Economic Collapse

Here is a good summery of the financial collapse. This TED-talk is held in Tallinn, Estonia, by Alar Tamming. He is the Chairman of the Supervisory Board at Tavid/Tavex, a gold bullion dealer operating in Estonia, Latvia, Finland and Sweden. He is also an Estonian and he should know a thing or two about what happens when fractional reserve banking runs amok. The crisis in Estonia, caused by wreck-less lending by Swedish banks, is far worse than in many other countries in Europe. Personally, as my readers know, I keep as little of my money as I can in fiat paper and on deposit at the bank, and as much as I can in real money - gold. As a customer at Tavid/Tavex I can recommend them for all your gold bullion needs.

TEDxTallinn: Alar Tamming / English subtitles from Tedsterid on Vimeo.

Disclosure: I receive no income of any kind recommending Tavid/Tavex.

I wrote only 9 days ago that gold priced in Swedish currency hit all time high of 265.000 SEK/Kg. Today on the 20th of Feburary 2009 gold broke through 300.000 SEK/Kg. That’s quite a jump in only 9 days as the SEK falls hand over fist in EUR and USD terms. This is a very good example of why you need to be invested in gold: it is the perfect insurance against debasement of a fiat paper currency.

A short report from Sweden… The central bank, The Riksbanken, lowered its main interest rate from 2.0 to 1.0 percent today hitting its lowest rate ever. The prime minister and the minister of finance urged people with mortgages to “put pressure” on banks to lower rates for homeowner - “because nobody else will”. At the same time the Swedish Krona lost positions against USD and EUR as Gold rises in USD terms. Gold is now at 265.000 SEK/Kg - all time high…