Trump’s economic consultant adviser, Gary Cohn, has declared a return to the separation system in the US banking system in effect restoring Glass-Steagall Act which dates from the 1930s and was adopted as a result of the Great Depression yet abolished in 1999 by the Clintons. Trump had already spoken during the election campaign […]
QUESTION: Thanks for this free advice. But, in this comment: “/our-european-tour-part-ii-seizing-all-bank-accounts-throughout-eu/” You write: “Clearly, people should be fully aware of the thinking process in government. Brussels will become authoritarian when the free markets rain on their parade. I strongly recommend that everyone should keep 30 days worth of cash to cover your basic needs.” But, it […]
QUESTION: On Aug. 2 in your blog that you stonily recommend that everyone keep 30 days worth of cash was that just for the Eu? Thank You S ANSWER: No. Even FDR closed the banks. While bailouts have ceased, the government will simply now expropriate depositors money to save the banks. Keep in mind that […]
QUESTION: Hi Marty A quick question for you – given the moves afoot inside the EU are blocking bank accounts even of those with less than €100,000 , which banking jurisdictions would you put on the shortlist for those ordinary people resident in Europe who want a bank in a decent jurisdiction and where the regulatory […]
Many financial firms in London claim to be looking to move to Frankfurt or Paris with BREXIT. They are going to have a very rude awakening. The proposition to demand all euro clearing takes place inside the EU will be the death of Europe – not the rebirth. The dominating position in Brussels among […]
The key to the future is understanding (1) the past and (2) how everything functions. Sure there is a risk of a Dark Age after 2032. Hopefully, we can learn from the past to push things in the right direction at least for once. For whatever reason, the people who like to run government are […]
The German Secretary General of the Economic Council of the CDU, Wolfgang Steiger, has highlighted the growing economic crisis in Europe. The negative interest rates of Draghi and the ECB have totally failed. He has pointed out that despite various EU stress tests for banks, time and time again they continue to fail. He has […]
QUESTION: Mr. Armstrong; Reading between the lines, it seems that you support bank bailouts at taxpayer expense. Is this not counter to free market philosophy? KE ANSWER: Yes it is contrary to free market philosophy. However, it is the only reasonable solution at this moment in time without structural reforms to the financial system. If […]
The European Central Bank (ECB) has announced as of June 23rd, that it was declaring two Italian banks insolvent. Veneto Banca Spa and Banca Popolare di Vicenza Spa have failed since the two banks repeatedly violated the regulatory capital requirements. The determination was made in accordance with Article 18 (1a) and Article 18 (4a) of […]
The European “bail-in” rules have been cheered claiming taxpayer money will be spared. However, many seniors bought bank bonds for their retirement. In the rescue of the small Banca Popolare d’Etruria, a retiree who had lost more than 100,000 euros worth of bonds committed suicide. There have been many such events that do not always make […]
