“Bail-in” means that the bank’s owners – the shareholders, and creditors – the bondholders and now even depositors, will be in line to absorb losses banks will incur, before outside sources of finance may be called upon. (more…)
A global clash of nations is underway in full gear. The time is finally right. The urgency is acute.
The banking system insolvency is widespread. The illiquidity has reached the surface. The geopolitical chessboard has busy movements of many pieces, even with a delayed check in Ukraine after a devious capture of the Cyprus castle but not the Syrian knight. The Saudi support via OPEC for the Petro-Dollar has fallen out of view, dragging its pummeled chin on the desert sands. The Eastern superpowers are marching arm in arm, ready to challenge the West. It seems the Western leaders, in particular the robot sock puppets of the Untied States, see the end of the USDollar. They appear to wish to lay blame on Russia for the death of the dollar.
The global rejection began with the Iran sanction workarounds, where India bought Iran’s oil & gas, but paid with Turkish gold, delivered to Tehran banks. The global rejection will achieve escape velocity with the acceptance of Russian Rubles for its energy products. The global rejection will achieve additional escape velocity with the acceptance of Chinese Yuan payments for Saudi crude oil (then all OPEC oil).
Coming is the launch of both the gold-backed Russian Ruble and the gold-backed Chinese Yuan. The global rejection will be final, and the funeral will be announced.
According to reports from Russian media, Putin appears to have sent the west a golden message in the aftermath of JPMorgan unilaterally deciding to block an official Russian wire transfer, as the Central Bank of Russia has introduced a new logo, which just happens to be a gold ruble.
Officials stated on the new logo: Golden Badge of the Russian national currency, officially adopted by the Central Bank of Russia, will symbolize a sign of stability and security of the ruble gold reserves of the country.
The 2013 Cyprus depositor bail-in should have proved a stark warning to the Russian people over the risk of holding paper assets in any bank with ties to the West and the IMF. Those in Ukraine who failed to heed the warning are likely regretting the fact now, as Ukrainian officials have reportedly proposed a new tax plan, bailing in depositors with assets exceeding 100,000 hryvnia, and banning (read fully confiscating) any foreign currency deposits.
DIESELBOOM strikes again.
Any sanctions imposed by the EU and the U.S. on the export of Russian palladium group metals would create a serious supply shortage that may be difficult for industries to replace. This year will show the third consecutive deficit year in global palladium supply, according to a Bloomberg Industries survey of analysts. (more…)