Home » Posts tagged 'bank runs'

Tag Archives: bank runs

Olduvai
Click on image to purchase

Olduvai III: Catacylsm
Click on image to purchase

Post categories

Post Archives by Category

DEBT is the Achilles Heel of the globalist establishment… and pulling your money out of the banking system is the way to deal a DEATH BLOW to tyranny

Image: DEBT is the Achilles Heel of the globalist establishment… and pulling your money out of the banking system is the way to deal a DEATH BLOW to tyranny

(Natural News) After U.S. markets peaked in September nearly two years after Donald Trump’s victory came with the promise (and delivery) of pro-growth policies, investors got a scare in December when several factors combined with interest rate hikes by the Federal Reserve to drive down indexes.

The Dow Jones, Nasdaq, and the S&P 500 all finished the year lower than they were in September. Worse, there are predictions that 2019 could hit markets harder. 

Bank of America just polled 234 panelists who manage more than $645 billion in investments where they think global growth is heading over the next 12 months, and 60 percent said it will be negative. 

On top of this potential nightmare scenario is the fact that governments around the world comprising the largest economies have nearly all become debtor nations that are one economic calamity away from global collapse.

As noted by Robert Gore at The Burning Platform blog, France’s Yellow Vest protesters may have inadvertently hit upon a way to bring about the collapse of the fiat money and debt system that is sustaining the very governments which increasingly suppress the people they are supposed to serve.

Gore notes that in recent days the French protesters — whom, you recall, took to the streets in response to a massive gasoline tax pushed by President Emmanuel Macron to fund France’s contributions to combat “global warming” agreed to at the Paris Accords in 2015 — have advocated a run on the country’s banks. Such a run, if it occurs, could actually start a chain reaction that would spread to other ostensibly wealthy countries including the United States.

…click on the above link to read the rest of the article…

Hamilton’s Curse (Reprised)

The following article is (after very light editing) something your author wrote early in October of 2008, when the padlocks on the Lehman office building doors were still swinging. The reader will, he hopes, find that most of the presentiments expressed and the analysis submitted sadly turned out to be more accurate than otherwise.

It is to our collective detriment that, eight long, painful, underemployed, increasingly indebted, more societally divisive years on, few if any of these lessons seem to have been drawn by the Powers-that-Be.


…The general confusion, and the introduction of paper money, infused in the minds of people vague ideas respecting government and credit. We expected too much from the return of peace, and of course we have been disappointed. Our governments have been new and unsettled; and several legislatures, by making tender, suspension, and paper money laws, have given just cause of uneasiness to creditors. 

By these and other causes, several orders of men in the community have been prepared, by degrees, for a change of government; and this very abuse of power in the legislatures, which, in some cases, has been charged upon the democratic part of the community, has furnished aristocratical men with those very weapons, and those very means, with which, in great measure, they are rapidly effecting their favourite object. 

And should an oppressive government be the consequence of the proposed change, posterity may reproach not only a few overbearing unprincipled men, but those parties in the states which have misused their powers. 

Letter from the Federal Farmer to the Republican, Oct 8th 1787


After a blizzard of unco-ordinated initiatives and the usual spate of grossly unintended consequences, state intervention in the banking system seems to have reached a near apotheosis this week as the authorities finally seek a comprehensive solution to the extraordinary bank-on-bank run which has so roiled world markets in recent months.

…click on the above link to read the rest of the article…

Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks”

Troika Exploits Greek Bank Run As Varoufakis Slams “Pernicious” Banking Sector “Leaks”

As expected, no progress was made between Greek FinMin Yanis Varoufakis and EU finance ministers at Thursday’s Eurogroup meeting in Luxembourg. Varoufakiswarned his counterparts that Europe was very close to “accepting” a Greek “accident”, something the FinMin said EU officials have a “moral duty” to avoid before “uncontrollable events” occur. Varoufakis also implicitly accused the troika of attempting to incite a bank run.

While it wasn’t entirely clear what Varoufakis meant by “uncontrollable events,” it seems likely he’s referencing the fact that while politicians may be able to push back their own self-imposed deadlines as many times as they wish even to the point of rendering the entire effort “ridiculous”, — to use German Vice Chancellor and Economy Minister Sigmar Gabriel’s words — the reality on the ground in Greece is that the economy is collapsing on itself and deposit flight is now running above at €750 million euros each day. Put simply: an acute crisis of confidence among the Greek populace now risks plunging the country into a state of emergency.

In an attempt to address the quickly deteriorating situation, Brussels looks set to impose capital controls as early as this weekend and has scheduled an emergency summit on Monday. EU finance ministers will reportedly hold another meeting ahead of the summit. WSJ has more:

 

Eurozone leaders will try to clinch a deal on Greece’s flailing bailout at a hastily called crisis summit Monday, after finance ministers failed again to bridge the gap between Athens and its lenders.

The summit—eight days before Greece’s eurozone rescue runs out—will be one of the last chances to avert the specter of further economic meltdown for Greece and a messy exit from the eurozone.

After five months of fraught negotiations, “it is time to urgently discuss the situation of Greece at the highest political level,” said Donald Tusk, who presides over meetings of European leaders.

…click on the above link to read the rest of the article…

 

 

Greek Deposit Run Accelerates Ahead Of Monday’s Bank Holiday

Greek Deposit Run Accelerates Ahead Of Monday’s Bank Holiday

Official Greek deposit data began tumbling in December (outflows around EUR3bn), and accelerated in January in the run up to the Syriza election (proxied by JPMorgan at over EUR 12bn). During the last two weeks, however, the absence of ATM lines and visible bank runs has been curiously lacking as, at least on the surface, there appears to be no panic. However,as Dody Tsiantar reportssources in the Greek banking sector have told Greek newspapers that as much as EUR 25bn euros have left Greek banks since the end of December with outflows surging this week. Perhaps they are getting anxious that authorities will take Cypriot advantage of the Bank Holiday that is planned in Greece on Monday.

As Dody Tsintar reports (via CNBC),

In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation’s banks in record amounts over the last few days.

 

…click on the above link to read the rest of the article…

Bild Warns German Govt Fears Greek Bank Runs, Financial System Collapse; Prepares For Grexit

  Bild Warns German Govt Fears Greek Bank Runs, Financial System Collapse; Prepares For Grexit

It has been a busy few days for Germany. In the space of a week, they have warned Greece “there will be no blackmail,”adding that a Greek exit from the euro was “manageable,” only to hours later deny (clarify) these comments. This was then followed up with beggars-are-choosers Syriza demanding any ECB QE must buy Greek bonds (or else) – which Germany has flatly ruled out – only to see today that Syriza is practically guaranteed to win a “decisive victory” at the forthcoming snap election. So it with a wry smile that we note Bild reports tonight that the German government is preparing for a possible Greek exit, warning of financial system collapse, bank runs, and huge costs for the rest of the EU.

Germany has been flip-flopping (as Reuters notes)...

Der Spiegel magazine reported on Saturday that Berlin considers a Greek exit almost unavoidable if Syriza wins,
     but believes the euro zone would be able to cope.

Vice Chancellor Sigmar Gabriel said on Sunday that Germany wants Greece to stay and there are no contingency
plans to the contrary
, while noting the euro zone has become far more stable in recent years.

As the euro zone’s paymaster, Germany is insisting that Greece stick to austerity and not backtrack on its bailout
commitments
, especially as it does not want to open the door for other struggling members to relax reform efforts.

But now the rhetoric is heating up

…click on the above link to read the rest of the article…

 

Olduvai IV: Courage
In progress...

Olduvai II: Exodus
Click on image to purchase

Click on image to purchase @ FriesenPress