by Simon Black, Sovereign Man :
There are consequences to being flat broke.
There are consequences to investing any level of confidence in a financial system underpinned by debt and the creation of paper currency.
There are consequences for ignoring reality and pretending that everything is normal.
This is one of them: European officials yesterday flat out admitted that they were discussing rolling out a series of harsh capital controls across the continent, including bank withdrawal limits and closing down Europe’s borderless Schengen area.
Some of these measures have already been implemented sporadically; customers of Italian bank BNI, for example, were all frozen out of their accounts starting May 31st upon the recommendation and approval of Italy’s bank regulator. No ATM withdrawls, no bill payments, nothing. Just locked out overnight.