Josh Sigurdson talks with author and economic analyst John Sneisen about the recent bank run being witnessed it Latvia as ABLV (the Baltic state’s third largest bank) receives an emergency central bank loan and suspends withdrawals.
This follows on the heels of Latvia’s central bank governor Ilmars Rimsevics being investigated for money laundering and bribery which he claims is an attempt by opposition to oust him.
With the vast insolvency of banks worldwide, and despite that, vast dependency, there is a coming calamity at a magnitude the world has never seen before. We are just seeing the beginning of this calamity.
Now ABLV is being accused of money laundering and of course we don’t see anything wrong with individuals hiding their hard earned money from government theft, but it’s always interesting to see the same people who shame hard working people doing the same thing they shame those people for. It’s the usual absurdity that banks and governments are untouchable. It doesn’t appear that will hold up much longer.
ABLV is desperately looking for a survival plan, but it doesn’t look like they will succeed. The emergency meeting on Monday will decide much of its fate.
Looking at the cash holdings to deposits of the top 4 banks in Latvia, we see 2 have more than ABLV, however, Norwegian owned Norvik Banka holds far less. This also pales in comparison to many Canadian banks. Is it time to be worried yet?
*Norvik Banka 4.73% deposits
*Citadele Banka 24.59%
*Rietumu Banka 28.85%
*ABLV Banka 13.36%
Perhaps it’s time to stop trusting banks. If your money’s in the bank, it’s not yours, it’s the bank’s. A populace in debt is a populace in servitude. It’s time people become self sufficient and financially responsible. Freedom depends on responsibility and independence. It’s an individual’s responsibility to not be taken advantage of and to understand the world around them. So why do so many depend on banks for their retirement and savings? Would the majority of the public depend on them if they knew what they were doing with *”their”* money?
It’s time to rethink what you thought you knew.
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