Advertisements

Central Banks Support Due To Imminent Bank Failure

5 Comments

Was the support announced during the week by the Fed, ECB, BOE etc a result of a news that a major European bank was about to fall and be the first domino?  Well, stories by ZeroHedge and the DailyMail both suggested that this was the very reason. The fear of a domino affect prompted action from the Central Banks as liquidity dried up.

ZeroHedge reports as follows

Need a reason to explain the massive central bank intervention from China, to Japan, Switzerland, the ECB, England and all the way to the US? Forbes may have one explanation: “It appears that a big European bank got close to failure last night.  European banks, especially French banks, rely heavily on funding in the wholesale money markets.  It appears that a major bank was having difficulty funding its immediate liquidity needs. The cavalry was called in and has come to the successful rescue.”

The Daily Mail today reported

The emergency operation – led by the U.S. Federal Reserve with the support of the Bank of England – was launched amid fears that at least one major European bank may be teetering on the brink of collapse.

Another interesting point made in the article was of the consequences of bank failures across Europe as UK’s exposure is massive.
governor Sir Mervyn King issued a dire warning about the threat posed to Britain by the euro crisis – because our banks have more than £500billion tied up in European institutions.

 

Advertisements

EU Empire Takes Over Croatia

2 Comments

The EUSSR empire rolls on and bids to subsume Croatia through stealth. No longer are armies used to enlarge empires, Nigel Farage attempts to explain how the EU manage it. It doesn’t cost much to buy a country. You only need a few politicians in your pocket.

In Ireland’s case because of the party whip system, where a politician must vote the way its party leader decides or you are out, it takes the 2 party leaders in the coalition government to decide the fate of the entire country.

Lets hope the Croatian electorate are smarter than the rest of us Europeans and vote no. Anyway, I’ll get off my soapbox. Look out for more of Nigel Farage’s youtube clips, they are highly entertaining. 😉

Ron Paul and The Gold Standard

9 Comments

Whats the alternative to the global financial fiat currency system that we have now, which clearly isn’t working. Well Ron Paul explains here simply about returning to the Gold standard.

You have to get your house in order; you have to balance the budget, you have to not run up debt, and you have to promise not to print any more money

I would like to have a transition period and just legalize gold money, gold and silver as legal tender, and work our way back…

We want to legalize the use of gold and silver as the constitution dictates, rather than punishing the people who try to do that..

This interview may highlight the reason why the MSM ignore Ron Paul. Because he makes perfect sense.

Bank of Korea Increases Gold Reserves by 39% in November

2 Comments

That’s a worrying sign when a central bank should increase it gold reserves so much in a short period of time. Bank of Korea has joined a list of central banks that are increasing their reserves. China is constantly purchasing but what is not publicised is that it is buying up all gold production within its borders and nobody knows it total gold reserves.

The Bank of Korea’s continued diversification of its foreign exchange reserves is a bullish factor which may have led to the price gains today.

The central bank of South Korea announced that it had purchased 15 metric tonnes of gold in November to raise its reserve of bullion in an effort to diversify its portfolio of its foreign reserve investment and reduce risks caused by market volatilities.

According to the Bank of Korea (BOK), it made a purchase of 15 tons of gold last month to increase the nation’s gold reserves to 54.4 tons worth $2.17 billion as of the end of November.

It boosted the size of its gold reserves by US$850mn in November, up a massive 39% from the previous month. Its total gold reserves are now worth US$2.17bn.

Source: GoldCore

%d bloggers like this: