Alasdair Macleod – Quiet Bank Runs Taking Place in Europe Now

from FinancialSurvivalNet

Alasdair Macleod of the GoldMoney Foundation joined us for a discussion of the escalating bank runs now taking place in Europe. Confidence in Greek, Spanish and Italian banks is at an all time low. It is estimated that $1 billion per day is flowing out of these banks and into “safer” banks in Germany and Switzerland. Eventually currency controls will have to be implemented, but this may coincide with suspension of passport free travel throughout Europe. While Americans may sleep easily at night, believing their savings are insured by the FDIC and believing the Federal Government will never let the banks fail, Europeans aren’t under any such illusions. They’re seeking relative safety, rather than the promise of a return. Italy has reached the point where return of capital is far more important than return on capital.

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