The blogosphere has speculated that ‘computer problems’ might be a good excuse
for the Money Power to call a bank holiday and ‘reorganize’ their system.
This looks like a drill.
“Get your money out of the bank now. The advice is now not just correct because of moral imperative, it is becoming a matter of personal financial survival.“
by Anthony Migchels
AMSTERDAM – This week three banks, ING, Rabo and SNS, simultaneously suffered major computer malfunctions, leading to a temporary closure of their on-line facilities. Their problems were ‘unrelated’. This is completely unprecedented. The chances of a coincidence are close to zero. For years some in the blogosphere have speculated that ‘computer problems’ might be a good excuse for the Money Power to call a bank holiday and ‘reorganize’ their system. This looks like a drill.
ING’s problems were the worst; it’s off-line again today. ING is one of the biggest banks in Europe with a trillion plus balance and one of the living dead. It’s a zombie bank, propped up with massive credit lines from the ECB and handouts and guarantees from the Dutch taxpayer. It has 40 billion euros of Spanish debt on its books and it needs to write off untold billions, maybe as much as hundreds of billions, from its commercial real estate portfolio. Obviously this would vaporize the Dutch economy over night, should it have to bail out ING.
The Dutch economy is one of the worst in the world in terms of debt. All the nonsense about ‘lazy Greeks’ and ‘thrifty and frugal Dutch’ is just that: complete baloney. We have a usurious debt based monetary system. However hard one works, eternally growing debt and interest charges are inevitable, it has nothing to do with character.
Meanwhile, the economy is being destroyed with ridiculous austerity; 45 billion euros was taken out of the budget over the last two years. The Government loses 80 cents in income due to falling aggregate demand in the economy for every euro it takes out of the economy through taxation or austerity. Same thing that destroyed Southern Europe. It’s incredible that this kind of insanity can happen in the modern age.
Considering the situation in Cyprus and depositors now knowing they are fair game, it seems clear that the Money Power is organizing a bank run to further the depression it wants so badly.
However unpleasant it is to be on the same side as these vultures in this case, the advice remains the same: get your money out of the bank now. The advice is now not just correct because of moral imperative, it is becoming a matter of personal financial survival. True, it is becoming harder and harder to find safe havens, but the bank is absolutely not one of those, that’s for sure.