The United States Imports Record Amounts of Gold from Switzerland! Meanwhile, Deutsche Bank Faces Total Collapse
- The United States Imports Record Amounts of Gold from Switzerland! Meanwhile, Deutsche Bank Faces Total Collapse
by Nathan McDonald, https://www.sprottmoney.com/
I have been pointing out for months now that something fishy is going on behind the scenes. It began last month, when I highlighted the fact that the United States had reversed a massive, long-lasting trend of exporting gold, and in fact was beginning to import record amounts of gold from Switzerland. Well, not only has this trend continued, but it has accelerated.
As has been in the breaking news this week, Germany is facing growing pressure to bail out Deutsche Bank as it becomes increasingly apparent that this bank is facing a massive crash and liquidity problems.
This is becoming a self-fulling prophecy as the CEO of the bank states, pitifully blaming hedge-funds and speculators for much of their woes. It could never have anything to do with the fact that they were, as many other banks are, horribly over-leveraged and lacking reserves.
Adding fuel to the fire, a bank run has begun and customers of the bank are rapidly withdrawing their funds. If you know anything about how disgustingly leveraged and thus vulnerable our modern-day banking institutions are, then you will know that this is the mark of death for any bank and can rapidly destroy the banking institution in question.
If Deutsche Bank goes under, mark my words. We WILL be dealing with a massive spread of contagion that could put the entire banking system around the world at risk.
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