BOE Says U.S. “Could Do Today” And U.S Authorities Doing Simulation Exercises.
The U.S. already has in place plans for bail-ins in the event of banks failing. Indeed, the U.S. has conducted simulation exercises with the U.K. in recent weeks and will do so again in 2014.
On October 12, Art Murton, the FDIC official in charge of planning for resolutions, and the Bank of England’s Deputy Governor Paul Tucker, both confirmed that the U.S. system is ready to handle a big-bank collapse.
The Bank of England’s Tucker, who has worked with U.S. regulators on the cross-border hurdles to taking down an international firm said that “U.S. authorities could do it today — and I mean today.” [Read more...]
BOE Says U.S. “Could Do Today” And U.S Authorities Doing Simulation Exercises.
David Morgan joins Ellis Martin to discuss JP Morgan Chase’s upcoming dictate to limit out of country wire transfers as of November 17, 2013.
Will there be a bank run and an economic collapse caused by a banking system failure? What do the banks know that the country doesn’t?
Morgan also discusses the historical perspective for returning to a gold standard, and his current outlook on the metals. [Read more...]
If the sudden spike in the SHIBOR is any indication, it seems that the Chinese banking sector fears the second part of November. [Read more...]
Banamex, Mexico’s second largest bank (which coincidentally happens to be owned by Citi) was unexpectedly taken down by a “glitch” Monday morning, leaving customers without access to ATM cards or bank balances.
In a statement, Banamex apologized to the 27 million affected Mexicans, and stated that it does not yet know when it will be able to restore services in branches, ATMs, and telephone BancaNet and allow customers access to their funds. [Read more...]
In the wake of yesterday’s breaking news that the Bank of Panama has closed for 5 days for a Bank Holiday, we reached out to SD reader PK, an ex-pat living in Panama for a boots-on-the-ground report on the Bank Holiday.
PK reports that with BancoNational shut down for a 5 day bank holiday, Panamanians “are talking about nothing else except this bank holiday“, and states that while there is no massive panic yet in Panama, it is NOT NORMAL for the national bank to shut down for 5 days without warning on an end-of-the-month payday weekend.
PK’s full report on the BancoNational bank holiday is below: [Read more...]
*Updated 4pm EST with notice to customers from National Bank of Panama’s website
This morning the National Bank of Panama announced that it was suspending all services until Tuesday the 1st of October. The National Bank of Panama claims that the reason for the 5 day bank holiday is to upgrade systems.
The Clave (Debit Card) system has been taken offline. No wire transfers between banks and internationally until the 1st of October.
This system wide shutdown has country wide implications. The National Bank of Panama did not warn the people before making the announcement and shutting down the banks. The people do not have access to ATM’s either. We received word of this from family members first. This weekend is payday for people across Panama.
Is the next Cyprus-style bankster bail-in about to be implemented in Panama?
COMEX gold inventories are down from 11.059 million ounces at the start of the year to 7.034 million ounces today. This is worth $9.66 billion at today’s prices meaning that a handful of billionaires or just one powerful creditor nation state with large foreign exchange reserves, such as Russia, could corner the COMEX gold market and cause a default.
Russia’s foreign exchange reserves are at $508 billion . Mainland China still holds the largest foreign exchange reserves in the world, with US$3.4967 trillion at the end of June. It is followed by Japan, which had foreign exchange reserves of US$1.1876 trillion at the end of July.
The possibility of an attempted cornering of the bullion markets through buying and taking delivery of physical bullion remains real and would likely lead to a massive short squeeze which would see gold and silver surge to well over their inflation adjusted high of $2,500/oz and $140/oz.
If you think the FDIC will come riding to the rescue of the coming us bail in, you might want to consider these facts: [Read more...]
Gold and USTBonds aint a market. Their so-called official trading arenas are empty rooms with USGovt and USFed devices filling the empty space, creating a phony price. The false Gold price has no real supply. The false Bond price has no real demand. The claimed price is not where Supply meets Demand to clear the table on the market. Neither Gold more the USTBonds are a real market.
A Paradigm Shift is underway. The United States and its fascist allies are not in control. They will not find a path to retain or regain control. They have no solutions. The most powerful element of the shift has been the movement of gold wealth from Western locations to Eastern locations.
The world reacts by searching for a USDollar alternative, since the removal of the Gold Standard has crippled the world and permitted widespread fraud. The new standard will usher in the new Gold Trade Standard.
The US account holders will be treated with stock shares in conversion for the dead banks, whose value will converge quickly to zero. Expect soon the result to be a climax with bank runs.The bank runs will coincide with bullion bank runs, the fast removal of gold held in inventory vaults at the bullion banks.
When you look at the math, especially the supply/demand and inventory/delivery “math” there is only one question that remains. The question is not whether the PM’s are grossly undervalued. It is not whether supply can meet demand. It is also not whether known inventories can continue deliveries at the pace of the last couple of years. The only question which remains is “when”. “When” does the current unsustainable and lopsided (soon to be proven fraudulent which yes, includes “intent”) business model of the precious metals market blow up in a default?
When does it end in the same fashion that every banking panic in human history has seen?
We already know that an ounce of Silver is not worth the $23 that COMEX says it’s worth. No, buyers-investors-scared fiat rabbits are paying more…30% more for the real, hold in your hand “stuff” that COMEX is so badly underpricing. Let me go back to the beginning, what is an ounce of Gold or Silver worth if and now when an ounce is not available?
The old saying goes, “there’s no rush like a Gold rush“. This saying always speaks to “greed”. The coming Gold rush with its roots in “fear” will be unlike anything before it because in reality it will be an all-out, all-encompassing global bank run!
In this tremendous interview with our friend Eric Sprott, Patrick MontesDeOca chats with the CEO of Sprott Asset management with $10 billion under management.
In this interview Eric gives us his insight and wisdom as it relates to Cyprus as the “Black Swan”,and how it could trigger major bank runs globally. Metals shorts are in for a rude awakening!
Sprott discusses the ongoing collapse and how the COMEX is easily manipulated and not reflective of actual supply and demand.
SD reader Anders has submitted a boots-on-the ground report from Bangkok Thailand, which is normally flooded with physical gold.
In the wake of this week’s massive gold take-down by the cartel, Anders reports that:
EVERY Gold-shop in Bangkok is out of Bullion…there is not 1 single ounce of gold bullion available for purchase in the entire city of Bangkok! The Gold is going down in price like everyone is selling.. while there is no Phyzz to buy at all in all Thailand! [Read more...]
Our friends at Demonocracy have released an excellent infographic visualizing the recent Cypriot wealth confiscation by the ECB and the IMF, the size of the depositor haircuts, and the bank run in progress by Cypriots (and preceded by wealthy Russian and UK depositors who were able to withdraw billions while the bank holiday persisted).
The Cyprus Deposit Confiscation Bail-In Visualized: [Read more...]