Could Italy’s Imminent Financial Catastrophe Happen Here?

January 10, 2012 in Debt Crisis, Glenn Beck

 

  •     The following article at Zero Hedge was pointed out by Glen Beck.

Could Italians have imagined  that the following Draconian    economic measures codified into Italian Law would perhaps be  but a pre cursor to even more onerous  financial woes? Could it happen here?

Since February of 2010, investors around the world have been dumping US Treasuries. Consequently, our Treasury department has been purchasing the shortfall at the auctions to avoid a default. Glenn Beck says that today US Treasuries are being dumped in record numbers while investors continue fleeing the Euro. In the meantime the US is trading dollars for Euros in order to stabilize the European currency. Consequently, we are on the losing end of a financial bubble of monumental proportions.

                                             Has Italy Gone Fascist? 

                                              Submitted by Morpheus

 

  • The passing of an extraordinary edict making cash transactions of more than Euro 1,000($1277) illegal (not subject to reporting – just plain illegal). Following Prodi’s own desire, the existing regime has indicated that this level will be progressively reduced to a limit as low as Euro 300($383). Hence cash is maybe for the first time in history no longer legal tender (over Euro 1,000, for now);

 

  • A requirement that credit card companies report all transactions carried out by Italians, in Italy and abroad to the fiscal authorities;

 

  • Delays and refusals by banks in allowing customers to withdraw  cash balances of as little as Euro 10,000;
  • Finance Police have placed cameras at the physical borders with Switzerland to register all license plates. In addition, currency-sniffing dogs have been deployed at the border

You can read the entire article at:

http://www.zerohedge.com/news/guest-post-has-italy-gone-fascist