Posted on 01/26/2014 2:56:28 PM PST by Errant
The People’s Bank of China , the central bank, has just ordered commercial banks to halt cash transfers.
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In short, there will be a three-day suspension of domestic renminbi transfers. There will also be a suspension, spanning nine calendar days, of conversions of renminbi to foreign currency.
The specific reason given—“system maintenance” at the central bank—is preposterous. It is not credible that during the highest usage period in the year—the weeklong Lunar New Year holiday beginning January 31—the central bank would schedule an upgrade and shut down cash transfers.
A better explanation is that the country’s banking system is running dry. Yes, there is an increased need for money in the run-up to and during the Lunar New Year holiday, but that is only a small factor. After all, central bank officials knew this spike in demand was coming—it occurs every year at this time—and a core function of central banks is to manage seasonal liquidity fluctuations. Moreover, the holiday has not started yet, and the PBOC, as that institution is known, could have added more liquidity to meet cash needs.
(Excerpt) Read more at forbes.com ...
This is sure getting curiouser and curiouser!
I don't know but I been told, JPMorgan done transferred gold.
In a HUGH AND SERIES way.
To China, I think.
Let me find the story, its laying around here some place.
My wife just Western Union’ed $700US to her mother and sister in China. She is now perusing the Chinese websites to see if there will be any problem for them when they attempt to convert this money to yuan.
The conversion rate is about 6:1. So, $700.US, is equal to about 4200 yuan...a nice New Years sum...
The Chinese websites are silent...
Thanks Fee, and I take the admonition that we learn from China to heart, as it relates to these matters.
I must say that when your federal government demands lending institutions make unsound loans and those lending institutions get creative to avoid the down side of complying with it and the courts, I have a very dim view of thinking we should back the government and the courts as they try to make a case against the lending institutions.
This government is very good at pitting us against Capitalists, and making us think they’re doing us any favors along the way.
Nice scale on that axis. Now do one for percent.
I think I read somewhere that one of these managers has already been jailed. Here, JPM gave one of theirs (Jamie Dimon) a huge raise even though the bank is now libel for 20+ Billion in penalties. Course if you follow the money, a large portion of those penalties will wind up in the accounts of O’s cronies, buddies and supporters.
Just Damn!!
Found that stinker!
http://www.zerohedge.com/news/2014-01-24/jpmorgans-gold-vault-has-biggest-one-day-withdrawal-ever
Have NO IDEA how credible this news source is, (caveat emptor.)
OTH, if it is accurate, something evil this way comes.
oh oh....this may be a warning sign
Me too... Hmmmmm!
Hey ONE!
All that stuff you just wrote, it was GOOD STUFF.
And I agree with you!
What’s really going on.
$3 may not be much for now, but just keep watching gold. What I’m wondering is if Chinese government bales them out, will they liquidated some of the gold they’ve bought to do so?
The Chinese have some huge liquidity and credit issues about to hit the fan at the end of January. Have to run for now, but look for the story on the net. Later...
K-Thanks.
HELP! 
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Ping.
The run has begun!
drudge posted that? any follow up? ‘exit plan’ such as when the shtf?
Basic carry trade. Borrow cheap yen or dollars and pump up some tinpot country bubble and watch the currency and profit rise. When it bursts, head for the exit and hope to make it. There are hedge funds on both sides of the trade so some people want it to crash.
Thank you. I appreciate it.
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