Monday, June 6, 2011

Rattlesnakes and Kale

Greek Household Bank Deposits Drop By $3.5 Billion In April, As The "Central Government" Withdraws Another $4.3 Billlion

Tyler Durden's picture

While Greece may or may not receive Bailout #2 "any minute now", Greek depositors refuse to wait for the resolution. In April, bank deposits declined for the 4th consecutive month according to the central bank, a 1.2% decline M/M. From Reuters: "Bank of Greece data showed deposits fell to 196.8 billion euros ($288.2 billion) from 199.2 billion in March. A shrinking deposit base has added to the strains of Greek banks, which have become reliant on ECB funding for their liquidity needs as access to wholesale funding remains mostly shut on sovereign debt concerns. Deposits have shrunk by about 13 billion euros since the beginning of the year. In 2010, they contracted by 29.1 billion euros or 12.2 percent." In addition to the Reuters breakdown, a look at the source data indicates that overall deposits held by "Domestic Residents" dropped by €5.4 billion: the culprit was the Central Government which withdrew €3.1 billion in April, bringing the total from €14.3 billion to €11.3 billion. As usual, the best real-time proxy, if not completely accurate, to gauge the flow of capital in/out of Greek banks is to keep an eye out on the EURCHF. Today, it is a little higher. Over the past year, it is, well, not...

by Yardfarmer
Mon, 06/06/2011 - 12:11

could it be that the corporate media spotlight presently focused so intensely and inexorably on the Eurozone disaster serves also as a convenient misdirection from the colossal economic earthquake facing the largest world economy. it's easy to forget that the US percentage of debt to GDP is remarkably similar to these once sovereign nations now being picked apart by the purveyors of CDS and other financial derivative instruments, and we can already discern in rather bold relief the no longer vague outlines of ultimate US national, state and municipal insolvency. a financial system geared to maximizing profits through asset stripping and corporate plunder has been the dominant economic paradigm for decades internationally. obviously the dominant financial sector decoupled from any real relation to the exchange of goods and services, with a present share of GDP in the range of 40%, the obscene manipulated rigged bond sales by the Federal Reserve, and the massive expropriative consolidation of equities in the hands of a few megalithic corporate and financial interests are all designed to undermine and destroy economies world wide in a phased transition to centralized control by the financial elites and oligarchs. no wonder there is such a pervasive flight of capital from banks, and equities and given the growing lack of real confidence in such institutions, it will soon become the norm rather than the exception. anticipating the kind of social upheaval that is being experienced across the Eurozone and stealthily and not so incrementally afflicting our own decimated economy. my own personal assets are in cash and precious metals. i have left the urban environment i have lived in for the past 50 years and am presently in a location where i had to challenge a rattlesnake to pick some excellent Kale from one of the many garden areas i have clawed out of rugged hillsides. extreme times demand extreme measures.

1 comment:

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