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Jim Cook

 

RUNAWAY SOCIAL SYMPATHY

Every once in a while I switch the TV channel from Fox to CNBC to see what the liberals are saying.  After listening awhile I get a deep sense of hopelessness and foreboding for our country.  The most important thing for the left is giving money to people.  They are happy to see the growth of food stamps, disability payments, housing subsidies, free healthcare and all the other welfare benefits.  They utterly fail to see the damage it is doing to the recipients.  Whole cities that once flourished have deteriorated into rotting eyesores populated with shambling hulks of chemically dependent drones.  These people are no longer employable.  They have become incompetent and helpless and the liberals can’t see that it’s their doing.

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The Best of Jim Cook Archive

 
Commentary Of The Month
October 20, 2015
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BANK ACCOUNTS FROZEN, CAPITAL CONTROLS, AND BAIL-INS

By Graham Summers

Behind the veneer of “all is well” being promoted by both world governments and the mainstream media, the political elite have begun implementing legislation that will permit them to freeze accounts and use your savings to prop up insolvent banks. This is not conspiracy theory or some kind of doom and gloom. It’s basic fact. In the last 24 months, Canada, Cyprus, New Zealand, the U.S., the U.K., and now Germany have all implemented legislation that would allow them to first freeze and then seize bank assets during the next crisis.

Cypriot banks formally requested a bailout back in June 2012. The bailout talks took months to perform. And then the entire system came unhinged in one weekend. One weekend. The process was not gradual. It was sudden and it was total: once it began in earnest, the banks were closed and you couldn’t get your money out. There were no warnings that this was coming because everyone at the top of the financial food chain is highly incentivized to keep quiet. Central banks, bank CEOs, politicians, all of these people are focused primarily on maintaining confidence in the system, not on fixing the system’s problems. Indeed, they cannot even openly discuss the system’s problems because it would quickly reveal that they are a primary cause of them.

For that reason, you will never and I repeat never see a central banker, bank CEO, or politician admit openly what is happening in the financial system. Even middle managers and lower level employees won’t talk about it because A) they don’t know the truth concerning their institutions or B) they could be fired for warning others. With that in mind, now is a good time to prepare for systemic risk. I cannot forecast precisely when things will get as ugly as they did in Cyprus. However, the signals are clear that the Feds are preparing for something big.