New Irish Banking Crisis on the way, AIB in trouble.

skimpydoo

Max Keiser has something that won't be mentioned by the Irish media. Be very afraid. At 12:45 in the video we get shocking news on AIB.

shedweller

"Cyprused"

Love it!

I remember when i was an aib customer and they installed these stupid "airlocks" to get in and out of the premises. I was intrigued enough to ask yer one behind the desk what they were for. I asked her were they to keep customers out or robbers out. Of course she said they were to keep robbers out but now i'm beginning to think they will do a damn good job keeping customers out when a run on aib looks likely.
Having said that, all the big players will have exited stage left by then, just like the big players did in Cyprus and joe soap is left picking up the tab.

Same as it ever was.

shedweller

shedweller wrote: »

i'm beginning to think they will do a damn good job keeping customers out when a run on aib looks likely.

Or they could just, I dunno, lock a door?

General General

Still waiting for Silver to hit $100 an ounce.

Cavehill Red

An official investigation found that the silver market on the COMEX (where silver and gold is traded) is being manipulated by a massive short position held almost entirely by JP Morgan. But the investigation also concluded that no law had been broken :eek: and therefore it will be allowed to continue.
Silver occurs naturally in the Earth at a rate of about four times as common as gold, which is c. 60 times the price and is also likely having its price manipulated, according to research by people like GATA (who are obviously not disinterested parties, but that doesn't mean their research isn't rigorous.) Silver is also used up in industrial use at a much higher rate than many other metals, including rare earths, and is only mined these days as a side product produced by copper mines and the like.
Even if silver were not a monetary investment, its true price ought to be a lot higher than it is, and it would be were it not for the manipulation of a flood of paper silver estimated at 100 times the amount of actual silver in existence.
So Keiser's analysis isn't wrong. Silver will inevitably hit $100 per ounce, and possibly even after a parabolic rise which could happen quite quickly if the market manipulation factor was resolved, either (unlikely) via legislation, or else by a sudden demand for delivery on silver contracts that exposes the fractional leverage of paper silver.

wonderfullife

17:34 onwards

Well said that man!!

You have several levels of capital structure in a bank. You have depositors on the bottom who don't think of themselves as investors, who avail of bank services for a very very low risk for a very small return on storage of their capital. Then you have Junior and Senior Bondholders who assume risk voluntarily in exchange for a materially higher return than the depositors. Then higher again on the hierarchy you have the Equity stakeholders who assume even more risk for presumably an even higher return.

I believe you should wipe out all investors who (voluntarily) assume risk if a bank goes bust - as that's what you assume risk for (the bank going bust or it doing well).

wonderfullife

Actually that whole segment on the Irish banks is terrific, well worth the watch. The dude explains it pretty well in lay man terms.

charlemont

The "I love to pay my household tax, property tax, water tax, because I'm a sucker" brigade will be creaming their pants with excitement at this news..

Bail-out 2, Because we love getting fúcked so much, Lets get ****ed again..Hooray !!


I love how the presenter disses RTÉ as complacent in financial terrorism, Another reason not to contribute TV license money..

wonderfullife

His point at the end is also very well made.

That if Ireland goes down the Cyprus road and whips money out of our accounts to bail out those eejits who ran AIB, Anglo and the rest into the ground, it's got to change the very concept of banking. Who the fcuk will want to put money in a bank for sh1te interest rates if there's a risk of those shenanigans!!

Or to quote the man himself:

there's just not enough fools out there to do that. There's plenty of fools who will do it but not enough to capitalise a bank

At times like these i feel a whole lot better about being broke

Chucken

Timothy Maxwell "Max" Keiser is an American broadcaster and film-maker.

I'll be afraid :rolleyes:

wonderfullife

Chucken wrote: »

Timothy Maxwell "Max" Keiser is an American broadcaster and film-maker.

I'll be afraid :rolleyes:

He may very well be..... but the dude commentating on our banking seems to know his stuff :rolleyes:

http://en.wikipedia.org/wiki/Reggie_Middleton

mikom

The government sycophants will be at their desks at about 8.00 or 9.00.
Expect their replies on this thread to start appearing around then.

wonderfullife

charlemont wrote: »

The "I love to pay my household tax, property tax, water tax, because I'm a sucker" brigade will be creaming their pants with excitement at this news..

Bail-out 2, Because we love getting fúcked so much, Lets get ****ed again..Hooray !!


I love how the presenter disses RTÉ as complacent in financial terrorism, Another reason not to contribute TV license money..

....glad you have your back-story ready for when they come knocking

This post has one purpose & one purpose alone.

To scare people into a bank run.

Get f*cked OP.

SeanW

If I was with AIB (and not broke lol) I'd be getting my money the f*** out and putting it into something else. The Eurocrats and our own worthless political class have made it clear that the ordinary people must pay 100% of the cost of any bank problems. In Ireland they dumped loans onto the government (i.e. the taxpayer) to pay every bond 100c to the Euro, in Cyprus they couldn't do that so they just declared "bank holidays" and imposed a "tax" on bank savings ...

kneemos

Every financial comentator fancies themselves as fortune tellers these days I have yet to hear of one of them being right in their dire predictions.

SeanW

Deleted User wrote: »

This post has one purpose & one purpose alone.

To scare people into a bank run.

Get f*cked OP.

The government/central bank is supposed to prevent bank runs by ensuring that deposits or safe or providing deposit insurance to RETAIL customers, hence no need for a panic withdrawl. Ensuring the liquidity of the banks was the central reason for setting up Central Banks in the firstplace, the reason for founding, for example, the Federal Reserve "System" in the U.S. whereas before the Treasury simply printed specie claim notes to gold, and gold/silver coins (an arrangement IMO that was far superior to the paper money of today).

But what we now have from our political overlords is a situation where bondholders are a sacred cow and now, retail depositors are on the hook for bank failures.

In fact IIRC one of those Eurocrats in Brussels stated explicity that retail deposits are no longer safe in the case of banks needing to be recapitalised. That should be a warning to people not only to investigate the soundness of the banks before opening an account or adding funds to it, but more crucially, when to get money out before the SHTF, as it was alleged German etc. banksters did with Cyprus.

wonderfullife

Deleted User wrote: »

This post has one purpose & one purpose alone.

To scare people into a bank run.

Get f*cked OP.

430am is an early start for a bit of AIB over-time.

wonderfullife

kneemos wrote: »

Every financial comentator fancies themselves as fortune tellers these days I have yet to hear of one of them being right in their dire predictions.

True but throw enough darts at a dart board and you'll hit the Bullseye sooner or later. And this guy Hamilton seems to hit the bull more than most.

Bottom line, State guarantee on deposits is not worth the paper it's written on. By that i mean they will, of course, do everything they can to uphold their 'word' but if it's Bust or Backtrack, i'm pretty sure they'll shoot for backtrack.

wonderfullife

mikemac1 wrote: »

In 2008 Joe Duffy started a mini bank run

http://www.independent.ie/business/irish/lenihan-lash-at-joe-duffy-banks-panic-26478869.html


The only source on this thread is a random blogger who has 3,000 subscribers and wants more

I would highly doubt his target audience is Boards.ie or anybody in this country, mind you.

Also, a way to boost a reputation is to make more correct calls and predictions. He doesn't have the traction, name or personality to generate a run on a bank to fulfill his own prophecy either.

So he'll either be right or wrong, but someone with no vested interest making these sort of predictions is someone i'd listen to.

Anyway he made 12 minutes of banking jargon seem pretty interesting so he gets a thumbs up from me.

starviewadams

AIB have been found to be telling fibs in regards to the financial reports they filed by this American lad.

Continue believing the shíte RTE feed you when the banks have another 'liquidity crisis',just don't complain when 40-60% of your deposits are gone to pay some millionaires in the US or Germany.

Zebra3

Did somebody mention AIB? Bailout? FG/Lab govt?

http://www.rte.ie/player/ie/show/10129323/

kneemos

It would be a suicide mission for any government to even mention touching depositors money.

Solair

mikom wrote: »

The government sycophants will be at their desks at about 8.00 or 9.00.
Expect their replies on this thread to start appearing around then.

You mean 9:30!

Three Seasons

kneemos wrote: »

Every financial comentator fancies themselves as fortune tellers these days I have yet to hear of one of them being right in their dire predictions.

Morgan Kelly was pretty much bang on back in 2006. Read his articles back then.

Nino Brown

kneemos wrote: »

Every financial comentator fancies themselves as fortune tellers these days I have yet to hear of one of them being right in their dire predictions.

http://www.youtube.com/watch?v=2I0QN-FYkpw

galwayrush

A.I.B. were bailed out in the past.
No need to panic, the high end of their salary / pension scale won't be affected
by their performance.

kneemos

kneemos wrote: »

Every financial commentator fancies themselves as fortune tellers these days I have yet to hear of one of them being right in their dire predictions.

Many financial commentators are only only towing the official line of their paymasters, it's the independent ones who are often more outspoken as they work for themselves.

Cody Pomeray

SeanW wrote: »

In Ireland they dumped loans onto the government (i.e. the taxpayer) to pay every bond 100c to the Euro

There is a problem here.

The Troika came to Ireland in November 2010. Our crisis began in earnest in September 2008.

In those two years, we

• guaranteed the entire structure of liabilities in Irish banks on behalf of the state, with no EU involvement
• made whole every senior creditor with a claim on Irish banks, again, when the EU had no say on this

Yes, we know the troika were opposed to "bailing in" the senior bondholders. But how can you claim that it was forced on Ireland by the troika, when we had being doing it for over 2 years? It looks like we were both reading of the same hymn sheet.

starviewadams wrote: »

AIB have been found to be telling fibs in regards to the financial reports they filed by this American lad.

Not There are two ways of reading the (very clumsy) wording.

"certain Eligible Securities" can mean the same thing as "each of the segregated securities" if you take "certain" to be a term denoting those securities which are Eligible as collateral for ECB funds.

I'm not sure why we should want to read it in a negative way when there is a far more boring, unremarkable explanation.

smash

Solair wrote: »

You mean 9:30!

I think he means 'psychopaths' too.

Cody Pomeray

Deleted User wrote: »

Many financial commentators are only only towing the official line of their paymasters, it's the independent ones who are often more outspoken as they work for themselves.

On the other hand, if you work for yourself, your income depends on publicity. I have a lot of respect for Reggie Middleton's originality, but his ignoring the unremarkable version of the explanation for the wording suggests a case of publicity hunting.

A bail-in back in 2008 might have saved the state needing a bail out.

I can't imagine it would have been popular though.

People complain about bond holder bailouts and depositor bail ins - they are two sides of the same coin.

The Bishop Basher

kneemos wrote: »

Every financial comentator fancies themselves as fortune tellers these days I have yet to hear of one of them being right in their dire predictions.

This is an often quoted line and is not true. Plenty if people had it right, they were either ignored, told to shut up or told to commit suicide.

The point he makes here is a good one. Is the return worth the risk of investment ? I took my money out of AIB 2 years ago on the basis of the fact that if you keep your money in a bust bank, you will lose it sooner or later.

melekalikimaka

amateur economists, boards is full of them...

Banjo String

Sham of a bank anyway.

I wanted to pay a bill online earlier in the week.

Apparently you need a card reader now to do it. They then sent a thing out to me that looks like a credit card terminal for a shop ffs.

Laser is a balls of a system for anywhere outside Ireland.

See attached pic of the card reader.

Solair

What's getting worrying is that there is seemingly no end to the banking instability in certain EU countries.

It's making life very stressful and probably undermining consumer and business confidence.

humanji

I'm locking this because there's political and financial forums on Boards that are better suited for this thread, and it's only going to go round in the same circles of the same people trying to shout down each other.