Skip to comments.Daily finance & investment thread (3-29-13 edition)
Posted on 03/29/2013 5:50:44 AM PDT by dennisw
Daily finance & investment thread (3-29-13 edition)
Trying to focus on the markets for today and each day and the economic news
This is where you can impart some investment wisdom to your fellow freepers. You can vent about the big one that got away. You can
chime in how Obama is out to wreck American capitalism.
If you see another FR economic thread you like and want to link to it here, please do
Post your favorite economic site links. Your favorite economic blogs and precious metals blogs and sites
Apmex.com is a solid place with good reputation to buy precious metals and has great presence on ebay for easy quick impulse buys
such as a gift for a college boy's graduation. College Girls too! Even high scoool.
Kitco is the best site for gold and silver charts and other precious metals information
Ping list -- on or off let me know here or via freep-mail. If I missed you then Freep-mail me
I might ping you to other interesting economic threads a few times a week. One per day maybe
Sites that posters have reccommended ------ zerohedge turdferguson
Found this link there, very interesting....
Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the U.S. Federal Deposit Insurance Corporation and the Bank of England dated Dec. 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.
Can They Do That?
Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay (see here and here). But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.
Thanks for the OUTSTANDING information. Possession is 10/10ths in a lawless environment. Hedge accordingly.
Oh...and 1 more thing. He said it before and I’ll quote him again.
Socialism Is Legal Plunder - Bastiat