The End is Near!

2013 January 18
by drdog09

Well maybe not that cryptic. Besides its so shop worn it is almost anticlimactic. But when the shoe fits…..

National Bank of Greece SA, the country’s biggest lender, needs to raise 9.8 billion euros, according to an e-­?mailed report by the Athens-­?based Bank of Greece (TELL) today. Eurobank Ergasias SA (EUROB) needs 5.8 billion euros, Alpha Bank (ALPHA) needs 4.6 billion euros and Piraeus Bank SA (TPEIR) needs 7.3 billion euros, according to the report. Total recapitalization needs for the country’s banking sector amount to 40.5 billion euros, the report said.

source: bloomberg.

The above articles tell us point blank that Europe’s banking crisis is neither fixed nor even close to over. However, the numbers need some perspective: sure, €27.5 billion sounds like a lot of money, but just how big is it relative to Greece’s banks.

The entire capital base of the Greek banking system is only €22 billion.

By saying that Greek banks need €27.5 billion Greece is essentially admitting that is needs to recapitalize its entire banking system. Also, you should know that Greek banks are still sitting on €46.8 billion in bad loans.

There is a word for a banking system with a capital base of €22 billion and bad loans of €46.8. It’s INSOLVENT.

Source: Gains Pains & Capital newsletter

We also have this going on —

But the biggest news of the day comes from the official Buba announcement that, in its official capacity as a prudent central bank, it – as first of many – is looking to repatriate some 300 tons of gold from the New York Fed. That, however, is not today’s news – that was Monday’s news.

What is news is that courtesy of the supplied calendar of events in the Buba statement, it will take the Fed some seven years to procure Germany’s 300 tons of gold. This is the same Fed that, in its own words, holds some “216 million troy ounces of gold” or some 6720 tons, in its vault 80 feet below ground level.

Putting the above in perspective, the amount of gold that Germany will have to wait 7 years for is shown in red. The amount of gold the Fed supposedly holds, is shown in yellow with a shade of tungsten. Why it will take the Fed 7 years to part with an amount of gold that is less than 5% of its total holdings is anyone’s guess…


By the way, Netherlands is also considering asking for their gold back as well.

Now it is interesting that it will take 7 years to get the gold back to Germany. That probably ought to be looked into. But that is the needle. Take a look at the haystack. Why would the Germans want their gold back? Lack of trust is why. One central bank is not trusting another central bank with assets. Sounds like the govt to govt version of a bank run to me and we know how those go.

The fact that the Greek national bank needs capital infusions higher than their total deposits means insolvency. But this not just any bank going bust. This is the Greek central bank going bust. Short for Greece the nation is bust.

We can probably expect more countries to ask for their gold back in the near term. In the long term I suspect that this is the opening salvo in watching the globalist dream start to unravel.

44 Responses leave one →
  1. 2013 January 18 6:05 am
    Mr Evilwrench permalink

    Seven years? Sounds like there’s no “there” there. Vaporware gold they’ve sold to investors. I wonder if I have some of it 🙂

  2. 2013 January 18 6:22 am
    justrand permalink

    hmmm…maybe the Fed is going to ask Lord Obama to confiscate all gold in private hands! But THAT could NEVER happen…right??

    April 5, 1933, Executive Order 6102 by U.S. President Franklin D. Roosevelt:
    Forbids the hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States. The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.

    what is it with Democrat Residents of the White House, eh?

  3. 2013 January 18 6:28 am
    TLS permalink

    Sounds like the crime drama where the rich guy insures his expensive, rare (diamonds, coins, fill in the blank) for millions and then they are stolen. No one has ever seen the rare, expensive item because the guy is rich and everybody knows he’s rich, so they trust his good reputation. Except he never had the insured items, he was actually bankrupt and is committing insurance fraud. Oh, and it’s a crime drama because somebody knew and they die. Wonder who dies in this version?!?!

  4. 2013 January 18 6:32 am
    justrand permalink

    I commented in #36 on the previous thread about articles like this “coincidentally” all coming out together (from NY Times, WaPo, A/P, et al):

    The sudden theme from the Left: “Relax…enjoy the bread & circuses…all is well!”

  5. 2013 January 18 6:53 am
    drdog09 permalink


    It is becoming clear that the revolution is going to have some strange bedfellows. Wikileaks, anonymous for intelligence. Logistics provided by the populace at large. National Guard units picking sides. Even the occupy movement might become aligned. Strange indeed.

  6. 2013 January 18 7:05 am

    I can confirm that in 1999 there was gold in that NYFed vault, piles of it, back then you could tour it, unlike the movies though while it all sat in various different cages they were not labeled by country or anything.
    Seven years to return a 300 tons though? da fuk is that about?
    Either the Germans should be livid, or it’s all just a PR game to benefit Merkel domestically.

  7. 2013 January 18 7:08 am
    Wylie E. Coyote permalink

    “Yes, the NRA is a FRAUD ! … Sun, 04/12/2009 – 22:18 … With over 30,000 gun laws on the books … the NRA has successfully reversed 2 (partially) pieces of gun legislation. I would give you the batting average of that ratio, but my calculator only goes to the 6th negative decimal. Having a membership of 3.5 MILLION, 550 employees, hundreds of thousands of volunteers and an annual budget of over $120 MILLION…based on their track record…I CALL THAT FRAUD! … The NRA not only compromises, but they help write almost every piece of anti-gun legislation, just to generate donations. Gun Owners of America and Jews for the Preservation of Firearms Ownership are the only way to go.”

    Once again the NRA has performed incompetently. Instead of using its “bully pulpit” to point out the horrors of these shootings and the substantive questions behind them never answered in official reports, the NRA has rerouted the dialogue into one that demands yet more government involvement”–Is-It

  8. 2013 January 18 7:09 am

    ” Wonder who dies in this version?”

    Perhaps whatever shreds were left of US creditability.

    BTW Eurozone issues…hey lets just print more euros… I mean the American’s are doing it, why not us! 😉

  9. 2013 January 18 7:10 am
    justrand permalink

    TLS, there was an old movie with that same theme…bank robbers are at their hideout counting the money they stole and realize they have stolen $1 million!! They’re happy until the radio reports they stole $2 million! Huh? They quickly realize the Bank Manager either stole the other $1 million…or never had it to begin with!

    Flim flam, eh?

  10. 2013 January 18 7:26 am


  11. 2013 January 18 7:30 am

    No. it isn’t.The left would love to splinter the NRA by making Mcarthyite charges,let’s not help them do it. Jon stewart is a lefty of the first water.

  12. 2013 January 18 7:30 am

    Way OT: Thought it was interesting, wonder if more companies will do this in the future.

  13. 2013 January 18 7:50 am
    drdog09 permalink


    Several already are — Several other companies now direct customers to third party 3D print houses for parts. Its cheaper than retaining tooling and and warehouse stocking.

  14. 2013 January 18 7:57 am
    drdog09 permalink

    BTW Eurozone issues…hey lets just print more euros… I mean the American’s are doing it, why not us! 😉 — KH

    They could, but we have something that the Euros don’ t have — Treasury. Their ECB is not like our Treasury and they totally lack a Fed. We play a little game. Fed issue $$ at the window that the prime banks acquire at near 0% interest rates. The primes then in turn take that money and buy TBills that yield 2-3%. Its really stupid. But there is a consequence — the newly printed money does not really go into general circulation. It gets buried right back into the govt’s back pocket.

    The Euros should they print money, it would all go into direct circulation. Bam! Pizza slices now cost twice as much.

  15. 2013 January 18 8:14 am

    A West Point think tank has issued a paper warning America about “far right” groups such as the “anti-federalist” movement, which supports “civil activism, individual freedoms and self-government.”

    The report issued this week by the Combating Terrorism Center at the U.S. Military Academy at West Point, N.Y., is titled “Challengers from the Sidelines: Understanding America’s Violent Far-Right.”

    The center — part of the institution where men and women are molded into Army officers — posted the report Tuesday. It lumps limited government activists with three movements it identifies as “a racist/white supremacy movement, an anti-federalist movement and a fundamentalist movement.”

    The West Point center typically focuses reports on al Qaeda and other Islamic extremists attempting to gain power in Asia, the Middle East and Africa through violence.


    I’m sure that was valuable time spent on the taxpayers dime. :roll:

  16. 2013 January 18 8:20 am

    They could always just create one out of thin air I mean it’s all bullsh1t anyway why not add another layer. 😉

    “We play a little game.” – I know the game, wish I was a TBTF bank that had access to it… at least for as long as it lasts.

  17. 2013 January 18 8:29 am
    justrand permalink

    why 7 years??????? Here’s why!

    after waiting patiently in the lonnnnng line for the next teller in the “Gold Withdrawal” line at the Fed, Angela Merkel finally gets to see the teller…

    Angela Merkel: “Hi, I’m Angela Merkel, and I’m here to withdraw some gold.”
    Teller: “Certainly…do you have your passbook with you??”
    Angela Merkel: “Passbook? What’s that??”
    Teller: “It’s a little book with a piece of string that holds it closed…it shows when the gold was deposited, withdrawn, etc.”
    Angela Merkel: ” WHAT? I’m Chancellor of GERMANY!!! I demand my gold!”
    Teller: “No need to get upset Ms. Merkel. Let me see if I can find the information for you!”
    …[disappears into back room…returns 3 hours later with a dusty ledger]…
    Teller: “Let’s see…ah yes…Germany. You have quite a bit of gold here, Mr. Brandt.”
    Angela Merkel: “Who?? “
    Teller: “Willie Brandt…HE is Chancellor of Germany, and HE deposited the gold! You’re NOT him…are you?” [Teller motions for Security]
    Angela Merkel: “Willie Brandt is DEAD! I AM Chancellor…and I demand the gold!”
    Teller: “Excuse me, MA’AM…but other countries are waiting. You’ll just have to get us some docmentation showing that Mr. Brandt willed the gold to you…and then we can release it.”
    Angela Merkel: “But he didn’t ‘Will’ the gold to me…it belongs to our country, you twit!”
    Teller: “Ms. Merkel, is it? Why don’t you go with this nice man from Security, and perhaps he can help sort this out? NEXT in line!”
    Angela Merkel: “But…but…”

    Poor Angela…we can do this for AT LEAST 7 years! 🙂

  18. 2013 January 18 8:57 am
    Mr Evilwrench permalink

    Could someone list for me the incidents of violence from the right in this country, far or not? Shouldn’t take long. I’m too lazy and drunk for serious research right now, and I still have to fix the water heater.

  19. 2013 January 18 9:16 am
    drdog09 permalink

    That CTC report is right here —

    And the thing is trash. Just skimming the exec summary the author is equating Christian Fundamentalism with Aryan Nation. I mean really.

    Further observations here —

  20. 2013 January 18 9:50 am
    drdog09 permalink

    An interesting discourse between the public and some sheriffs — — Here’s the `nut` — “I don’t see any sheriff going house to house taking weapons,” said Winders. “Folks, there’s more people here than I got deputies. I’m going to tell you that.”

  21. 2013 January 18 10:39 am
    justrand permalink

    drdog, just scrolling quickly through the comments from your link in comment #21, I found these two gems:

    If you have a sheriff who says rights are not absolute, it’s time to get a new sheriff.

    and this was my favorite:
    I do think the Sheriffs (and other leaders at the meeting) were surprised at the enormous turnout. I think it scared them a little bit. I hope so.

    Amen brother!

  22. 2013 January 18 11:43 am

    It won’t be the sheriffs, it will be obammers homeland security brown shirts.

  23. 2013 January 18 12:54 pm
    justrand permalink

    IP: “It won’t be the sheriffs, it will be obammers homeland security brown shirts.”

    I sure hope so! 🙂

  24. 2013 January 18 1:03 pm
    Mr Evilwrench permalink

    I could do with a UMP40 or ten.

  25. 2013 January 18 1:38 pm
    bc3b permalink

    Ann Coulter, whom I have not had a lot of respect for lately, made an interesting statement Monday night:

    Ann Coulter visited Sean Hannity‘s show Monday night to discuss President Obama‘s recent cabinet picks, as well as his possible actions on gun control. Coulter said she had just come back from England where they have “not bought into” the “diversity enthusiasm” of the States. “The liberals,” Coulter claimed, are “pushing and pushing and pushing” to have more mass murderers of color.

    “If you compare white populations, we have the same murder rate as Belgium,” Coulter said. “So perhaps it’s not a gun problem, it’s a demographic problem.”

    She is probably right or close to right.


  26. 2013 January 18 2:22 pm


  27. 2013 January 18 3:10 pm
    JustMary permalink

    Question- does anyone think this will be a slow crash, or an overnight thing where we wake up to a massive financial crisis? Bank holiday, etc…

  28. 2013 January 18 3:38 pm
    bc3b permalink

    KH #16 and drdog07 #20- West Point study comes as no surprise. A significant percentage of field grade officers are flaming liberals. In fact, they were 30+ years ago when I was in the Air Force.

  29. 2013 January 18 4:03 pm

    #28 – I think the aim is for a slow crash, but not all plans survive contact. 😉

  30. 2013 January 18 4:14 pm
    drdog09 permalink


    Sad. I am only a third of a way thu this trash. But I have done some background checks. Arie Perliger’s major and professional CV? Sociology, but see for yourself — . He’s an egghead. Not served in the military one bit. How does anybody get to that level without military experience and teach at WP? Especially in this particular field of responsibility? Allen West is more qualified.

  31. 2013 January 18 4:29 pm
    drdog09 permalink


    Alot depends on the trigger event. If its just a slow degrade its like KH says. Just everything slows down. Japan has experienced that the last 15 years or so. The other is a very visible trigger where everyone sees the jig is up and attempts to make it to the exits. The crash of ’29 for example. Alot will depend on the psychology of the country too. But the run on guns to me is a leading indicator that people are thinking bad times are ahead. Just reflect, when the first AW Ban went into effect there was not a big run on guns like this time.

    Was listening to Levin on the way home. If GAAP principles were applied to the federal budget then our deficit is not $1.6Tn but $7Tn. He was quoting someone from shadowstats. I still believe that we have a crash like situation. The Chinese refuse to buy any more TBills and the Feds can’t buy enough to cover the shortage. Something like that.

  32. 2013 January 18 4:37 pm
    drdog09 permalink

  33. 2013 January 18 5:19 pm
    drdog09 permalink

    A plane passed through a severe storm. The turbulence was awful, and things went from bad to worse when one wing was struck by lightning.

    One woman lost it completely.

    She stood up in the front of the plane and screamed, ‘I’m too young to die,’ she cried.
    Then she yelled, ‘If I’m going to die, I want my last minutes on earth to be memorable! Is there anyone on this plane who can make me feel like a WOMAN?’

    For a moment, there was silence. Everyone stared at the desperate woman in the front of the plane. Then the man from Australia stood up in the rear of the plane.

    He was handsome, tall, well built, with dark brown hair and hazel eyes. Slowly, he started to walk up the aisle, unbuttoning his shirt as he went, one button at a time. No one moved. He removed his shirt. Muscles rippled across his chest. She gasped…

    Then, he spoke…

    ‘Iron this — and then get me a beer.’

    Hey, he’s Australian, OK??

  34. 2013 January 18 6:08 pm

    32 – They’re already buying what like 78% each month, and some of that remaining 20% is the game previously mentioned right? The jig really should be up already. :roll:

  35. 2013 January 18 6:11 pm

    Hilarious. People like you mayor are the cause so don’t start bitching when it happens.

  36. 2013 January 18 6:13 pm
    bc3b permalink

    18 hours until hockey!!!

  37. 2013 January 18 7:07 pm
    JustMary permalink

    #34 LOL

  38. 2013 January 18 7:08 pm
    JustMary permalink

    #32 I think it happens fast, whatever it is. I think they expect it to, which is why they want the guns.

  39. 2013 January 18 7:12 pm

    #33 – No I hadn’t but it not a surprise.

  40. 2013 January 18 7:15 pm
    gnqanq permalink

    JM – I believe the crash could take some time. Like a plane in descent. BUT when the final crash comes, it will be in 24 to 72 hours.

    I remember reading one example that gave it 24 hours. In that scenario, all of the important people & politicians will disappear. That will be your first clue (probably in hindsight), they will be no where to be found. Also, most likely on a Friday as it might buy them some extra time over the weekend as people wait to find out what is going on which wont happen to the first of the week (what normal people would expect to happen). Come Monday after the crash – no one of any real importance will be around to explain what is going on.

    JR – for that/those sheriff(s), let them come home to a butchered family as to realize they screwed up. You can not be at work and at the same time at home protecting your family. Something has to give.

  41. 2013 January 18 7:19 pm

  42. 2013 January 19 7:47 am
    justrand permalink

    wait…WHAT??? Mayor Nagin is corrupt??????

    (though, in fairness, it IS a surprise that he was indicted)

  43. 2013 January 19 8:27 am

    It will be a greater surprise if he is convicted.

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