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Listen to Eric Sprott share his views on ongoing European financial woes, a second seasonal revision to US GDP numbers, the release of a frustrating COT report last week, and the movement in gold. http://www.sprottmoney.com/sprott-money-weekly-wrap-up
Listen to Eric Sprott share his views on on today’s release of economic data, BitGold’s recent merger with Gold Money, the lending of more funds to Greece by the European Central Bank, and the smash in gold this morning.
Listen to Eric Sprott shares his views on the status of the economy, volatility in the bond markets, the launch of BitGold this week, Indian gold demand, and movement in the precious metals market. Tune-in to the Weekly Wrap Up http://www.sprottmoney.com/sprott-money-weekly-wrap-up
Listen to Eric Sprott share his thoughts on recent US job numbers, his outlook on the Greek debt crisis, increased volatility in the foreign currency market this week, and India’s proposed gold monetization scheme. http://www.sprottmoney.com/sprott-money-weekly-wrap-up
Listen to Eric Sprott share his thoughts on stagnant economic numbers, Greek banks and pensioners, continual spoofing with no proper policing, and the movement of physical gold this week.
America’s biggest banks aren't ready for next meltdown
When Audited Leverage And Risks Are Hidden IN GAAP
WASHINGTON— The main financial risk facing the United States today looks very similar to what caused so much trouble in 2007-2008: big banks with too much debt and too little equity capital on their balance sheets. Uneven global regulations, not to mention regulators who fall asleep at the wheel, compound this structural vulnerability.
We already saw this movie (see below), and it ended badly. Next time could be an even worse horror show.
All booms are different, but every major financial crisis has at its heart the same issue: major banks get into trouble and teeter on the brink of collapse. Disruption at the core of any banking system leads to tight credit, with major negative effects on the real economy. In our modern world, in which finance is interwoven throughout the economy, the consequences can be particularly severe — as we saw in 2008 and 2009.Read More.
REMEMBER 2005!
Famous Accounting Frauds - Evaporating Wealth In Virtual Moments
Platinum Wealth Partners - Top Investors Edge
Lets face it, since inception the purpose of Banks was to create liquidity in the economy through leverage of its own balance sheet. The premise for this excessive leverage was the collateral they held on the credits provided to others. But the sensibilities of this premise falls apart when credits are unsecured and leverage ratios climb to new heights by paying corrupt audit firms to create costume accounting practises. In the simple vernacular - lies.
Today, as a result, the leverage in the system could be as low as 35:1 or beyond 200:1. The point being, nobody truly knows - and consequently, the street's sense is that the financial mathematics is now so shaky that even a slight upward rise in rates will wipe out a substantive portion of the Banks' asset and equity values - leading to a complete systemic collapse. Enron's chart above for instance is a foreshadowing test case for the whole system that we now have in place. Not a pretty picture.
That's why everyone is so worried. That's why CPI needs to be manipulated. That's why the US dollar could lose its reserve currency status. That's why no one dare raise rates by the slightest percentage.
That's why one day all the corruption, markets and economies are mathematically boxed into an algebra articulating the certainty of "The Mother Of All Crashes",
·About two-thirds of Americans anticipate
another financial crisis.
·More are worried about a market crisis
than are prepared for one.
·Here is what works and what doesn't in a
total market collapse.
It is an uncertain world and I want to
be prepared
According to recent survey data from Northwestern
Mutual, 67% of Americans believe that over time, there likely will be more
financial crises. However, are these Americans prepared for the next one? A
market collapse to be a possibility that many investors are vaguely aware of,
but fewer have taken concrete steps to plan for. This is not something that I
specifically expect and it is certainly not something that I hope for. It is
something that I insure against in a prudent, moderate way. Read More
Why Prepare For Anything?
Platinum Wealth Partners - Top Investors Edge
There is little doubt that it makes good sense to craft back-up and disaster plans. Flexibility and prompt responsiveness, too are critical factors. Plans a,b c and so forth forth should be established.
However, one must be realistic as to what lies ahead - that could a collapse beyond all proportions and unprecedented in human and economic history.
This is our greatest fear , and its likelihood is great.
Listen to Eric Sprott share his views on this weeks release of current U.S. economic data, the Greek debt crisis and the eurogroup meeting this weekend in Riga, the farce of high frequency trading and the lack of responsible regulation, and Swiss gold exports and global demand.
