White House To Announce $300M In Aid Friday To Make Detroit Safer, Erase Blight
By Todd Spangler
Detroit Free Press Washington Staff
WASHINGTON — Nearly $300 million in aid for Detroit — from federal
and state coffers, private businesses and charitable foundations — will
be announced Friday as Obama administration officials visit the city to
discuss what can be done to help eradicate blight, improve
transportation, encourage new business and make residents safer.
The funding will include $150 million in blight eradication and
community redevelopment, including $65 million in Community Development
Block Grant funding — which had already been awarded over two years but
could not be accessed by the city. An additional $25 million could help
hire as many as 150 firefighters in the city.
Read more: http://www.freep.com/article/20130926/NEWS01/309260199/
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Saturday, September 28, 2013
Peace is Not Profitable
Mr. President, Mr. Secretary General, fellow delegates, ladies and
gentlemen: Each year we come together to reaffirm the founding vision of
this institution. For most of recorded history, individual aspirations
were subject to the whims of tyrants and empires. For recent recorded
history, individual aspirations will be subject to the whims of US
tyrants and Empire.
The leaders who built the United Nations were not naïve. They understood that humanity could not survive the course it was on. So, we, the exceptionally exceptional United States stepped up to resolve conflicts, our way, to enforce rules of behavior, our way, and build habits of cooperation, our way.
For decades, the UN has made a difference, albeit, in small areas—eradicating disease, educating children. Admirable. But there’s that larger loom-er—the protection of American interests.
For much of my presidency, I have worked to enrich further the already filthy wealthy. Now, five years after the global economic collapse, the uber-rich are being lifted to greater heights of prosperity. More effort must be made to assure that they, the 2%, continue to thrive.
The UN has worked to end a decade of war. All our troops have left Iraq. An international coalition soon will end its mission to dismantle al Qaeda. Remember though that there are those who wish to harm us—9/11, 9/11, 9/11. Never forget the shoe bomber, the underwear bomber, Boston, and 9/11.
As we shift our war footing, mercenaries will replace troops. And,
yes, mercenaries are expensive. We pay them handsomely to be
unaccountable.
Further, we are limiting the use of drones to target only those posing an imminent threat. Each week on what I call casual Tuesday, we have a killer party during which I list America’s most wanted. Moreover, we are transferring detainees to other countries whose justice systems are not unlike ours, although their cages may be a little smaller. And here’s additional good news: We hope to close Guantanamo Bay, as soon as the last detainee commits suicide. And, yes, we have begun to review the way we gather intelligence, so as to balance security and privacy. Your secrets are safe with me.
As a result of this work among our partners throughout the world, partners that defer to our exceptionalism, the planet is more stable. Still, dangers remain. With each massacre, we learn. We now know that guns should be available at the entrances to malls. Both the NRA and General Dynamics have endorsed this.
Convulsions in the Middle East and North Africa have laid bare deep divisions within societies. Peaceful movements have been answered by violence. And when there is violence the path to peace may be a military strike, sometimes so small it is recognizable only to the people it devastates. In Syria, for example, we can avert more suffering. If we fail to take action, someone may determine who’s responsible for the use of chemical weapons. Children died. Children were writhing in pain. And then they died. Let me be clear.
Children died agonizing deaths. I call a drone strike and some unfortunate child is collateralized, POOF. Only a smudge is left to tidy. But sarin gas. Oh, I am weeping now. I can barely swallow.
The ban on the use of chemical weapons in war has been agreed to by 98 percent of humanity. And what about that remainder—the other 2 percent? Well, I spoke of them earlier. They are the fittest—those whose calculations were rewarded with huge bonuses. We are grateful to them. They, Congress, and I determine who is responsible enough to use chemical weapons.
I do not believe that America or any nation should influence who will lead Syria – that is for the Syrian people to decide. Nevertheless, a leader who slaughtered his citizens and gassed children to death cannot regain the legitimacy to lead a badly fractured country. I am pleased to provide at least three or four names of capable Assad replacements so that the people of Syria have a choice.
And I am prepared to wield my power to secure American interests in the region. Even though we are reducing our dependence on imported oil, we reserve our right, deserving we are for being exceptional.
Further, we will not tolerate the development or use of weapons of mass destruction—by anyone. Except the USA. USA! USA! USA!
I want to be clear on Iran. President Rouhani’s conciliatory words must be matched by transparency. Rouhani received a mandate to pursue a moderate course. Just as I attained the highest office for promising hope and change.
Let me be clear on Israel. The United States will never compromise on our commitment to Israel’s security. The state of Israel is here to stay.
Israel. Israel. Israel. Israeli children. Israeli children have the right to live without having rockets fired at their homes. And Palestinians have a right to not be displaced, much.
America must remain engaged in everyone else’s business. The world is better for it. America is exceptional. Because we are willing to stand up for our interests through the sacrifice of blood and treasure, the blood of our young and tax dollars on behalf of those who will thrive into the 21st century. And we stand ready to commit mass atrocities to safeguard this.
We live in a world of imperfect choices. Certainly, some would prefer I choose peace. But peace is not profitable.
These are extraordinary times, with extraordinary opportunities for opportunism. That is why we look to the future, not with fear, but, instead, salivating.
Thank you, very much.
Missy Beattie has written for National Public Radio and Nashville Life Magazine. She was an instructor of memoirs writing at Johns Hopkins’ Osher Lifelong Learning Institute in Baltimore. Email: missybeat@gmail.com.
Copyright: Counterpunch
The leaders who built the United Nations were not naïve. They understood that humanity could not survive the course it was on. So, we, the exceptionally exceptional United States stepped up to resolve conflicts, our way, to enforce rules of behavior, our way, and build habits of cooperation, our way.
For decades, the UN has made a difference, albeit, in small areas—eradicating disease, educating children. Admirable. But there’s that larger loom-er—the protection of American interests.
For much of my presidency, I have worked to enrich further the already filthy wealthy. Now, five years after the global economic collapse, the uber-rich are being lifted to greater heights of prosperity. More effort must be made to assure that they, the 2%, continue to thrive.
The UN has worked to end a decade of war. All our troops have left Iraq. An international coalition soon will end its mission to dismantle al Qaeda. Remember though that there are those who wish to harm us—9/11, 9/11, 9/11. Never forget the shoe bomber, the underwear bomber, Boston, and 9/11.
Further, we are limiting the use of drones to target only those posing an imminent threat. Each week on what I call casual Tuesday, we have a killer party during which I list America’s most wanted. Moreover, we are transferring detainees to other countries whose justice systems are not unlike ours, although their cages may be a little smaller. And here’s additional good news: We hope to close Guantanamo Bay, as soon as the last detainee commits suicide. And, yes, we have begun to review the way we gather intelligence, so as to balance security and privacy. Your secrets are safe with me.
As a result of this work among our partners throughout the world, partners that defer to our exceptionalism, the planet is more stable. Still, dangers remain. With each massacre, we learn. We now know that guns should be available at the entrances to malls. Both the NRA and General Dynamics have endorsed this.
Convulsions in the Middle East and North Africa have laid bare deep divisions within societies. Peaceful movements have been answered by violence. And when there is violence the path to peace may be a military strike, sometimes so small it is recognizable only to the people it devastates. In Syria, for example, we can avert more suffering. If we fail to take action, someone may determine who’s responsible for the use of chemical weapons. Children died. Children were writhing in pain. And then they died. Let me be clear.
Children died agonizing deaths. I call a drone strike and some unfortunate child is collateralized, POOF. Only a smudge is left to tidy. But sarin gas. Oh, I am weeping now. I can barely swallow.
The ban on the use of chemical weapons in war has been agreed to by 98 percent of humanity. And what about that remainder—the other 2 percent? Well, I spoke of them earlier. They are the fittest—those whose calculations were rewarded with huge bonuses. We are grateful to them. They, Congress, and I determine who is responsible enough to use chemical weapons.
I do not believe that America or any nation should influence who will lead Syria – that is for the Syrian people to decide. Nevertheless, a leader who slaughtered his citizens and gassed children to death cannot regain the legitimacy to lead a badly fractured country. I am pleased to provide at least three or four names of capable Assad replacements so that the people of Syria have a choice.
And I am prepared to wield my power to secure American interests in the region. Even though we are reducing our dependence on imported oil, we reserve our right, deserving we are for being exceptional.
Further, we will not tolerate the development or use of weapons of mass destruction—by anyone. Except the USA. USA! USA! USA!
I want to be clear on Iran. President Rouhani’s conciliatory words must be matched by transparency. Rouhani received a mandate to pursue a moderate course. Just as I attained the highest office for promising hope and change.
Let me be clear on Israel. The United States will never compromise on our commitment to Israel’s security. The state of Israel is here to stay.
Israel. Israel. Israel. Israeli children. Israeli children have the right to live without having rockets fired at their homes. And Palestinians have a right to not be displaced, much.
America must remain engaged in everyone else’s business. The world is better for it. America is exceptional. Because we are willing to stand up for our interests through the sacrifice of blood and treasure, the blood of our young and tax dollars on behalf of those who will thrive into the 21st century. And we stand ready to commit mass atrocities to safeguard this.
We live in a world of imperfect choices. Certainly, some would prefer I choose peace. But peace is not profitable.
These are extraordinary times, with extraordinary opportunities for opportunism. That is why we look to the future, not with fear, but, instead, salivating.
Thank you, very much.
Missy Beattie has written for National Public Radio and Nashville Life Magazine. She was an instructor of memoirs writing at Johns Hopkins’ Osher Lifelong Learning Institute in Baltimore. Email: missybeat@gmail.com.
Copyright: Counterpunch
A.M. Kitco Metals Roundup: Gold Pops Following Fresh "Fed Speak"
(Kitco News) - Comex
gold futures prices are solidly higher in early U.S. trading Friday,
and saw a pop up just before U.S. futures trading opened. More comments
coming from a U.S. Federal Reserve official were deemed as near-term
bullish by gold traders. Short covering, bargain-hunting and some
safe-haven buying are featured in gold. Buy stop orders were also
triggered in Friday morning’s price spurt. December Comex gold was last
up $16.20 at $1,340.30 an ounce. Spot gold was last quoted up $17.30
at $1341.70. December Comex silver last traded up $0.294 at $22.065 an
ounce.
Gold prices were trading near unchanged levels and then spurted solidly higher following wire reports that Chicago Federal Reserve president Charles Evans said the U.S. central bank may not begin to scale back its monthly bond-buying program until 2014 because the U.S. economic environment still needs to improve. The U.S. dollar index also slumped to its session low in the wake of Evans’ remarks. However, his comments, overall, were ambiguous. Still, the gold market bulls chose to jump on those specific Evans remarks they deemed to be bullish.
In other overnight news, consumer confidence in the European Union rose to its highest level in more than two years during August. The EU’s economic sentiment indicator rose to 96.9 in September versus 95.3 in August. However, European stock markets were weaker due to concerns about the Italian government’s stability amid a fraud scandal involving former prime minister Berlusconi. Asian stock markets were firmer in uneventful action Friday, following Wall Street’s advance Thursday.
The main focus of the market place is now on the U.S. budget and debt ceiling impasses that threaten to shut down the U.S. government as soon as next Tuesday. Congress needs to pass a budget by that time and is working on bills. Presently, it’s highly uncertain if the Congress can come to agreement by October 1. Also, in mid-October the U.S. will hit its borrowing limit. These matters are presently an underlying bearish factor for most markets and could become a major bearish factor in the next couple weeks.
Some analysts are saying gold is presently seeing selling interest limited due to some safe-haven demand ahead of the U.S. budget and spending deadlines and the uncertainty of the matter. But other analysts are saying recent selling pressure in gold is because it’s acting like a raw commodity ahead of the U.S. budget deadlines. It’s likely one of these scenarios will more clearly come to the forefront by early next week.
Reports overnight said gold imports to India are set to increase significantly as a main festival season approaches and because the Indian government is now allowing heretofore delayed gold shipments into the country. The delay was because the government was not allowing gold imports into the country because of confusing import rules that have now been cleared up.
U.S. economic data due for release Friday includes personal income and outlays, and the University of Michigan consumer sentiment survey. A couple more Federal Reserve officials are scheduled to speak Friday, and their comments will be closely watched by the market place.
The London A.M. gold fix is $1,321.50 versus the previous P.M. fixing of $1,333.00.
Technically, December gold futures bears still have the overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,375.40. Bears' next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,291.50. First resistance is seen at the overnight high of $1,345.20 and then at $1,350.00. First support is seen at $1,330.00 and then at the overnight low of $1,320.00.
December silver futures bears still have the overall near-term technical advantage. A four-week-old downtrend is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $23.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $21.225. First resistance is seen at this week’s high of $22.13 and then at $22.50. Next support is seen at the overnight low of $21.41 and then at this week’s low of $21.30.
Follow me on Twitter to immediately get the very latest market developments. If you are not on board, then you are not getting key analysis and perspective as fast or as often as you could! Follow me on Twitter to get my very timely intra-day and after-hours briefs on precious metals price action. The precious markets will remain very active. If you want market analysis fast, and in after-hours trading, then follow my up-to-the-second precious metals market perspective on Twitter. It's free, too. My account is @jimwyckoff. By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Gold prices were trading near unchanged levels and then spurted solidly higher following wire reports that Chicago Federal Reserve president Charles Evans said the U.S. central bank may not begin to scale back its monthly bond-buying program until 2014 because the U.S. economic environment still needs to improve. The U.S. dollar index also slumped to its session low in the wake of Evans’ remarks. However, his comments, overall, were ambiguous. Still, the gold market bulls chose to jump on those specific Evans remarks they deemed to be bullish.
In other overnight news, consumer confidence in the European Union rose to its highest level in more than two years during August. The EU’s economic sentiment indicator rose to 96.9 in September versus 95.3 in August. However, European stock markets were weaker due to concerns about the Italian government’s stability amid a fraud scandal involving former prime minister Berlusconi. Asian stock markets were firmer in uneventful action Friday, following Wall Street’s advance Thursday.
The main focus of the market place is now on the U.S. budget and debt ceiling impasses that threaten to shut down the U.S. government as soon as next Tuesday. Congress needs to pass a budget by that time and is working on bills. Presently, it’s highly uncertain if the Congress can come to agreement by October 1. Also, in mid-October the U.S. will hit its borrowing limit. These matters are presently an underlying bearish factor for most markets and could become a major bearish factor in the next couple weeks.
Some analysts are saying gold is presently seeing selling interest limited due to some safe-haven demand ahead of the U.S. budget and spending deadlines and the uncertainty of the matter. But other analysts are saying recent selling pressure in gold is because it’s acting like a raw commodity ahead of the U.S. budget deadlines. It’s likely one of these scenarios will more clearly come to the forefront by early next week.
Reports overnight said gold imports to India are set to increase significantly as a main festival season approaches and because the Indian government is now allowing heretofore delayed gold shipments into the country. The delay was because the government was not allowing gold imports into the country because of confusing import rules that have now been cleared up.
U.S. economic data due for release Friday includes personal income and outlays, and the University of Michigan consumer sentiment survey. A couple more Federal Reserve officials are scheduled to speak Friday, and their comments will be closely watched by the market place.
The London A.M. gold fix is $1,321.50 versus the previous P.M. fixing of $1,333.00.
Technically, December gold futures bears still have the overall near-term technical advantage. Prices are in a four-week-old downtrend on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,375.40. Bears' next near-term downside breakout price objective is closing prices below solid technical support at last week’s low of $1,291.50. First resistance is seen at the overnight high of $1,345.20 and then at $1,350.00. First support is seen at $1,330.00 and then at the overnight low of $1,320.00.
December silver futures bears still have the overall near-term technical advantage. A four-week-old downtrend is in place on the daily bar chart. Silver bulls’ next upside price breakout objective is closing prices above solid technical resistance at last week’s high of $23.445 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at last week’s low of $21.225. First resistance is seen at this week’s high of $22.13 and then at $22.50. Next support is seen at the overnight low of $21.41 and then at this week’s low of $21.30.
Follow me on Twitter to immediately get the very latest market developments. If you are not on board, then you are not getting key analysis and perspective as fast or as often as you could! Follow me on Twitter to get my very timely intra-day and after-hours briefs on precious metals price action. The precious markets will remain very active. If you want market analysis fast, and in after-hours trading, then follow my up-to-the-second precious metals market perspective on Twitter. It's free, too. My account is @jimwyckoff. By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.
The author has made every effort to ensure accuracy of information
provided; however, neither Kitco Metals Inc. nor the author can
guarantee such accuracy. This article is strictly for informational
purposes only. It is not a solicitation to make any exchange in precious
metal products, commodities, securities or other financial
instruments. Kitco Metals Inc. and the author of this article do not
accept culpability for losses and/ or damages arising from the use of
this publication.
Gold Analysts Bullish Due To Money Creation On Scale Never Seen In History
by
GoldCore
Today’s AM fix was USD 1,321.50, EUR 978.45
and GBP 822.03 per ounce.
Yesterday’s AM fix was USD 1,332.50, EUR
987.92 and GBP 830.22 per ounce
Gold slid $9.40 or 0.7% yesterday, closing at
$1,323.70/oz. Silver fell $0.06 or 0.28%, closing at $21.70. Platinum
dropped $21.70 or 1.5% to $1,404.50/oz, while palladium slipped $1.75
or 0.2% to $718.75/oz.
After initial gains, gold sold off soon after
U.S. markets opened, falling from $1,336.40/oz to $1,322.53/oz in
concentrated selling over a few minutes. Gold traded sideways in Asia
prior to eking out marginal gains in early European trading prior to
giving up those initial gains.
While data has been mixed lately, some
important data points have been negative including purchases of
second hand homes which fell for the third straight month in August.
The misguided speculation regarding Fed
tapering has begun again. A Bloomberg survey of 41 economists
last week showed 24 expect the Fed will pare ‘stimulus’ in
December. None of these same economists predicted that the Fed would
not taper last week and their views on tapering should be taken with
a pinch of salt.
As we have long contended, QE is set to
continue for the foreseeable future as a discontinuation of QE would
lead to market declines or worse and a serious recession or
depression.
It remains prudent to ignore the noise from the
Fed and the constant speculation from many analysts and economists –
most of whom have a dismal track record in predicting events before
or since the global financial and economic crisis.
Gold
analysts are bullish for a second week due to the view that ultra
loose monetary policies and budget talks risk a U.S. government
shutdown which will spur demand for gold
bullion as a haven.
According
to Bloomberg as
featured in The Washington
Post:Seventeen
analysts surveyed by Bloomberg expect prices to rise next week, seven
are bearish and three neutral. Gold, which fell into a bear market in
April, rose 7.3% since the start of July, poised for the first
quarterly advance in a year.
Bullion
is still heading for its first annual drop in 13 years after some
investors lost faith in the metal as a store of value. The Federal
Reserve unexpectedly left its bond-purchase program unchanged last
week, saying that restrictive fiscal policies pose risks for the
economy. President Barack Obama and congressional Republicans are
debating the federal budget in a confrontation that risks a
government shutdown within days.
“The
outlook is positive due to the twin risks of continued ultra-loose
monetary policies as seen in the lack of tapering and also due to
forthcoming risks regarding the U.S. debt ceiling. They may resolve
the debt ceiling, but how they resolve it is most likely to kick the
can down the road. People may buy gold as a safe haven.”
Gold prices languished from 1980 to 2000 and
had declining correlations with debt levels because GDP growth was
sufficient to mute concerns about budget and deficit issues. Debt
levels in GDP terms actually fell in the 1990’s. Also the 1990’s
was an era of great economic and geopolitical optimism with the end
of the Cold War, a more stable world and the emergence of China,
India and other emerging markets into the global economy.
This was during the Clinton presidency and
prior to the Bush and Obama presidencies which have seen the U.S.
spend money like a drunken sailor. That profligacy began soon after
September 11th and the U.S. military response to the terrible events
of that day.
It continues today despite a very precarious
fiscal position. Since September 11th the world is a far more
uncertain place and geopolitically the world is now reverting to the
instability of the Cold War years.
The
punch and judy show that is the U.S. Congress is making creditor
nations around the world very nervous and astute investors and savers
are diversifying into gold to protect from the real risk of a dollar
crisis and global currency crisis.
The Federal Reserve decision to refrain from a
QE taper is very bullish for gold.
‘Tapering’ may be put off indefinitely due
to the very fragile state of the massively indebted U.S. economy.
This means that interest rates must be kept low for as long as
possible, leading to money printing and electronic money creation on
a scale never before seen in history.
This will inevitably lead to higher gold prices
– the question is when rather than if.
QE1 and QE2, in addition to the start of the
current QE3, sent gold to record nominal highs. Misleading guidance
from the Fed and misguided speculation regarding tapering and the
possible end of QE decreased interest in gold from more speculative
buyers, contributing to its weakness in recent months. That will
change in the coming weeks and months when there is a realisation
that ultra loose monetary policies are set to continue.
Concerns
about systemic risk and currency debasement is leading to continuing
robust central
bank demand for gold.
The IMF data released Wednesday showed that
eight central banks increased their gold reserves in August, some
very significantly.
Russia, which has the world’s seventh largest
reserves of gold, increased its holdings last month by the biggest
amount since December. Russia increased reserves by 12.722 tonnes to
1,015.521 tonnes, according to the IMF’s website. Russia’s gold
holdings crossed the 1,000 tonne mark in July.
Turkey raised its gold reserves by the most in
five months in August. Turkey added 23.344 tonnes to lift its gold
holdings to 487.351 tonnes. Turkey’s increases have been bigger
this year as its central bank allowed commercial lenders to hold a
portion of their lira reserves in gold.
Turkey has bought gold in 13 of the past 14
months and Russia has added to its reserves for 11 consecutive
months.
Ukraine, Azerbaijan and Kazakhstan were the
other countries that added to their gold reserves by more than 2
tonnes each last month. Canada, Mexico and Czech Republic were among
those that reduced their holdings very marginally.
Other
very large buyers of gold,
include sovereign wealth funds, some of which are also
continuing to diversify into gold. Azernews reports
that:The
State Oil Fund of the Republic of Azerbaijan (SOFAZ) has said that
SOFAZ’s gold reserves will reach 40 tons in 2014. The total amount
of gold purchased by SOFAZ will reach 30 tons until the end of 2013,
and 20 tons of the volume will be delivered to the country.
“So
far, 26 tons of gold have been purchased, most of which has already
been delivered to the country,” Movsumov said.
He
said the process of a phased purchase of gold over three years is
effective, which allows to provide the average cost of purchased gold
considering the volatility of prices for this precious metal.
According
to the plans, SOFAZ buys gold in batches. The fund began buying gold
in the first quarter of 2012. The first batch of gold in the amount
of 32,150 troy ounces was delivered to the country on January 11,
while the second batch was brought on February 1 and the third one on
March 1.
The
continuation of ultra loose monetary policies by the U.S. Federal
Reserve and the other major central banks will lead to continuing
diversification into gold by prudent money internationally.
This
will lead to gold reaching a real (inflation adjusted) high above
$2,400/oz in the coming years.
Banking Holiday in Panama Announced!
By Randy Hilarski
This morning the National Bank of Panama announced that it was suspending all services until Tuesday the 1st of October. The National Bank of Panama says that the reason is to upgrade systems. The Banking Holiday in Panama was announced this am.
This system wide shutdown has country wide implications. The National Bank of Panama did not warn the people before making the announcement and shutting down the banks. The people do not have access to ATM’s either. We received word of this from family members first. This weekend is payday for people across Panama.
I am active among the Gold and Silver investing community. We have been discussing at great length about the possibility of bank holidays in countries on the Dollar standard. Could Panama just be the first domino to fall in the banking system? Could this be more than just a system upgrade? Why not tell the people ahead of time to prepare for the closure of the banking system?
What are some reasons for a bank holiday? The National Bank of Panama says it is a system upgrade, I don’t believe it is that simple. Maybe a Dollar revaluation could be coming soon. Maybe it is something more serious like a banking crisis like we had in Indonesia back in 1997 or more recently in Cyprus. I am hoping for the best and preparing for the worst.
What are some things you can do to protect yourself if Panama is just the first signal of a pending banking crisis? First and foremost make sure to have some cash. Second buy the essentials for your family. Be frugal until the storm passes. I know this sounds simplistic, but those who are prepared will be fine.
I feel for the Panama families who live paycheck to paycheck. They were expecting to be paid tomorrow. This is the time that they go grocery shopping, put gas in their cars and pay the bills. This delay will have wide ranging affects on the people of Panama.
Do not be unprepared, you have it within your power to be ready for such a situation!
Latest update. 6pm CST
The Clave (Debit Card) system has been taken offline. No wire transfers between banks and internationally until the 1st of October. Panamanians will be required to go to their local bank branch to take out cash.
http://www.randyhilarski.com/
This morning the National Bank of Panama announced that it was suspending all services until Tuesday the 1st of October. The National Bank of Panama says that the reason is to upgrade systems. The Banking Holiday in Panama was announced this am.
This system wide shutdown has country wide implications. The National Bank of Panama did not warn the people before making the announcement and shutting down the banks. The people do not have access to ATM’s either. We received word of this from family members first. This weekend is payday for people across Panama.
I am active among the Gold and Silver investing community. We have been discussing at great length about the possibility of bank holidays in countries on the Dollar standard. Could Panama just be the first domino to fall in the banking system? Could this be more than just a system upgrade? Why not tell the people ahead of time to prepare for the closure of the banking system?
What are some reasons for a bank holiday? The National Bank of Panama says it is a system upgrade, I don’t believe it is that simple. Maybe a Dollar revaluation could be coming soon. Maybe it is something more serious like a banking crisis like we had in Indonesia back in 1997 or more recently in Cyprus. I am hoping for the best and preparing for the worst.
What are some things you can do to protect yourself if Panama is just the first signal of a pending banking crisis? First and foremost make sure to have some cash. Second buy the essentials for your family. Be frugal until the storm passes. I know this sounds simplistic, but those who are prepared will be fine.
I feel for the Panama families who live paycheck to paycheck. They were expecting to be paid tomorrow. This is the time that they go grocery shopping, put gas in their cars and pay the bills. This delay will have wide ranging affects on the people of Panama.
Do not be unprepared, you have it within your power to be ready for such a situation!
Latest update. 6pm CST
The Clave (Debit Card) system has been taken offline. No wire transfers between banks and internationally until the 1st of October. Panamanians will be required to go to their local bank branch to take out cash.
http://www.randyhilarski.com/
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