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The Round Rock Wealthbuilder's Meetup Message Board › Large Depositors Are On The Run In Europe

Large Depositors Are On The Run In Europe

Dan Caldwell - Wea...
user 3188546
Round Rock, TX
Post #: 208
Courtesy of Jim Sinclair at

Posted April 5th, 2013 by Jim Sinclair & filed under General Editorial, King World News.

My Dear Extended Family,

Art has clearly and precisely understood the implications of Cyprus.

Ms. Lagarde’s actions were shocking to both Bernanke and Draghi. Gold has established its bottom, and this is a total redo of 1979 of that gold bull market.

Physical demand for gold is reaching all time highs. For the first time in modern times, gold is being consumed. Over ground supplies are moving into private vaults and out of the system. The physical demand for gold will result in the physical market as the determining factor in gold price.

The move above the old high at slightly over $1900 will be the same as the move in gold in 1979 above $400 for the second and final time. Prices you have seen recently may never be seen again.

Ms. Lagarde will be remembered as having ruined all the work Bernanke has done to keep us out of the economic stone age at the time of the first meltdown in the quadrillion plus of fraudulent OTC derivatives.

Yes, Bernanke did that but at what cost?

Thanks to the inept hubris of the IMF we are now going to witness the cost of the loss of confidence by major depositors in the Western world banking system. Ms. Lagarde has trashed the trillions injected into the system to maintain confidence of mega depositors now on the run.

If they are on the run you should be too.

Ms. Lagarde will be remembered in history for her accomplishments as an Olympic swimmer for the French, and not as a monetary or market savvy.


Art Cashin – Aftermath of Cyprus, Fear, Contagion & Crisis

Courtesy of

Today 50-year veteran Art Cashin spoke with King World News about the aftermath of the Cyprus disaster and the risks investors around the world face going forward.  Cashin, who is Director of Floor Operations at UBS, also warned about the enormous danger the world now faces as we deal with potential contagion and future crises.

Eric King:  “Art, people around the world are going to want your take on the Cyprus disaster.  In the aftermath of that, and what you have seen so far, your thoughts there?”

Cashin: “I am very, very concerned about that.  What has happened there, luckily, because it is a relatively small nation, they are finding ways to slightly defuse some of the tension, so you are not seeing it (more chaos) immediately.  But think about it, here was a nation where without a legislative vote, without an order from the judiciary, without any of the normal courses of rule of law, people saw their deposits in banks invaded and part of it wiped away.  And the amount that’s wiped away is still up for question.

So I think it will continue to lead to monetary shifts as people in Europe say, ‘Now wait a minute, do I really want to risk going to bed and waking up that I have only 70% or 50% of the money I think I have?  Or maybe no access to the money I think I have?’…

Rest of Interview . . . http://kingworldnews....­
Dan Caldwell - Wea...
user 3188546
Round Rock, TX
Post #: 210
Global Deposit Confiscation Called For By Influential CEO Of Italy's Largest Bank

The CEO of Unicredit Federico Ghizzoni said yesterday that it is “acceptable to confiscate savings to save banks.” He said that the savings which are not guaranteed by any protection or insurance could be used in the future to contribute to the rescue of banks who fail and that uninsured deposits could be used in future bank failures provided global policy makers agree on a common approach.

He called for “a common solution in Europe” saying that the “EU should pass laws identical and shared in different member states”. Indeed he went a step further and called for a global coordination of deposit confiscations to rescue failing banks.

Including deposits “is acceptable if it becomes a European solution,” said Ghizzoni, 57.

Ghizzoni is also a Member of the Board of Directors of Institute of International Finance in Washington, Member of the International Monetary Conference in Washington and Member of the Institut International d'Etudes Bancaires in Brussels. He attended the powerful Bilderberg Group meeting in Spain in 2010 and he a frequent attendee at Davos.

Read more at: http://news.goldseek....­
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