A must watch Keiser Report, the best of the year, if not the last 12 months. Max's guest brings up a topic I had not heard discussed before - French banks runs, falling withdrawal limits and "system outages". Coming from a mainframe computer background, working in the banking industry for over 20 years I know if several major banks are having regular system outages of several hours - they are not Outages they are Shutdowns to stem withdrawals of deposits. As Max's guest says these withdrawn funds are trying to flow into tangible assets. So this is why France on 1st September 2011 made it illegal for French bullion dealers to accept cash for precious metal purchases. All transactions for bullion must go through the French banking system via cheque, direct deposit or EFT. Read more here. It is all so clear now, I should have seen this was the reason much earlier. (shakes head and says loudly: "merde")
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Jun 9, 2012 by RussiaToday In this episode, Max Keiser and co-host, Stacy Herbert, discuss 'wash trades,' debt crises and the speculation on JP Morgan's growing debt problem in London. In the second half of the show Max talks to Pierre Jovanovic of Jovanovic.com about JP Morgan 'firing' the Vatican, whether or not Jamie Dimon will last the year and what the future holds for French bonds.
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