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Money leaves from “Western” banking system as consequence of Libya asset grab

Moon of Alabama | August 17, 2011

When the U.S. promised the Libyan rebels access to Libyan government accounts I predicted that one of the consequences of this would be a retraction of sovereign funds from the “western” financial systems:

Anyone in power somewhere around the world is now advised to not keep any money in a U.S. based banking account. As soon as some idiots come up and proclaim a revolution, the U.S. will likely seize that money and give a few crumbs of it to the revolution leader. (The rest will be taken by the usual banking crooks.)

This will be one of the many blowbacks from this lunatic attack on Libya.

Today the Wall Street Journal reports:

Venezuela plans to transfer billions of dollars in cash reserves from abroad to banks in Russia, China and Brazil and tons of gold from European banks to its central bank vaults, according to documents reviewed Tuesday by The Wall Street Journal.The planned moves would include transferring $6.3 billion in cash reserves, most of which Venezuela now keeps in banks such as the Bank for International Settlements in Basel, Switzerland, and Barclays Bank in London to unnamed Russian, Chinese and Brazilian banks, one document said.

Moving its money away from accounts where “western” government can confiscate it at a whim is good for Venezuela. It takes away a major graft motive for “western” induced revolutions and thereby lowers the chances of one occurring.

For a “western” banking system that lacks basic capital the move is not a positive sign. But given the example Obama set with Libya we can expect that more countries will silently follow this move.

~

See also:

UNASUR prepares to ride out economic upturn from the North

August 17, 2011 - Posted by | Corruption, Economics, Timeless or most popular

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