Contagion fears and panic appear to have reached France’s shores ahead of Sunday’s Greek vote, as Max Keiser has received a first-hand account that France’s large Banque Postal stopped outgoing bank wires due to ‘technical glitches’, and also stopped cash transactions beginning at 8am Friday!

A global financial collapse and subsequent bank run could occur within minutes-hours once the trigger is detonated- which appears to be a possibility (although likely remote) with this weekend’s rhetoric from numerous Central Bankers stating they will provide whatever liquidity is necessary .

As a precaution, we recommend readers take the time Sunday to ensure they have a minimum of 1-3 months supply of necessities on hand, and as always, protect your financial assets with PHYSICAL gold and silver held in your own possession.

From Max Keiser:

Max

Banque Postal is in in very bad position (Dexia accounts)
i received this and this friday and saturday

The mail says that my reader went to the bank in the morning and asked 250 euros
the lady answered “i am sorry, i just have 180 euros”…
The guy understood that his account had only 180 euros so he asked again : – )
she explained that she only had 500 euros to open her desk and 180 left !!!
The reader made 3 Banks Postale before getting his money.

The picture below (taken by an another reader on friday in Maison-Alfort, parisian suburb)
shows another Banque Postale saying that there will be no cash transaction on friday
from 8h to 14h30 !

Other friends are reporting to me that (whatever bank) they are not able to do wires
due to “computer technical problems blabla”) !

something big and dangerous is going on here in France with Bank Postale one
of the most important banks of the country
Click here for more:

  1. I can’t speak to what the worst that will happen on Monday but I do know that Dexia Bank, the largest bank in Belgium, failed last year.  It’s asset base was 50% larger than the entire GDP of Belgium  That like B of A with an asset base of $22 trillion dollars.

     The bank was taken over but the very ominous failure was only 3-4 weeks after the bank was given a strong rating by the agencies. It failed over one weekend.   I mention this because Dexia is noted in the article about Banque Postale.  I do not know how they are connected yet when a bank as large as Dexia fails overnight, the rest of the overleverage European banks could collapse in days due to the impending problems in Greece Spain and Italy.  I echo Doc’s sentiment as stated simply that it is better to be 3 months early that a day late and that seems to be what is happening in Europe at this moment.  It’s not a time to view the landscape to see what is coming.  Bunkering in might be a good idea even if the worst case does not develop on this side of the pond.  Be careful and safe all my brothers and sisters  We are all in this together.

  2. I just found this,

    Euro-Wide Retail Banking Panic Beginning?
    Sat Jun 16 2012 21:38

    From friend David M., word from a European contact of his, on 6/16:

    I have friends everywhere between London and Paris, and they are panicking, savings accounts have been getting emptied at a dramatic rate, we should see panic next week because they are being told what they can have and what they can;t have,

    Its not that long ago that they changed the ATM machines, so instead of having a choice of withdrawal from 20-500 on the screen, you can now on [sic] have from 10-50.

    Further, this was just posted on Max Keiser, from one of his sources, “Mr. X”:

    Banque Postal is in in very bad position (Dexia accounts) i received this and this friday and saturday

    The mail says that my reader went to the bank in the morning and asked 250 euros the lady answered “i am sorry, i just have 180 euros”… The guy understood that his account had only 180 euros so he asked again : — ) she explained that she only had 500 euros to open her desk and 180 left !!! The reader made 3 Banks Postale before getting his money.

    The picture below (taken by an another reader on friday in Maison-Alfort, parisian suburb) shows another Banque Postale saying that there will be no cash transaction on friday from 8h to 14h30 !

    Other friends are reporting to me that (whatever bank) they are not able to do wires due to “computer technical problems blabla”) !

    something big and dangerous is going on here in France with Bank Postale one of the most important banks of the country

    http://beforeitsnews.com/story/2269/785/Euro-Wide_Retail_Banking_Panic_Beginning.html

  3. NOW HEAR IS HOW EUORPE BANKING PROBLEMS JUMP THE POND!

    Royal Bank buys full ownership of RBC Dexia for $1.1B

    The Canadian Press 


    Posted: Apr 3, 2012 8:31 AM ET 


    Last Updated: Apr 3, 2012 12:35 PM ET 

    Read 6comments6

    Royal Bank of Canada said Tuesday it will pay $1.1 billion in cash to buy the remaining half of RBC Dexia, an adviser to pension fund managers and institutional investors, it doesn’t already own.

    The Canadian bank’s acquisition of the 50 per cent stake will give it full control of the French-Belgian bank, which has been in financial trouble since the onset of the credit crisis.

    Royal Bank’s partner, formerly called Dexia Internationale a Luxembourg SA, had indicated months ago it would sell its half of the joint venture and RBC announced in October it was in talks to acquire full control of RBC Dexia.

    Dexia, which has been renamed Banque Internationale a Luxembourg SA, is one of the victims of the European debt crisis and the 2008 credit crunch sparked by the failure of Lehman Brothers, a Wall Street investment bank.

    Dexia SA was the first major European bank to need a bailout in 2011 as a result of concerns over the sovereign debt crisis. It formed the partnership with Royal bank about six years ago.

    Royal Bank chief executive Gord Nixon told analysts on a conference call that the timing of the acquisition and its price were both “very attractive” for the bank.

    “Our long history in the global custody business provides us with an in-depth understanding of its strong fundamentals and the opportunities it provides for growth,” he said.

    RBC Dexia provides a range of products and services — from fund and pension administration to securities lending and shareholder services, but part owner Banque Internationale ran into financial troubles and has struggled to recover.

    Bailouts from Luxembourg, Belgium and France last year were designed to rescue its operations by pledging billions of dollars to help nationalize the struggling bank.

    The acquisition of RBC Dexia “allows us to be much more aggressive going after new business,” said Jim Westlake, group head of RBC’s international banking and insurance operations.

    “This is a business that we really like and it’s a great fit with out global growth strategy with wealth management.”

    Barclays capital analyst John Aiken highlighted that Royal Bank expects to have reduced capital ratios because the transaction for RBC Dexia is being made below the book value.

    “As such, this should ultimately be a successful transaction, assuming that Royal is able to continue to grow the business,” he wrote in a note.

    RBC’s definitive agreement to buy the rest of RBC Dexia was announced Tuesday, a day after Canada’s largest bank dismissed major allegations of improper trading by a U.S. regulatory agency.

    The U.S. Commodity Futures Trading Commission accused RBC on Monday of making hundreds of millions of dollars in sham trades — an allegation the bank vociferously rejected.

    Royal Bank called the accusation “absurd” and said it had sought guidance from the CFTC before making the trades and acted within the agency’s guidelines.

    The CFCT alleged, however, that the Canadian bank concealed the true nature of the trades and made false statements to a futures trading exchange.

    The activity, so-called “wash trading” is an illegal stock trading practice in which an investor simultaneously buys and sells shares in a company through two different brokers, usually to help it avoid taxes. Wash trading is illegal in the United States under to futures trading laws.

    The CFTC said the bank’s trading strategy was devised to gain Canadian tax credits on its holdings of U.S. and Canadian company stocks. It said the strategy was created and carried out by a group of executives at the bank. However, the agency’s suit didn’t name any individuals.

  4. The Royal Bank purchase was not for the actual Dexia Bank – it was only for the Canadian joint venture investment/wealth management arm RBC-Dexia.

    Anyways, being in North America, I’ve been a bit stunned and pulled out funds from my bank accounts into cash… a bit worried because an European bank with a North American arm that I use was downgraded last week.
    Maybe I am reading too much stuff from alternative financial sites, then again nowadays, who knows.
  5. Best to keep a little in for bill paying JJ83. Personally I am totally out of paper except for the bit I have in a 401K (Which I can’t touch anyway). AGX is very right, this could happen almost instantly. I’d like to know I’m as ready as can be. Headed to town today to refill the gas cans.

  6. I was meant to say

    Well I’m going to cut my grass and I’m sure there will be more on this
    subject when I return later this afternoon as I don’t want to be feeling
    bad all day by commenting now… Keep Stacking Folks.

  7. 427  thank you for the detailed research into Dexia  It’s clear this sucking black hole of a zombie bank still lives, like a Frankstein monster.  It appears to now be able to kill its host as well as anything else around it.  That said, there is probably not a bank in European that is even close to solvency. I wonder what will happen when  the ELA stops providing funds to the Greek banks via the  Greek central bank as well as the Spanish banks that are being bleed dry by continual withdrawals. Sp Banks are all close to the tipping point of rupture and collapse.  Next week will unfold as historic event horizon.  We can only guess if the faucets from the Fed, BOJ, D Bank and others will open or will the union fall into disarray. 

  8. Doc;

    Do you know your IP Address and can you post it? I heard a tip today bookmark the sites you use and right down the Ip address. Google can block searches to surpress the spread of info.
    AG;
    DEXIA looks a lot like Lehman, But I do not know much about banking. Was hopping you and Jake would be weighing in on this. You know if we start to look as if tipping points are hear, members should share personal info. Use SD in house email to send other members, land line/cell phone #s, email addresses etcetera.  
  9. Just a little farther westward! It will hit America soon enough. I have attempted to reach those, whom would listen. However, they are into there day to day sheeple things. So, let them eat cake and figure it out for themselves. 

  10. 427  you make some good points re Dexia.  On your second matter, the idea of having a sub rosa network of like minded people within this site to stay in touch if we can’t access this site due to an internet shut down is a  really good idea.  Maybe Doc to see to this within his 110 hour work weeks

      I have stayed in touch with Doc and Bull Run over the last several months and spoken with a couple of SD readers as well.  My first motive is to continue OPSEC since this site is anonymous but possibly we could have a network based on mutual respect while we share skills, information and ideas.  Due to my  personal nature as well as my business, I have a goodly buffer in my cell # and addresses to maintain security.  So the notion of keeping in touch directly seems prudent in light of what we may experience with the friendly folks at DHS along with a few other 3 letter federal agencies.  There are bigger issues at hand than trying to stay secretive in our relations. One thing that all prepper sites acknowledge is that to survive you must have a small group of people that you can rely on to have your back. I refer to that group as your Band of Brothers.  We already have a group like that on this site who share open info and if I can read between the lines, off line communication as well.

    Regarding bank runs the best report I’ve seen to date was published on rense.com  That is abit of a  tin foil hat site to some but it does provide some good feed on Fukushima.  If you go to rense.com and scroll down a couple of pages, off to the right side, around the same segment as the radiation warnings etc you will find an article describing what could happen if Greece exits the Euro and/or defaults  It’s title  “How Greek Shock waves will hit the US’  speaks to what could happen.   I see it as working paper.  It talks about the contagion that could erupt in Greece to Euro Banks and then to the US through the complex webs of bank interconnectedness. 

     Jim Sinclair and Jim Willie have spoken at length to what can happen if the CDS and derivatives explode on our shores since trillions of dollars are at stake.  Greece has $400 billion in debt and no way in the world to pay it. They are crashing even as they draw down their  ELA lines of credit and bank support funding.  If they completely default the cost to the Euro banks will be extraordinary.  This is one of the reasons that ATMS and banks limit withdrawals.  This phenomenon is particularly noticeable in the Southern tier but even the UK, Ireland, the low countries and possible German may restrict withdrawals.    The Euro banks are essentially bankrupt with leverage to the tune of 30 to 1 or worse even before they mark to market their junk debt of insolvent countries like Greece, Spain and Portugal.  And the countries that are broke are expected to contribute their depleted funds into the EFSF and ESM to bail each other out. The last time I checked, a bankrupt person can’t bail out another bankrupt person. Ditto for banks as well.

     To save this union someone is going to have to print and from what I read, the IMF, Fed, BOJ, DBank and other stand ready with money to throw in the pot to stabilize this mess.  But I think it is reasonable to assume that there is not enough money in the world,  save the Fed printing $10 trillion in USD to swap with the ECB for worthless Euro securities, to save the Euro in its present form.  German will not subject its citizens to austerity the likes of which is seen in Italy, Spain and Greece in order to save those countries.  The Germans may saw off the PIIGS and go it alone with a northern tier Euro as suggested by Willie, allying itself with the Norge countries and Russia.  China is having its own problems with a good potential of a hard landing, exacerbated by the recessions rolling through Europe and the US. 

    If the contagion spreads to the US and it could be days or weeks, but not months, then we’ll all need to watch these events like eagles to protect our savings and capital.  I am not confident the European leaders have a will or way to stop the contagion.  The IMF needs coordination and agreement to throw capital to save Europe. That is questionable at best.  If I was to guess,  Obama, the consummate amateur in all manners  financial , will almost certainly look to government to save the day.  He will take less  election day heat by printing to try to stabilize the Euro issues. That is the only thing he has in his bag of tricks.  Letting Europe fail with the inevitable and extremely expensive blowback to our S&P companies, banks and the overall economy is a non-starter with him. He’s a dead fish candidate in that case.   Even a dyed-in-the wool Socialist-Fascist administration  such as his knows  printing is the only way to handle this   And he may be right if we are to save our economy and banks. Regional Banking shut downs are not something you want on your block.

     On prepperwebsite.com there is an article about the 20 reasons why the next bank holiday will be a nightmare.  It talks about the near total interconnectedness of our private financial lives to the national and even the international banking and insurance systems.  Nothing flows if the money fails to flow.  Even FIAT and possible PM values will be questionable since the marketplaces will  be in chaos.  Our LCSs that we rely on to exchange PMs may not be able to function since PM values will be floating.  Cash for Gold in San Diego, one of my old clients, does not like to carry cash on PM sales. They issue checks.

    What use will checks be if the banks are not fully functioning.  The best thinking I have is to be as self dependent as possible while also realizing that the best laid plans fail the instant they confront reality  Having several rally and extraction points,  plans B, C and D plus the FUBAR alternative are all going talking points.  Greece is a good reference point for the banking and currency collapse. It has been in slow motion collapse for several months. 

     If we get several months to plan we will be most fortunate.  Getting geared up for some hard times is wise.  If the international banking community decides QE to infinity is the best ppolicy, that will buy some time.  When Lehman crashed the the Fed provided $800 billion to stabilize the banking system plus trillions of loans to national and international banks, it did not stop the contagion. It just postponed the day of reckoning. And that day may be coming soon.  I think the best way to see bad things coming our way is to listen to the MSM and government talking heads saying that everything is under control. That is usually the best indicator that things are anything but ‘going well and under control’  IMO

  11. Ha AG;

    All good points, My thought is the internet would just be filtered at first. A targeted response at first, on sites that are ahead of the cerve to slow communications. This way the sheepeople still would not be alerted to something going on. When we try to point something out they would not be able to see for them self, we would be fear mongering. Privet communication could be used more at first to let others know whats going on in there geographical location. Im by San Francisco, so crack downs would come hear prior to more remote locations. There would more information bleeding out as well.
    The IMF is meeting in Mexico right now. All world banks are bonding together right now. All are saying they will pour money into the system to stave off a collaps of the euro. The Markets are on edge, The MSM is in fact talking a lot on the matter. Bank run (jogs) are happening all over Europe, Some of Europe’s banks are running out of money for withdraws What The Fuck! All it takes is FEAR and it’s hear in a day. As soon as the masses in the US get alerted it’s over. As soon as they stop thinking it can’t happen hear.
  12. European Leaders to Present Plan to Quell the Crisis Quickly

    June 17, 2012 1:04 pm
    By JACK EWING / The New York Times
    The head of the European Central Bank and other euro zone leaders worked
    on Saturday on a grand vision for the euro zone meant to reassure
    investors and allies that flaws in the currency union will be addressed
    quickly.

    The plan will include measures to prevent bank runs and reduce what has
    become a vicious cycle of government debt problems turning into banking
    crises, as has happened in the past two years.Mario Draghi, the president of the central bank and one of the authors
    of the plan, said Friday that it would be unveiled within days, ahead of
    a meeting of European leaders at the end of June.

    Under the plan, euro zone leaders will seek to establish the central bank as supreme bank regulator with broad powers…” READ MORE

    SEE?—Their answer is always to increase the authority of banks rather than to recognize that THEY are at the root of the problem. There is no solution.

    There is only smoke and mirrors to delay and deny. Move Along!

  13. Good point jj83:
    RBC bought the remaining of the joint venture it had with Dexia, not Dexia itself. RBC isn’t crazy enough to buy that junky bank.

    By the way, Eric Sprott’s offices are in the RBC (HQ) towers in Toronto. :)

    Just random info there.

    I’d be concerned if I lived in France. Their banking system was already very restrictive/controlled to begin with, and it won’t get prettier for Frenchmen going forward.

    On the bright side, France will still have the best bakeries even after the krash :)

    This is the beauty of having centuries and centuries worth of culture, culture over-rides crises and binds people.

    Problem is, Islam will soon be the culture in France (and Netherlands, and…).
    At that point, in comes Sharia Law (which forbids interest banking, which banks in islamic countries find creative ways of circumventing anyway), which is why the Iranians and muslims are so big on hard assets.

    But once Europe is Islamic and Israel whips Iran’s over-confident Shiite behind along with their Russian backers, things might be that more ugly.
    The world will be in chaos, the Iranians and Russians will be in glowing ruins, but hey, at least the Yuan will be gold-backed.

    Russia is moving in on the Mid-East, things are going to get ugly in the years to come. Russians will go down, but for them to eventually go down, they first have to rise and become very proud and over-confident against Israel, and the Russians won’t go down without a fight, meaning there will be oodles of collateral damage.

    Got Phyzz? great, it’ll help you as long as your backyard isn’t glowing. More importantly though, got Jesus as your Saviour?
    :)

  14. Just one question for my fellow stacker…. What should we expect as far as capital controls in America? Does anyone think the TSA with there nice new border check points hundrends of miles from our borders will and could confiscate our hoard in the future?? I mean.. Im a dual citizen and will be going on vacation in the deep south when word comes out about Bank Holidays in the US… I would just rather be in a country that doesnt have the resources to enforce BS laws when the shit hits the cieling fan…. Any thoughts??

  15. Rusty  I have given a great deal of thought to your questions. I am also dual national, Canadian and US.  The trouble with crossing to Canada is that if my truck was searched and any gold or silver was found, it would likely be confiscated.  There would be some difficulty in finding a place to secure the metals since safe deposit boxes in Canada have some rules as to whom they rent to.   Bankers are very fearful of the long arm of the US agents. Reporting  foreign capital accounts is a given andhaving those accounts is  increasingly difficult to do. If you carry a second passport as a dual national you would need to find out what restrictions there may be as a dual in opening up foreign lands,  or to you, a home country account. 

    The US is ring fencing its citizenry very rapidly. Traveling with a large amount of precious metals or currency that could be found with a search leaves you with a big problem. The authorities are seeking out people carrying valuables.  They are often seized by the police who impound them.  It may be  difficult to prove chain of title on cash or precious metals so getting them back might be troublesome.  That is what the cops are hoping for. 

     So it would be wise to travel lightly and if you have notes, cash or PMs secure them in a safe place in your vehicle.  Argentina and Greece have border patrols with currency sniffing dogs. Maybe exchanging phyzz for cash and them converting cash to travelers or cashiers checks might get past the gate keeper.  Another thing to watch for is the  TSA which  has the VIPR patrols that are essentially rolling checkpoints that can stop and interrogate you on any highway in the US and are frequently hundreds of miles from any border. 

    The chance of the average person being caught is slim but keeping your PMs under lock and key is a good idea.  Asset seizures are not unheard of but usually occur of someone lets slip the fact that they have some specific assets and the authorities get wind of that information.  The chances of having this happen if you abide by OPSEC is remote. 

    If TSHTF we will see gray and black markets spring up quickly, providing a means to use alternative currencies as well as precious metals.  This is all conjecture now so the best thing to do if you are a dual national is have a second passport, open an account in your home country and if needed, wire proceeds from the sale of metal assets to your home base country.  I sold a piece of property in Canada earlier this year and had no problem bring the funds to the US. But I did have to file the FACTA and FBAR forms annually. That is a costly matter for my CPA to compile that form too. One of the reasons I disposed of this property was the reporting of this asset and its income.  It was more information than I was comfortable disclosing to the authorities.

    The best thing to do is stay under the radar as best you can  I have confidence that even with the jackboots in our government there is little chance of our assets being seized if the authorities have no knowledge of their existence. 

  16. Good question Rusty and good answer AGX. The thing about capital controls is having your capital where they can’t control it. Just like a good retirement plan, you need a good capital controls avoidance plan. Have enough sideline cash to pay your day to day bills for several months, keep a credit card (Yuuuccchhh!) to use in case of bank holidays (You can pay the C Card loan off when the capital controls are lifted). Obviously have your phyzz available for trade and remember to have barter items at hand. One gallon of “barter” gasoline will likely get you pretty much what you want (in trade) in the short term. The list goes on. I’m glad you are thinking about it and readying yourself.

    10 to 1 says you’ll get a number of good answers to this question (topic).

  17. 2oz, you have to be careful with the credit card because they could impose very high interest rates in the event of a currency devaluation. That might add up too quickly if you are unable to make payments. Just a thought.

  18. You are absolutely right Ag-nostic. Cash first. If you get hungry enough, the C Card will be a last resort. If such a drastic devaluation happens, what would they do? Give you a bad credit rating? LOL. While I don’t advocate using the C Card, it would be good to have it just in case. I am a stickler for having a good credit rating but I would have to think in that situation the C Card companies might just be will to make a deal to recover as a lot of people would be burning up the C Card just to survive and the issuing company would quickly become insolvent. But again, just as a last resort. Thanks for a most excellent thought.

  19. Hi Rusty;

    I feel there would be no need to flee the US. In my opinion the US would be a safe haven compared to the rest of the world. But I would look into were in the US you would feel would be best for you to stand your ground.
    AG is right stay under the radar, so pay cash for things that you need. Buy quality things that will last, Buy older used items that used to be well made and not checked out through a computer.
    Funny thing about PMs they can be made into things. I keep saying this not that you have to take your whole stack to do it. I have a few things casted into things you would not even consider to be PMs. Now your metals are not bullion or coins, there personal possessions. They could be made into decretive to mundane like a statue or a hammer head. Now you are hiding in plane site.   

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