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Global Economic Collapse, nation by nation
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BornAgain2



Joined: 12 Dec 2009
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PostPosted: Tue Nov 13, 2012 12:25 pm    Post subject:  Reply with quote

Fed delays Basel III bank capital rules
9 November 2012, by Ronald D. Orol - Washington (MarketWatch)
http://www.marketwatch.com/story/...iii-bank-capital-rules-2012-11-09

U.S. regulators on Friday agreed to delay indefinitely the effective date of a global agreement on greater bank capital buffers known as Basel III.

The Federal Reserve and two other bank regulators introduced a proposal in June to implement the global agreement that suggested an effective date for institutions to comply of Jan. 1.

However, the regulators agreed that "due to the wide range of views" expressed by interested institutions and others that a delay was necessary.

They did not provide a substitute effective date for the rules, arguing that they are "working as expeditiously as possible to complete" them.

The agreement is being implemented in response to the financial crisis of 2008. Other international agencies have delayed implementation of bank rules.

Read the full story: Fed delays Basel III bank capital buffer rules http://www.marketwatch.com/story/...k-capital-buffer-rules-2012-11-09
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BornAgain2



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PostPosted: Thu Nov 15, 2012 8:48 am    Post subject: Reply with quote

Euro zone falls into second recession since 2009
11/15/12  The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.
The two leading economies both managed 0.2 percent growth in the July-to-September period.
But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.
Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2-percent drop in the second quarter.
http://www.reuters.com/article/20...one-economy-idUSBRE8AE0HV20121115

The physical silver scramble continues, as a MASSIVE 2.4 million ounces of silver were withdrawn from Brink’s & HSBC vaults
http://www.silverdoctors.com/wp-c...s/2012/11/Comex-Silver-111512.png
http://www.silverdoctors.com/tag/srsrocco
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BornAgain2



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PostPosted: Mon Jan 14, 2013 4:30 pm    Post subject: Reply with quote

Peru’s Central Bank Buys Most Dollars in Five Months to Tame Sol
14 January 2013, by John Quigley (Bloomberg)
http://www.bloomberg.com/news/201...s-in-five-months-to-tame-sol.html

Peru’s central bank bought the most dollars since August to stem a sol rally as tax payments and accelerating economic growth spurred demand for local currency.

Banco Central de Reserva del Peru bought $350 million in the spot market today, the most since Aug. 16, and said on its website it paid an average 2.5379 soles per U.S. dollar.

The central bank bought a record $13.9 billion last year and raised reserve requirements five times as investors moved money into South America’s fastest-growing economy.

more
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PostPosted: Thu Sep 05, 2013 8:56 am    Post subject: Reply with quote

Colombia president's approval plunges as nationwide protests show growing discontent with economy - @BloombergNews
9/4/13

http://www.bloomberg.com/news/201...nges-as-protests-roil-nation.html
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CJ
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PostPosted: Thu Sep 05, 2013 9:05 am    Post subject: Reply with quote

G-20 Summit Sept 5-6 in St Petersburg RUSSIA
G20 Plan to Dump US Dollar
http://cj.myfreeforum.org/about1302.html

US strike on Syria
http://cj.myfreeforum.org/about4482.html

Yom Kippur is JUDGMENT.  That begins at sundown September 13, 2013
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BornAgain2



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PostPosted: Wed Sep 25, 2013 10:07 pm    Post subject: Reply with quote

Cyprus-Style Wealth Confiscation Is Now Starting To Happen All Over The Globe

Now that "bail-ins" have become accepted practice all over the planet, no bank account and no pension fund will ever be 100% safe again.  In fact, Cyprus-style wealth confiscation is already starting to happen all around the world.  As you will read about below, private pension funds were just raided by the government in Poland, and a "bail-in" is being organized for one of the largest banks in Italy.  Unfortunately, this is just the beginning.  The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe.  It is only a matter of time before we see this exact same type of thing happen in the United States as well.  From now on, anyone that keeps a large amount of money in any single bank account or retirement fund is being incredibly foolish.

Let's take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe...

Poland

For years, there have been rumors that someday the U.S. government would raid private pension funds.

Well, in Poland it just happened.

According to Reuters, private pension funds were raided in order to reduce the size of the government debt...

   Poland said on Wednesday it will transfer to the state many of the assets held by private pension funds, slashing public debt but putting in doubt the future of the multi-billion-euro funds, many of them foreign-owned.

The Polish government is doing the best that it can to make this sound like some sort of complicated legal maneuver, but the truth is that what they have done is stolen private assets without giving any compensation in return...

   The Polish pension funds' organisation said the changes may be unconstitutional because the government is taking private assets away from them without offering any compensation.

   Announcing the long-awaited overhaul of state-guaranteed pensions, Prime Minister Donald Tusk said private funds within the state-guaranteed system would have their bond holdings transferred to a state pension vehicle, but keep their equity holdings.

   He said that what remained in citizens' pension pots in the private funds will be gradually transferred into the state vehicle over the last 10 years before savers hit retirement age.

Iceland

For years, Iceland has been applauded for how they handled the last financial crisis.  But now it is being proposed that the "blanket guarantee" that currently applies to all bank accounts should be reduced to 100,000 euros.  Will this open the door for "haircuts" to be applied to bank account balances above that amount?...

   Following the crisis in October 2008, Iceland's government declared all deposits in domestic financial institutions were 'blanket' guaranteed - an Emergency Act that was reafrmed twice since. However, according to RUV, the finance minister is proposing to restrict this guarantee to only deposits less-than-EUR100,000. While some might see the removal of an 'emergency' measure as a positive, it is of course sadly reminiscent of the European Union "template" to haircut large depositors. This is coincidental (threatening) timing given the current stagnation of talks between Iceland bank creditors and the government over haircuts and lifting capital controls - which have restricted the outflows of around $8 billion.

Europe

European finance ministers have agreed to a plan that would make "bail-ins" the standard procedure for rescuing "too big to fail" banks in the future.  The following is how CNN described this plan...

   European Union finance ministers approved a plan Thursday for dealing with future bank bailouts, forcing bondholders and shareholders to take the hit for bank rescues ahead of taxpayers.

   The new framework requires bondholders, shareholders and large depositors with over 100,000 euros to be first to suffer losses when banks fail. Depositors with less than 100,000 euros will be protected. Taxpayer funds would be used only as a last resort.

What this means is that if you have over 100,000 euros in a bank account in Europe, you could lose every single bit of the unprotected amount if your bank collapses.

Italy

As Zero Hedge reported on Tuesday, a "bail-in" is now being organized for the oldest bank in Italy...

   Recall that three weeks ago we warned that "Monti Paschi Faces Bail-In As Capital Needs Point To Nationalization" although we left open the question of "who will get the haircut including senior bondholders and depositors.... given the small size of sub-debt in the capital structures." Today, as many expected on the day following the German elections, the dominos are finally starting to wobble, and as we predicted, Monte Paschi, Italy's oldest and according to many, most insolvent bank, quietly commenced a bondholder "bail in" after it said that it suspended interest payments on three hybrid notes following demands by European authorities that bondholders contribute to the restructuring of the bailed out Italian lender. Remember what Diesel-BOOM said about Cyprus - that it is a template? He wasn't joking.

   As Bloomberg reports, Monte Paschi "said in a statement that it won’t pay interest on about 481 million euros ($650 million) of outstanding hybrid notes issued through MPS Capital Trust II and Antonveneta Capital Trusts I and II." Why these notes? Because hybrid bondholders have zero protections and zero recourse. "Under the terms of the undated notes, the Siena, Italy-based lender is allowed to suspend interest without defaulting and doesn’t have to make up the missed coupons when payments resume." Then again hybrids, to quote the Dutchman, are just the template for the balance of the bank's balance sheet.

   Why is this happening now? Simple: the Merkel reelection is in the bag, and the EURUSD is too high (recall Adidas' laments from last week). Furthermore, if the ECB proceeds with another LTRO as many believe it will, it will force the EURUSD even higher, surging from even more unwanted liquidity. So what to do? Why stage a small, contained crisis of course. Such as a bail in by a major Italian bank. The good news for now is that depositors are untouched. Unfortunately, with depositor cash on the wrong end of the (un)secured liability continuum it is only a matter of time before those with uninsured deposits share some of the Cypriot pain. After all, in the brave New Normal insolvent world, "it is only fair."

Fortunately, it does not appear that this particular bail-in will hit private bank accounts (at least for now), but it does show that European officials are very serious about applying bail-in procedures when a major bank fails.

New Zealand

The New Zealand government has been discussing implementing a "bail-in" system to deal with any future major bank failures.  The following comes from a New Zealand news source...

   The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.

   Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.

   "Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand - a solution that will see small depositors lose some of their savings to fund big bank bailouts," said Green Party Co-leader Dr Russel Norman.

   "The Reserve Bank is in the final stages of implementing a system of managing bank failure called Open Bank Resolution. The scheme will put all bank depositors on the hook for bailing out their bank.

   "Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat."

Canada

Incredibly, even Canada is moving toward adopting these "bank bail-ins".  In a previous article, I explained that "bail-ins" were even part of the new Canadian government budget...

   Cyprus-style "bail-ins" are actually proposed in the new Canadian government budget.  When I first heard about this I was quite skeptical, so I went and looked it up for myself.  And guess what?  It is right there in black and white on pages 144 and 145 of "Economic Action Plan 2013" which the Harper government has already submitted to the House of Commons.  This new budget actually proposes "to implement a 'bail-in' regime for systemically important banks" in Canada.  "Economic Action Plan 2013" was submitted on March 21st, which means that this "bail-in regime" was likely being planned long before the crisis in Cyprus ever erupted.

So what does all of this mean for us?

It means that the governments of the world are eyeing our money as part of the solution to any future failures of major banks.

As a result, there is no longer any truly "safe" place to put your money.

One of the best ways to protect yourself is to spread your money around.  In other words, don't put all of your eggs in one basket.

If you have your money a bunch of different places, it is going to be much harder for the government to grab it all.

But if you don't listen to the warnings and you continue to keep all of your wealth in one giant pile somewhere, don't be surprised when you get wiped out in a single moment someday.

http://theeconomiccollapseblog.co...-now-happening-all-over-the-globe
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CJ
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PostPosted: Fri Feb 05, 2016 8:11 am    Post subject: Reply with quote

Baltic Dry hits 298
Feb 5, 2016  Zero Hedge  -  Fear of collapse in international trade
.
World's Biggest Containership Hard Aground as Baltic Dry crashes below 300 for first time ever.  Before this year the lowest level The Baltic Dry Index had reached was 556 in August of 1986 and the highest was in June 2008 at a stunning 11,612. Today the freight index hit 298, a new low, for the first time ever, almost 50% below the previous record low.
http://www.freerepublic.com/focus/f-news/3393120/posts
http://cj.myfreeforum.org/about1997.html
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BornAgain2



Joined: 12 Dec 2009
Posts: 17197



PostPosted: Fri Feb 05, 2016 9:09 pm    Post subject: Reply with quote

Citi Bank Warns That The World Economy Is In A Death Spiral

"Many markets are now pricing in a significant probability of recession and when we talk about recession, we're talking particularly about a U.S. recession. Do you think that is likely or not? To me, the odds are too high; the market is pricing too high a probability," Myles Bradshaw, the head of global aggregate fixed income at Amundi, told CNBC this week.

2/5/16

The global economy seems trapped in a “death spiral” that could lead to further weakness in oil prices, recession and a serious equity bear market, Citi strategists have warned.

Some analysts — including those at Citi — have turned bearish on the world economy this year, following an equity rout in January and weaker economic data out of China and the U.S.

“The world appears to be trapped in a circular reference death spiral,” Citi strategists led by Jonathan Stubbs said in a report on Thursday.

“Stronger U.S. dollar, weaker oil/commodity prices, weaker world trade/petrodollar liquidity, weaker EM (and global growth)… and repeat. Ad infinitum, this would lead to Oilmageddon, a ‘significant and synchronized’ global recession and a proper modern-day equity bear market.”

Stubbs said that macro strategists at Citi forecast that the dollar would weaken in 2016 and that oil prices were likely bottoming, potentially providing some light at the end of the tunnel.

“The death spiral is in nobody’s interest. Rational behavior, most likely, will prevail,” he said in the report.

Crude oil prices have tumbled by around 70 percent since the middle of 2014, during which time the U.S. dollar has risen by around 20 percent against a basket of currencies.

Citi forecasts the world economy will grow by only 2.7 percent in 2016 having cut its outlook last month.

“Many markets are now pricing in a significant probability of recession and when we talk about recession, we’re talking particularly about a U.S. recession. Do you think that is likely or not? To me, the odds are too high; the market is pricing too high a probability,” Myles Bradshaw, the head of global aggregate fixed income at Amundi, told CNBC this week. source

http://www.nowtheendbegins.com/ci...ns-world-economy-in-death-spiral/
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CJ
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PostPosted: Mon Feb 08, 2016 10:24 am    Post subject: Reply with quote

Ominous selloff in European banks
Feb 8, 2016  
MarketWatch  -  Europe bank index posted its longest weekly string of losses since 2008.
Lackluster profits and negative interest rates have prompted investors to dump shares.  The current environment for European banks is very, very bad, questionable whether banks can cover their cost of equity.
http://www.marketwatch.com/story/...opean-banks-is-ominous-2016-02-07

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