Jim Willie: The Trigger Event That Will Cause Bank Breakdowns Has Occurred
GramsGold.com
Dec. 2, 2015
Banks are dangerous places to hold your money these days. Their reserves are a fraction of their deposits and the FDIC doesn’t even have 5% of the money to bail out your deposits. Additionally, legislation was written last year to declare bank deposits property of the bank, labeling all depositors as creditors, subject to bailing out the failing bank in which their money is held.
Top that off with the fact that you don’t even make any interest on your money, and one wonders why anyone would keep any money in a bank at all. But worse than that, the banks, which are actually insolvent right now, are poised to fail and impose some or all of the above-mentioned drastic measures.
When will this happen? Jim Willie thinks that the triggers have been shot and the process has been started.
In an November 2015 interview with Finance and Liberty, Jim Willie says, “The trigger event for the Western banks breakdown will be emerging market debt default. There’s between $ 5 and $10 Trillion of it and it’s already started.
When the dollar has to be replaced, a lot of big banks are going to be in dire-straits, and I think it’s going to start on the domestic side with the oil hedging and the emerging market debt that’s collapsing.
The prices in the Dominican Republic are 25% higher. I found out that 18% of that is due to currency and the rest was due to sales tax. The emerging market nations are raising their taxes while they are seeing everything cost more, due to the ‘dollar structure’ on their costs.
I think it’s an absolute ‘lock’ we’re going to see a couple trillion dollars in defaults from emerging market nations in the next several months.
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