[KR779] Keiser Report: Greece pivoting from debt slavery

We discuss the Greek referendum, the 50 ways to not pay their creditors and the future for the “demerging” economy in which debts are repaid “parametrically.” In the second half, Max interviews Simon Dixon about what Bitcoin could do for Greece and whether or not, as Citi’s global chief economist says, it is the stupidest idea since Caligula made his horse a consul. They also discuss StartCOIN and StartJOIN.

Gold and Silver Slammed in Massive Waterfall Raid

*Update: Silver has now dropped OVER $1 to a $14 handle

Gold and silver have just been treated to a COMEX open Smack Down on large volume, as silver has been smashed over .60 nearly to $15, and gold has been taken down to $1154 as someone just dumped over $1 billion into the market open…

Silver sent down the proverbial mine shaft and nearing a $14 handle:

Click here for more on today’s MASSIVE gold and silver Smash:

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Faber: “Wake Up, People Of The World! Greece Will Come To You …Very Soon”

Faber: “Wake Up, People of the World! Greece will Come to You …Very Soon”

- World is “over-indebted”, Mark Faber tells Bloomberg
- “Defaults will follow or they will have to create very high inflation rates”
- Greece will leave EU or Troika will take 50% “haircut”
- Leaving EU may be Greece’s best option
- Anti-Austerity groups in other countries will be bolstered by Greek defiance – may have negative impact on bonds
- Recent stock market weakness due to weak global economy rather than Greece
- Chinese economy weak, markets could fall further
- Central banks to use Greece and China as excuse to maintain loose policy
- Faber is long-time advocate of holding physical gold


“Wake up, people of the world and investors! Greece will come to your neighbourhood very soon, maybe not this year but next year or whenever…because the world is over-indebted and defaults will follow or they’ll have to create very high inflation rates”. Read more ›

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Insider Warns Credit Market is SHUTTING DOWN, $75 Trillion Implosion Looms

A real crisis is developing far faster than what I envisioned that is impacting the 75 Trillion Shadow Banking sector which is on the verge of implosion.
Credit markets are almost closed, I am being told! I REPEAT again the CREDIT markets are almost closed!

The following is chilling to say the least…

Click here for more from insider warning that CREDIT MARKETS ARE SHUTTING DOWN:

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Uber for Parking? Wait a Minute, San Francisco says “Not so Fast”

The Next Uber To Decentralize Parking, is it legal?: IHB News™

Bitcoin For Decentralized Applications

Bitcoin has the ability to play a pivotal role in these applications and ones alike. The use of micro-payments to incite an individual to do something that would normally be looked over is game-changer. The cities can restrict payment processors from authenticating fiat transactions from these apps, but they cannot stop a …

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Former US Mint Director Clueless On Gold In Fort Knox

The Curious Case Of Edmund C. Moy
Former US Mint director Ed Moy has made numerous false and self-contradictory statements regarding the gold at Fort Knox – a facility managed by the US Mint.

Click here for more on Former US Mint Director Edmund Moy’s False & Self-Contradictory Statements on the US Gold Reserves at Fort Knox:

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Greece’s New Money: Many, Not One?

It was easy to predict the eventual collapse of the one-currency-fits-all euro:indeed, many analysts explained why it was doomed before it was adopted as an integral part of the European Project, which broadly speaking calls for complete integration of the European economies.

I covered the many structural deficiencies in the euro five years ago:

When Debt-Junkies Go Broke, So Do Mercantilist Pushers (March 1, 2010)

Why the Eurozone and the Euro Are Both Doomed (June 23, 2011)

Three More Reasons the Eurozone Is Doomed (September 22, 2011)

Yet Another Reason Why the Euro Is Doomed (October 17, 2011)

The hard part is guessing what’s next. It seems one dynamic of “what’s next” is multiple currencies being used in Greece rather than one single currency: many, not one. As the U.K.’s Telegraph reports, companies are issuing private currencies to fill the void.

Despite assurances, the crisis is likely to escalate fast if there is no resolution early next week. Businesses in Thessaloniki and other parts of the country are already creating parallel private currencies to keep trade alive and alleviate an acute shortage of liquidity. Vasilis Papadopoulos, owner of the Maxi paper mill in Katerini, said the situation was becoming desperate for his industry. “I have enough raw materials to last until July 14. If I don’t get any more pulp, I will have to close the factory. It is a simple as that. I have 183 employees and I will have to start laying them off,” he said.

His firm has reached an accord with regional supermarkets to accept coupons or private scrip money in lieu of payment as soon as next week. His workers will then be able to use this paper as a parallel currency at the supermarket to buy goods.

The idea that scrips, IOUs, letters of credit or indeed, notched sticks, can act as perfectly legitimate money is not surprising to anyone who has read David Graber’s marvelous history of credit and money, Debt: The First 5,000 Years or Fernand Braudel’s three-volume history of modern Capitalism:
The Structures of Everyday Life (Volume 1)
The Wheels of Commerce (Volume 2)
The Perspective of the World (Volume 3)

When exchange-money is in short supply, i.e. a liquidity crisis, various forms of currency arise to fill the need to grease commerce. Money has two basic purposes: to grease trade/commerce, and as a store of value. the two functions appear to be seamless when one form of money fills both needs, but quite often there is no one form of money available in sufficient quantity to fill both needs.

Accounts of people in Greece buying crypto-currencies such as bitcoin strongly suggest that multiple currencies will serve as exchange-money. In its cash form, the euro will of course still be money, but there may not be enough of it in physical form to enable trade.

As I have often pointed out, the U.S. dollar acts as money virtually everywhere–especially when the local currency is depreciating or there is a liquidity crunch.

Gold and silver, traditional stores of value, can also act as exchange-money, though the principle that bad money drives out good money (Gresham’s law) holds that people will hoard gold and silver and use scrip, paper currencies etc. for exchange purposes.

What we may be witnessing is the first phase of a new era of widespread non-state currencies, that is, currencies issued by private parties rather than nation-states or central banks. These could be crytpo-digital currencies, gold-backed currencies or any number of other variations.

Nation-states and central banks are anxious to maintain their monopoly on money issuance, of course, because the power to issue money is (along with forced conscription and making war) the ultimate foundation of state power.

As correspondent Mark G. observes, the evolution of multiple forms of money speeds up in times of rapid transition:

Companies issuing private label currencies is probably not as one-off exceptional as people will tend to assume. I personally have been anticipating that further evolution towards a more “Hanseatic” style economy will include the emergence of multiple exchange systems operating concurrently in parallel. These exchange systems will naturally develop faster during times of turmoil than when everything is quiet.

We can look to evolutionary biology’s theory of punctuated equilibrium for a potential model of this process of experimentation and rapid evolution: the stasis of central-bank issued currencies gives way to a period of experimentation driven by pressing need that leads to a new equilibrium.

Breaking the grip of central-state/bank issued money will be a major evolutionary step forward for the global economy. Breaking free of the state’s power to depreciate our money at will is a major advance in human liberty and economic security.

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Bitcoin’s price rise leads some to think luxury

BitPremier brings luxury to Bitcoin: IHB News™

The site is the creation of Alan Silbert who also moonlights as a Senior Vice President at GE Capital during the day. When he is not curating really expensive things to buy with Bitcoin he is probably talking about

Read More …

What’s Next for Greece and the Troika?

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Bitcoin versus the Federal Reserve and Ron Paul is angry

Bitcoin vs the Federal Reserve: IHB News™

A comparison between Bitcoin and the Federal Reserve Bank to help you understand why Bitcoin is quickly becoming the cash of the future.

“The greatest threat facing America today is the disastrous fiscal policies of our own government,
marked by shameless deficit spending and Federal Reserve currency devaluation.

Ron Paul

Read More …

Alasdair Macleod: There Will Be a NEW WORLD Monday Morning!

collapseWith Greece on the Brink, Alasdair Macleod Joined the Show to Provide an Inside Look at the Crisis, Discussing:

  • What is the Greek Referendum REALLY ABOUT? Will the Greek debt be written down?
  • The Contagion Will Happen– Expect Banks to Remain Closed on a No Vote!
  • There Will Be a NEW WORLD Come Monday Morning! 
  • Is Gold Still in a Bear Market, or Has a New Bull Leg Begun With a Massive Consolidation?
  • Retail Physical Shortage Developing in the US- Market Changing Flow of Demand Has Hit the Market
  • The Lid is Going to Come Off the Gold Market!

Click here for Alasdair Macleod’s Break Down The Greek & Chinese Crisis on SD Metals & Markets:

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The people have decided. NO!


And the Germans are angry:

Tomorrow: War? Or resolution?

In A World Of Artificial Liquidity – Cash Is King


The following article from Nomi Prins details out the growing threats to the liquidity that sustains the modern global banking system, and why it’s more crucial than ever for people to consider extracting a portion of cash from their bank accounts.

As existing liquidity streams dry up (as they are beginning to around the world), increasingly desperate banks will turn to the largest and most convenient source they know of: the collective cash savings we have on deposit with them.

Read the full article here