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- Hold physical cash “including gold and silver” says manager
in one of largest mutual fund and financial services groups in the
world
- "Systemic risk" threat to deposits says respected Fidelity fund manager
- Record global debt unlikely to be sustained by higher interest rates
- Banks may not be prepared for "shock" of defaults
- Guarantees to depositors unlikely to be honoured
- Savers and investors should hold “physical currencies” “including precious metals”
A fund manager for one of the largest mutual fund and investment
groups in the world, Fidelity, has warned investors and savers to have
an allocation to “physical cash,” “including precious metals” to
protect against "systemic risk".
The EU and other supra-national institutions have been agreeing the
architecture for bail-ins in recent years. Just this month, at the
start of June, the European Commission has ordered 11 EU countries to
enact the Bank Recovery and Resolution Directive (BRRD) within two
months or be hauled before the EU Court of Justice.
11 countries are under pressure from the EC and had yet “to fall in
line”. The countries were Bulgaria, the Czech Republic, Lithuania,
Malta, Poland, Romania, Sweden, Luxembourg, the Netherlands, France and
Italy.
The new bail-in system is largely in place and emergency resolutions
can be brought forward in the event of banks failing in the interim
period. The "bail-in" will require that shareholders, bondholders and
importantly now depositors will all suffer ‘haircuts’ or be burnt if a
financial institution is in trouble.
The European parliament confirmed that depositors with more than
100,000 euros ($137,000) would be bailed in after shareholders and
bondholders. It is important to note that the 100,000 figure is an
arbitrary figure and there is a possibility that this figure could be
reduced by an insolvent government faced with an imploding banking
system.
To deal with these risks Spreadbury advocates a well-diversified
portfolio. Cash should be spread out in different banks. Savers should
hold physical cash outside the banking system - a remarkable suggestion
coming from somebody so well acquainted with the workings of the
financial system.
He also suggests that investors hold gold and silver. He says that
the unravelling he foresees is more likely to happen in "the next five
years rather than ten".
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