Today the man who remarkably predicted the collapse of the euro against the Swiss franc warned King World News that a financial wipeout is coming that will shock the world as governments move to control people.
Egon von Greyerz: “Eric,
for anyone holding funds within the financial system the risk is
increasing exponentially. The danger is now so great that the
likelihood of getting money back from the banking system is very low….
“Yes,
if you are lucky you might get back Monopoly money, which will
eventually be worthless. If we look at all the risks, Eric, today it’s
getting almost impossible to protect your money. If you look at the
Irish airliner, they just had $5 million siphoned out of their bank
account to China. This was obviously done by cybercriminals.
One Billion Dollars Stolen Out Of Bank Accounts
But
what happened to the Irish airliner was nothing compared to what
happened to the security firm Kapersky detected in February of this
year, which is that one billion dollars had been transferred out of
various bank accounts by cybercriminals. That money still has not been
found.
But
it’s not only criminals who are making cash in banks unsafe. Until
recently cash was a respectable means of payment and showed financial
strength. The Swiss, for example, still use cash and even today you can
get a one thousand Swiss franc bill from an ATM.
Governments Moving To Control Their People
But
that’s all changing now with governments moving to control their
people. The governments are in the process of making cash illegal,
except for very small amounts. In Italy, for example, you can’t
withdraw more than 1,000 euros. In Spain that number is 2,500 euros.
In France they just reduced that number from 3,000 euros to 1,000 euros.
In
Switzerland there is now a proposal to restrict withdrawals of cash to
100,000 Swiss francs. In Switzerland we recently had a case where a
pension fund wanted to withdraw cash to keep it in a safe deposit box
because it’s cheaper than paying a negative interest rate with the Swiss
National Bank. The Swiss National Bank told them that they shouldn’t
do that. It’s not illegal but they were told they shouldn’t do it.
License To Steal
So
cash is being restricted in every country and it will only get worse.
In the U.S., for example, police can confiscate money from anyone they
suspect shouldn’t have it. And also in the U.S., banks are now telling
customers that they can’t have cash in safe deposit boxes.
Eric,
can you see what’s happening? First, the financial system is
bankrupt. $60 trillion of new credit and money printing has taken place
since 2008 and it has had no effect. But limiting cash withdrawals is a
way of stopping the bank runs that governments know will be coming.
Desperate Move Is Designed To Stop Bank Runs
I
could easily see a phased reduction of cash withdrawals down to $100 in
the U.S. and 100 euros in Europe. That will of course stop bank runs,
but instead lead to banks and bankers being attacked. The other
benefits of restricting cash is that governments can now totally control
people’s spending. It will also make it easier for governments to
access people’s cash in order to do forced transfers into government
bonds. This will be done in a desperate attempt by governments to prop
up debt and deficit spending.
So
George Orwell was right in his 1984 book — ‘Big Brother’ really is
watching. The bottom line is banking secrecy is now gone, even in
Switzerland where it has been part of our Constitution. The U.S. attack
against UBS put a stop to that. The U.S. has subjected every bank in
the world to extreme regulations for its citizens.
If
foreign banks are not signed up to these extreme regulations, then the
U.S. will deduct 30 percent from every U.S. payment in or out. The next
regulation which will come into effect in 2016 will be an exchange of
bank account information between countries. Virtually every country in
the world is signed up for this. What I am objecting to is the fact
that there is no privacy anymore and a total disrespect for individual
freedom.
Final Phase Of Destroying Cash
The
final phase of destroying cash or money will of course be unlimited
money printing or QE. This is the only tool the governments have left
in their futile attempt to save a debt-infested world. But printed
money can never save the world because printed money can never create
wealth. All it will do is increase debt and exacerbate the problem.
Finally, it will totally destroy the value of money.
A Financial Wipeout Is Coming That Will Shock The World
But
there are of course other ways of legally protecting yourself from Big
Brother. Most nations allow their citizens to hold bank accounts
outside of their country. But for Americans today it is virtually
impossible. Holding large amounts of cash is no longer advisable. The
best way of protecting wealth is to hold gold, and if possible to hold
it outside your country of residence. It must obviously be held in
physical form and be held outside of the banking system.
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