The Italian Job: Capital Flight Turns To Gold - Granite Grok

The Italian Job: Capital Flight Turns To Gold

This is what capital flight looks like - Caught at the Swiss border.
This is what capital flight looks like –
Caught at the Swiss border.
In the “Italian Job”, a bunch of likeable rogues pulled a daring gold heist in Italy, and fled through the Alps in compact cars (British Minis).

After the Cypriot banking crisis, with the bank holidays, withrawal limits, capital controls, and painful haircuts for larger depositors, many depositors in southern Europe became nervous of the safety of their own deposits. This was especially exacerbated after the dumb but accurate statements of the president of the European Stability Mechanismn, Jeroen Dijsselbloem (Diesel-Boom), confirmed depositors’ worst fears – that they might be next!

italian_job_9408How to get those larger deposits out of the country without obvious, and most definitely traceable, large wire transfers? Italian ingenuity and fast cars to the rescue – a compact car was recently intercepted at the Italian/Swiss border for being a bit heavily laden – with one tonne of gold bars, to be exact – a cool $6,000,000! So, the Italian bank run has begun, and banking authorities are trying to pretend it isn’t happening – until all those horses (under the hood) have galloped across the border, and the real collapse occurs.

Don’t ignore Europe – the contagion could become global, or at least, their methods could be used on us by the kleptocratic Federal government.
H/T ZeroHedge, Original report – Bloomberg.

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