Another Financial Institution Joins the Rebellion, Stockpiles Cash and Gold
SilverDoctors.com
March 28, 2016
Earlier this week, the CEO of Munich Re, the largest reinsurance company in the world, announced that they would start holding 8-digit sums of physical cash and gold in their vaults.
Insurance companies tend to be boring, staid institutions that follow the rules and play the game along with the rest of the financial establishment.
But this move from Munich Re is an all-out rebellion against the central banks who are destroying the financial system with negative interest rates.
Submitted by Simon Black, Sovereign Man:
Last year, amid all the madness in financial markets, financial historian and strategist Russell Napier joked about creating a “European high-yield capital guarantee fund.”
His “high-yield” fund was nothing more than a secure room filled with physical cash, and a guy standing outside with a gun to guard it.
As jokes tend to be, this was a sad reflection on reality.
Though physical cash bears no interest, it is considered “high yield” compared to bank balances and government bonds that carry negative rates.
Napier’s joke is now coming true.
Earlier this week, the CEO of Munich Re, the largest reinsurance company in the world, announced that they would start holding 8-digit sums of physical cash and gold in their vaults.
Insurance companies tend to be boring, staid institutions that follow the rules and play the game along with the rest of the financial establishment.
But this move from Munich Re is an all-out rebellion against the central banks who are destroying the financial system with negative interest rates.
A few months ago I wrote to you about the different forms of money in our financial system.
Physical cash, which each of us knows and understands well, is one form of money.
The Rest…HERE
