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Home>Opinions and Analysis>Cyprus being used to scare savers into spending, Sinclair says

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Cyprus being used to scare savers into spending, Sinclair says

Chris Powell

GATA

Published : March 28th, 2013

61 words - Reading time : less than a minute

( 2 votes, 5/5 ) , 2 commentaries

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Category : Opinions and Analysis


	Mining entrepreneur and gold trader Jim Sinclair tells King World News today that the taxing or confiscation of larger bank deposits in Cyprus is being used to scare savers to move their money into the real economy to increase the velocity of money and reverse deflation. An excerpt from the interview is posted at the King World News blog here: http://kingworldnews.com/kingworldnews/KWN_Da...2013/3/27_Si...

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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.

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Jim C.

3/28/2013 at 10:56 PM GMT
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Good article by Sinclair, but I think he gives the powers that be too much credit for unanimity. The cash withdrawn could just as easily go into gold or silver -- or just remain 'under the mattress.' Why would those powers let the chickens out of the coop?

Something omnious is coming round the bend, some bogeyman -- whose shape and purpose is yet to be determined.

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overtheedge

3/28/2013 at 3:54 PM GMT
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Awhile back, the politicians and economists were stating that we needed to start buying anything and everything to get the economy moving again.

This is an appeal to increase the velocity of money.

Increasing the velocity of money increases tax revenues. Borrowing increases bank profits which increase tax revenue.

The spending of these tax revenues gains the politicians voter loyalty.

Cyprus is another motivator for scaring the taxpayer's into increased spending.

First, last and always, look to Occam's Razor for what is the motivation.

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Jim C. - 3/28/2013 at 10:56 PM GMT

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