• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Guest Post: SHTF In Austria Soon

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Fri, 09/16/2011 - 13:07 | 1677634 Mongo
Mongo's picture

Timing excelent since buying gold for more that €15.000 at any given point is prohibited from now on...

A newly enacted Gold policy in Austria that restricts the free purchase of gold by individuals may just be the start of a European policy shift that might border on infringing an individual’s financial freedom.

-As per the new Austrian policies, individuals who wish to purchase gold will be restricted to purchase only 15000 Euros worth of gold at a time making gold an officially “restricted” commodity.

 

 

Source:

http://www.commodityonline.com/news/Austria-restricts-gold-purchase-by-i...

Fri, 09/16/2011 - 13:08 | 1677647 wang (not verified)
wang's picture

zero hedge on drudge

there go the servers

 

solyndra goldman sachs article

Fri, 09/16/2011 - 13:09 | 1677653 DirtMerchant
DirtMerchant's picture

and the neighborhood

Fri, 09/16/2011 - 13:19 | 1677699 GeneMarchbanks
GeneMarchbanks's picture

and BAC.

Fri, 09/16/2011 - 14:55 | 1678094 eisley79
eisley79's picture

people should realize thats a european comma, aka period, and 1.7 Trillion not 1.7 Quadrillion :)

 

But great reporting, just helping out those mis-reading it cause they are NA.

 

let's get that 4% move going, and flush the ponzi scheme away

Fri, 09/16/2011 - 15:03 | 1678139 sushi
sushi's picture

Here is more detail on Fekter -

 

Quote

Austria's Finance Minister Maria Fekter was one eurozone politician at the meeting who voiced her objection to Mr Geithner's comments.

She said: "I found it peculiar that even though the Americans have significantly worse fundamental [economic] data than the eurozone, that they tell us what we should do."

 

Fri, 09/16/2011 - 16:06 | 1678408 riley martini
riley martini's picture

 And yet the EU does the same thing as the USA, fascist corruption bailout for banksters in exchange for bribes and inside  information for more stealing. What a crook says and what a croof does two different matters.

Sun, 09/18/2011 - 11:25 | 1681883 thewhitelion
thewhitelion's picture

Fekter?  I've never even met her!

Fri, 09/16/2011 - 13:20 | 1677701 spiral_eyes
spiral_eyes's picture

ah, austria!

this all has a delicicious parallel with creditanstalt...

http://azizonomics.com/2011/08/26/warren-buffett-credit-anstalt/ 

Fri, 09/16/2011 - 13:42 | 1677813 SWRichmond
SWRichmond's picture

Yes, Creditanstalt, bitches.

Fri, 09/16/2011 - 13:25 | 1677720 Little John
Little John's picture

HOLY SHIT !

Fri, 09/16/2011 - 13:24 | 1677721 Shit Bag
Shit Bag's picture

What a shame.. and this in the same country where Menger, Von Bohm-Bawerk, Von Mises and Hayek were born..

 

Fri, 09/16/2011 - 15:06 | 1678157 ImnotPOTUS
ImnotPOTUS's picture

You forgot the landscape painter / former WW1 veteran / who had a hard time writing some book.

Fri, 09/16/2011 - 15:31 | 1678276 Shylockracy
Shylockracy's picture

No, No! As the Austrians like to believe and have no shame to say, "Hitler was German and Beethoven was Austrian!"

Fri, 09/16/2011 - 13:33 | 1677765 Josh Randall
Josh Randall's picture

Hey WANG, I think this Gold is restricted so don't tell 'em you're Austrian...OK, Fine!

Fri, 09/16/2011 - 14:31 | 1678003 Jackfish
Jackfish's picture

You ought'a get a bowl of soup with that gold, uh...looks good on you.

Fri, 09/16/2011 - 13:40 | 1677804 Panafrican Funk...
Panafrican Funktron Robot's picture

Austria is probably not on the radar of the people it should be on due to it's impressive looking numbers on the back pages of the Economist.  Sneaky bastards gonna start yet another war.

Fri, 09/16/2011 - 13:51 | 1677847 Comay Mierda
Comay Mierda's picture

that will only buy 1/10 ounce soon

Fri, 09/16/2011 - 13:51 | 1677848 Comay Mierda
Comay Mierda's picture

that will only buy 1/10 ounce soon

Fri, 09/16/2011 - 14:03 | 1677888 mrks
mrks's picture

Yeah, uhm... not really. The cruicial words are "at a time", which means you can buy another 15k worth of gold the next day, or even the same day if you bother to go to another dealer.

The 15k are just a regulatory limit imposed by the EU to deter money laundering. It isn't even a new thing as far as I remember - you're required to provide some form of identifiation for larger transaction for a couple years now, be it gold or paper money. That and the regulation applies to the whole EU, if I'm not mistaken.

I'd have to check if the laws changed recently, but just a couple months ago you could buy millions worth of gold without much trouble, as long as you are willing to show your drives license, passport or similar ID.

So, yeah... nothing to see here, move along.

Fri, 09/16/2011 - 19:06 | 1678913 DCFusor
DCFusor's picture

My banker (in USA) let slip that any transaction involving cash over a rather small amount (like $2k) has them making phone calls to the government to report it *immediately*.  She was trying to help me when I needed to move a bunch of money around -- keep me out of trouble (small towns are like that). Classified part of the oxymoronically named Patriot act.  You might think you're running under the radar, but you're not.  Everything is seen here, move along.

Fri, 09/16/2011 - 15:25 | 1678242 DaBernank
DaBernank's picture

The old rule was you had to show a passport above €15k now you just have to go from a large bank branch (all of them sell bullion), to the austrian mint, to another bank branch and it is still ANONYMOUS under €15k per purchase. I was not asked to show a passport to buy my tube of 1oz philharmonics from the mint today.

Keep an eye on the nationalist political parties in all European countries. When things get bad (they haven't even started yet) there will be trouble.

Thu, 03/29/2012 - 02:29 | 2299776 jaffa
jaffa's picture

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Sat, 09/17/2011 - 06:10 | 1679471 barkingbill
barkingbill's picture

i'm not sure of this claim...I haven't seen any support of it anywhere else in the german or austrian media or anywhere at all. 

Fri, 09/16/2011 - 13:05 | 1677637 B-rock
B-rock's picture

Wooo hooo!!

Fri, 09/16/2011 - 13:06 | 1677640 lolmao500
lolmao500's picture

Time for a German to take power in Austria and give them some payback!

Fri, 09/16/2011 - 13:06 | 1677642 THECOMINGDEPRESSION
THECOMINGDEPRESSION's picture

The entire JPM SILVER suit is over at Turds site..take a look. Looks like SILVER will be heading WAYYYYY up

Fri, 09/16/2011 - 13:10 | 1677661 LookingWithAmazement
LookingWithAmazement's picture

I expect a bailout/creditline for Austrian banks soon. No Armageddon. Frohe Weihnachten!

Fri, 09/16/2011 - 15:12 | 1678188 Bicycle Repairman
Bicycle Repairman's picture

Do you see where gold is today, buddy?  Frohe Weihnachten, indeed.

Fri, 09/16/2011 - 13:18 | 1677683 GeneMarchbanks
GeneMarchbanks's picture

AAAustria, soon to be AAustria. And then finally, AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAuuustrriaaaaaaa!

Fri, 09/16/2011 - 13:17 | 1677686 Waffen
Waffen's picture

1,786 Trillion? Huh what?

Fri, 09/16/2011 - 13:18 | 1677697 bnbdnb
bnbdnb's picture

heh, they use comma's instead of periods for decimals. :)

Fri, 09/16/2011 - 13:22 | 1677709 Waffen
Waffen's picture

Ah yes, I recall that now; sorry I was putting my American centric mindset into this Euro article.

Fri, 09/16/2011 - 13:18 | 1677694 Dr. Richard Head
Dr. Richard Head's picture

No problem for the Austrian people as long as they are holding gold.....or wait, they are not allowed to purchase any more - http://www.commodityonline.com/news/Austria-restricts-gold-purchase-by-individuals-42329-3-1.html

Fri, 09/16/2011 - 13:20 | 1677703 Waffen
Waffen's picture

Is this from any source or just the Austrian Banks?

Fri, 09/16/2011 - 13:24 | 1677717 Dr. Richard Head
Dr. Richard Head's picture

Not sure.  According to this article the network of dealers for gold is not as extensive as here in the United Fakes of America - http://ftmdaily.com/commodities/gold-alert-an-alarming-update-from-europe/

This chap says that the two banks there are denying this "rumor" - http://www.americaninswitzerland.com/2011/09/can-you-still-buy-gold-in-austria-for-more-than-eur-15000-yes-you-can/

Time will tell, but it fits in well with this ZH post.

All I know is that the NFL pat down policy just instituted here (not that I follow those circuses) has me eyeing the exits pretty hard now.

Fri, 09/16/2011 - 13:26 | 1677728 Waffen
Waffen's picture

"NFL pat down policy just instituted here" please elaborate?

Fri, 09/16/2011 - 13:31 | 1677754 Dr. Richard Head
Dr. Richard Head's picture

http://profootballtalk.nbcsports.com/2011/09/15/coming-to-an-nfl-stadium-near-you-enhanced-pat-downs/

The next target of these invasions will be malls based on the chatter I am hearing and when that happens it will be my time to abandon the country. 

My Austrian Jew family (Baum family) fled Austria during WWI as they saw what was coming.  The crackdown here seems to be accelerating.

Fri, 09/16/2011 - 13:35 | 1677772 Waffen
Waffen's picture

The problem is, where does one go?  There is no libertarian free land to run to that the bankers havent corrupted.

 

Fri, 09/16/2011 - 13:40 | 1677800 Dr. Richard Head
Dr. Richard Head's picture

Iceland seems to be the only one that has stood up to the bankers.  Too bad they just reopened the currency arbitrage that sank the Krona in the first place. Who knows anymore.

Fri, 09/16/2011 - 13:47 | 1677829 Conrad Murray
Conrad Murray's picture

Where does one go? To the gun store, obviously. Also, to the library/book store/internet. Figure out exactly what type of land it is you want to inhabit. What political and economic constructs best support your ideal nation? Learn the theories, know them intimately, love them as you love your rifle. There will be plenty of people who have no idea what they are fighting for or how any of it happened if/when the moment arrives: Don't be one of them. The time for cultivating intellectually, psychologically, and physically prepared leaders is upon us and passing quickly.

No more running like bitches to avoid problems. Yes, that childish instinct is rampant throughout the whole of the American society(White Flight, drug abuse, divorce rate, etc), but it must be stomped out as ruthlessly as the oligarchs.

Throw the banksters off our backs and save this fucking country.

Fri, 09/16/2011 - 14:52 | 1678078 Shell Game
Shell Game's picture

++ You're rocking my world today, CM.  Absolutely agree.  Immerse oneself in self-defense and history.  Know history, know what works and what doesn't.  Being gaijin stacks the odds against you from the start if/when the shtf in your foreign locale.

Fri, 09/16/2011 - 14:04 | 1677890 Ferrari
Ferrari's picture

I've had this thought myself. And my expectations are lower. I was just hypothetically seeking a somewhat honest, non-kleptocratic country, and I couldn't really come up with one. Yes, Iceland is the exception that proves the rule. A commendable place, Iceland, but... Dunno. The climate & culture are too alien for my tastes. So I chose to stay here for now, working on my marksmanship. 

Fri, 09/16/2011 - 13:51 | 1677849 Monday1929
Monday1929's picture

Don't expect help from this crowd. You are now on a list.

Fri, 09/16/2011 - 14:06 | 1677896 Dr. Richard Head
Dr. Richard Head's picture

Shit.  I have been on the list since 2008.  Ever since I have started my protesting at the local level with police - http://www.youtube.com/user/ShakedownR3volution?feature=mhee#p/a/u/2/443LDl7sy9s

Fri, 09/16/2011 - 13:32 | 1677756 Mariposa de Oro
Mariposa de Oro's picture

Prison Planet (Alex Jones) has an article on it today.

http://www.prisonplanet.com/

Fri, 09/16/2011 - 13:38 | 1677795 Dr. Richard Head
Dr. Richard Head's picture

I try to always point cooraborating evidence from the MSM outlets. Unfortunately if mass public doesn't see the marque FOX, CNN, USA Today, tehy tend to ignore it as conspiracy.  I agree with Alex more often than not though - don't get me wrong.

nfl-orders-ankles-up-frisks-for-16-million-fans-enterting-stadiums-security-buffalo-bills

 

Fri, 09/16/2011 - 13:59 | 1677875 Mariposa de Oro
Mariposa de Oro's picture

You're right.  The sheeple only accept MSM propaganda.  I quit following it several years ago, so now I have no idea what BS they're spouting day to day.  Thanks for the assist!

:o)

Fri, 09/16/2011 - 14:15 | 1677940 mrks
mrks's picture

This chap is right - those rumors are completely ridiculos and probably based on some fucked up translation of EU regulations which require some form of identification for transactions >= 15k EUR.

You've to show your passport of drivers license, hand over the money and that's it - off you go with as much gold as you're able to afford.

And if you want to stay completely anonymous, you just have to buy less than 15k EUR worth of Gold at a time - which is still perfectly legal. Considering the number of companies specialised in selling PMs, you could easily buy/sell more than a million Euro worth of gold a week without even having to leave Vienna, yet nobody would even ask for you name.

So much for internet-rumors.

Fri, 09/16/2011 - 13:21 | 1677704 GeneMarchbanks
GeneMarchbanks's picture

See first post Dr.Dickhead. He beat us, stings a little doesn't it?

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