Sure enough - this may well be part of the coming collapse:
Giant Sucking Sound: Russian Money Yanked From US Banks
Thursday, June 5, 2014 at 5:34AM
US Banks enjoyed more or less steadily climbing, or rather
soaring, deposits by Russian institutions and individuals, having
tripled in just two years to $21.6 billion by February, according to the
US Treasury.It may seem a bit counterintuitive that in times of ZIRP anyone would put any money in any US banks, and it may seem even more counterintuitive that Russians who have other opportunities with their money would voluntarily subject themselves to the Fed’s financial repression.
But from the Russian point of view, earning near-zero interest on their deposits in the US and losing money slowly to inflation must have seemed preferable to what they thought might happen to their money in Mother Russia. Money that isn’t nailed down has been fleeing Russia for years, even if it ends up in places like Cyprus where much of it sank into the cesspool of corruption that were the Cypriot banks, which finally collapsed and took that Russian money down with them. By comparison, the US must have seemed like a decent place to stash some liquid billions.
But in March, the Ukrainian debacle burst into the foreground with Russia’s annexation of Crimea, which wasn’t very well received in the West. The US and European governments rallied to the cause, and after vociferously clamoring for a sanction spiral, they actually imposed some sanctions, ineffectual or not, that included blacklisting some Russian oligarchs and their moolah.
So in March, without waiting for the sanction spiral to kick in, Russians yanked their moolah out of US banks. Deposits by Russians in US banks suddenly plunged from $21.6 billion to $8.4 billion. They yanked out 61% of their deposits in just one month! They'd learned their lesson in Cyprus the hard way: get your money out while you still can before it gets confiscated.
They certainly didn’t wait long to move the bulk of their money to other jurisdictions, those they believe perhaps erroneously to be beyond the reach of the long and sinewy arm of the US government.
Will Russians bring their deposits in US banks to zero? The Treasury will publish the April numbers in a few weeks, but zero seems unlikely because they’ll need some pocket money to operate in the US.
Is this Russian run on American banks going to cause the collapse of the US financial system? Or at least of a bank? Or at the very least make that bank shudder at its foundations? Um.... These $21.6 billion in deposits represent about 1% of the nearly $2 trillion in foreign non-negotiable deposits at US banks and an even more minuscule share of domestic deposits, some of which end up parked at the Fed as excess reserves. Heck, the Fed, in its infinite wisdom, printed $4 trillion over the last five years, so that measly $21.6 billion isn’t even a rounding error on that scale.
Not that these sanctions are working all that well. Despite moves by the West to isolate Russia, ExxonMobil, BP, Total, and other oil majors are doubling down in Russia; they just signed mega-contracts with state-owned Russian oil companies – sanctions be damned. Read.... Exxon, BP Defy Obama; Extend Partnership with Russia
https://urldefense.proofpoint.com/v1/url?u=http://radiorecast.com/ktalk/archive/Mills_Crenshaw/2014%25200529%2520JULIE%2520ROW%2520A%2520PROFOUNF%2520NEAR%2520DEATH%2520EXPERANCE.mp3&k=wlPCrglRP6kzT4RbABWMaw%3D%3D%0A&r=vg%2Bld9XlHEuA9PCXfzVuvB5uewBKSQvInyDnCWw1sV0%3D%0A&m=zC8T3L6NS6hARUh75m0JEtoVoRi5Iy6CVwGwM5CqiDI%3D%0A&s=c340f06c423d05bc6bca09b60bcb50804b13dac015bc892d498614cbdd0e2719 I think you will enjoy this Brother Wood. I don't know how else to share it with you. Dora
ReplyDeleteActually, Brother Wood posted this a few days ago. I listened to the whole thing and was amazed. It's definitely worth listening to. I've read and thoroughly enjoyed Visions of Glory, but it focuses so much on Spencer's potential future missions and experiences that it doesn't quite give much of a glimpse about what's happening elsewhere, since it's so personal to him. Sister Rowe, however, gave some tidbits about what the remaining refugees will be experiencing, though of course, not in great detail, particularly with tent cities, cities of refuge, and cities of light (Oh how I hope that I will be worthy and willing to accept and fulfill a call to leave my worldly possessions behind or consecrate them all to the work, as needed - but my faith has never been tested to that degree). BUT, I especially loved her description of Adam, Noah, the founding fathers, Columbus and the like. You truly get the sense that NOTHING great and important happens on this earth without our Heavenly Father's inspiration and involvement. I'm always a little nervous about accepting these things that don't come directly through the prophets for the fear that some false doctrines and false prophesies might be mixed in, but I believe such visions are consistent with Joel 2:28 and from listening to her I felt that what she said was very consistent with the end-time visions of Isaiah (especially as interpreted by Avraham Gileadi on his analytical commentary of Isaiah). She is clearly a very intelligent woman who is well versed in the doctrine, and I felt edified as I listened to her. I think I'll buy her book as well to check out what else she has to say. And for sure, I'll be hastening my temporal and spiritual preparations as well.
DeleteBy the way, IRAQ, I've never posted here, but I love your blog. I don't know about timing, and such, but I agree with you 100% that we are seeing the scenarios playing out before our eyes and we have MULTIPLE witnesses that this is true. Though our leaders aren't specifically calling out Gadiantons or screaming conspiracy (by the way, I don't believe that that is their role), I personally sense urgency from them. Elder M. Russell Ballard spoke to our area (Kansas City, MO) in November 2013 and was VERY clear that the time of being just a casual member of the Church of Jesus Christ is over. He didn't say this next thing, but it is clear that we are soldiers in a war and the hottest fighting is near.
This evening I was speaking with one of my very non-LDS inmates. He claimed that his daughter is a military police officer and they are / have been training to quell domestic rebellion / revolution / rioting. He also said his daughter informed him that the military bases are equipped with several years worth of food and can go into a total lock down for years at a time.
ReplyDeleteWhen I told my mostly apolitical wife about that, her comment was to the effect of "That means the government will probably introduce some program or policy that will set things off and justify the military involvement."
Many people from many backgrounds and faith systems are feeling ominous things are afoot.