Alt/Indie News

Jeffrey Tucker: Greeks Prepare to Be Pillaged

"One thing needs to be said about this frantic authoritarian approach: It never works. Bank closings add to the atmosphere of panic. They are often followed by an announcement that the government is going to devalue or outright steal people’s money. Whatever trust remains in the system is drained away along with the value of the currency. But there’s another factor in play, for the first time. People are looking at Bitcoin as a way to store and move money. There is now a Bitcoin ATM in Athens that is reportedly doing a brisk business. Redditors are sharing tips. And, of course, the exchange rate of Bitcoin is on the move again." Continue reading →

Continue ReadingJeffrey Tucker: Greeks Prepare to Be Pillaged

Capital Controls and a Bank Holiday in Greece

"When you hear a central banker or politician deny that something is going to happen to bank depositors, you can almost be certain that it will happen. And probably soon. There’s a reason for the dishonesty. The government needs to take the public by surprise. Otherwise they won’t get the results they want from capital controls or a bank holiday. Calling the experience a bank holiday is like calling a street mugging a surprise party. Once the banks are closed - or on 'holiday,' as the government puts it - the politicians are free to help themselves to as much of the customer deposits (including yours) as they want. It’s like an all-you-can-steal buffet." Continue reading →

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China: Risks … and Opportunities

"The meltdown in Chinese stocks presents both risk of contagion for global stocks, including our markets, and a great buying opportunity in the making for global-oriented investors. China’s mainland Shanghai Index soared 150% higher in just 12 months through mid-June. These eye-popping gains were fueled in large part by a massive expansion in margin lending, most of it off-the-books. A few weeks ago, officials in Beijing believed stocks could be getting overheated and decided to crack down on margin trading. Since then, Shanghai shares have plunged about 30% and have been down 13 straight days." Continue reading →

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Central Bank Lies & Consequences

"We now have two examples in three years of a major central bank simply walking away from its supposedly most fundamental obligation. The lies upon which fractional reserve banking exists are beginning to catch up to it. Citizens everywhere in the Eurozone now have good reason to wonder if their banks will be next. After Cyprus and Greece, why should anyone believe anything the ECB says? If the ECB is willing to shut banks in a crisis, what assurance do we have that the Bank of England, Federal Reserve or the Bank of Japan won't do the same? Answer: None. Today's highly leveraged banks can fail very fast, stretching the capacity of even the strongest central banks." Continue reading →

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China Bans Margin Calls; Limits Pension Funds To Buying Stocks Only

"What do you do when two policy rate cuts, $19 billion in committed support from a hastily contrived broker consortium, and a promise of central bank funding for the expansion of margin lending all fail to quell extreme volatility in a collapsing equity market? Well, you can simply ban selling, which is apparently the next step for China. According to Caijing, the country's national social security fund is now forbidden from selling (but is welcome to buy). The pension selling ban comes just days after China moved to curtail margin calls in a similary ridiculous attempt to stop the bleeding by simply making selling against the rules." Continue reading →

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Bitcoin Payment Service Helps Greek Businesses Avoid Capital Controls

"With the banking system locked down, capital controls prevent Greek citizens from accessing cash and this disrupts the economy. The Irish company Spartan Route has come to the rescue of Greek businesses with an innovative service proposal: They will invoice their Greek clients’ foreign customers in euro, collect the payment, and send bitcoin back to Greece. Their proposal to Greek businesses is simple and crystal clear: 1. Invoice Spartan Route for your exports, 2. Deliver your goods as normal to your customer through your current supply chains; 3. Spartan Route pays you with bitcoin; 4. Spartan Route invoices your customer for euro." Continue reading →

Continue ReadingBitcoin Payment Service Helps Greek Businesses Avoid Capital Controls

Greece Closes Banks and Stock Markets, Introduces Capital Controls

"The banks in Greece and the Athens Stock Exchange will remain closed until at least July 6, the day after the referendum on the austerity measures demanded by the country’s creditors. In the meantime, cash withdrawals at ATMs will be limited to 60 euros ($66) and transfers abroad will be forbidden. Greece is the second Eurozone country, after Cyprus in 2013, to impose capital controls. The move is evidently aimed at preventing panicked Greek investors and savers from taking their money out of the nation’s banks and moving it elsewhere. In the days before the predictable stall of the negotiations with Europe, many Greeks rushed to withdraw their money." Continue reading →

Continue ReadingGreece Closes Banks and Stock Markets, Introduces Capital Controls

Swiss Bank Refuses Request for Cash Withdrawal, Backed By Central Bank

"A Swiss pension fund manager calculated that he could save his clients a substantial amount of money by withdrawing cash from his fund's bank account, which was yielding a negative interest return, and depositing the cash in an insured vault. Exercising his fiduciary responsibility, he notified his bank of an impending large withdrawal of CHF. The bank rebuffed the fund manager's request: 'We are sorry, that within the time period specified, no solution corresponding to your expectations could be found.' One banking expert argues that the bank's action 'is most definitely not legal' because the pension fund holds a 'sight account,' which gives the holder the right to withdraw cash on demand." Continue reading →

Continue ReadingSwiss Bank Refuses Request for Cash Withdrawal, Backed By Central Bank

The Ominous Warning in Denny Hastert’s Downfall

"The speaker who pushed through financial monitoring provisions of the USA Patriot Act found himself ensnared in the same law. By 'structuring' his cash withdrawals to avoid reporting requirements, he aroused suspicions at his bank and gave the FBI reason to investigate. As delightful as it is to see the mighty brought low, Hastert may also be victim of a grave injustice. If the government thinks it can prove Hastert committed a sex crime, the right course would be to file charges and let a jury decide. Law enforcement now has the power to bypass courts and inflict punishment without trial. Before we relish Hastert's downfall, we should remember that any one of us could be next." Continue reading →

Continue ReadingThe Ominous Warning in Denny Hastert’s Downfall

Austria Repatriates 110 Tons Of Gold From Bank of England

"Six months ago we warned that Austria was considering it, and now, as Kronen-Zeitung reports, with no rigged Swiss-like referendum required, Austrian Central Bank Governor, and the person many claim is in Mario Draghi's inner circle of trust (soon to be revised) Edwald Nowotny has committed to repatriating 110 tonnes of gold. This is part of Nowotny's new 'gold strategy' and with his position (on paper) as one of Draghi's foremost lieutenants, appears to be a big stab in the back for super money printing Mario. Austrian central bank plans to keep 50% of its gold reserves in Austria vs 17% now, Kronen-Zeitung reports, citing governor Ewald Nowotny’s unpublished new 'gold strategy.'" Continue reading →

Continue ReadingAustria Repatriates 110 Tons Of Gold From Bank of England