Free Republic

In his interview at King World News, James Turk, founder of GoldMoney and author of The Coming Collapse of the Dollar, noted in his travels around Europe that “there is one common trait, regardless of which country I am in: people are really frightened about the possibility of the collapse of the euro. Money continues to move out of the European banking system, which explains why central banks stepped in with some money printing last week.” He then went on to explain that there are only three sources of funding available to a bank: its customers lending it capital through...

HeadLie: Withdrawing Your Money From Banks Will Make The Recession Worse Mac Slavo December 6th, 2011 In case you haven’t yet heard, the Greeks are quietly continuing with a run on their banking system, a situation we’ve reported on previously, and one that British EU minister Nigel Farage warned of just a few short months ago. Savings and time deposits have dropped 30% since the start of the year and almost 10% was withdrawn in just September and October. It’s not panic in the streets – not yet, at least – but it’s getting close. Der Spiegel reports: Many Greeks...

Krugman Warns of “Gigantic Bank Run”, “Emergency Bank Closing” and “New Lira” Commodities / Gold and Silver 2011 Nov 02, 2011 - 07:09 PM By: GoldCore Gold is trading at USD 1,727.10, EUR 1,254, GBP 1,080, JPY 134,790, AUD 1,669.20 and CNY 10,978 per ounce. Gold’s London AM fix this morning was USD 1,731.00, GBP 1,081.27 and EUR 1,257.35 per ounce. Yesterday's AM fix was USD 1,702.00, GBP 1,067.69 and EUR 1,243.06 per ounce. Cross Currency Table Gold is higher in most major currencies but especially the US dollar this morning. Although gold has lost some of its early gains...

The gold price reached a record of $1464/ounce this week, fittingly on the 78th year anniversary of FDR’s ban on private gold ownership in 1933. Gold has increased by 30% over the past year, 145% in the past five years and 465% in the past decade; by contrast, the S&P 500 today is only 12% higher vs. a decade ago. Although FDR’s Executive Order #6102 eventually expired, other measures were enacted to perpetuate the government’s ban on private gold holding. The prohibition wasn’t lifted until early 1975, in a bill signed by President Gerald Ford, but by then President Richard...

The government was last night considering a plan to nationalise the troubled Bradford and Bingley bank temporarily as it desperately seeks private buyers for the latest victim of the global credit crisis. The move came after high-stakes talks between the government and the Spanish banking giant Santander over a last-minute rescue deal to take over the former building society and avert a Northern Rock-style run on its resources by anxious customers. As fears mounted this weekend over the future of B&B, savers were withdrawing funds online and a steady stream had arrived at its 337 branches across the country asking...