BANK RUN: Andorran and Spain banks go bankrupt, state refused to aid depositors

[OROBTC]

...

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.

[manselr]

...

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.

[countryfree]

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 that is also European bank.

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.

[GreenStox]

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

Spanish Bank Seeks Creditor Protection After Withdrawals


Spain suspends reimbursement of funds managed by Banco Madrid

(Reuters) - Spain's stock market regulator
* Says has suspended reimbursement of investment funds and variable income funds (SICAVs) managed by Banco Madrid Source text for Eikon: (Reporting By Julien Toyer; Editing by Paul Day)

No state aid for Banco Madrid - Spanish Economy Secretary

(Reuters) - Banco Madrid:

* Spanish Economy Secretary Inigo Fernandez de Mesa says at event in Madrid there will be no state aid for Banco Madrid

* Says deposit guarantee fund will cover depositors

* Banco Madrid filed for bankruptcy on Monday Further company coverage: (Reporting By Jesus Aguado, Editing by Sarah White)

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

Royal Bank of Scotland and Barclays are facing penalties of about $1bn (£662m)
each from US authorities for their alleged role in the manipulation of currency markets.

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!

[aso118]

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

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

[GreenStox]

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

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...

[OROBTC]

...

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.

[marcus_of_augustus]

...

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

[GreenStox]

...

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.

[Q7]

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.

[bitboy11]

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!