Reggie Middleton Keiser ReportReggie Middleton uncovers extremely unnerving omissions, misrepresentations and what appears to be outright fraud in the Irish banking system along with an in depth interview with Max Keiser in London. He names several banks directly, some which have already failed, been bailed out and collapsed their investor’s capital, others who are still operating, taking deposits and making loans.
Directly after Mr. Middleton’s Irish bank expose series started, the head of the Bank of Ireland (Ireland’s main bank regulator and what used to be their reserve bank until the ECB took over) unexpectedly resigned and actually decided to forgo his 100,000 euro bonus.
Mr. Middleton discusses the distinct possibility of the Irish people getting “Cyprus’d” and offers tools that they can use to mitigate the risk and ascertain how bad off their country really is.

petro dollar sunset WillieBy Jim Willie, GoldenJackass.com

Editor Note: The following MUST READ Hat Trick Letter is Jim Willie’s self-described “Most Important Article Ever“, following Friday’s release of Willie’s first audio interview on Cyprus.

An unstoppable sequence of events has been put into motion finally. The pressure has been building for months. Some themes are plainly evident, except to those who wear rose colored glasses in the US Dome of Perception. The USTreasury Bond will be brought home to the US and British banks, where it will choke its bankers, then be devalued for survival reasons, after a painful isolation. The Chinese and Russians will conspire to finance the Eurasian Trade Zone corridor foundation with USTBonds, held in reserve, put to usage. The British will play a very unusual role, selling out the United States in order to be squires to the Eastern Duo. The process has begun; it cannot be stopped. The events are already being grossly misinterpreted and minimized in the US press, where devoted lapdogs, artistic swindlers, and creative writers prevail. The Paradigm Shift eastward is showing its next face, with a truly massive trade zone for cooperation and reduced cost overhead as the giant foundation. The Untied States for all of its past hegemony and devious manipulations and vicious attacks, will be excluded. The British will assist in the exclusion in order to avoid the Third World themselves. The following blueprint is the result of years of planning, with steady information and hints and confirmations by at least two Hat Trick Letter sources. The sunset of the USDollar has a blueprint.
As a personal embroidery, let me state that this article is the most important the Jackass has ever written.

flash pointThe Golden Jackass Jim Willie has finally given his long anticipated first public thoughts on Cyprus.

Willie states that Cyprus is the long awaited FLASH POINT the metals community has been anticipating, and it will in time invoke a great awakening as to the reality of today’s Western financial system by the public, and will result in a massive shift into physical gold and silver.

Willie states that Cyprus was Russia’s back door banking gateway into the Western financial system, and that the true numbers of Russian wealth hidden in the Cypriot banking system is not $20 billion as is being reported by the Western press, but $trillions!

The Golden Jackass states that mind-numbing hundreds of $billions have been fleeing Cyprus for Dubai, Hong Kong, and Singapore over the past 9 months, and that the depositor outflows will devolve into contagion and full-scale bank-runs throughout Italy, Spain, Portugal, Ireland, & Greece.
The tipping point is coming, and those who don’t remove their funds proactively will be slaughtered!

Jim Willie’s full MUST LISTEN interview on the implications of Cyprus is below:

Money manager Peter Schiff says, “Cyprus is a wake-up call for everybody who has a bank deposit. . . . When you are depositor, you are in fact . . . lending your money to the bank.” Schiff predicts, “There’s no question . . . banks will fail. The question is will government do the right thing and allow depositors to lose money. Or, do the wrong thing and bailout depositors by printing a bunch of money which, in the long run, means deposits will lose even more value.” The FDIC has just $33 billion to insure more than $10.8 trillion in deposits. Schiff is not expecting bank runs anytime soon. “Don’t expect an immediate stampede on the banks because I don’t think most people are smart enough to realize what the danger is,” says Schiff. What’s the best way to protect yourself? Schiff says, “Why would you leave any extra money in a bank to get zero percent interest. . . . I think pull your money out, put it into some kind of investment. . . . anything other than a piece of paper that’s going to lose value.” Join Greg Hunter as he goes One-on-One with Peter Schiff.

20121003_grant_0Jim Grant was back on CNBC comparing the ticking shot-clock in a March Madness game to the artificially low interest rates via manipulation by the Federal Reserve, allowing the Fed to stall the game without any real recovery.

Grant also discusses his belief that the problems in Cyprus cannot be contained, and stresses the point that Your money in the Western banking system is not really yours if it is needed by the state!
Grant goes on to state that This is the greatest and most perilous experiment in the history of paper money! and  This will end in immense destruction of wealth!

Full interview is below:

superwomanCypriot Central Bank head Panicos Demetriades has just stated that Cyprus is making a ‘superhuman’ effort to reopen banks by Thursday.
Assuming the banks do re-open Thursday (which is probably not a very good assumption considering Cyprus is already set one of the longest bank holidays in history), we suspect Demetriades will discover that a truly superhuman effort will be required to keep Cypriot banks solvent through Friday’s close and into the weekend.

The Cypriot case is all over the place, in all types of media. However, it is amazing how the following simple facts remain underexposed. It is one thing to look at the news; it is another thing to look at the learning that comes out of the news.
For those who are willing to see, here is what Cyprus is teaching the whole world about money, the debt crisis and gold.

gold vaultA survey for the World Gold Council found that just 4% of people in Italy would back plans to sell the nation’s gold reserves according to Bloomberg.
Some 52% of citizens and 61% of business people would support the use of the nation’s gold reserves to reduce debt costs, the World Gold Council said. The study by Ipsos MORI surveyed 1,009 Italian citizens aged 16-70 and 300 business leaders.

Whether to sell Italy’s national gold reserves is an interesting question. A perhaps as interesting question and more important question in the light of the Troika expropriation of bank deposits is will Italians begin to diversify some of their savings in Italian banks into gold bullion?
The answer is almost certainly yes and the recent trickle of Italian money flowing into gold bullion, including into vaults in Switzerland, is likely to become something far more substantial in the coming weeks.
Capital flows out of periphery European banks and into gold has been quite low up until now but with deposits not safe now in the European Union that is likely to change and gold is likely to be one of the beneficiaries of the huge uncertainty that the Troika has managed to create about the banks in many European countries.

letter from CyprusAn SD reader has submitted a boots on the ground report on the escalating crisis in Cyprus, as the entire Cypriot economy is now on the verge of collapse:

Nowhere in Cyprus accepts credit or debit cards anymore for fear of not being paid, it is CASH ONLY. Businesses have stopped functioning because they cannot pay employees OR pay for the stock they receive because the banks are closed.
If the banks remain closed, the economy will be destroyed and STOP COMPLETELY. Looting, robberies and theft are already on the rise.
If the banks open now, there will be a massive run on the bank, and the banks will FAIL loosing all of its deposits, also causing an economic crash
.

Cyprus haircutsRT reports that Cyprus & Troika officials have agreed to a 20% haircut on all deposits over €100,000 at Bank of Cyprus, and 4% on deposits at other Cypriot banks
Which essentially means nothing until the measure is passed by the Cypriot Parliament. 

With the ECB/IMF threatening (bluffing) to kick Cyprus out of the Eurozone unless €5.8 billion is raised/ stolen from Cypriot depositors by Monday, the next 24 hours should be quite interesting as we see whether Cyprus holds its ground and follows in the footsteps of Iceland, or kowtows to the ECB bureaucrats and agrees to a 20% theft of it’s wealthiest citizens.  (particularly following yesterday’s report that insiders tipped off the majority of wealthy Russians in the days leading up to last Friday’s announcement, meaning Russian wealth is already looong gone) 

rocketSubmitted by Deepcaster:

A Climacteric began in the International Economy and Markets last week. Its Ramifications have not been widely acknowledged. It provides Great Opportunity and Great Risk. Moreover, this Mega-Development signaled that a Great Opportunity Window is beginning to close. And it signaled loud and clear that The Great Danger of which we have earlier written is approaching ever nearer.

FDICWhat is more likely to hurt you is what you think you KNOW that is WRONG. What you don’t know is often not that important. Consider a few examples:

Cyprus Bank Accounts.  MF Global.  Social Security.  Retirement Accounts.  Europe in 1913.  Real Estate.  The dollar is as good as gold.

There are many other examples, but the essential truth is simple: For the most part, we are ignorant of many ideas and events in the world, and it rarely matters. But, what is often costly and destructive are the ideas and beliefs that we think are true – when in fact they are quite wrong.

Our savings and retirements are at risk when we invest them based on beliefs that may be incorrect. This is one of many reasons why people buy gold and silver – for insurance against unexpected events. What if our perception of financial reality is incorrect or if we are ignoring financial reality? Ayn Rand said it best, “You can ignore reality, but you cannot ignore the consequences of ignoring reality.”

Cyprus bank freezeGermany’s Handelsblatt reports early Friday that the ECB has informed Cypriot authorities that due to a guaranteed epic bank run of their own making that will undoubtedly begin the moment Cyprus’ banks re-open, the ECB intends to enact capital controls when (if) the Cypriot banking system re-opens next week, and that the ECB intends to enforce the capital controls unilaterally!

Handelsblatt claims Cypriot Central Bank sources have stated that the ECB intends to freeze all Cypriot savings accounts indefinitely, greatly reduce the maximum amounts of ATM withdrawals, and will require Central Bank approval for all bank transfers!

The ECB/ Cypriot bailout situation has just gone full retard as the latest proposal reportedly has the ECB seeking to split up Cypriot banks into a good bank/bad bank, with wealthy (ie Russian) depositors in the bad bank being uninsured, and receiving a 40% haircut on deposits over €100,000!

*EURO AREA SAID TO WEIGH CLOSING CYPRUS POPULAR, BANK OF CYPRUS
*EURO AREA SAID TO WEIGH GOOD BANK, BAD BANK FOR CYPRUS BANKS
*UNINSURED DEPOSITS COULD GO TO CYPRUS BAD BANK, FACE 40% LOSS