Special Guest: Simon Black, the SOVERIGNMAN

SIMON BLACK , is the publisher of SovereignMan.com and “Sovereign Man: Confidential” – An International Investment Intelligence Service. A graduate of West Point he served tours of duty in the middle east as an intelligence officer before beginning SovereignMan.com. He has visited over 116 countries and visits 40-50 countries annually looking for investment solutions to suit the realities of today’s increasing government regulations and restrictions.

“Financial Repression is Theft.

It is a very clever, cunning deceitful form of theft.

Governments are stealing purchasing power and essentially defaulting on their obligation to maintain a sound currency.”

“Presently in many cases you have to pay a bankrupt government for the privilege of loaning them money!

Negative real interest rates is covert theft”

Simon believes that the mentality of many governments has shifted from an ‘abundance mentality’ to a negative ‘scarcity mentality’ that has left them chasing innocent, harmless people around the world (ie witness FATCA and the avalanche of renouncing citizenship) versus trying to attract productive people, being more competitive and “making the pie bigger”. This is no longer the thinking that the US was founded on.

THE SOVEREIGN MAN APPROACH

The problem we’re facing is the fragility and danger that comes from massive centralization of economic and political power. The solution then, is to decentralize.

This strategy of diversifying aspects of your life across the globe is calledInternationalization, and that’s what Sovereign Man’s Six Pillars of Self Reliance are about.

The SIX PILLARS OF SELF RELIANCE – Financial sovereignty in the 21st century

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Interview with Attorney Ellen Brown .. explains recent developments in regulations & G20 initiatives on bank BailIns, a form of financial repression in which banks are being setup to confiscate bank deposits & other assets in the event of a banking crisis .. “The banks will say, well, we don’t have it. All the money goes into one big pool since Glass Steagall was repealed. They are allowed to gamble with that money and that’s what they do. I think maybe Bank of America is the most vulnerable because of Merrill Lynch. Everybody is concerned, and they do very risky deals and they are on the edge. I think they have over $50 trillion in derivatives and over $1 trillion in deposits. . . The Dodd-Frank Act says we, the people, are no longer going to be responsible for the big banks when they collapse. It is not clear the FDIC will even be able to borrow from the Treasury, but even if they could, who is going to pay that money back? Let’s say they borrowed $1 trillion. Who is going to pay that $1 trillion dollars back? It will bankrupt all the small banks that had to contribute to this premium. They will say we’re raising your premium to everything you got, basically. Little banks will go out of business, and who is going to survive–the big banks. . . . What we’re going to have left is five big banks, and everybody else is going to be bankrupt.” .. The G-20 met recently in Australia to make new banking rules for the next financial calamity, Brown explains how these new rules will allow banks to take money from depositors & pensioners worldwide: “It became rules we agreed to actually implement. There was no treaty, and Congress didn’t agree to all this. They use words so that it’s not obvious to tell what they have done, but what they did was say, basically, that we, the governments, are no longer going to be responsible for bailing out the big banks. These are about 30 international banks. So, you are going to have to save yourselves, and the way you are going to have to do it is by bailing in the money of your creditors. The largest class of creditors of any bank is the depositors .. Theoretically, we are protected by deposit insurance up to $250,000 in the U.S. and 100,000 euros in Europe. The FDIC fund has $46 billion, the last time I looked, to cover $4.5 trillion worth of deposits. So, even though we are protected by the FDIC, the FDIC is not going to have the money. . . . This makes it legal for these big 30 banks to take our money when they become insolvent. They are too-big-to-fail. This was supposed to avoid too-big-to-fail, but what it does is institutionalizes too-big-to-fail. They are not going to go down. They are going to take our money instead.” .. 22 minutes

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

IMF Paper proposes changes to its authority to ensure it is authorized & capable of handling negative interest rates .. “There is no authority under the Articles of Agreement for the Fund to establish a zero or negative SDRinterest rate .. This paper proposes technical amendments .. and the burden sharing mechanism to address these issues.” .. IMF preparing financial repression on interest rates.

LINK HERE TO THE ARTICLE

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

“I think that the reason bankers and governments dislike gold backed hard currencies is that it limits their ability to devalue their fiat currency and redistribute wealth in order to stay in power. The governmental solution to all the debt in the world is to try to inflate it away and slowly take money away from the people via currency depreciation and manipulating interest rates so savers and forced owners of government debt (such as pension schemes) make a negative return .. The market is not free, it is controlled .. A move away from fiat currency and back to using gold backed currency would remove the ability of governments to print money and this in turn would remove their ability constantly try to avoid facing the consequences of building up huge debts, which in term means they would have to face the music and actually have a plan to repay it .. It is the central banks and private banks who are complicit in this government sponsored process .. I am getting pretty fed up with having my savings earning no interest and possibly being devalued and of not being able to find any sensible place to invest my hard earned money due to central bank policies making it impossible to make any return anywhere without taking crazy risks.”

– Tim Price’s latest letter

LINK HERE TO THE ARTICLE

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Special Guest: Nick Giambruno – Casey Research

FINANCIAL REPRESSION

“Financial Repression is Financial Authoritarianism.

It is not only repressing financial aspects of people’s lives but all aspects of life and when you consider the amount of power that is wielded through Financial Repression, it is more accurate to call it Financial Authoritarianism!”

SOURCE OF FINANCIAL REPRESSION

Financial Repression is needed to help governments finance their debt, where the impedence comes from the level of government spending. Since almost all countries use a central banking model and fiat currencies this allows Financial Repression to exist. It gives the government the tools to implement Financial Repression which it wouldn’t otherwise have in a SOUND MONEY System.

“The lynchpin of how Financial Repression is implemented is the Central Banking Model “

“What is fundamentally wrong with this is that it allows the government to take something (that something being Purchasing Power) that is not theirs, without people knowing. You learn in kindergarden that you don’t take something that is not yours but that is exactly what they are doing!”

FATCA – FOREIGN ACCOUNTS TAX COMPLIANCE ACT

One of the most egregious examples of Financial Repression in the international arena is FATCA and the soon to be unleashed GATCA. The Foreign Account Tax Compliance Act (FATCA) effectively begins the process of ring fencing investors options through nothing more than a stealth form of capital controls.

The real issue to banks around the world is:

1. Cost of Compliance
2. Draconian penalties if even an honest mistake is made.

Therefore international banks don’t want American accounts which is making it horrendously difficult for Americans to now live and operate abroad. FATCA has laid the foundation for GATCA in 2018 which is part of the end game for global taxation.

Like Financial Repression FATCA (and GATCA) is devious and not upfront with the American people. FATCA is a blatant example of “government for the government by the government” versus a constitution based upon “a government for the people by the people”!

Learn more about FATCA / GATCA and more as Casey Research’s “International Man” talks what Financial Repression means around the world.

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Ellen Brown highlights the results of the recent G20 meeting in Australia, a meeting which Russell Napier called “the day money died” – the day deposits died as money .. Napier: deposits are now just part of the commercial banks’ capital structure, which means they can be “bailed-in” or confiscated to save the banks .. the new rules include derivatives, stipulating a priority of payment of banks’ derivative obligations ahead of everyone else in the event of a crisis .. Brown points out “everyone else” includes pension funds .. “‘Bail in’ has been sold as avoiding future government bailouts and eliminating too big to fail (TBTF). But it actually institutionalizes TBTF, since the big banks are kept in business by expropriating the funds of their creditors.” .. the new G20 rules being implemented emphasize turning bank liabilities into capital, with liabilities including “unsecured debt” like bank deposits .. Brown says banks are now offering “bailinable bonds” which convert into bank capital in the event of a bank crisis – pension funds are now buying these types of bonds in seeking yield sufficient to meet their pension obligations, but a recent policy brief by the Peterson Institute for International Economics calls “bailinable securities” fool’s gold that woud save banks at the expense of pensioners in the event of a bank crisis .. so investors, individuals, pensioners, savers & retirees are now at risk of confiscatory bail-ins to help keep too big to fail banks in business.

LINK HERE TO THE ARTICLE

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

“Central banks would like to escalate their devastating war on savers by driving interest rates even deeper into negative nominal and real territory. But they are now stymied for two reasons .. In the case of their preferred route of driving ‘real’ interest rates more deeply into negative returns by cranking up consumer inflation, they are blocked by economic reality. Households are still buried in debt and can no longer borrow, spend and ratchet-up their balance sheet leverage ratios as they did in the 40 years preceding the financial crisis. Likewise, a deflationary global economy— drowning in the excess industrial capacity and malinvestments that have been generated by nearly two decades of worldwide financial repression—– keeps a tight lid on the price of consumer goods. So the tried and true route of inflating governments out of their debt obligations has been precluded .. At the same time, interest rates are already at the zero bound in nominal rate terms, meaning that only significantly negative nominal rates can further reduce the burden of public debt. However, even central bankers are smart enough to realize that if the monetary and fiscal authorities of the state go too far in imposing negative rates on bank deposits or in threatening to ‘bail-in’ depositors, they could incite a run on the bank.”

– David Stockman

LINK HERE TO THE SOURCE ARTICLE

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

“The purpose of central bank financial repression and ZIRP is to distort and inflate asset prices. Our monetary politburo even admits that it is in the monetary scam business via its self-serving doctrine called ‘wealth effects’ .. The game here is to drive the stock market averages ever higher through massive liquidity injections into the Wall Street dealer markets. This purportedly causes people to feel richer and to spend and invest more, creating a virtuous circle of prosperity, world without end .. We know by now, however, that ‘wealth effects’ money printing does not help the main street economy. And while it does produce awesome financial market gains—–these turn out to be unsustainable bubbles that inexorably crash .. The resulting financial bubbles have been global in scope .. The true nature of today’s Keynesian central banking – The actual impact of the current ‘wealth effects’ regime is not economic growth and rising profits, but, instead, a vast inflation of financial assets.”

– David Stockman*

LINK HERE to the source article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Special Guest: Daniel Amerman – Financial Consultant, CFA, Duluth MN USA

Is there a “Back Door” method for the government to pay down the federal debt using private savings? Daniel Amerman says emphatically, YES!

It is called FINANCIAL REPRESSION, though as a former banker Amerman likes to think of it in more accounting terms like liabilities and assets.

In practice there are four primary methods which a nation can use to pay down excessive debts incurred to support spendthrift habits and political obligations.

1. AUSTERITY: Decades of Austerity,
2. DEFAULT: Defaulting on government debts,
3. DEBASEMENT: Inflating away the value of the debt though slashing the value of the currency,
4. POLICY: Process of Financial Repression

Financial Repression is a subtle method of taking vast sums of private wealth with no political consequences. It has strong advantages for the government:

1. It works in practice and has been used successfully before ( 1945 – 1970),
2. Almost No Political Damage,

The government methodically uses regulations over a period of many years to force a negative rate of return onto investors (in inflation adjusted terms) so that the real wealth of savers shrinks by an average of 3-4% per year.

A SHEEP SHEERING STRUCTURE

The characteristics of postwar era “Sheep Sheering” are:

1. Inflation,
2. Government control of Interest Rates to guarantee Negative Real Rates of Return,
3. The Funding of government debt by financial institutions,
4. Capital controls,
5. Discouragement of Precious Metals investment.

If you real want to understand FINANCIAL REPRESSION, this is where you start.

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Article highlights how a number of banks are charging institutional clients for depositing their funds, meaning the interest rates are negative .. Several banks, including Bank of New York Mellon Corp, Credit Suisse Group AG, Goldman Sachs Group Inc & JP Morgan Chase & Co., have applied this practice .. “Investors and corporations, along with investment funds and asset managers, are becoming the biggest victims of this practice. They view this change as revolutionary. Multinational organizations that manage large-scale operations in the continent are witnessing a spike in their expenses as a result of this practice. Fear of a doomed European financial system is one of the driving forces behind such drastic measures. Currently, the economy is at a halt and in desperate need for households and businesses to add money in the system and revive confidence in investors .. This might lead to abandoned clients looking for more secure options to place their misplaced money or force them to opt for high-risk instruments such as debt-based funds or repurchase agreements.”

LINK HERE to the source article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Article & interview on perspective by Tim Price on financial repression insight on UK Tip TV .. Rather than saving the global economy, very low interest rates are a ’coiled spring’ for trouble ahead .. very low interest rates are implementing financial repression, which involves deliberately holding down interest rates below inflation & keeping government borrowing costs low .. “People are piling into stocks because they’ve frankly got no other choice, but I think we’ve seen how this film ends.” .. Price thinks that investing in Asia is the best bet to deal in this environment.

LINK HERE to the source article and video

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Pater Tenebrarum essay on the adverse unintended consequences of banks imposing negative interest rates on deposits, all a result of financial repression .. he points out how banks have recently started to charge interest on bank deposits in Germany, & now banks elsewhere are doing the same: “Other banks were presumably watching to see if depositors would flee, and when that didn’t happen, Commerzbank decided to go down the same road.” .. the essay quotes Austrian School Economist Ludwig von Mises on what happens when interest payments are abolished or go negative – owners of capital will begin to consume their capital & society will become impoverished: “.. there cannot be any question of abolishing interest by any institutions, laws, and devices of bank manipulation. What can be abolished by laws and decrees is merely the right of the capitalists to receive interest. But such laws would bring about capital consumption and would very soon throw mankind back into the original state of natural poverty.”

LINK HERE to the source article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Special Guest: Axel Merk

FINANCIAL REPRESSION

“In a nutshell, it is ways governments are trying to deprive you of purchasing power because the government has too much debt and must debase the value of the debt.”

“Through the backdoor the government is trying to take some of your net worth …. It is a wealth TRANSFER from savers to those who have piled up a excess debt” “It is most commonly done through negative real interest rates!“

CENTRAL BANK INFLATION GOALS

“You often don’t have enough inflation in the world when you have too much debt”.

This is why the US, the EU and Japan are trying frantically get inflation up, despite it being bad for the average citizen or saver.

Axel Merk believes that if in 10 years we were to get back to historic bond level,s then there would be an addition $1 trillion in government interest rates. The fed is simply not going to allow that and therefore interest rates are realistically not going up.

NEGATIVE REAL INTEREST RATES

Even a Fed Funds Rate of 1.75 next year would likely still mean we would have negative real interest rates.

SOCIAL UNREST & POLITICAL INSTABILITY

“Policy makes never blame themselves for the problems they have. They always blame a minority, the wealthy or foreigners”

When you have too much debt political stability declines. In parts of the world where food and energy are bigger part of their disposable income you can expect social unrest as these inflation policies take on greater roles.

It is a fact that austerity policies fail at the polls as we have seen in Europe. In the US we are electing increasingly more populist politicians which means entitlement reforms have a slim chance of happening. Therefore “Kicking-the-Can-Down-the-Road” and reliance on the central bank to keep rates low.

We have former super powers on the decline and emerging super powers on the rise. We can only hope that this transition will be peaceful. A central banker told Axel prior to his starting his funds that “We can only hope the adjustment process will be slow and gradual”

JAPAN IS AHEAD OF US IN THIS EVOLUTION

“Liquidity has dried up in the JGB market which means that at some point it is easier to have some sort of crisis”

REGULATION

Regulations in general are about barriers to entry. Therefore it limits risk taking which inevitably leads to less economic growth. By simply keeping interest rates low it doesn’t put sufficient pressures on the system for structural reforms. As low interest rate policies continue to fail the political bias will be to “double down” which means the problems get even worse. Eventually the structural changes required becomes too great to be politically possible without hiding behind a major crisis.

SWISS NATIONAL GOLD REFERENDUM

The Swiss are fiercely independent and don’t like the dependencies which the Euro peg to the Swiss Franc are creating. They don’t like the debt an unelected central bank is piling onto the nation. What is important is that the referendum is trying to force more discipline into monetary policy.

WHAT INVESTORS MUST REALIZE

Cash is no longer safe anymore! The purchasing power of cash is at risk. Once investors realize this the investment world is open! They then need to invest based on the risk spectrum.

• EQUITIES – Prices are elevated because of the actions of central banks ,
• BONDS – “I wouldn’t touch with a ten foot pole in the current environment.
• DIVERSIFICATION suggests adding Currencies and Precious Metals.
• BE ALERT – Have your own opinion after building your own framework

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Brinker Capital Senior Investment Manager, Jeff Raupp, CFA, provides commentary on the issues surrounding the debt burdens of many developed governments today, how this era of financial repression may impact investors .. 5 minutes

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Article from Korean news source (in English) highlghts how low interest rates mean Koreans are struggling to save .. “Low interest rates on time deposits mean that Koreans can’t save the way they used to .. Until the 1990s, when the average interest rate hovered at around 10%, a common way to build up assets in Korea was to set aside a portion of wages in the bank every month as a time deposit – after a while, you would be able to buy property with the savings .. not any more .. “Korean consumers will have to live with such low-interest bank savings for a substantial period of time as the country’s central bank is likely to keep its benchmark interest rate in response to the continued quantitative easing of major economies like Japan and the European Union.” .. when you take into account the inflation rate in Korea, you have negative real interest rates, characteristic of financial repression.

LINK HERE to the source article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Gordon T. Long has been sounding the alarm on Financial Repression for quite some time. Unfortunately most people have been unaware that their wealth is being stripped away before their very eyes. But Gordon and his associates have devised a number of strategies that can be exercised to avoid this fate. Before you can solve a problem, you’ve got to admit that it exits.

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Special Guest: Doug Casey – Casey Research

“MODERN CURRENCIES ARE FLOATING ABSTRACTIONS”

Developed economies’ currencies “are turning into toilet paper”.

“JAPAN IS A GIANT ACCIDENT WAITING TO HAPPEN!”

“If you are looking for a one way street, perhaps the best speculation in the world today would to be short Japanese government bonds denominated in Yen”. The demographics in Japan are the worst in the world.

“THE EU WILL CEASE TO EXIST“

Its really a horrible conglomeration of countries which should be simply a free trade area with the government in Brussels making it impossible. It is totally dysfunctional and will breakup.

DOUG’S RECOMMENDATIONS

1. “Hold onto your hat” – Things are going to get real interesting starting in 2015,
2. Doug sees turmoil coming which we haven’t seen since the start of the Industrial Revolution or the French Revolution,
3. Hold gold and silver. Some should be in coins in your possession.

Best-selling author, world-renowned speculator, and libertarian philosopher Doug Doug Casey speaks out on FINANCIAL REPRESSION

Doug sees the world in the “eye of a gigantic financial hurricane”. It entered the hurricane in 2007-2008 and will likely see the next stage in 2015. Here are just some of Doug’s views and statements from this fascinating and exclusive interview with Gordon T Long.

REALISTICALLY SEES WAR AHEAD

“The US is being provocative with its military bases in 125 countries around the world and is provoking the Russians in the Ukraine.” The US is now a country in a continuous state of war. “The US military is out of control.”

“AMERICA DOESN’T EXIST ANYMORE!”

“America has turned into a police state”. It is the most dangerous entity in the world today and has become hated globally because of its militarism.

“THE REAL RISK TO INVESTORS IS ‘POLITICAL'”

US Investors must urgently diversify their assets abroad while it is still possible. More restrictive regulatory policies lie ahead.

US STANDARD OF LIVING & RESPECT IN THE WORLD HAS FALLEN

Today the US is more taxed and regulated than ever before, which limits its abilities to solve its problems.

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

See page 5 of the document below for the signed & agreed piece which allows banks to simply take your bank deposits, under certain conditions, in the event of a bank crisis: “The Key Attributes describe the powers and tools that authorities should have to achieve this objective. These include the bail-in power, i.e., the power to write down and convert into equity all or parts of the firm’s unsecured and uninsured liabilities of the firm under resolution or any successor in a manner that respects the creditor hierarchy and to the extent necessary to absorb the losses. Hence, the resolution strategies that are being developed for G-SIBs provide for a recapitalisation by a way of a bail-in (with or without use of a bridge institution) to support the orderly resolution or wind-down of a G-SIB in a manner that maintains at a minimum continuity of critical functions. As set out in the July 2013 FSB Guidance on the Development of Effective Resolution Strategies, one crucial consideration in the development of effective resolution strategies is the availability in resolution of lossabsorbing capacity in sufficient amounts and at the right location(s) within a group.”

G-SIB = global systemically important bank

LINK HERE to the source article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

Special Guest: Mike Pento – Pento Portfolio Strategies LLC

Michael Pento speaks out strongly by saying: “We cannot allow the whims of a small group of unelected people to depreciate the value of currencies without any accountability whatsoever. Who gave Mr Bernanke and Ms Yellen the authority to do all these QEs? Who voted them into power? Why do we believe deflation is a bane on the American populous? Why do we want real incomes to fall and prices to go up? We cannot allow these people to to destroy the American middle class and American consumer!”

FINANCIAL REPRESSION

“Any attempt by government to make sure debt service payments remain serviceable.”

That is the key. “Whether it is to force people into the bond market, whether it is to keep interest rates artificially low – whatever they need to do to make sure they don’t have to use the tax base to pay their debt and deficits. They utilize artificial methods to make sure they can make debt service payments.”

JAPAN IS MICHAEL PENTO’S FAVORITE EXAMPLE

“In Japan they have been able to take the entire JGB market and monopolize the whole entire thing! There is nothing that occurs there unless the government is a buyer. There are days on end where there is no trading because their 10 year note is .005%.”

“Japan is an insolvent nation that has taken its interest rates down to levels where there is no private market for their debt – it is a ticking time bomb ….. The danger here is the Yen can unravel here and become intractable.”

“If interest rates go up just 1% the nation is completely insolvent. The Yen could unravel very quickly and cause the economy of Japan to collapse, which would be massively disruptive to all economies and markets across the globe.”

FREE MARKET SYSTEM HAS BEEN COMPLETELY VANQUISHED

“No one knows what the prices are of anything any longer! Capitalism has been annulled, cancelled and abrogated by government and central banks (which are one and same thing)”.

WHERE WE ARE HEADED

1. A complete breakdown in central bank credibility lies ahead,
2. A complete collapse of the financial system will occur when interest raters normalize. The Fed won’t initiate this normalization but rather the free market will,
3. A resulting global economic collapse will wipe out tax bases and therefore debts and deficits will skyrocket
4. Because of this threat, more QE, more financial repression and further market intrusions lie ahead.

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.

International Man essay explores the growing trend of governments & banks to setup “bailin” mechanisms which effectively confiscate a certain percentage of bank depositor deposits at banks in the event of a banking crisis .. the European Union (EU) has now setup this type of bailin mechanism to start soon in Europe – All the banks in the EU will be given the freedom to perform their own bail-in: they may absorb any deposits that exceed €100,000 .. “Following the Cyprus bail-in, we believe that Cyprus was intended as a trial-balloon, that a similar bail-in would later be created for the EU, the US, and a host of other jurisdictions. That prediction seems to be panning out.” .. this essay suggests a similar movement may happen to the paper-gold market – potentially: “Banks could be given the go-ahead to simply cancel the paper-gold certificates that they have sold. This will enrich the banks by billions of dollars, and the only losers will be the greedy rich who have so much money to burn that they have purchased gold certificates.” .. banks doing this would be “praised” by governments for taking the action for the “Greater Good.”

LINK HERE to the article

Disclaimer: The views or opinions expressed in this blog post may or may not be representative of the views or opinions of the Financial Repression Authority.