Thursday, June 27, 2013

Must read story. Part 2

As I promised before, here is the rest of my story about Andrew - the friend of mine from Cyprus (

Andrew visited several banks in Singapore over three days. He wanted to get a personal consultation about his options for transferring money out of Cyprus into a local bank. He was hoping to find out more about the security he could expect under Singaporean laws, but he could never find out anything of material value for his new strategy. The main conclusion Andrew reached after his meetings with bankers was a general one that the global system of offshore havens is becoming a thing of the past. He talked a lot  about the coming abrupt deterioration in the global financial system, which was why the operation to eliminate offshore zones was speeded up a little. The naïve Andrew was outraged that authorities were putting together a database of offshore zone clients and that it would be complete some time in early 2014.

It was both funny and sad to watch Andrew and his brother because they were both expecting a quick recovery from the ongoing financial crisis. They are still refusing to see that the hunt for other people’s money started in Cyprus precisely because the financial crisis was and is still in full swing. Andrew’s clients were lucky to have only lost some of their money, because they could have lost their life or freedom. A somewhat civilized version of high street robbery has come to the market. After the events in Cyprus, anybody who has eyes can see the horrible truth about this civilization’s banking system: all the “first-world” Western countries are bankrupt and perfectly capable of robbing their own citizens and foreign nationals alike.

To put the sad situation with Andrew, his clients, and other ordinary people into perspective, one only needs to look at the gold scam that showcases how severe the current bankruptcy of Civilization is. It transpired in 2012 that trade in counterfeit gold bullion was rampant on the world market, with tungsten ingots coated in gold masquerading as pure gold. Suspicions arose that the vaults of central banks and national treasuries contain hoards of tungsten. US member of Congress Ron Paul successfully argued for selective testing of bullion stored in the vaults of Fort Knox and the Federal Reserve Bank of New York. Germany demanded that the US return the gold from the Bundesbank’s international reserves held in the NY Fed vault, meeting insurmountable resistance from the US Treasury and Federal Reserve System.

I told Andrew that the topic of central banks’ gold was going to get an even higher profile in 2013. Thus, everyone is anxiously awaiting the release of results of selective physical tests on gold bullion stored in the US Treasury. The US authorities promised to announce the results in early 2013. Everyone is also tense in anticipation of Germany’s reaction to Bernanke’s statement on mysterious disappearance of the German government’s gold.

As an illustration, I quoted the thoughts of Amartya Sen (Nobel Memorial Prize in Economic Sciences Laureate and board member of ECAAR-USA), who wrote more than 10 years ago in the International Herald Tribune on 14 July 2001 that equality between and within nations is the fundamental issue of Civilization. Relative inequality includes non-uniform distribution of wealth as well as a huge asymmetry in political, social and economic power. Distribution of globalization’s potential benefits between rich and poor nations, as well as among different groups within nations (countries), is a major issue. Amartya Sen wrote that the rich were getting richer, and the poor only poorer.

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