Monday, December 12, 2011

Latvian Bank Runs on Swedish Banks

STOCKHOLM -(Dow Jones)- Swedish lender Swedbank AB (SWED-A.SK) doesn't expect the weekend's extensive cash withdrawals in Latvia to result in any liquidity problems, an executive told Dow Jones Newswires on Monday.

Latvians during the weekend withdrew unusual amounts of cash from Swedish banks' cash machines in the country, following rumors that Swedish banks could be in trouble, Swedbank Communications Director Thomas Backteman said.

The rumors began about two weeks ago when Latvian authorities took over Latvian bank Krajbanka and intensified Friday, Backteman said, but he added that the rumors were completely groundless.

Swedbank estimates that the weekend's cash machine withdrawals were seven times higher than during a normal weekend, at around 15 million lat ($29 million), Backteman said. Around a third of Swedbank's Latvian cash machines were empty by 2000 GMT Sunday evening, he said.

Sean and Bob Chapman discuss MF Global, CFTC, Ron Paul and more

On a day when too much Bob Chapman is not nearly enough...

Note: Sean mentions a documentary called "Thrive", if you are interested it can be viewed on youtube here

By on Dec 10, 2011


Venezuela brings home more Gold

From The Telegraph:

Last week Venezuela said it had safely received its second load of gold from overseas. It would not give much detail, but the first cargo welcomed by flag-waving crowds last month was said to be18 tonnes worth some $300m (£192m).

Chavez argues his nation needs to protect its gold from the economic turmoil in the West.

“I have nothing against Europe. I am just telling the truth,” he said. “Who knows if a king or NATO comes and issues an insane decree-law? That gold is ours.” in full

Jamie Dimon gets deep sixed by Rainbow Six

Bob Chapman: Economic Elites Strip Away European Sovereignty

From: TheAlexJonesChannel  | Dec 9, 2011

Double Standards - Press freedom

By on Dec 11, 2011


US General concerned over Euro crisis

 From PressTV:

Top US military officer General Martin Dempsey has voiced concerns about the euro's future, saying Europe's financial turmoil could have consequences for the US military.

Addressing an event hosted by Washington-based think tank, the Atlantic Council, chairman of the US military's Joint Chiefs of Staff said he believed the “euro zone was at great risk” and that the US military could be affected by the euro zone's troubles, Reuters reported.

"We are extraordinarily concerned by the health and viability of the euro because in some ways we're exposed literally to contracts but also because of the potential of civil unrest and breakup of the union that has been forged over there," Dempsey said.

He said part of his concern was that the US military could be exposed to any unraveling of the euro zone. "I mean (exposed) literally, through contracts and programmatics, but also because of the potential for civil unrest and the breakup of the union that has been forged over there," he said.

The top American military official specifically referred to the F-35 Joint Strike Fighter, the Pentagon's costliest weapons program that the US is jointly developing with Britain and Italy.

He said the euro crisis could change US partners' decision on their spending earmarked for the F-35.

"It will clearly put them at risk if all the economic predictions about a potential collapse were to occur - inflation, devaluation," Dempsey said.

The US military has more than 80,000 troops in Europe and more than 20,000 civilian on

Ben Davies on Gold and the Euro

From Dec 7:
Hinde Capital CEO, Ben Davies, looks at the changing nature of gold's monetary role, the potential outcomes of this week's Eurozone summit and the importance of the internet with Geoff Candy of .......listen here

From Dec 10:
Ben Davies interviewed by Eric King of King World News.......listen here

Silver - The 21st Century Metal

Pity we dumped most of it into land fills in the 20th Century.

The "Gold Problem" a 1967 viewpoint

Thanks to The Silverdoctors for this gem:

"The pending economic crisis that now faces America is painfully obvious. If even a fraction of potential foreign claims against our gold supply were presented to the Treasury, we would have to renege on our promise. We would be forced to repudiate our own currency on the world market. Foreign investors, who would be left holding the bag with American dollars, would dump them at tremendous discounts in return for more stable currencies, or for gold itself.
The American dollar both abroad and at home would suffer the loss of public confidence. If the government can renege on its international monetary promises, what is to prevent it from doing the same on its domestic promises? How really secure would be government guarantees behind Federal Housing Administration loans, Savings and Loan Insurance, government bonds, or even social security?

"Even though American citizens would still be forced by law to honor the same pieces of paper as though they were real money, instinctively they would rush and convert their paper currency into tangible material goods which could be used as barter. As in Germany and other nations that have previously traveled this road, the rush to get rid of dollars and acquire tangibles would rapidly accelerate the visible effects of inflation to where it might cost one hundred dollars or more for a single loaf of bread. Hoarded silver coins would begin to reappear as a separate monetary system which, since they have intrinsic value would remain firm, while printed paper money finally would become worth exactly it's proper value--the paper it is printed on! Everyone's savings would be wiped out totally. No one could escape.

"One can only imagine what such conditions would do to the stock market and to industry. Uncertainty over the future would cause the consumer to halt all spending except for the barest necessities. Market for such items as television sets, automobiles, furniture, new homes, and entertainment would dry up almost overnight. With no one buying, firms would have to close down and lay off their employees. Unemployment would further aggravate the buying freeze, and the nation would plunge into a depression that would make the 1930s look like prosperity. At least the dollar was sound in those days. In fact, since it was a firm currency, its value actually went up as related to the amount of goods, which declined through reduced production. Next time around, however, the problems of unemployment and low production will be compounded by a monetary system that will be utterly worthless. All the government controls and so-called guarantees in the world will not be able to prevent ! it, because every one of them is based on the assumption that the people will continue to honor printing press money. But once the government itself openly refuses to honor it--as it must if foreign demands for gold continue--it is likely that the American people will soon follow suit. This in a nutshell is the so-called 'gold problem.” (The Teachings of Ezra Taft Benson p 639-640.)