Being able to get financing entirely from one’s central bank – at zero cost and without any outside constraint – is the dream of any spendthrift State... until bankruptcy (either by default or by hyperinflation).
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Since the two coalitions that won are euro-sceptic, very critical of the euro and against immigration, this means that 70% of Italians are dissatisfied with Rome and Brussels policies.
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The planet’s biggest hedge fund, Bridgewater, which manages more than $160 billion, just bet $22 billion on a decline of stocks in the banking sector and other large corporations.
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The stock markets are being shaken these days, indexes are in the red, and months of gains have disappeared in a few sessions... Are we witnessing a temporary correction or is this a deeper and lasting crisis? It’s too early to tell, and we’re not going to play the guessing game. However, if we step back a little, we can acknowledge a deeply changing financial landscape, a historical changeover: it has to do with interest rates.
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Clearly Europe is fragile – this is where one has to look for risks of price slips, sudden interest rates hikes, overblown balance sheets...
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Monetary tapering from the Fed and the ECB, blaringly announced in the media, are thus without any effect; they will not help in emerging from the lethargy of zero or negative rates.
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The French like to denounce American capitalism and mock its excesses and instability, especially in the financial sector. Nevertheless, when one looks at the data from the large banks on both sides of the Atlantic, it becomes clear that the most risk is actually with France.
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The ECB wants to prevent bank runs by allowing banks to block deposits and authorise limited withdrawals, like they did in Cyprus in March, 2013. According to the institution, the deposit protection scheme is no longer necessary.
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With Bitcoin, more and more people are questioning what real money is and, slowly, the whole world will jump in, and gold will benefit from it. And that is good news.
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Stuck in its own petard, the ECB doesn’t believe in a vigorous and durable economic recovery anymore – the only thing that would allow it, as well as over-indebted countries, to fall back on their feet.
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“Europe’s bank sector has grown too big and may need to shrink, possibly through mergers or failures (...) many banks in the euro area do not earn their cost of capital.” In other words, they are zombie banks, bankrupt and only kept alive by the liquidity flowing from the ECB.
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We seldom hear about the risk of a major financial crisis if rates were to rise – almost never within the official networks and mainstream media. One has to listen to independent “marginal” economists outside the banks or universities, such as our own Egon von Greyerz, or Olivier Delamarche, Bill Bo...
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Getting one’s money out of the bank – at least a large portion of it – is one thing, but what is one to do with it? The preferred investment, the most reassuring, according to observations and some polls, is real estate.
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A new nail should be driven in the savers’ coffins, according to the very serious Reuters press agency: the freezing of bank accounts in order to avoid any bank run.
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The trillions of dollars, euro, yens, Yuan etc. created by the central banks since the 2008 crisis haven’t triggered any wave of inflation, contrary to what history has been teaching thus far. But should we underestimate the risk? Of course not.
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According to Goldman Sachs, central banks now hold a full third of the world’s bond market.
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Let’s ask for ECBexit! Not to get out of the euro (and get back to manipulated national currencies... no, thanks!), but to drastically reduce the power of the European Central Bank.
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Banks are definitely no longer the sanctuaries they once were. Following the threats of draining bank accounts (BRRD, Sapin Law 2), cyber threats will make headlines in the years to come.
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Savers are often quite confused about gold and real estate.
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The “Japanisation” of banks is the new illness of contemporary finance. Stemming from Japan, it is expanding progressively, especially in Europe. How does this disorder translate?
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Philippe Herlin's popular articles
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Zero Interest Rates: How the Government Traps the Saver
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The Invisible but Very Real Tax of the Money Printing Press
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Central Bank Digital Currencies: The Trap
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The "Covid Debt" Entirely Repurchased by the ECB, the EU Does Financial Cavalry
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France: The Catastrophic Situation of the Government Budget
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A Collapse of the European Economy is to be Feared
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Gold, A Decentralized Asset, and This Is Its Strength
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European Bank Mergers Won't Solve Anything
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Gold Is The Ancient Currency, The Currency Of Trust
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Inflation Risk: Awareness is Growing
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The Funny Joke of Central Banks: If Inflation Comes Back, We'll Be Raising Interest Rates
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What If the Debt Doesn't Matter? Is This Realistic?
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Gold Price Hits All-Time High, And It's Not Over Yet
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European Recovery Plan: Still More Debt
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Central Banks + Energy Transition: The End of the Market Economy?
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ECB Offers €1.3tn at -1% to Rescue European Banks
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European Banks Are Highly Exposed to the Current Crisis
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Gold, the Winning Asset of the Coronavirus Crisis
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In the Face of an Increasingly Nationalized Currency, Let Us Defend our Freedom
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From Coronavirus to Inflationavirus?
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How Central Banks Will Expand the Zombification of the Economy?
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Are the European Banks the Next Victims of the Coronavirus?
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The Coronavirus, a Chance for Central Banks: Long Live the Printing Press!
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Zero Rate Ravages: HSBC France's Value Goes From 11 Billion Euros to Zero
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Return of Inflation: A New Scenario (Coronavirus and Other Black Swans)
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What if the Fight Against Global Warming Caused Inflation to Return?
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The Beginning of a Flight From Money?
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After the ECB, it is the Fed's turn to relaunch the printing press...
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ECB: The Ongoing Headlong Rush
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Why the Gold Price Expressed in Euros Is Beating its Historical Record
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Will Christine Lagarde Kill the Euro?
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A Pro-Gold Standard Appointed to the Federal Reserve Board of Governors
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Facebook Libra Will Accelerate The Loss Of Credibility Of Central Banks
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Will Italian Mini-BOTs Kill The Euro?
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Modern Monetary Theory (MMT), Warning: Danger!
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Record of Millionaire Employees at Deutsche Bank: Last Celebration Before The Collapse?
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Will GAFA Precipitate the Collapse of the Banks?
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The Strong Return Of Gold To The Banking System
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The French Government Is Not Concerned With Its Public Debt – Here’s Why
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ECB Acknowledges European Banks Are Not Doing Well
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France’s Gold As Collateral For Financial Operations : Another Fake News ?
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The End of Sanctuarization of Banque de France’s Gold : New Evidence
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Alert: Banque de France’s Gold Isn’t Sanctuarized Anymore
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European Central Bank: 2.6 Trillion Euro... All for Nothing
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What’s Up with Deutsche Bank?
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Revolt of the "Yellow Vests": Is France Going the Way of Greece?
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Gold Preserves Purchasing Power Over the Long Term: Here’s the Proof
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Stock Markets Turning South – What’s the Cause?
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Nouriel Roubini Predicts a Crisis by 2020 : What to Make of It?
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Banks Were Saved from 2008 Crisis by Drug Money: What’s Next?
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The Fake News of Greece’s Recovery: After Zero Rates, "Zero Debt"?
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Are Non-performing Loans Becoming a New Danger for French Banks?
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[Exclusive] France’s Public Debt Is No International Success
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Europe Is Breaking Up Over Immigration: What Would Happen in Case of a Banking Crisis?
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Rumours of European Bank Mergers : A Dangerous Pipe Dream
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Heading Toward a New Sovereign Debt Crisis in Europe?
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The French Wealthier than the Germans – Really?
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Going Ahead With the European Banking Union: As For Deposit Guarantees, Every Man for Himself
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An Alert on Deutsche Bank? ECB Worried…
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France Issues 10% of its Debt in Inflation-Indexed Securities
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Financial Cavalry: Banque de France Owns Nearly 20% of Public Debt
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Italexit? Perhaps… But Both Italy and the Euro Are Unmanageable
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Hedge Fund Bets $22 Billion Against Major European Banks – And it Makes Sense
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With or Without a Crash, the Financial Landscape is Radically Changing
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Could the Next Financial Crisis Arise From Europe... Not from the USA?
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Could All that Monetary Tapering from Central Banks Be Useless?
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French Banks Are Much More Dangerous Than American Banks
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The ECB Wants To Freeze Bank Accounts In Case Of A Bank Crisis
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Bitcoin's Success Is Excellent News for Gold
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The ECB Is Wading Through Thick Smog
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Bank Failures in Europe Coming Soon – The ECB Says So
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Rising Interest Rates: A Mortal Danger
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Will Real Estate Always Be a Good Investment?
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Freezing of Bank Accounts : A New Threat for Savers
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Inflation – The Risk Is Still Here
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Central Banks are Becoming All-Powerful on Financial Markets
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For the Sake of our Savings and our Economy, Let’s Ask for ECBexit!
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Cyber Attacks: A New Risk for Banks and Savers
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Savings: Real Estate Is Not Worth Gold!
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The “Japanisation” Of European Banks: A Lethal Danger
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Global Real Estate Bubble Getting Bigger – Take Precautions
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Elections, Target 2 : Is the Euro about to Explode?
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How "Indefinite Finance" Destroys Money
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Zero Rates are Putting European Banks in Jeopardy
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Endless Financial Crises Are Inevitable – Here’s Why
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New Warning on European Banks
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Switzerland : Still a Safe Country for Storage… But Only for Physical Gold
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Does The Italian Referendum “No” Vote Mark The Beginning Of The End For The Euro?
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Will Trump Raise Interest Rates – Is it Even Possible ?
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Trump Has Won! What to Make of It?
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Germany Stuck Between the ECB and Deutsche Bank
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When Is the Price of Gold Going Up?
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Are Central Banks Beginning to Nationalize the Whole Economy?
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IMF Confirms Negative Rates Are Slowly Killing Banks
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Banking Crisis in Italy: the Next Domino to Fall is France
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Big Banks Get More Protection but Not Their Clients
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Bank Accounts Seizures in a Crisis: Soon Coming to the United States As Well!
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Warning: The BRRD Directive, Meaning Drawing Off Bank Accounts, Is Now Legal in France
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Who Will Be The Next Lehman Brothers? Glencore? Deutsche Bank?
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Another Case of Market Manipulation! Gold... Again!
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Europe - Bank Default: Deposits No Longer Insured
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The Shanghai Crash Signals More Turmoil Ahead
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Gold Reserves and GDP: China is Playing Liar’s Poker
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What is the Real Weight of Gold in the Global Economy?
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How Financial Repression Flattens Your Savings
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Look Out : There Is a Bankruptcy Storm Brewing in Europe
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Warning: First Implementation of Bank Recovery and Resolution Directive
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Alan Greenspan Likes Gold: Listen up!
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Greece: Default Unavoidable Notwithstanding Election Results
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What Can We Learn from the Failed Swiss Referendum on Gold?
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Free Ebook "Economics Detox Chronicles"
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ECB Stress Test Results Show Banks Struggling
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Regulators and Banks Settle on the Backs of Depositors
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France has no problem borrowing… because it will not hesitate to plunder its citizens’ accounts!
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Stock Markets in their Third Bubble Since 2000
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Interest Rates at their Lowest: Another Reason to Buy Gold
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The Great Manipulation of Financial Markets Seems to be Reaching its Limits
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Mario Draghi’s Announcements: The ECB Puts on a Show
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Amount of Derivatives in the World: 710 Trillions of dollars
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Contrary to the Media Spin, Greece Keeps on Sinking
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A Dangerous Game : France Is Playing with Words Regarding its Deficit
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IMF Confirms European Banking Sector Still Getting Worse
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Why Are We Being Told that Deflation Is the Absolute Evil?
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FOREX and LIBOR Manipulations : The Work of Central Banks, As in Gold?
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IMF, EU, Basel... Bank Accounts Under Threat As Never Before
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How the ECB is Lying About Future Bank Stress Tests
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European Banking Authority President : Too Many Banks Have Survived the Financial Crisis
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IMF Condoning the Plundering of Bank Accounts
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Goldman Sachs Is Above the Law!
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Insured Deposits Under 100,000 : a Myth