The recent experience in Cyprus set a dangerous precedent. With similar debt levels in Portugal, Italy, Ireland, Greece, Slovenia, and Spain, the European Banksters are likely to stage more heists. I suspect that there will be bank runs and some draconian withdrawal limits will be imposed. And FWIW, I’m not the only one predicting this. Oh, and I should also mention the Debt to GDP levels are even worse in the U.S. and Japan than they are in Europe’s southern tier. The bank runs could quickly spread from Europe. Be ready for them. Keep plenty of cash at home, and diversify out of dollars and into tangibles that can readily be bartered.
Egon warns about derivatives, over at Gold-Eagle: The Reality Is The Financial System Could Fail At Any Time
World’s First Bitcoin ATM is Announced, First Location Cyprus. (JWR’s Comment: The Bitcoin to US Dollar exchange rate was a whopping 93.6-to-1, the last time I checked. I’ve been using and advocating Bitcoin since May of 2011. Since it has recently become a popular alternative currency, I expect to see an all-out demonization of Bitcoin in the Mainstream Media, shortly.)
Guns and ammo sales spark jobs boom. (Thanks to H.L. for the link.)
Rocketman suggested: Unbanking vs. Underbanking: How to Break Up with the Financial System
Items from The Economatrix:
Cyprus Banks Reopen With Capital Restrictions. €300 withdrawal limit, €1,000 limit for travelers, wire transfer controls…
Another Gold Shortage? Dutch ABN Amro To Halt Physical Gold Delivery. I assume that they are settling in cash. Oh well, that beats Pork Bellies. But this underscores the fact that there is no substitute for holding precious metals in your own possession.
Fears Grow as Banks Reveal Exposure to Cyprus Euro Crisis
The Coming Derivatives Panic That Will Destroy The Global Markets