The Endgame Is Being Played Out: World ‘Plunges Into Currency War’, Economy Underperforming Again, US Banks Shaken By Biggest Deposit Withdrawals Since 9/11… The Collapse Will Begin!

Warning to all investors. Reread Buffett’s warning: “There will be another bubble leading to a huge recession … I guarantee it.” But worse, this time, global macroeconomic trends threaten no-growth recovery, a long bear market, and long-term austerity. Start planning now.

CNNMoney: Banks Are Shutting Down More Branches Than They Open

America’s banks closed more branches than they opened last year, the result of government regulation, consolidation and the digital revolution.

Some of the most aggressive banks in shuttering branches were also some of the largest. They included Bank of America, Capital One, Wells Fargo, PNC, Citi and BB&T.

“All the costs are regulation are pressing on banks as a whole, and with a low interest rate environment it’s harder and harder to make money,” Nancy Bush, contributing editor at SNL Financial, the research firm that produced the closure report, told CNNMoney.

… BofA closed the most branches, 256, while opening only 12 last year, according to CNNMoney. Wells Fargo closed 80 while opening 19, PNC shut 82 while opening 32 and M&T closed 51 while opening 3.

“We will never have a branch-free banking industry, it’s just that they’re going to be more concentrated and less present in non-urban markets,” Bush predicted.

…
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Businessweek: World ‘Plunges Into Currency War’

Many government officials around the world are concerned that massive monetary easing in numerous nations is sparking a global currency war.

Governments from Germany, to Russia, to Brazil, to Thailand have expressed worry that the world is plunging into a currency war, Bloomberg Businessweek reports.

The current focus is on Japan, where the central bank this week announced it would increase its quantitative easing and also set a target of 2 percent for inflation.

Before the Bank of Japan even revealed its policy, Bundesbank President Jens Weidmann warned Japan against politicization of monetary policy that would lead to a weaker yen.

“A consequence [of government pressure to ease], whether intended or not, could lead to an increasingly politicized exchange rate. Until now, the international monetary system has come through the crisis without a race to devaluation, and I really hope that it stays that way.”

GOLD BANK RUN ACCELERATING: First Venezuela, Then Germany, The Netherlands, And Now Switzerland Want Their Gold Back!! Bundesbank: ‘The Gold Repatriation Is – Without Doubt- “Preemptive” In Case A “Currency Crisis” Hits The European Monetary Union.’ Every Other Bank, Corporation, And Individual Will Scramble To Recover Their Own Gold Located In Some Vault In London, New York, or Paris…

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US banks shaken by biggest deposit withdrawals since 9/11

US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.

The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves.

http://rt.com/business/news/us-major-deposit-withdrawal-740/

Mystery: $114 billion withdrawn from banks

More than $114 billion has been withdrawn from the nation’s biggest banks in the first full week of January, and industry analysts are struggling to understand why.

Read more: http://www.washingtontimes.com/news/2013/jan/24/mystery-114-billion-withdrawn-banks/#ixzz2J0w5HEir

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