Cyprus – a Wakeup Call – Rethinking Money

The setup for the video below reads:  “In this documentary we have tried to capture the thoughts and feelings of Cyprus residents after their bank accounts were frozen in March 2013. We've also asked them to think about alternative ways to see and use money. We'd like to thank them for their participation.

We believe everyone should have the right to choose their own currency.” (More, video below.)

Source: GoldMoney and Bitcoin via YouTube
http://www.youtube.com/watch?v=mGGlYnxSFWM&feature=player_embedded

Produced by:
http://www.goldmoneyfoundation.com
http://www.bitcoinmagazine.com

GGR comment:  We have no opinion about Bitcoin, but as we have already mentioned, the people of Cyprus who held their wealth in gold coin or bullion, outside the banking system, were unharmed by the government confiscation of bank deposits. 

All over Europe the people now know beyond a shadow of doubt what ECB president Mario Draghi’s comment, “whatever it takes to preserve the Euro,” means.  It means simply and certainly that their bank deposits are not safe. 

All over Europe people are making plans to remove a part of their wealth to other jurisdictions they perceive to be safer than their corner of the E.U.  The problem, of course, is that if a global banking crisis occurs, it is not the jurisdiction that matters.  What matters is how much of one’s wealth is exposed to government confiscation in order to “save” a rotten system of debt-based fiat currency, financial repression and unsustainable amounts of public debt.

With the Bank of Japan moving to attempt to force inflation in an economy with debt exceeding 20 times her annual tax revenues, reportedly one quadrillion yen (1,000 trillion yen), people all over the world – in any jurisdiction – should be thinking in terms of securing a portion of their wealth in gold and silver bullion, outside the banking system.  For peace of mind, as a matter of fiduciary prudence and as a matter of personal safety.

Japan could very well end up being the last snowflake to land before a global systemic banking and sovereign debt avalanche results in utter annihilation of confidence in all fiat currencies. 

Got gold? 

(Thanks to Chris Powell for the link to the video.)

2013-04-07 08:48:51

Source: http://www.gotgoldreport.com/2013/04/cyprus-a-wakeup-call-rethinking-money.html