Duplicate Charges and the money of last resort – Shareholders

Big shock for German bank customers: the beginning of June 2016 came to tens of thousands of double-debits , The amounts were deducted both on 1 and on 02 June. Even standing orders with higher amounts were again charged. Some customers were debited the money even triple (!). Excited customers could not provide air their anger, because on top of all the hotline was also overloaded. Officials is a “technical fault” and of “a display problem in the online banking” is mentioned.

the fatal result: Many customers now no longer come to the ATM to connect with “fresh money” and left stranded. This is because, for example, the rent together with the electricity bill has been charged multiple times. But that the limits of the MRP-limits were blown up in many cases. The total volume of IT failure will be significant because social network of 13 million false bookings are talking about.

Pentecost 2016: debit cards no longer worked

Another example: A few days ago – at Pentecost 2016 – worked at many German stations the Payment by debit card no longer. Again, the cause of an alleged technical problem. Those who had no cash, had to go on, but looked at the next petrol station with the same problem faced.

September 2015 Sparkassen paralyzed temporarily

Or we remember the situation end of September 2015. at that time, many financial institutions clients not approached on their money – and Germany. This affected institutions in Baden-Württemberg, Rheinland-Pfalz, the Rhineland, Bremen and Saarland. The disturbances appeared at the various financial institutions from very different. In some indeed functioned ATMs, for the systems for switch operation not. In many offices, the security arrangements for the emergency tuned in because they found a fault in the system. The result: The counter staff were only limited to cash zoom

Maximum angrily. Since the whole thing happened on a Friday , had many people all weekend a real problem. The reason given for less seamless failure with a failure in a data center in Stuttgart. The media did not fail to point out that “you do not want to imagine what would happen if a hacker gained access to the network.”

Unlikely, but possible walking Dead scenarios

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What do we all these unpleasant IT margins in the banking sector? Well, very simple: In an extreme scenario ( “Walking Dead”) to get no more closer to his money. What other Walking Dead scenarios are conceivable in this context? A good example is certainly the draconian mandatory levy in Cyprus While the customers of Bank of Cyprus, with the exception of an allowance of 100,000 euros 47.5 percent of their assets taken away in the spring of 2013., lost customers of Laiki Bank total deposits above the 100,000- Euro-limit

a very important point. Both Cyprus and (later) in Greece the people for a longer came period no longer on their money zoom. So withdrawals at bank machines were initially limited to 300 euros per day as in Cyprus. Checks were at the height of the crisis, incidentally, not be redeemed. More Walking Dead variants were extreme weather or natural disasters, a large terrorist attack (keyword emergency legislation), the collapse of a major European bank or surprising hacker attacks on online accounts of the bank complex.

silver is the money of last resort!

My opinion: In a scenario allerschwerster system breaks only silver would be accepted as payment. therefore, consider physical silver is not (only) as a raw material, but as a substitute for money as well as money of last resort! In other words: If all else fails (which we all hope not, but we can not rule out 100 per cent) would only help silver. Therefore, the solution is increased (paper) withdraw money from the banking system and to change in physical silver. While physical gold is very suitable for conservation and preservation of assets, physical silver is regarded as an excellent means of exchange. (Russian crisis 1993 Argentina crisis 2001/02; Greek crisis from 2013 crisis in Venezuela in 2016 World Wars) Historically, people are in severe systemic crises, at least temporarily for bartering passed. Stocken Therefore your physical silver holdings now reflect on and look at the white metal as a perfect cancellation insurance against a possible system failure.