by Paul Joseph Watson
November 5, 2010
from
PrisonPlanet Website
Partial Spanish version
|
Fed’s “mad experiment” in dollar
debasement stokes fresh jitters |
With the world on the verge of a currency war as
the Federal Reserve follows
through on its dollar-killing
quantitative easing program, rumors are once
again swirling of a “bank holiday,” during which US citizens will be
prevented from withdrawing money or at least limited in the amount of the
withdrawal they can make.
The bank holiday is rumored to be set for next week, with Thursday November
11 pinpointed as the likeliest date.
According to radio host Steve Quayle, a pastor was told by one of the
managers of a prominent east coast bank that banks would close for an
undetermined amount of time, and that when they reopened,
“all withdrawals
by checks would be limited to $500 per week - no matter what the balance in
the account is.”
Limiting the amount of money customers can withdraw or blocking the facility
altogether reminds us of a Citigroup advisory that was sent to customers at
the start of the year which stated that the bank reserved,
“the right to
require (7) days advance notice before permitting a withdrawal from all
checking accounts.”
The story stoked fears that financial institutions were
preparing for bank runs.
On
his website, Quayle asks,
“When in U.S. History has a sitting President
taken off on an overseas trip for an extended period of time, with 65
airplanes, 34 warships reportedly 3,000 people including his friends and
cohorts, at the pinnacle of an economic and political upheaval?”
Fears of a bank holiday
first arose in June of last year, when it was
rumored that banks would close their doors in early September. Concern was
fueled by reports that US embassies in foreign countries were purchasing
large quantities of local currency.
With Brazil and other countries now threatening to take drastic currency
measures to protect themselves against a dollar crisis, a similar financial
environment is stoking identical fears.
Bank holidays are not without precedent in the United States.
On March 5,
1933, newly elected Franklin Roosevelt declared a “bank holiday” that lasted
four days, during which he rammed through the Emergency Banking Act which
granted FDR near dictatorial control over the dealings of banks. The Act
also forced every citizen and business in the country to relinquish their
gold in exchange for paper currency.
The 1933 bank holiday served as a face-saving mechanism for many financial
institutions - thousands of them never reopened after the closure period had
ended.
While we expect it to be business as usual next week and the rumors to
subside as they did last year, the mere fact that this fear keeps cropping
up shows how jittery the economic landscape is right now.
Indeed, the debate is no longer about whether the US financial system and
the dollar will come crashing down or not, but if that inevitable process
will be characterized as a sudden collapse or death by a thousand cuts.
The
latter seems to be more likely, with a few lurches and leaps along the way,
the first of which was Ben Bernanke’s announcement on Tuesday that the Fed
will buy $600 billion of U.S. government bonds over the next eight months.
The blame for this turmoil can be laid firmly at the feet of Bernanke,
acting at the behest of the Fed’s owners, who having promised in June last
year that they would not monetize the debt of the U.S. government, have now
embarked upon a,
“mad experiment” that will precipitate “the collapse of the
US dollar paper standard,” as CLSA’s Chris Wood describes it.
As the Honorable Louis McFadden, Chairman of the
House Banking and Currency
Committee, warned in 1933, the Fed does not care that it is killing the
dollar because its role is to represent the interests of its international
owners and its Wall Street cronies, not the American people.
“Some people think that the Federal Reserve Banks are United States
Government institutions. They are private monopolies which prey upon the
people of these United States for the benefit of themselves and their
foreign customers; foreign and domestic speculators and swindlers; and rich
and predatory money lenders,” said McFadden.
So while the happy clappers on Wall Street are drunkenly celebrating the
fact that their artificially inflated stock market is surging solely as a
result of the value of the dollar being eviscerated, Main Street is
hunkering down for a long winter, beset by worries about hyperinflation,
rising food prices and gas price hikes, as oil follows gold’s meteoric rise,
again solely as a result of the Fed’s decision to debase the greenback.
Financial upheaval has been matched by political upheaval, and we can only
hope that Congressman Ron Paul and his son, Senator in waiting Rand Paul,
can build momentum to finally cut out the cancer that is destroying America
- by ending
the Fed for good.
Vuelven Los Temores a Un...
Cierre 'Temporal' de Los Bancos
9 Noviembre 2010
del Sitio Web TrinityATierra
traducción Trinity a Tierra
Versión original completa
Con el mundo al filo de una guerra de monedas a medida que
la Reserva
Federal continúa su programa de flexibilización cuantitativa
(quantitative easing program) que está
asesinando el dólar, los rumores acerca de un “bank holiday” o cierre
temporal de los bancos durante el cual los ciudadanos americanos no podrán
retirar dinero o, que, al menos, verán las cantidades que puedan retirar
limitadas, se vuelven a encender.
Se rumorea que el “bank holiday” (literalmente, la ‘vacación bancaria’, en
inglés) tendrá lugar esta semana, siendo el Jueves 11 de Noviembre la fecha más
probable para su lanzamiento.
Según un invitado a la radio de Steve Quayle, un sacerdote recibió
información de la mano de uno de sus jefes de que un banco muy importante de
la costa este cerraría durante un tiempo indeterminado, y cuando abriera,
“se podría retirar con cheque un máximo de 500 dólares por semana, sin
importar el balance reflejado en la cuenta”.
Limitar la cantidad de dinero que los clientes pueden retirar o bloquear la
capacidad para ello nos recuerda a una circular que fue enviada por el
Citigroup a los clientes a comienzos del año que decía que el banco se
reservaba,
“el derecho a requerir 7 días de antelación para retirar dinero de
las cuentas”.
La historia levantó los temores de que las instituciones
financieras estuvieran preparando un huída de los bancos.
En su sitio web, Quayle se pregunta,
“¿Cuándo en la historia de los Estados
Unidos se ha preparado un presidente un viaje al extranjero por un período
de tiempo, con 65 aviones, 34 aviones de guerra y 3000 personas, incluyendo
a sus amigos y cohorte, en lo más grave de una crisis económica y política?”
Los miedos a un “bank holiday”
se dieron a conocer
en Junio del pasado año,
cuando se rumoreó que los bancos cerrarían sus puertas en Septiembre.
Estos
miedos fueron aumentados por los informes que hablaban de que las embajadas
de los Estados Unidos en países extranjeros estaban adquiriendo grandes
cantidades de dinero en moneda local.
Con Brasil y otros países ahora amenazando con tomar medidas drásticas en
relación a la moneda para protegerse contra una crisis del dólar, un entorno
financiero similar está encontrando idénticos temores.
Los “bank holidays” tienen precedentes en los Estados Unidos. El 5 de marzo
de 1933, el recién electo F. Roosevelt declaró un “bank holiday” que duró 4
días, durante el cual se aplicó el Acta de Emergencia Bancaria que
garantizaba a Roosevelt un control casi dictatorial sobre los asuntos
bancarios. El Acta también forzaba a todos los ciudadanos y negocios en el
país a renunciar a su oro a cambio del papel moneda.
El ‘bank holiday’ de 1933 sirvió como un mecanismo para salvar la cara a
muchas instituciones bancarias, muchas de las cuales nunca volvieron a abrir
sus puertas después del período de cierre.