Loading ...If true, this is huge news for the US stock market and more importantly commodities (talk of 40% overnight devaluation of the dollar). It has been posted in various sites that the US government plans to have a Bank Holiday in early September. A Bank Holiday is when government officials close every bank in the country for a few days to evaluate the bank’s balance sheet, raid the safety deposit box and close the banks that are distressed.
At first I disregarded this rumor as being silly. But after speaking with folks in foreign countries I think the rumor of the bank holiday might actually be true. Lula, the Brazilian president was reported saying that the Real will significantly increase in value against the dollar this year. In Europe, Asia, South America and Africa there have been reports that US embassies are being told to purchase enough local currency to last one year in operations. Bob Chapman’s influential International Forecaster is reporting on the possibility of a so-called bank holiday on a daily basis. We at Alphas Edge will keep a close eye on this. Although we hope these rumors are found to be untrue, we recommend that everyone hold on to at least enough cash at home to last 1 week.
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