The Phaserl


Fear Index March 2013: the Cyprus lockdown

from Gold Money:

US M3 growth has ground to a halt in February, dropping to just under $15.1 trillion. The Fear Index has also retreated slightly to 2.78%, while its 21-month moving average remains at 2.99%, perhaps a pause for breath before assaulting resistance at 3%.

Cyprus has confirmed what many here have been warning about for years: that frozen bank accounts and capital controls were coming. That the current monetary system is built on extremely unstable premises and that recent excess from our monetary central planners will have huge unexpected consequences that will radically question its sustainability. These consequences are not hard to predict, since we have countless historical examples of what happens to a currency when it is inflated away and also of what happens to a fractional reserve banking system when confidence evaporates. Even if the timing of the avalanche is almost impossible to predict, we can know at a glance – should we care to look – that a lot of snow has built up on the mountainside and that taking common sense precautions is the reasonable course of action.

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