sinclairThis is the second significant bank to give this notice.  What do you need?
Twenty of them to make the same announcement!?!

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From Jim Sinclair, JSMineset:

Get ready, get set, then get bailed in to, so on top of insult comes injury.
 
It is a logical possibility you might end up owing money for the privilege of keeping any money in the bank.
 
This is the second significant bank to give this notice.  What do you need?  Twenty of them to make the same announcement?  I would suggest a jog, not walk, to any bank you have money in and try to take out any meaningful amount of cash.
 
You are in for a surprise. Better to be first in line and the squeaky wheel, not last and begging. Gold and silver will maintain buying power in your hand. Cash is for transactions.
 
Have you been listening to my weekly exchange with Bill on the premium side? We have been focusing directly on this situation.
 
Regards,
Jim and Bill.
 
Savers fear negative interest rates as Natwest warns businesses might have to pay to hold cash
Tim Wallace and Katie Morley
25 JULY 2016 * 9:48PM
 
Natwest has become the first bank to warn business customers it may charge them negative interest rates on money held in current accounts.
 
In what is believed to be a UK first, the bank has signalled its intention to force account holders to either pay to hold money or move funds elsewhere. 
 
Although current plans for negative rates are restricted to business customers, fears are mounting that “pay to save” rates could soon become a reality for millions of consumers, if other banks follow suit. 
 
The outgoing pensions minister, Ros Altmann, warned negative interest rates on current and savings accounts pose a threat to the financial security of older savers, who often rely on their savings to provide a retirement income. 
 
A number of high street banks including HSBC, The Post Office and First Direct are already offering savings accounts with rates as low as zero, as this newspaper reported last week. 
 
A move to negative interest rates would turn a key part of banking on its head, with banks effectively paid to store people’s money, while savers are penalised for keeping money in their accounts.
 
However this could become a reality if Mark Carney, the Governor of the Bank of England, cuts Bank rate to 0.25pc in August after seven years of it being held at 0.5pc.
 
Bank rate strongly influences the level of interest banks and building societies choose to pass on to their customers, although some banks offer significantly more or less.
 
Natwest blamed the potential decision on ultra-low interest rates imposed by the Bank of England, which it said were putting huge pressures on its finances.
 

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  1. MOSCOW, July 26. /TASS/. Turkey is ready to initiate construction of the first line of the Turkish Stream gas pipeline project, Turkish Economy Minister Nihat Zeybekci told reporters on Tuesday.
    “We are open for construction of the first line of the Turkish Stream from standpoint of Turkey’s need for natural gas,” the Minister said.
    “Political decisions are in place to settle the issue of further implementation of the project,” Zeybekci added.
    An agreement to build the Turkish Stream gas pipeline was reached in December 2014. It was planned initially to build the gas pipeline of four lines having the annual capacity of 63 bln cubic meters of natural gas. The intergovernmental agreement on the pipeline construction was postponed after relations between Russia and Turkey worsened dramatically. The project is currently on hold.
    More:http://tass.ru/en/economy/890799

  2. If we were told fifty years ago that some day we would pay banks to hold our money, we would have simply laughed at the joke. If we were told at some point, banks would take a portion of our balances to save themselves, we again would have laughed thinking the FDIC wouldn’t allow such a thing. Well..that’s progress!

    • Agreed @SilverSucker

       

      And this choice of pay or move our funds elsewhere is yet another reason not to keep much more than a slight excess of money needed for the monthly bills in any bank that adheres to such an idiotic move.  It’s not as if we needed any more reasons to be our own bank, is it?

       

       

    • Those were the days…when the New York Times would publish such views on their front page.

       

       

      Not anymore.

       

      Since only a fool and business even pay for anything let alone taxes and accounting then whats the point of debt let alone money?

       

      Sad to see the Pound collapse…sadder still to watch the Swiss Franc become worthless scrip too.

       

      Not a fan of gold but silver has been a currency going all the way back to the Greeks of 2500 years ago…”too expensive, can’t afford it.”

       

      Talk about an understatement.

       

  3. Savers fear negative interest rates as Natwest warns businesses might have to pay to hold cash

    Move over NatWest you’ve got company.

    “NatWest and Royal Bank of Scotland (RBS) have warned businesses they may have to charge them to accept deposits due to low interest rates”.

    http://www.bbc.co.uk/news/business-36889828

    Omens, Portents & Bodings, alas poor interest……….

    “Fare thee well forever upon this earth!” – (Zanoni to Menjour) Lytton

    • NatWest and Royal Bank of Scotland  account holders are encouraged to have a brief chat with their branch managers as they withdraw all their funds: “The lack of interest is mutual.”

  4. Sinclair must have been misquoted… “bail-ins” and negative interest rates are VERY different animals.  JS is not so stupid as to not understand that.  Sure, they both represent bad news and unstable financial systems… but come ON.

    • “Bail in” is a “euphemism” for the banksters’ theft of depositors’ funds to cover banks’ losses from failed speculations that would have been illegal under Glass-Steagall, but which ARE legal under Dodd-Frank, the current “regulatory law” which replaced it.”  It’s also called a “hair-cut”, in which the banksters graciously only take a percentage of depositors’ funds, instead of all funds.

  5. There’s also one bank in Netherlands who warned her clients these last days, i don’t remember which one, and another one in Switzerland, Alternative Bank Schweiss (thanks for the alternative), 0.125% and 0.75% for deposits above 100000 €…

    So now that anounces a real tsunami…  soon generalized. The attack is on

  6. In the US, back in the old west around the mid late 1800s, banks used to charge depositors to hold their money (gold, silver) to protect it from bandits, robbers and thieves. I think it’s ironic that the thieves are now the bankers themselves,charging depositors to steal their “money” which they stole already with fiat. What a crazy [******] mutated monetary system has evolved.

    • The Banker didnt create the fiat money regime…your Government did. Funny how paying everybody everything results in everyone paying more. Even the “giverment” pays more. 600 billion dollar deficit and folks think that the repayment of that will be done by lower prices.

       

      For the 100 trillion dollar pension Ponzi maybe.

      Not for New York City though.

       

      “The financial capital of nothing…

  7. What will the banks do for money to lend out once they have chased off all of their depositors?  This reminds me of farmers who must eat their seed corn to survive. It might get them through the short term but in the mid to long term they are toast.

    • @Ed_B

      “What will the banks do for money to lend out once they have chased off all of their depositors?”

      The joke answer is “print more”! Who needs your money when they can manufacture as much as they want?

      But more seriously, the answer is easy if they are allowed a cashless society….they will simply become the only source for legal tender cyber digits left and your wallet will serve as a chip card holder. No removing money from the bank then, only shifting it from one to another! You have none they have it all is the idea. Now if they can make these things happen in time…..that’s another question entirely!

    • @SilverSucker

       

      “The joke answer is “print more”! Who needs your money when they can manufacture as much as they want?”

       

      Unfortunately, there are likely to be some central bankers who think exactly that.  These will be the people fanning the flames of hyperinflation… something that is always worse than people imagine it to be unless they have actually gone through it themselves or at least via their family members.

       

      “No removing money from the bank then, only shifting it from one to another! You have none they have it all is the idea.”

       

      Yeah, well, that idea sucks and could easily lead to them dangling from lamp posts.  Unfortunately, most people will just have to experience this firsthand before they understand how bad it will be and get to the “Get a rope, boys!” point.

       

      “Now if they can make these things happen in time…..that’s another question entirely!”

       

      Yes, it is… and so is whether or not they can survive such outrageous tomfoolery.

       

  8. Guess watt. The electric company doesn’t take bitcoin as of yet.  I haven’t asked but I am so sure they won’t accept PM’s either.  I am sure what he means is reduce your exposure to the banks by keeping the minimum balance required to avoid service charges.  Been there.  Done that. More Silver.

  9. Interestingly gold and silver smiths were the first bankers and also the inventors of fractional reserve banking,  and no coincidence these same metal workers is were one went to have  ones particular idol of worship  made ….

  10. I’ve kept a lean and sparse bank account since 2008, just leaving enough for bills etc.
    It was a no brainer as I was receiving next to no interest and facing increasing account fees.
    Plus by law the local authorities have access to make checks and seizures by court order.

    So it just made sense not to leave a large balance sitting there ready for the taking should they come knocking for any reason.

  11. “The War on Terror” starring…the Goldschmidt’s.

     

    And of course they don’t have any cash either.

     

    Folks who dont know what one dollar is will gladly spend one trillion.

     

    Its the dude who has a million that wont spend one dollar that knows what a trillion really is though.

     

    The whole thing is a scam…worse than illegal. Immoral…worse than slavery.

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