Bitcoin Forum

European banking collapse is going on. People are going mad getting their deposits frozen. "Cyprus" scheme is in progress again.

Banco de Madrid Files for Bankruptcy After Parent Accused of Money Laundering  (http://www.wsj.com/articles/banco-de-madrid-files-for-bankruptcy-after-parent-accused-of-money-laundering-1426495127)

Spanish Bank Seeks Creditor Protection After Withdrawals (http://www.bloomberg.com/news/articles/2015-03-16/banca-privada-d-andorra-s-spain-unit-seeks-creditors-protection-i7bn353l)


Spain suspends reimbursement of funds managed by Banco Madrid (http://www.reuters.com/article/2015/03/16/bpa-bancomadrid-investmentfunds-idUSS8N0W000N20150316)


No state aid for Banco Madrid - Spanish Economy Secretary (http://www.reuters.com/article/2015/03/16/banco-madrid-deposits-idUSS8N0UR01120150316)


By the way this shit is initiated and coordinated by The US with the help of FinCEN. They are able to arrest all assets on US intermediary accounts of "suspected" foreign banks and demand billions of fines. This is how US found a way to loot any foreign bank.

Here is original document from FinCEN regarding European bank BPA http://www.fincen.gov/news_room/nr/files/BPA_NOF.pdf

British banks are also affected
US seeking $1bn from RBS and Barclays (http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11472448/US-seeking-1bn-from-RBS-and-Barclays.html)

Maybe it's already time to start playing preppers and start stacking up supplies. A military conflict in the East, bankrupt Greece and troubled Spain.The EU is in a bad shape, but it was to be expected after such a long time of relative peace.

Yeah I saw this yesterday. Apparently the minister of economy of Spain said "this is a rare case and is not going to spread across the rest of the spanish banks".

The same thing could have been said about Bear Stearns or Lehman brothers a few years ago.
The whole system is so interlinked now, as well as being based on confidence, that one bank failing could easily lead to further bank runs and bankruptcies...

A little update.

Most of Andorran bank's USD assets are locked on intermediate accounts of US banks.
US banks got an order from FinCEN to freeze all assets of that bank and they have started process with the goal to confiscate all the USD they have locked.

The rest of non-USD assets is arrested by Andorra govt. So, absolutely healthy and successful bank is literally being looted now and in a few days will declare bankruptcy.
All depositors will lose the most of their money on their accounts. Now they are allowed to withdraw only 2.5K EUR per week.


This is the new strategy of the US. They use FinCEN to claim any foreign financial institution "suspicious" and arrest its USD assets held on US bank's intermediary account. In the near future many liberal banks will be looted the same way.

1) shutdown personals taxes
2) switch to transaction taxes
3) problem solved

Gov. is the only fault in the history of the world ...

http://imagizer.imageshack.us/a/img538/913/aSRigZ.jpg

Thankfully, the cause of the trouble in this case is money laundering allegations, and not fundamentals of the industry going bad. So this bank run/collapse could be restricted to just one bank.

What is money laundering ? It's the same thing as witchery in the age of inquisition - just an excuse for robbing people.
"Terrorism threat" just replaced black magic as fear used to control crowd.

The US just found a way to easily rob foreign banks by accusing them in "money laundering" and confiscating money held in US correspondent accounts. US Dollar became weapon of mass control, and since all banks in the world use USD, they are under tight control from the US.

some venezuelans personalities are involved in the Andorra bank. They were presumed to be laundering money from PDVSA (the main source of $ to the country)

So, a few venezuelian, chinese and russian guys caused the confiscation of all assets of the bank that serves tens of thousands regular people. There is little chances they get they money back. The same has happened last summer with another Cypriot bank FBME. The same will continue happening with more and more banks in nearest future.

The people that really get hurt in all this are the account holders. The banks will get their bailouts and the governments will get to print more money due to the manufactured crisis. Meanwhile average people lose their hard earned money. Rinse, repeat, ad nauseum.

This had to be expected. Russia and China are now establishing an economic alliance based on direct trade between them and settlement of accounts in their national currencies, no longer in the US dollars. So the US is precipitously losing ground under their feet and pretty much running out of time. They simply cannot but loot those who are the weakest among the rich, trying (though ultimately in vain) to retain their world domination, and buy some time for themselves. Europe is the best candidate for looting out there...

The statist athoritarians will you any excuse to consolidate their power - as I know you know. The U.S. turned from a nation of a government of limited, enumerated powers to one of limited, enumerated liberties over the last century by selling its people on the concept of something for nothing-ism which the statists used to grab power.

The point to remember here is this isn't a Spanish bank, nor a French bank. It's a bank from one of the world's tiniest country, Andorra. The bank has asked for protection, OK, but since technically the bank isn't Spanish, the Spanish government has no obligation, nor any moral duty to reply.

Things would be much different if the failed bank would truly Spanish.

Banco Madrid is Spanish bank.
In the summer 2014 the same way was looted Cypriot bank FBME (http://fbmeltd.com/) that is also European bank.

Yeah, all the normal people got fucked thanks to a group of mafia bastards. So are you saying they could lose their money? I dont think they can afford that, these people are going to be really pissed off.

we have never completely been able to escape the banks. That was before bitcoin. Now we have the solution. Bitcoin

Sorry, but I am a spaniard, and Spain is a great country. I suggest you visit Spain (our culture, beaches, etc). And don't worry, you won't need "stack up supplies", you can buy good and healthy food here.

^^^^^^^
I love Spain and its people, they're great to visit. Growing up, my hero was El Cid, my favorite book was For Whom The Bell Tolls, and my favorite city was Madrid, Spain.

Viva La Espana!

PS: I'm not Spanish, not even remotely close.

You misunderstand the point amigo, "preppers" stock up in the belief that society is about to collapse and Spain, great though you may think it is, is just as vulnerable as anywhere to collapse, especially as the Euro unravels.
 
I have visited Spain many times, I will be in Cadiz on Sunday and find your culture, beaches and your good and healthy food etc. very agreeable.
I have also dealt with your banking system, police and bureaucracy and find them to be corrupt, self serving remnants of fascism that would  not hesitate to oppress Spanish citizens to maintain their positions of power.

...

ANYONE with savings should be thinking about "preparation" of one sort or another.

Saving some assets outside of the banking system is "Job No. 1".  Bitcoin and gold are two great places to at least start.

Spain may be close to self-sufficiency, but a horrific crash in Europe would hurt Spain very much.  Spain already has a bad economy and immigration problems.


EDIT: Preparation should not be limited to people in Europe alone, everyone should be preparing to some degree.

Yeah having at least 20% of your portfolio in Bitcoin is a must these days. If you are on a good position (aka a young fella with no responsabilities and debts) you could go balls deep and say okay, let's go 100%, nothing to lose compared to everything that you can win. If I could I would go 100% in a heartbeat.

No it's not Spanish in the sense that it's an affiliate of Banca Privada d'Andorra (BPA). This makes a huge political difference and the Spanish politicians are all too eager to exploit it.

No wonder how the leverage got piled up, it was never a question of if, it was always a question of when!!!!

Also

"state refused to aid depositors "

Haha, guys please get a clue, the whole system was set up to rob people, TIER 1 COLLATERAL IS THE BANK DEPOSIT, TIER 2 COLLATERAL IS THE INCOME TAX!

If TIER 1 IS COLLAPSING, they switch to TIER 2 and pay them from tax payer money!

This isn't about excessive leverage.
This is about the US seizing the assets of a healthy bank.

US seizing assets? What does this have to do with US its a spanish bank lol?

Also it has everything to do with leverage, why do you think these banks go bankrupt? Is just magic or what?

OF COURSE THEY ARE ALL OVERLEVERAGED!! And the pillars are already crumbling, their last hope will be the IMF SDR-s, but after the last ponzi fails, it will all come down...

...

We will soon be arriving at the point where it is no longer worth keeping money in the bank (hey, 0.1% interest), nor even working when ever-more of our income will be taken by the parasite PTB.

While it is very hard to avoid the banking sector completely (I am involved in a formal business), it is not hard to pull assets away from the money-changers as well as to just say "NO!" to spending on crap you do not need...  That lessens the amount of income you need, that might wind up being seized anyway when .gov gets bigger and badder.

what I find most bizarre and troubling that as the risks to leaving money on deposit in a bank have gone UP, the interest return has gone DOWN (now negative returns in some countries) ?! ... this is a huge disconnect from reality and historical precedents, something is very broken somewhere in the capital allocation machinery and the central banks are at the center of the brokenness with their hand firmly on the interest rate stick ... as the global economy spirals violently down in a sickening flat spin

I have deposits in banks, in 2 of them , 1 that my parents set aways while i was still young kid (now i`m 28), and one that i set away for myself.

And trust me guys i get really mad when the CB maffia lowers the interest every time. Now the official interest rate is 2.5% in my country and the inflation rate is 0.5% (that is probably 2-3% because they usually make up that number).

At the moment i`m losing about 0.5% /year , and trust me if they touch it even -0.25% again, i`ll clean out my bank account and put it all into bitcoin.

I`m tired of their debt ponzi scheme, and fuck them for stealing all our money.

My country is not that indebted yet, but the stuff thats happening in greece can happen here too.... I`m not waiting until the government thieves start to confiscate bank accounts.

I`m just waiting for the bitcoin price to stabilize a little bit (perhaps a 6-7% yearly monetary inflation and about a 3% price inflation if possible).

I hope the global debt ponzi will last until the bitcoin meets these criteria.

I see the one of the remedial actions to hedge the effect of collapse is to buy into bitcoin and some precious metals for store of value. I mean if this happens sooner or later there is going to be a chain of reaction that will bring down the whole economy. And that is really bad. For now i can see the price of bitcoin is very well supported in face of this global threat.

Just another scheme to take poor people's money.
Will it ever end?

Save yourself the pain and...
Get your money out of the banks and into bitcoin!