(Before It's News)
The Age of Consequences
Bad banking practices have been going on for a long time, perhaps millennia but never has there been a time when so many have been exposed to the public eye. We have long considered Politicians somewhat less than honest but they continue at the helm of society. But again, never have so many dishonest politicians or their practices been so exposed. We do live in an age of consequences now and we do expect it to continue. What are the results of this in the financial world? Distrust, doubt, increasing regulation but worst of all declining confidence is spreading across the world in the developed world’s attitudes and practices. If these revelations keep on coming then the description, moral turpitude would well describe the ways of the West. Hopefully alarm bells are ringing in the right quarters and action is being taken, or is it?
What is a very visible consequence is the rising trust in gold as a wealth protector and counter to the depredation of the developed world. The advantage that the emerging world has is that they never trusted their investments to ‘the system’ before and are now seeing why they are right not to do so. One of gold and silver, for that matter, is that they are outside the system of obligations by government [such as currencies are bound by]. Once in your hand you alone control it. That is, of course unless the financial situation governments find themselves in becomes dire, then they are inclined towards following President Roosevelt in 1933 and confiscate their citizens gold. Many ridicule that possibility.
Banks sell customer’s gold!
A sobering example of just how government, the banking system and citizens can end up against each other over gold came today, when we saw the report that Vietnam's central bank has stopped banks selling gold deposited by customers and using the funds for loans or for converting into foreign currencies, partly to help take downward pressure off the dong. It is also concerned that, if the value of gold continues to soar, banks could suffer heavy losses when they have to buy gold back to repay depositors.
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