We know global central banks will work together to paper over Europe's problems. But what about liquidating real assets, perhaps some gold, to help fund the bailout?
"German gold reserves must remain untouchable," Germany's Economy Minister Philipp Roesler said today. Roesler – the head of the Free Democrats, a partner of Chancellor Angela Merkel's coalition – squashed calls from France, the U.K., and the U.S. for Germany to use gold reserves as collateral for the bailout. He also negated calls from the G20 – the gathering of finance ministers from 20 of the world's leading economies – for Germany to post its gold as collateral.
"Germany's gold and foreign exchange reserves, administered by the Bundesbank, were not at any point up for discussion at the G20 summit in Cannes," he said.
One of the world's economic powers is willing to print euros to save its continent, completely debasing its currency, but unwilling to sacrifice an ounce of gold. The irony is not lost on me.
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Here is a stat I saw posted by Stansberry Research. Don't tell me Wall Street doesn't love Obama.
Wall Street banks earned more in the first 2.5 years of the Obama administration than they did during all eight years of the George W. Bush administration.
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Bank Transfer Day seems to have been a success. For whatever that's worth.
The founder of Bank Transfer day has claimed that the whole "day" was misunderstood.
The idea was never to have a massive one day move from big banks to credit unions, but rather for the day, November 5, to be the deadline of a broader movement.
And it turns out that the movement actually had some heft behind it...
According to ABC News, In October alone Credit Unions around the country gained 650,000 new customers and $4.5 billion was moved out of major banks.
That is obviously a sliver of total bank deposits, but banks have been sent a clear message.
You can check out the report here, and you'll see what is the most important point. ... The report briefly profiles David Meinert, a Seattle small business owner who, after being denied another line of credit, moved $3 million out of Chase and Bank of America and into a local credit union.
In his own words, he did it because, "That kind of money and my level of business doesn't really matter to them (the banks)."
That's probably not what banks want small business owners around the country to be thinking. Credit Unions, on the other hand, are jumping on the opportunity to grab more customers.
From the Credit Union National Association (CUNA):
“They are conducting advertising campaigns (by themselves or cooperatively with other credit unions), sending ‘switch kits’ to existing members to share with family members or other prospective members, beefing up web sites... email blasts to members, maximizing social media campaigns, putting up banners in lobbies (and on their buildings), offering bonuses to members who bring in new members (and giving bonuses to new members as well)," said Bill Cheney, president and CEO of CUNA.
The idea was never to have a massive one day move from big banks to credit unions, but rather for the day, November 5, to be the deadline of a broader movement.
And it turns out that the movement actually had some heft behind it...
According to ABC News, In October alone Credit Unions around the country gained 650,000 new customers and $4.5 billion was moved out of major banks.
That is obviously a sliver of total bank deposits, but banks have been sent a clear message.
You can check out the report here, and you'll see what is the most important point. ... The report briefly profiles David Meinert, a Seattle small business owner who, after being denied another line of credit, moved $3 million out of Chase and Bank of America and into a local credit union.
In his own words, he did it because, "That kind of money and my level of business doesn't really matter to them (the banks)."
That's probably not what banks want small business owners around the country to be thinking. Credit Unions, on the other hand, are jumping on the opportunity to grab more customers.
From the Credit Union National Association (CUNA):
“They are conducting advertising campaigns (by themselves or cooperatively with other credit unions), sending ‘switch kits’ to existing members to share with family members or other prospective members, beefing up web sites... email blasts to members, maximizing social media campaigns, putting up banners in lobbies (and on their buildings), offering bonuses to members who bring in new members (and giving bonuses to new members as well)," said Bill Cheney, president and CEO of CUNA.
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You know how a parasite lives off it's host, but eventually kills it? Welcome to EBT...
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I was going to post an article about the sex scandal at Penn St. The more I read the more I was disgusted and decided not to post it. I hope there is a special place in hell for people like that.
We had another earthquake as well last night. All these weird weather patterns, tsunamis, and earthquakes really make you think. Nah, you way Al Gore was right. ;-)
We had another earthquake as well last night. All these weird weather patterns, tsunamis, and earthquakes really make you think. Nah, you way Al Gore was right. ;-)
Credit union = a bank without all of the new federal regulations and examiners.
ReplyDeleteCredit union = a bank without all of the new federal regulations and examiners.
ReplyDelete