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Colorado town council votes to repeal open-carry ban in meetings, city planners vow to walk
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Here it comes– more leading economists call for capital controls
January 23, 2014
Sovereign Valley Farm, Chile
As the saying goes, 'desperate times call for desperate measures.'
The phrase is bandied about so frequently, it's generally accepted truth. But I have to tell you that I fundamentally disagree with the premise.
Desperate times, in fact, call for a complete reset in the way people think. Desperate times call for the most intelligent, effective, least destructive measures. But these sayings aren't as catchy.
This old adage has become a crutch-- a way for policymakers to rationalize the idiotic measures they've put in place:
- Inflation-adjusted interest rates that are... negative.
- Trillion dollar deficits.
- Endless wars and saber-rattling
- Unprecedented expansion of central bank balance sheets.
- DIRECT CONFISCATION of people's bank accounts.
But hey... desperate times call for desperate measures. I guess we're all just supposed to be OK with that.
One of those desperate measures that's been coming up a lot lately is the re-re-re-introduction of capital controls.
It started in late 2012, when both the European Central Bank and the International Monetary Fund separately endorsed the use of capital controls.
For the IMF, it was a staunch reversal of its previous position, and Paul Krugman lauded the agency's "surprising intellectual flexibility" a few days later.
The IMF then followed up in 2013 with another little ditty proposing a global wealth tax. The good idea factory is clearly working 'round the clock over there.
Lately, two more leading economists-- Harvard professors Carmen Reinhart and Ken Rogoff-- have joined the debate.
In a speech to the American Economic Association earlier this month, the pair suggested that rich economies may need to resort to the tactics generally reserved for emerging markets.
This is code for financial repression and capital controls.
The idea behind capital controls is simple: create barriers to restrict the free flow of capital. And if you're on the receiving end, capital controls can be enormously destructive.
But for politicians, capital controls are hugely beneficial; once they trap funds within their borders, the money can be easily taxed, confiscated, or inflated.
Historically, capital controls have been used in 'desperate times'. Too much debt. Too much deficit spending. Wars. Huge trade deficit. Intentional currency devaluation. Etc.
Does any of this sound familiar? It's no surprise that policymakers have once again turned to this 'desperate measure'. They're already here.
Iceland has capital controls, over five years after its spectacular meltdown. We can also see capital controls in Cyprus, India, Argentina, etc.
I've been writing for years that capital controls are a foregone conclusion. This is no longer theory or conjecture. It's happening. And every bit of objective evidence suggests that the march towards capital controls will quicken.
This is a HUGE reason to consider holding a portion of your savings overseas in a strong, stable foreign bank where your home government won't as easily be able to trap your savings.
Other options including storing physical gold (even anonymously) at an overseas depository. Or if you're inclined and tech savvy, you can also own digital currency.
But perhaps the best way to move some capital abroad is to own foreign real estate, especially productive land.
Foreign real estate is not reportable. It's a great store of value. It generates both financial profits and personal resilience. It's a LOT harder to forcibly repatriate. And it ensures that you always have a place to go in case you need to get out of Dodge.
Even if nothing 'bad' ever happens, you won't be worse off for owning productive land in a thriving economy.
Like I said-- desperate times don't call for desperate measures. More than ever, it's time for a complete reset in the way we look at the most effective solutions. These options are certainly among them.
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US admiral warns of no China hotline in times of crisis The top US commander in the Pacific expressed concern on Thursday that he has no direct line to his counterpart in China in the case of a crisis in the region. Amid tensions between China and Japan in the East China Sea, Admiral Samuel Locklear said he wanted a hotline to officers from the People’s
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http://www.trunews.com/
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China becomes top gold consumer in 2013
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/5a48854c-8427-11e3-9903-00144feab7de.html#ixzz2rINdH7ly China has overtaken India as the world’s largest gold consumer thanks to soaring purchases of jewellery, minted Panda coins and small gold bars.
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http://www.trunews.com/
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China becomes top gold consumer in 2013
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/5a48854c-8427-11e3-9903-00144feab7de.html#ixzz2rINdH7ly China has overtaken India as the world’s largest gold consumer thanks to soaring purchases of jewellery, minted Panda coins and small gold bars.
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’2016: Obama’s America’ Filmmaker Indicted for Violating Campaign Finance Laws Dinesh D’Souza is accused of giving too much money to a candidate who sought to replace former New York Sen. Hillary Clinton. Producer Gerald Molen tells The Hollywood Reporter the charges are politically motivated. Conservative filmmaker Dinesh D’Souza, whose documentary 2016: Obama’s America took a critical look at President Barack Obama and was a surprise hit in 2012, will be
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Progressives Call For Marxists Revolution In America Marxist leftists have prepared a nightmarish blueprint for American socialism in a new revolutionary “book of imagination.” The new book, “Imagine Living in a Socialist USA,” was edited by Frances Goldin who praises “life-enhancing socialism” in the preface. The 281 page manifesto showcases 31 utopian essays written by dangerous criminals, prominent liberals, and self-described communists
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Moody’s downgrades health insurers, citing Obamacare
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Moody’s downgrades health insurers, citing Obamacare
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Health officials in the coastal Canadian province of British Columbia are cautioning residents not to try and qualm fears of radioactive contamination by ingesting mass quantities of potassium iodide. Journalist Dan Fumano of BC’s The Province newspaper wrote this week that potassium iodide pills have been flying off the shelves of area drug stores after reports published
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Canadians buying potassium iodide in bulk over fears of Fukushima radiation
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25 Dead Whales Found Near Kice Island, Florida: NOAA Twenty-five dead pilot whales were discovered Thursday near Kice Island in southwest Florida, the National Oceanic and Atmospheric Administration said. They were part of a pod of 23 whales first seen swimming around Gordon Pass in Naples in Collier County on Sunday, NOAA Fisheries Southeast marine mammal stranding coordinator Blair Mase said. Biologists marked the whales, which
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MOVIEMAKER INDICTED
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Mother arrested after boy, 4, calls police to say he's hungry...
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Man dies during 8 hour wait in hospital ER...
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The TRUTH On The Collapsing 23 Trillion Credit Bubble In China
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MOVIEMAKER INDICTED
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Mother arrested after boy, 4, calls police to say he's hungry...
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Jet In Near Miss With UFO...
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Man dies during 8 hour wait in hospital ER...
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The TRUTH On The Collapsing 23 Trillion Credit Bubble In China
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GERMAN GOLD GONE — Koos Jansen
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A Must See For Anyone That Is Worried About The Us Economy And Wishes To Be Prepared For What Is Coming At Them Like A Freight Train
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Is The China Bank Run Beginning? Farmers Co-op (Bank) Unable To Pay Depositors!?!?!
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CNN Reports China Simultaneously Dumps All US Treasury Bonds onto Market!
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The Power and Ruling Elite
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Department of Homeland Security Secretary Jeh Johnson spoke on Jan. 24, 2014 at the U.S. Conference of Mayors in Washington, D.C. (CNSNews.com/Penny Starr)
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In what appears to be the latest example in a trend of attorneys general refusing to defend laws passed by legislatures and voters, Virginia Attorney General Mark Herring announced Thursday that he will no longer defend his state’s constitutional amendment defining marriage solely as the union of one man and one woman.
Read more at http://www.wnd.com/2014/01/alarming-trend-attorneys-general-refuse-to-defend-laws/#YHQbClIq2sDO6drY.99
Read more at http://www.wnd.com/2014/01/alarming-trend-attorneys-general-refuse-to-defend-laws/#YHQbClIq2sDO6drY.99
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#4 In a stunning decision, the Venezuelan government has just announced that it has devalued the Bolivar by more than 40 percent.#5 Brazilian stocks declined sharply on Thursday. There is a tremendous amount of concern that the economic meltdown that is happening in Argentina is going to spill over into Brazil.
#6 Ukraine is rapidly coming apart at the seams...#7 It appears that a bank run has begun in China...
As China's CNR reports, depositors in some of Yancheng City's largest farmers' co-operative mutual fund societies ("banks") have been unable to withdraw "hundreds of millions" in deposits in the last few weeks. "Everyone wants to borrow and no one wants to save," warned one 'salesperson', "and loan repayments are difficult to recover." There is "no money" and the doors are locked.
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Ted Cruz Issues Warning
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Mike &The Mechanics - Silent Running - Has anyone really read these words - sounds like what we are facing now- What did they know??? What did they see???
------Take the children and yourself
And hide out in the cellar
By now the fighting will be close at hand
Don't believe the church and state
And everything they tell you
Believe in me, I'm with the high command
Can you hear me, can you hear me running?
Can you hear me running, can you hear me calling you?
Can you hear me, can you hear me running?
Can you hear me running, can you hear me calling you?
There's a gun and ammunition
Just inside the doorway
Use it only in emergency
Better you should pray to God
The Father and the Spirit
Will guide you and protect from up here
Can you hear me, can you hear me running?
Can you hear me running, can you hear me calling you?
Can you hear me, can you hear me running?
Can you hear me running, can you hear me calling you?
Swear allegiance to the flag
Whatever flag they offer
Never hint at what you really feel
Teach the children quietly
For some day sons and daughters
Will rise up and fight while we stood still<<--- font="">
Can you hear me, can you hear me running?
Can you hear me running, can you hear me calling you?
Can you hear me, can you hear me running?
Can you hear me running, can you hear me calling you?
Can you hear me running (can you hear me calling you?)
(Can you hear me) hear me calling you?
(Can you hear me running) hear me running babe?
(Can you hear me running) hear me running?
Calling you, calling you
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Is The China Bank Run Beginning? Farmers Co-Op Unable To Pay Depositors Zero Hedge - As China's CNR reports, depositors in some of Yancheng City's largest farmers' co-operative mutual fund societies ("banks") have been unable to withdraw "hundreds of millions" in deposits in the last few weeks. "Everyone wants to borrow and no one wants to save," warned one 'salesperson', "and loan repayments are difficult to recover." There is "no money" and the doors are locked.
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