Sometimes I think that I sound like a broken record. I am constantly using phrases such as “get prepared while you still can” and “time is running out”. In fact, I use them so often that people are starting to criticize me for it. A lot of it has to do with the fact that we have such short…
(Ann Barnhardt) This came across the transom a couple of days ago, and SHTFplan.com has covered it here, but this REALLY needs to be pushed and publicized. You’ve GOT to get your wealth out of banks – most especially the big ones. This is truly sinister, and straight from the mouth of the Vice Chairsatan of the Fed, Stanley Fischer, and a speech given on August 11th at “The Great Recession–Moving Ahead,” a Conference Sponsored by the Swedish Ministry of Finance, in Stockholm, Sweden, as posted on the Federal Reserve Bank’s official website.
Additional steps have been taken in some countries. For example, in the United States, capital ratios and liquidity buffers at the largest banks are up considerably, and their reliance on short-term wholesale funding has declined considerably. Work on the use of the resolution mechanisms set out in the Dodd-Frank Act, based on the principle of a single point of entry–though less advanced than the work on capital and liquidity ratios–holds the promise of making it possible to resolve banks in difficulty at no direct cost to the taxpayer. As part of this approach, the United States is preparing a proposal to require systemically important banks to issue bail-inable long-term debt that will enable insolvent banks to recapitalize themselves in resolution without calling on government funding–this cushion is known as a “gone concern” buffer.
“Bailing-in” is what happened in Cyprus last year. Remember that? Probably not, because it was more than 36 hours ago. Customers’ bank deposits were swept in order to “recapitalize” the Cypriot banks, hence the phrase above “recapitalize themselves”. Customers were issued, in exchange for their cash which had been stone-cold stolen from them, long-term debt in the banks, bonds which were worth less than the e-paper they were written on. That is what the “long-term debt” referenced above is.
Isn’t it interesting how these people think that stealing OTHER PEOPLE’S MONEY held in SACROSANCT CUSTODIAL ACCOUNTS constitutes banks “recapitalizing THEMSELVES”? I know it is still hard for some people to comprehend how totally the Rule of Law has been reduced to a veneer mere atoms in thickness in western civilization, but when you deposit money in a bank, these people view that money as THEIR property, because stupid peasants like you exist simply to subsidize them.
But hey, at least they won’t have to call on “government assistance” after seizing all of their customer seg funds (exactly like MFGlobal) and mollifying you, the great unwashed, with their junk bonds.
The term “gone concern” is defined as “a defunct firm or one in the process of being wound up. Debts of such firms become due immediately in full, their market value is determined on the basis of auction or liquidation value of their tangible assets, and their goodwill counts for nothing.”
So yes, the Vice Chairsatan of the Fed is talking about “systemically important”, read BIG, banks as “gone concerns”, because that is exactly what they are, and further calling on these banks to establish a plan RIGHT NOW for seizing their customer deposits the “recapitalize”, or “bail themselves in” while cravenly maintaining the political line of “not taking government money”.
As I said in the spring or ARSH 2013 when it happened, Cyprus was a test run for the big show in the U.S. and western Europe, as was MFGlobal 18 months before. The people there rolled over and took it, and to be perfectly frank, I believe that right now there is no more flaccid, impotent, submissive culture on this planet than in the former United States of America. You might say, well, what about Ferguson? What does Ferguson have to do with it? Pookie, Tyrell and Shemeequa DON’T HAVE ANY MONEY IN CHASE, BANK OF AMERICA or CITI. They live on gubmint EBT cards. Jose and Hose B, coming out of Old Mexico, are FAR to savvy to ever deal in anything except cash money and Tide detergent, homes. No, those trillions in deposits, they belong to the most enfeebled and non-threatening creatures ever seen in all of human history: the post-Christian post-American caucasian.
Not only will no one do anything AFTER it happens, even when warned and shown explicit, clear language openly declaring what is intended to be done, the post-American caucasian is so thoroughly whipped that he can’t even summon the courage to act to protect himself BEFORE IT HAPPENS – so weak that as he sees Mike Tyson bounding out of the opposite corner towards him he can’t even raise his arms to protect himself. All he can do roll his eyes contemptuously at the “loon” in his corner begging him to fight, while his urine puddles beneath him.
For the love of God, at least raise your arms.
Robert McEwen, Chairman and Chief Owner of McEwen Mining said for an interview last week with CNBC’s Fast Money that he expects gold to reach $5,000 in three to four years.
“I’m a long term believer in gold,” said McEwen, “and I see it ultimately getting to $5,000 an ounce. Anything short of that, I wouldn’t be hedging.”
McEwen also pointed out that while the broad market “thinks gold is dead,” the yellow metal is “outperforming the Dow and S&P, and large segments of the market.”
RUSSIA TO BECOME SECOND LARGEST GOLD PRODUCER
Moscow has been hoarding gold this year as fast as it can get its hands on it. Now it appears that Russia could become the world’s second largest gold producer, surpassing Australia and following top producer China.
Mining Weekly reported that Russian gold output rose 26.6 % in the first half of this year. If the increase continues at the same rate in the second half, gold output could total 10.1 million ounces – or 314.6 metric tons, according to Mineweb. Australia’s output last year was 265 metric tons and China’s 438. In 2013, the Russian Federation also surpassed the United States as the world’s third gold producer.
Russia continues to accumulate gold in an effort to protect itself from Western sanctions and growing economic and political uncertainty. In a way, they are preparing for a new Cold War. July was the fourth consecutive mouth of Russia expanding its gold reserves, adding 9.4 tons of gold valued at $400 million, says Bloomberg. The Russians now have their largest gold reserves in two decades.
IS THE GOLD STANDARD COMING?
Mary Fallin, the governor of Oklahoma, has recently signed a legislation recognizing gold and silver as legal tender.
Oklahoma isn’t forcing anyone to accept gold as legal tender – it merely removes sales taxes. The new law exempts all state taxes that previously had to be paid when exchanging gold or silver for paper money. Oklahoma joins Utah, Texas, and Louisiana in its acceptance of gold and silver as legal tender, which could mark the rise of a new gold standard and the fall of paper money in America.
Other states are also considering laws that would recognize gold and silver as money.
Keith Weiner, a Forbes contributor wrote an opinion article saying that the gold standard movement “leads to a rediscovery of the founding principle of America.”
H/T Birch Gold
As quoted in the press release:
The San Agustin pit constrained indicated resource now stands at 845,000 gold ounces and 28,263,000 silver ounces contained in 82.2 million tonnes of material at a grade of 0.32 grams per tonne (‘g/t’) gold and 10.7 g/t silver, for a total of 1,280,000 gold equivalent ounces. The constrained pit resource has an additional inferred resource category of mineralization of 103,000 gold equivalent ounces including 65,000 contained gold ounces and 2,459,000 contained silver ounces within 7 million tonnes of material at a grade of 0.29 g/t gold and 11.0 g/t silver. The resource only includes oxide material and minimal transition material. The gold equivalent ounces are calculated utilizing a 65:1 gold price to silver price ratio and does not incorporate the recovery differential between gold and silver.
Argonaut Gold’s president and CEO, Pete Dougherty, said:
We are very pleased with the work done on the San Agustin project to date. The Phase I drill program was completed ahead of schedule and under budget. This resource is only composed of oxide and transition material. Conceptually, the planned preliminary economic assessment (‘PEA’) is intended to evaluate the San Agustin property as a heap leach operation. The upside potential to add mineralization by expanding the current resource area and assessing other defined targets immediately surrounding the resource is the primary focus for our ongoing drilling activities.
(WND) An American company has announced it plans to stop accepting payments in U.S. dollars or other “fiat” currencies and instead will rely only on online payments.
“The trend shows no signs of stopping,” the company said.
“Both investors and foreign governments have begun to lose confidence in the dollar’s future … and so has Amagi Metals.”
The company, therefore, plans that “by the end of 2016, the company will no longer accept U.S. dollars or other ‘fiat’ currencies.”
“Instead, Amagi plans to be trading exclusively in cryptocurrencies like Bitcoin.”
According to a London Guardian report, Bitcoins are an untraceable digital currency founded in 2008 by the pseudonymous ‘Satoshi Nakomoto,’ who disappeared without a trace in 2011 after telling a developer “he’d moved on to other things.”
But Bitcoin itself remains popular among the online crowd.
“Bitcoins fuel a shadow economy that connects students, drug dealers, gamblers, dictators and anyone else who wants to pay for something without being traced. It has found a niche as the currency of internet vice, digital ‘pieces of eight’ for modern-day pirates,” the report said.
Bitcoins can be purchased in an online exchange service such as Bitinstant. They’re stored in a “wallet” that functions as an online bank account. They then can be spent anywhere that takes Bitcoins.
The Denver company explained its reasoning.
“From its beginnings in 2010, Amagi Metals has advocated what CEO Stephen Macaskill calls a ‘sound money’ philosophy for investors looking to preserve their wealth in the face of governments worldwide issuing massive amounts of currency with little or no relationship to its actual value. Macaskill has been a pioneering cryptocurrency advocate since 2012 and wants Amagi customers to be prepared for what may come of the dollar and other paper currencies around the world.”
Macaskill said the company “wants to be a leader in the sound money movement.”
“With the adoption of cryptocurrencies increasing every day, their viability is virtually assured. History shows that paper currency, backed by nothing of value, will ultimately fail. It’s only a matter of time until no one will be accepting the dollar. By trading exclusively in cryptocurrencies, we’ll still be in business when that time comes.”
The Denver Business Journal noted 40 percent of the company’s revenue already comes through online currencies.
It has been accepting those payments since 2012.
The company’s products are gold and silver, purchased “as ways to preserve wealth for sound money advocates who are wary of the dollar’s future and want a safe haven for their savings.”
Macaskill said customers who have dollars still will be able to purchase products once the change takes place, but they’ll have to convert “their fiat money to cryptocurrency on our website. ”
“Of course, that will be at the exchange rate at that time, whatever it may be.”