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Gold and What Moves it.
Tracking all things that relate to and affect the price of gold.
Curated by Hal
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Richard Russell - Stocks, Fed & Gold Shorts To Get Squeezed

Richard Russell - Stocks, Fed & Gold Shorts To Get Squeezed | Gold and What Moves it. | Scoop.it

“I just heard Bernanke's latest interview.  He said that the economy is improving, just as he had expected.  And he said further, that the Fed will continue their “open spigots” policy, which includes buying $85 billion worth of assorted bonds each and every month.  Plus, of course, the zero interest rate policy.  And hey you poor broke slob, if you don't like the zero policy, then go buy some stocks or better still, buy a house, because Bernanke is dedicated to driving almost everything that moves or doesn't move, higher and higher.

 

So what do you and I do?  Easy, we sit with our DIAs and stay with them until I see signs of danger, which, by the way, are not visible yet.  Of course, I am aware that on a dividend yield basis, stocks are now expensive, and this alone will prevent me from becoming wildly bullish.  But I like the ride, and I like the way the DIAs are acting.

 

I'm going to include some exciting news about gold.  After days and weeks of trying, Monday April gold closed ABOVE the 1600 resistance level at 1604.60.  Due to the recent wide-spread pessimism and the “I hate gold” chorus, I believe the gold short position is about to get squeezed. ...

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Japan reports longest trade deficit in 30 years — RT Business

Japan reports longest trade deficit in 30 years — RT Business | Gold and What Moves it. | Scoop.it

Japan's trade deficit is in the red for the eighth straight month, continuing the lengthiest stint since 1980. But the Ministry of Finance remains optimistic about the $8.1 billion figure, saying it might signal the export industry is on the rebound.

 

Japan reports longest trade deficit in 30 years.

 

Japan's trade deficit is in the red for the eighth straight month, continuing the lengthiest stint since 1980. But the Ministry of Finance remains optimistic about the $8.1 billion figure, saying it might signal the export industry is on the rebound

 

According to the Ministry of Finance, exports dipped 2.9% in February from a year earlier, while imports rose 11.9%. The deficit was slightly lower than economists expected, but still highlight’s Japan’s struggle to increase its export economy. ...

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Big Jimmy's curator insight, September 6, 2013 10:06 AM

Japan's econ still in deficit and the value of the yen continues to depreciate. Making the smart choice of going short on the yen.

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Cyprus Crisis Escalates - Banks May Remain Closed For Weeks

Cyprus Crisis Escalates - Banks May Remain Closed For Weeks | Gold and What Moves it. | Scoop.it

James Turk tells King World News:

 

“The banking crisis in Cyprus is worsening, Eric.  The banks there remain shut as the Cypriot politicians scramble for a solution to bailout that country's banks.  The banks were supposed to re-open this past Tuesday after a 3-day weekend from a national holiday.  Then they were supposed to open today, but they remain shut.  Now the authorities say they will open on Tuesday.  But who knows?  They could remain closed for days or even weeks, given their dire financial condition.

 

In fact, the EU authorities say that the Cypriot banks are insolvent....

Hal's insight:

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Arizona could soon approve gold, silver as legal tender - Mineweb

Arizona could soon approve gold, silver as legal tender - Mineweb | Gold and What Moves it. | Scoop.it

RENO (MINEWEB) - 

 

Arizona could soon become the second U.S. state to recognize gold and silver as legal tender if the Arizona House approves SB 1439.


The bill has already won the approval of Arizona’s State Senate and the Arizona House Financial Institutions Committee which voted the legislation out of committee on a 4-2 vote Monday. The measure now goes to a vote of the Arizona House.


Thus far, only the State of Utah has officially recognized gold and silver as legal tender, (See: Gold, silver coins now officially legal tender in Utah) although the issue has been under consideration this year in four states including Arizona. The Arizona bill defines legal tender as a mode of paying debts and taxes. ...

Hal's insight:

Hat tip to http://www.caseyresearch.com/gsd/edition/swiss-petition-succeeds-for-referendum-to-ban-gold-sales-require-repatriati/# ;

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Peter Grandich on Manipulation and the Way Ahead | ResourcesWire.com exploration energy markets

Peter Grandich on Manipulation and the Way Ahead | ResourcesWire.com exploration energy markets | Gold and What Moves it. | Scoop.it

RW: A lot of people I talked to last year thought we’d see big gains in gold in the first quarter of 2013, and we haven’t. What do you think are the reasons for that?

 

PG: I think there’s a reason playing out in front of our eyes right now. The investment community, mainly large hedge funds and those types, has decided to make a big bet that gold has peaked. There has been a tremendous amount of shorting, and we can see it from commodity weekly results that large, speculative funds have one of their largest short positions in decades. Ironically, at the same time, the bankers have the lowest short position they’ve had in quite some time.

 

Placing that bet has pressured the gold market, along with a slew of daily, if not hourly, articles predicting the end of the gold market. At the same time, the general financial markets are doing well, which is normally a negative for gold.

 

But I don’t think any of the fundamentals that drove gold to the heights has changed; they’re all there. But there are two distinct markets, and in the physical market there are constant reports of countries running out of the ability to sell gold and even some silver coins. ...

Hal's insight:

Click through for the full interview. Hat tip to http://www.caseyresearch.com/gsd/edition/swiss-petition-succeeds-for-referendum-to-ban-gold-sales-require-repatriati/# ;

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A very clear explanation of why the euro zone keeps exploding

A very clear explanation of why the euro zone keeps exploding | Gold and What Moves it. | Scoop.it

Ezra Klein: Let’s back this up a bit. I think, for a lot of people, the crisis in the euro zone feels like something that happened in 2010 and 2011 and maybe 2012 but, in recent months, seemed to be over. So why do we keep seeing eruptions, like the crack-up in Cyprus?


Desmond Lachman: It’s basically because you had huge imbalances build up in a fixed exchange-rate regime. For 10 years these countries didn’t play by the rules of having given up their currency. They should have kept public finances in good shape. They shouldn’t have permitted housing booms. They shouldn’t have had a financial sector making bad investments. But they did all these things. So now what these countries have to do is get their public finances in good shape. But they don’t have their own central banks to pump up the money supply and offset austerity and nor can they depreciate currencies. The reason you’re seeing these crises recurring is they’re trying a recipe that can’t work. And so the economies just keep weakening. ...

Hal's insight:

hat tip to http://economicsignsofthetimes.blogspot.com/2013/03/wednesday-roundup-03-20-13.html

 

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Along The Watchtower: Coiling

Along The Watchtower: Coiling | Gold and What Moves it. | Scoop.it

TF Metals writes:


... gold, in fact, is building a very nice "stair" accumulation pattern on the shorter-term charts.


Everything looks positive as $85B/month of QE is confirmed for the foreseeable future. To that end, the metals appear to be coiling for a breakout move here. They look to be ready to extend toward the current downtrend lines that extend back toward the highs of early October last year. ...

Hal's insight:

Click through for the full post and charts.

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China's SHFE to extend trade hour for Gold,Silver futures

SHFE now allows trading from 9.00am to 11.30am and from 1.30pm to 3.00pm Chinese time. The extended trading hours would close the gap between domestic and international markets.

 

SHANGHAI(BullionStreet): In yet another attempt to establish itself as a major gold market, China extended trading hours for SHFE gold and silver futures to close the gap between domestic and international markets.

 

Shanghai Futures Exchange (SHFE) has released draft rules to allow extended trading sessions for its futures contracts, with gold and silver the most likely to be chosen for the pilot scheme.

 

SHFE now allows trading from 9.00am to 11.30am and from 1.30pm to 3.00pm Chinese time. The extended trading hours would close the gap between domestic and international markets.

 

According to the draft rules, which are open to public comment, the SHFE said extended trading hours would fall outside those regular trading times. ...

Hal's insight:

Hmm.. Interesting.

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Expect Stunning Global Expansion Of Government Theft

Expect Stunning Global Expansion Of Government Theft | Gold and What Moves it. | Scoop.it

In the aftermath of the disaster in Cyprus and escalating fears from investors around the world that their savings will be confiscated, today King World News spoke with Michael Pento to ask him what people should expect going forward.  Pento spoke candidly about the frightening situation the West faces going forward. 


Eric King:  “Obviously (after Cyprus) people are worried that governments are going to go in and start to steal money right out of their bank accounts.”


Pento:  “This is the truth.  Governments follow something called, ‘The Rule of Law.’  But it is also true, Eric, that the rule of law is mutable.  By that I mean the rule of law changes with the whims of politicians.  In normal times what the government will do is they will steel the purchasing power of your currency surreptitiously.  In other words they will just print money and steal the purchasing power of your money without your permission.


What’s happened now in Cyprus is they have actually taken a more honest step, a more overt means of taking away your money.  They are taxing your deposits in the bank.  Now, when you have an insolvent bank, and you have an insolvent nation, the only thing you can do is to go into the private sector and take their money.


Normally that is done via money printing, but now the governments are getting aggressively in the business of stealing your money directly. ...


Hal's insight:

Click through for the full interview. The market action today would seem to be saying that things are solved in reguard to the Cyprus theft, but I don't think so, and I get the impression from all the others who are far more knowledgable than me apparently feel the same.

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Why China Is Tunneling a Mind-Boggling 800 Miles in 2 Years | Frank Holmes | Safehaven.com

Why China Is Tunneling a Mind-Boggling 800 Miles in 2 Years | Frank Holmes | Safehaven.com | Gold and What Moves it. | Scoop.it

Would it surprise you to discover that China is planning to add 800 miles to its subway system over the next two years? That's the distance equivalent to building a network from Dallas to Chicago in less time than the U.S. Congress can resolve a budget!

 

In 2015, when the infrastructure build-out is complete, China's subway track alone will be a mind-boggling 1,900 miles, according to JP Morgan.

 

The Asian giant has been in the midst of constructing the world's largest transportation system, laying mile after mile of high-speed rail and subway track. According to the World Metro Database, Beijing and Shanghai currently have the longest metro and subway systems, with about 275 miles each. The city of Guangzhou in China also falls in the top 10, with 144 miles of rail, beating Paris' network length of 135 miles. ...

Hal's insight:

I read this and it's a bit mind blowing. Now consider too how such a project will affect the metals, some of them precious, for electronics and such that will be required in the mamoth project. 

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Russian business looks to capitalize on Cyprus bailout — RT Business

Russian business looks to capitalize on Cyprus bailout — RT Business | Gold and What Moves it. | Scoop.it

Cyprus’s rejection of the European Union’s tax levy plan to finance the country’s bailout has piqued the interest of Russia’s biggest and most important businesses.

The proposed levy put over $31 billion of Russian money at risk of taxation, sent Russian stocks to a three month low on March 18.

Russian depositors would be especially hard hit by any levy, but so would Russian business, as Russia is a major player in the Cyprus banking industry.

According to rating agency Moody’s, Russians hold $31 billion in Cyprus banks and could lose more than $3 billion in the levy.  Nearly a third of the money in the Cyprus banking sector is Russian.

Cypriot Finance Minister Michael Sarris flew to Moscow and met with his Russian counterpart Anton Siluanov to discuss loan extensions and bailout options. But as of Wednesday the talks didn’t lead to any result yet.

 

According to Moody’s, VTB  group is ‘the most exposed’ to the credit crisis in Cyprus. VTB's subsidiary, Russian Commerce Bank, operates in Cyprus and is one of few to possess a full banking license. However the Bank is an active member of the deposit insurance system of Cyprus and VTB has only 3% of its capital tied up in Cyprus, which, according to First Deputy Chief Executive Officer Vasily Titov is ‘insignificant’ and should not be ‘dramatized’, as he told reporters in Moscow on Wednesday. ...

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Notes From Underground: There Must Be Some way Out Of Here, Said The Joker to the Thief (Bob Dylan)

Notes From Underground: There Must Be Some way Out Of Here, Said The Joker to the Thief (Bob Dylan) | Gold and What Moves it. | Scoop.it

Yes, another day and the markets had to try to understand the significance of Cyprus. The newswires were filled with analysts claiming this was a “tempest in a teapot” and that the doomsayers were blowing the Cypriot problem into a pseudo crisis. Again, a world that is highly leveraged is subject to a “single spark starting a prairie fire” and the fear of contagion and an electronic bank run are very real if the major policy makers don’t invoke the trust of the electorate and investors. The perceived actions by IMFDirector Lagarde (the joker) and the liquidationist mentality being thrust from Berlin and Chancellor Merkel (the thief) have created a situation where European bank depositors are nervous, especially so in the peripheral banks. THE MAIN COMPONENT OF THIS UNCERTAINTY WAS THE MOVE IN THE FRONT MONTH EURIBOR CONTRACTS,AS THE JUNE 2013 FELL 10 TICKS ON A DAY WHEN OTHER INTEREST RATES WERE LOWER. NOTHING SAYS BANK FEARS THEN A COUNTER MOVE IN THE EURIBOR AND LIBOR MARKETS. An increase in bank yields with equity markets falling is a sign about the fear in the bank deposits market. It seems that the policy makers that are leading the previously “revered” TROIKA(IMF,European Commission and ECB) have initiated fear for a mere pittance. ...

Hal's insight:

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Troubled Cyprus prompts Medvedev to create Russia's own offshore zone — RT Business

Troubled Cyprus prompts Medvedev to create Russia's own offshore zone — RT Business | Gold and What Moves it. | Scoop.it

A regular meeting of the government has been discussing a state project to develop Russia's Far East and Transbaikal regions on Thursday, when Premier Medvedev introduced the idea of offshore zones in the country.

 

"If there is so much fuss going on, may be we should think of creating a kind of zone of our own in the Far East. We have bunch of good places there -- Sakhalin, the Kuril islands," Medvedev said, referring to the ongoing economic turmoil in Cyprus.

Speaking about the project, Medvedev called the budget for it as "unprecedentedly big" -- more than $323 billion. The money will be mostly spent on transport infrastructure in the two remote regions. ...

Hal's insight:

The currency wars continue.

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Is The United States The Next Cyprus?

Is The United States The Next Cyprus? | Gold and What Moves it. | Scoop.it

Rick Rule tells King World News:

 

"Rule:  “What just happened in Cyprus was the surface manifestation of an underlying problem.  Theft, to a much greater degree, has been going on in the United States for the last 6 or 7 years. 

 

"The suppression of interest rates in the United States is the exact same thing.  The government has penalized people who have done the right thing for 30 or 40 years, and have saved and accumulated wealth.  They have penalized these savers by manipulating interest rates down and depriving those people of the rightful benefits from their savings.  We are talking about lost interest here. ..."

Hal's insight:

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Jim Sinclair - #Lagarde’s #IMF Disaster Forces #Bernanke Out Of #Fed

Jim Sinclair - #Lagarde’s #IMF Disaster Forces #Bernanke Out Of #Fed | Gold and What Moves it. | Scoop.it

Today legendary trader Jim Sinclair told King World News that Lagarde’s IMF Cyprus disaster, in stunning fashion, has now forced Chairman Ben Bernanke out of the Fed.  Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, takes readers on a trip down the rabbit hole that has become know as “The Cyprus Catastrophe” in this extraordinary and exclusive interview:


Eric King:  “Remarkably, just a day and a half ago you stated on King World News that ‘Putin has faced down the International Monetary Fund, which by the way is located in Washington, DC, and is in fact Washington itself.  So in the sense of a Cold War, you have Washington vs Moscow, and Moscow won this round.  The bottom line here is Lagarde took on Putin, but Putin has checkmated both her and the IMF the same way a Russian grandmaster chess player would destroy his opponent.’  Within hours of KWN reporting that news, Lagarde's apartment was raided by police and she is now scrambling.”


Sinclair:  “The important point is, how long has this case been going on in which there was a police raid on the Lagarde’s apartment?  This is a 20-year old case, making it look a little less like just a coincidence.  I would also add to that I don’t think it’s any coincidence that the Chairman of the Federal Reserve has now indicated the possibility that he will not be reappointed, and that he will not accept the reappointment....

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Busted Cyprus considers confiscating pension funds next | Gold Anti-Trust Action Committee

Busted Cyprus considers confiscating pension funds next | Gold Anti-Trust Action Committee | Gold and What Moves it. | Scoop.it

NICOSIA, Cyprus -- Cyprus considered nationalizing pension funds and ordered banks to stay shut till next week to avert financial chaos after it rejected the terms of a European Union bailout and turned to Russia for aid.

 

Crisis talks among the political leadership in Nicosia are set to resume on Thursday after late-night meetings to discuss a "Plan B" broke up on Wednesday without result.

 

EU officials voiced frustration but little sympathy for an ambitious but now bust banking system that extended itself well beyond the island. Russia, whose citizens have billions to lose in those Cypriot banks, called the EU a "bull in a china shop." ...

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Police raid Paris home of IMF director Christine Lagarde

Police raid Paris home of IMF director Christine Lagarde | Gold and What Moves it. | Scoop.it

CHRISTINE Lagarde, the French politician who replaced Dominique Strauss-Kahn as head of the International Monetary Fund, was embroiled in a scandal of her own yesterday when police raided her flat in Paris as part of an investigation into claims of corruption.

 

The raids follow allegations that she acted illegally when she approved a €403 million ($502m) payment to a tycoon while serving as the finance minister.

 

In an inquiry that is tarnishing her attempt to restore the IMF's reputation after Mr Strauss-Kahn's resignation over allegations that he tried to rape a hotel maid, police searched her flat in the 16th arrondissement.

 

Although Ms Lagarde, 57, denied wrongdoing, there was speculation she might have to follow Mr Strauss-Kahn by stepping down from her $450,000-a-year job as managing director of the IMF.

 

The raids will also dent her hopes of standing for the Centre-Right against Francois Hollande in the 2017 presidential election. ...

Hal's insight:

The drama continues at the IMF. Don't you get the impression that there are a set few people running things and if you do something they don't like, they will get rid of you?

 

hat tip to https://twitter.com/smartknowledgeu/status/314812820971720704

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India Gold intake seen near 1,000 tons this year

India has tripled the tax on imports since the start of 2012 to moderate demand as gold accounted for almost 80 percent of the current-account deficit, the broadest measure of trade

 

MUMBAI(BullionStreet): After an arid 2012, gold consumption in India, world's largest gold consumer, may climb near 1000 tons this year, according to a top WGC official.

 

India's recent efforts to discourage gold consumption will not affect gold's cause, said Somasundaram P.R., managing director of the World Gold Council for India.

 

Consumption may total 865 metric tons to 960 tons this year, compared with 864.2 tons in 2012, he said.

 

“Imports should be higher this year according to initial estimates based on the trend in the fourth quarter of last year and as the economy grows,” Somasundaram said.

 

Apart from rising incomes,inflation boost investment demand also to increase gold sales in India and can undermine efforts to narrow a record current-account deficit, he added. ...

Hal's insight:

The gold games in India continue.

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Switzerland urged to repatriate Gold from US, stop SNB Gold sale

Switzerland urged to repatriate Gold from US, stop SNB Gold sale | Gold and What Moves it. | Scoop.it
Gold reserves guarantee the stability of the Swiss franc and also ensure that that private savings, salaries, pension keep their value, they added.

 

BERN(BullionStreet): Following big neighbor Germany, Switzerland may start moves to repatriate gold stored in the US.

 

A campaign was going on in Switzerland in this regard and a mass petition signed by 106,000 signatories were handed over to federal authorities, also seeking a vote on stopping the sale of gold reserves held by the Swiss National Bank.

 

They said the sale of gold reserves which started 13 years ago following a decision to abandon the gold standard. ...

Hal's insight:

LOL Get it now before they say possession is nine tenths of the law ;-)

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200 Years Of The Dow/Gold Ratio Suggest Staggering Moves Dead Ahead | Bull Market Thinking

200 Years Of The Dow/Gold Ratio Suggest Staggering Moves Dead Ahead | Bull Market Thinking | Gold and What Moves it. | Scoop.it

One of the more fascinating reminders of what may be to come for the remainder of this gold bull market, is the charted history of the dow/gold ratio. Below are two charts illustrating the upward potential in gold which remains for the duration of this market.

 

The first chart is a normal 200-year look at the dow/gold ratio. What’s particularly shocking here, is the staggering levels of volatility injected into the economy and financial system following the US Federal Reserve’s formation in 1913. Now commonly called a “business cycle”, this volatility has wreaked havoc on many, while creating excellent one-way bets for long term speculators. These charts essentially represent, a speculator’s dream. ...

Hal's insight:

You should click through for the full piece. And definitely for the charts.

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Cyprus scrambles to avert meltdown, EU threatens cutoff

Cyprus scrambles to avert meltdown, EU threatens cutoff | Gold and What Moves it. | Scoop.it

By Michele Kambas and Matt Robinson

 

NICOSIA (Reuters) - Cyprus considered nationalizing pension funds and ordered banks to stay shut till next week to avert financial chaos after it rejected the terms of a European Union bailout and turned to Russia for aid.

 

Crisis talks among the political leadership in Nicosia are set to resume on Thursday after late-night meetings to discuss a "Plan B" broke up on Wednesday without result.

 

EU officials voiced frustration but little sympathy for an ambitious but now bust banking system that extended itself well beyond the island; Russia, whose citizens have billions to lose in those Cypriot banks, called the EU a "bull in a china shop".

 

President Nicos Anastasiades, just a month in office and wrestling with his country's worst crisis since the Turkish invasion of 1974 that divided Greek- and Turkish-speaking Cypriots, is due to meet party leaders at 9:30 a.m. (2.30 a.m. EST).

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Cyprus Catastrophe Has People Scared To Death

Cyprus Catastrophe Has People Scared To Death | Gold and What Moves it. | Scoop.it

Today John Embry told King World News that the Cyrpus catastrophe has people scared to death.  He says it has frightened people in Cyprus and around the world.  Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say regarding this ongoing crisis:  “The first time I saw the Cyprus news hit the wire I immediately thought about Einstein’s comment that two things are infinite, ‘The universe and human stupidity.’  I couldn’t believe Western central planners and the IMF would try to do something like this because it represented the tip of an iceberg.”


“If they could steal money in Cyprus, then they could do it anywhere and that would create another disaster.  I think Jim Sinclair shed some light on this situation when he talked about the motivation for it being the fact that they were going to try to get the money out of bank depositors to take care of bank bailouts.

 

"The move to steal money out of banks would be an effort to stop QE to infinity, but this has quickly turned into a disaster that has frightened people in Cyprus and around the world. ..."

Hal's insight:

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Nigel Farage - Cyprus Rejection Sets Up A Crash In Markets

Nigel Farage - Cyprus Rejection Sets Up A Crash In Markets | Gold and What Moves it. | Scoop.it

Today Nigel Farage told King World News the Cyprus government officials would vote out of fear to save their own lives and that’s exactly what happened.  Farage, who is Britain’s popular MEP, told KWN that what just happened in Cyprus is much bigger than the Icelandic revolt, and that it has now set up a crash in markets.  Here is what Farage had to say in this extraorindary interview:  “Even my direst predictions about what the bureaucrats in Brussels would do to prop-up the failing eurozone crisis, even I didn’t predict they would resort to theft, and that is all you can call this.  It is theft.  It is the breach, of course, of their deposit guarantee they put in place in 2008.”


“And perhaps on a higher level it’s actually a breach of the basic principle of the rule of law, which is one of the governing functions of the whole of our Western civilization.  So it is a truly astonishing thing that they (central planners) have done.

 

Have they thought through the consequences of this?  Because if you do it once (steal from bank depositors) in one eurozone country, what’s to stop you from doing it again in another eurozone country? ...


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oftwominds-Charles Hugh Smith: How I Became a Trillionaire (and Some Thoughts on Inflation)

oftwominds-Charles Hugh Smith: How I Became a Trillionaire (and Some Thoughts on Inflation) | Gold and What Moves it. | Scoop.it

... These photos illustrate the fundamentally arbitrary nature of fiat (paper) money.Why do we prefer the $100 greenback over the $100 trillion note issued by the Reserve Bank of Zimbabwe? The purchasing power of the Benjamin far exceeds the purchasing power of the $100 trillion bill. ...

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