debt bubble has grown bigger. It is now a bigger bubble to deflate. Burst bubbles are deflationary.
"The U.S. and indeed global ‘recovery’ remains on tentative grounds at best."
There is no recovery. The debt bubble has grown bigger. It is now a bigger bubble to deflate. Burst bubbles are deflationary.
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Burst bubbles are deflationary on a real basis. Nominal, it depends. We've been experiencing an ongoing bubble burst since 2008, it never stopped. Optically the real wealth deflation has been papered over nominally via currency devaluation.
"- Bail-ins will be destructive and may contribute to deflationary collapse"
I would use the word, will. People who don't have their money, can't spend it.
65 Euros a day is not going to boost the Greek economy.
BITCOIN USER NOT AFFECTED
You mean NSA coin?
You credulous rube.
Wanna bet... http://ivn.us/2012/07/15/obama-declares-media-dictatorship-in-new-execut...
Why not go to a real darknet on RF? Mobile like resistance in WWII.
That will happen to some extent, but it requires equipment and skills Joe Average doesn't have.......
But can be taught and learned. Equipment can always be acquired, particularly if the topic of food is foremost on most folks' minds.
Yup, it's the only stable thing in the currency arena right now.
And you are still holding to the failed belief that BITCOIN is not run by the banks?
bitcoin is open source software.
You can read the code yourself if have the technical expertise. No way this was created by a bank.
How does that proverb go?
" If you don't hold it, ...."
The interesting thing is RE taxes are going bonkers where I live. Everyone is also fighting the huge [ridiculous] jump in appraisal values. I read China is now starting to tax their RE markets so THAT will also be interesting esp for those who hold 10-15 or more different houses/apartments under all their relatives' names.
You Flat Earthers crack me up .... Going by that logic you do not hold the sun therefore it does not shine ?