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Bank Runs Are Beginning

Written by Gary North on December 8, 2011

The banks of Italy and Spin escalated their borrowing from the European Central Bank in November.

Italian banks had to borrow 153.2 billion euros in emergency liquidity from the ECB in November, up from 111.3 billion euros at the end of October, Bank of Italy data showed, another big leap in reliance on the central bank which has almost quadrupled since June, when Italian lenders took 41.3 billion euros.

This indicates that bank runs are in progress. The financial press does not use the words “bank runs,” but “emergency liquidity” points to the problem. Depositors are pulling money out of Spanish and Italian banks and depositing it in German banks.

On November 30, the Federal Reserve and five other central banks announced a co-ordinated plan to make foreign currencies available at low rates to European banks or any other borrowers. Result:

Euro zone banks took more than $50 billion in the ECB’s first dollar funding operation since the world’s leading central banks agreed last week to cut their cost, five times the $10 billion forecast in a Reuters poll of money market traders.

This is accelerating so rapidly that money market traders — the most sophisticated traders on earth — have been caught flat-footed.

This indicates that the credit system in Europe is unraveling fast. Nevertheless,  the ECB is resisting any announcement of loosening of money to support of PIIGS governments. It is willing to help banks from collapsing. I think this is what we can expect from now on.

 

Continue Reading on www.reuters.com

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2 thoughts on “Bank Runs Are Beginning

  1. Luke 10:18And he said unto them, I beheld Satan as lightning fall from heaven.
    In ancient Hebrew the word for lightning is barack, the word for heaven or the
    heights is bama and to connect the words either an “a” or an “o” is used.

    2 Thessalonians 2:3 (King James Version)
    3Let no man deceive you by any means: for that day shall not come, except there
    come a falling away first, and that man of sin be revealed, the son of perdition;

    Political Correctness a term first seen in Mao’s Little Red Book, a communist engendered abomination that is instituting censorship little by little.

    “If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter.”- George Washington

    Carl Marx, once wrote that, the goal of the Communists was to quote,. “enter into men’s minds and cast God down from his throne.”

    Matthew 12:31Wherefore I say unto you, All manner of sin and blasphemy shall be forgiven unto men: but the blasphemy against the Holy Ghost shall not be forgiven unto men.

     

    In ancient Babylon their economy was based on usury.
    “If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
    Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
    Usury is unlawful; expressly prohibited by GOD!
     Article 1 Section 8 of the U.S. Constitution clearly states that only the Congress can print and coin money! 

    The Federal Reserve Act of 1913 was slipped thru congress during the Christmas break with the majority of it’s members absent. 

    The Federal Reserve is self serving and privately owned in violation to the Constitution, charging interest on illegally printed money. Money printed from nothing!
    In America On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. Five months later A UNITED STATES PRESIDENT, PRESIDENT JOHN F. KENNEDY was MURDERED BY COMMUNIST!
    “If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest. Exodus 22:25
    Hath given forth upon usury, and hath taken increase: shall he then live? he shall not live: he hath done all these abominations; he shall surely die; his blood shall be upon him. Ezekiel 18:13
    Usury is unlawful; expressly prohibited by GOD!
     
     
    In ancient Babylon their priest sacrificed babies to their gods baal, and molech.  
    In America the communist under their socialist programs have sacrificed over 50 million American babies to their god satan!
    Leviticus 20:2-5
    2Again, thou shalt say to the children of Israel , Whosoever he be of the children of Israel , or of the strangers that sojourn in Israel , that giveth any of his seed unto Molech; he shall surely be put to death: the people of the land shall stone him with stones.
    3And I will set my face against that man, and will cut him off from among his people; because he hath given of his seed unto Molech, to defile my sanctuary, and to profane my holy name.
    4And if the people of the land do any ways hide their eyes from the man, when he giveth of his seed unto Molech, and kill him not:
    5Then I will set my face against that man, and against his family, and will cut him off, and all that go a whoring after him, to commit whoredom with Molech, from among their people.
     
    Luke 22:35-36 Then Jesus asked them, “When I sent you without purse, bag or sandals, did you lack anything?” “Nothing,” they answered. 36 He said to them, “But now if you have a purse, take it, and also a bag; and if you don’t have a sword, sell your cloak and buy one.
     
     
    Jeremiah 50:16Cut off the sower from Babylon, and him that handleth the SICKLE in the time of harvest: for fear of the oppressing sword they shall turn every one to his people, and they shall flee every one to his own land.
    Jeremiah 50:23How is the HAMMER OF THE WHOLE EARTH CUT ASUNDER AND BROKEN! how is Babylon become a desolation among the nations!
    BABYLON = the HAMMER and SICKLE!
     
     
    Jeremiah 50:14 “ Put yourselves in array against Babylon all around, All you who bend the bow; Shoot at her, spare no arrows, For she has sinned against the LORD.

    All nations compassed me about: but in the name of the LORD will I destroy them. Psalm 118:10

     

    “The thing that separates the American Christian from every other person on earth is the fact that he would rather die on his feet, than live on his knees!”. George Washington

    “NO KING BUT KING JESUS!”
            

     

  2. I guess timmy ( the sky is falling ) geithner was a good teacher.