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Argentina is Desperately Curbing Bank Runs on the Greenback

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posted on Jun, 8 2012 @ 07:38 PM
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Argentine banks have seen a third of their U.S. dollar deposits withdrawn since November as savers chase greenbacks in response to stiffening foreign exchange restrictions, local banking sources said on Friday.

....

Many are taking what dollars they can get their hands on and stashing them under the mattress or in safety deposit boxes, fearing moves by the government to forcibly "de-dollarize" the economy. Officials have strongly denied any such plan.

The president's battle to slow capital flight and fatten the central bank reserves needed to pay the public debt has prompted even tighter controls in recent weeks, making it almost impossible to buy dollars at the official rate. The effects have been felt throughout the South American country's economy.
Source

South America isn't immune to monetary devaluation either. As European banks are playing hopscotch with each others money to keep afloat, South America is reeling too.

The fall of the Greenback has brought much uncertainty in Argentina's own peso. In a desperate plight to provide sustainability through 2012, Argentina is forcing restrictions on the outflow of US dollars from their reserves. According to Reuters, "U.S. dollar deposits of Argentine banks fell 11.2 percent in the preceding three weeks to $11.5 billion, according to central bank data released on Friday."




posted on Jun, 8 2012 @ 08:19 PM
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just read this via Drudge. Maybe this is overly simplistic, but

any run to US dollars seems to me to be a good thing for Americans in general

all things considered. Even though Bernanke was clearly "unclear" about

further QE printing, the US will have to have QE4 and the world may just

soak up these additional dollars to capitalize banks and economies.

So perhaps our weak dollar will stabilize further - but at what expense???

On the other hand, the huge amount of derivative debt out there ($270 trillion?) could

sink us all.

edit on 6/8/2012 by drphilxr because: (no reason given)



posted on Jun, 8 2012 @ 09:07 PM
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reply to post by drphilxr
 


Actually it has been stated that it is close to 700 trillion of derivatives outstanding posted here Zerohedge. By the way things have been going lately we are walking a thin wire that is about to be plucked.



posted on Jun, 9 2012 @ 01:21 AM
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Its so crazy how these bastards do this type of scam of Usury and lending of money on interest:

Print up fake money on a piece of paper. Then simply by changing a number on the paper you assign that piece of paper different values, just dependent on what is printed on them.

Then using the whole economy based on fiat money, you place bets (derivatives), then you place bets on the bets (derivative of a derivative) and so on and so forth.

It is all false, a sham, and this is why the major religions of the world prohibited lending of money on interest because it leads to oppression and economic slavery, debt, depression etc..Why do you think the central banks hate true Islamic banks who charge Zero interest, because it prevents such practices

We are seeing it before our eyes



posted on Jun, 9 2012 @ 05:28 AM
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Originally posted by THE_PROFESSIONAL
Its so crazy how these bastards do this type of scam of Usury and lending of money on interest:

Print up fake money on a piece of paper. Then simply by changing a number on the paper you assign that piece of paper different values, just dependent on what is printed on them.

Then using the whole economy based on fiat money, you place bets (derivatives), then you place bets on the bets (derivative of a derivative) and so on and so forth.

It is all false, a sham, and this is why the major religions of the world prohibited lending of money on interest because it leads to oppression and economic slavery, debt, depression etc..Why do you think the central banks hate true Islamic banks who charge Zero interest, because it prevents such practices

We are seeing it before our eyes


Usury is not the problem; that exists under any financial system you devise. Usury is actually a very important part of our society and economy, because no one would take the risk to lend anyone anything unless they made a profit off it. Interest is not, in fact, creating fake money. You can have usury under gold-backed, fiat, whatever.

The problem is fractional reserve lending, which many people confuse with usury. THAT is the creating of fake money.



posted on Jun, 9 2012 @ 09:40 AM
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reply to post by 00nunya00
 


I think usury can be a problem when its excessive like a payday loan or high interest credit card, those imo are one of the biggest problems killing poor/low middle class people. The corps have been allowed to rape obcene profits by overcharging with what seems to be no compassion just greed.



posted on Jun, 9 2012 @ 09:46 AM
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Can't blame the Argentines...they've seen this before. I have friends down there and have read a little bit about what occurred. Wake up one morning only to learn their money has been revalued to be two thirds it was yesterday? The USD becomes a huge black market commodity and folks start paying more for dollars than they're worth on the street.

Geez - how bad could it be there that they are running for OUR money?!



posted on Jun, 9 2012 @ 09:57 AM
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as long as the USA dominates as the World Policeman...the (overvalued) USD will remain the money of choice and retain the 'safe haven' status....

according to the new US strategy... the whole world is in a battleground state...Drones are the new addition to imperial military might with mucho dollars flowing into the government factions which allow USA Drones & missiles to operate on their soil
edit on 9-6-2012 by St Udio because: fogot a R



posted on Jun, 9 2012 @ 12:25 PM
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Originally posted by drphilxr
just read this via Drudge. Maybe this is overly simplistic, but

any run to US dollars seems to me to be a good thing for Americans in general

all things considered. Even though Bernanke was clearly "unclear" about

further QE printing, the US will have to have QE4 and the world may just

soak up these additional dollars to capitalize banks and economies.

So perhaps our weak dollar will stabilize further - but at what expense???

On the other hand, the huge amount of derivative debt out there ($270 trillion?) could

sink us all.

We are already sunk. Too much growth and no responsible government to curtail it. We spend and use too much. We never pay down the debt. We constantly start wars to make money for a few people.

This is the final death throw of a failing society.


edit on 6/8/2012 by drphilxr because: (no reason given)



posted on Jun, 9 2012 @ 12:35 PM
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When has there not been a single monetary system besides the outward differences of name and material? Money is money is money. As the world realizes more and more what "value" is, the monetary system will continue to destabilize along with the Banker's Guard (government).



posted on Jun, 9 2012 @ 12:59 PM
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Originally posted by Dasher
When has there not been a single monetary system besides the outward differences of name and material? Money is money is money. As the world realizes more and more what "value" is, the monetary system will continue to destabilize along with the Banker's Guard (government).


That is sort of true, money as we know it is "debt." the Reserve notes, pesos etc. are actually IOU's. Money can only be something of actual value, gold, stones, shells, but paper promises to pay is not money - we've all been passing the buck for 100 years. That said, there is only one bank, each country and each company are different branches: with the exception of NK, Iran, Syria and Cuba which will all soon be told to forfeit their assets to the IMF and sign on or die.

The chief problem with the removal of the Fed Notes is they reduce the amount of "money" a country can borrow from the IMF, so the run hurts a lot.



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