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Getbig Main Boards => Gossip & Opinions => Topic started by: Natural Man on March 17, 2013, 07:40:50 AM
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http://www.telegram.com/article/20130317/NEWS/103179817/1052
Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks
http://www.nytimes.com/2013/03/17/business/global/facing-bailout-tax-cypriots-try-to-get-cash-out-of-banks.html?_r=0
http://en.wikipedia.org/wiki/Bank_run
Looks like it s going to sart in cyprus, then will spread to greece, then italy, spain, portugal, the rest of europe, US, japan, and ultimately china/asia in that order. Europe falls first, as usual, leading the way.
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http://www.telegram.com/article/20130317/NEWS/103179817/1052
Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks
http://www.nytimes.com/2013/03/17/business/global/facing-bailout-tax-cypriots-try-to-get-cash-out-of-banks.html?_r=0
http://en.wikipedia.org/wiki/Bank_run
Looks like it s going to sart in cyprus, then greece, then italy, spain, portugal, then the rest of europe, US, japan, and ultimately china/asia. Europe falls first, as usual, leading the way.
Sigh... prepare to see a fall of 200 pts on the dow tomorrow.
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The whole Eurozone is a new world order concept, planned by the bankers for the bankers, and this is the results for the common people of the world.
They want the same thing for the USA to join with Mexico. A north America zone.
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is this good or bad news bros?
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The whole Eurozone is a new world order concept, planned by the bankers for the bankers, and this is the results for the common people of the world.
They want the same thing for the USA to join with Mexico. A north America zone.
None of this is planned, calculated, it's just an accumulation of abuses merged together, humans are individuals with no shared united thought process, all defending their own interests and that s about it, it's a giant free for all. Things happen the way they do because we didnt plan anything, precisely. Our financial system is corrupt and now it is about to crash, ice has been cracking since 2008 at some point it had to collapse. Enough with the conspiracy theories already, people only reap what they sow based on their individual beliefs, actions and mistakes. One thing is sure tho, rich people will still be rich and protected. As usual. Others will fight to death to survive, even harder than they had to this last decade, the world is different now than in the past, lots of people are spoonfed, feminized, living in cities with 0 real security, 0 ability to grow their own foods, only enslaved by jobs, money and material goods, so we dont know how things are going to turn once the world economic system crashes for good. After the second world war, people had it a lot easier to find jobs, even when they were not qualified, because millions of men died during the war. There was a shortage of workforce. Now we have too many over skilled and unskilled people and less and less jobs, it's the opposite. You do the maths. The golden era has ended a long time ago. Our parents and grandparents binged for 40 years , their kids and grandkids will struggle daily and serve the interests of the richest hoping to get a salary from them, AGAIN. The top of the animal pyramid in the human specie, against its middle and base.
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The whole Eurozone is a new world order concept, planned by the bankers for the bankers, and this is the results for the common people of the world.
They want the same thing for the USA to join with Mexico. A north America zone.
This thread was fine until you came in here... All we need now is for wiggs to join and you 2 dopes to put your frakking heads together like 2 cone heads fuckking and turn this into an Illuminati and "This is what the masters want" thread.
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A friend sent me an article from a fairly credible German news source about capital flight in Cyprus before the bank holiday. This is the first I have heard of pre-bank holiday capital flight by insiders. And given this is a German news source, I am going to be sceptical until I see further credible verification. Nonetheless, the gist here is that 4.5bn euros in funds were alleged to have been shifted out of Cyprus just prior to the announcement of the country’s bank holiday. The article alleges that government officials were prominent amongst those sending their money to safety outside of Cyprus.
Here’s a rough translation:
At the last minute: Cypriot politicians plundered their bank accounts
In the week prior to the EU decision for a compulsory levy in Cyprus, almost 4.5 billion euros left the country. Members of the government and people close to the government are suspected in particular.
The head of the Cypriot Central Bank estimates that in the first days after the introduction of the compulsory levy, about 10 percent of deposits in banks in Cyprus will leave the country (here). But as the Italian news agency Ansamed reported with reference to local media, capital flight has long since reached epic proportions. Just in the week before the weekend deciding the compulsory levy, hundreds of bank customers took capital of nearly 4.5 billion euros abroad. 4.5 billion euros in just one week.
Some unnamed sources suggest that the capital refugees had been warned of the tax on deposits. Allegedly, mainly government officials and people close to the government transferred their capital abroad. Overall, since the beginning of the year, 20 billion euros have been transferred abroad.
The Greek central bank, however, is to have sent between four and five billion euros to Cyprus to their own banks to help in dealing with the massive withdrawals by depositors.
http://www.creditwritedowns.com/2013/03/who-knew-about-the-cypriot-bank-holiday-and-took-capital-flight-beforehand.html
Elites are stealing as much money they can and investing in solid assets before the big one... Not a good sign at all for the poor. Same old shit over and over again.
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what would you do if you lived in those countries? If moving out is not a option.
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what would you do if you lived in those countries? If moving out is not a option.
you realize north america is next once europe has collapsed right? Question is not if it's going to collapse but when. There is an acceleration in events at the moment some say. I ve read on zerohedge we ll hear the same bad news coming from greece, spain, italy in only...weeks.
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Uncle Billy spent it on coke and whores. >:(
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The whole idea of the EU was an awful idea to begin with. I can't believe a country like Germany would adopt to this idea.
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Collapse already damn you! So something better can take place.
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Collapse already damn you! So something better can take place.
Collaspe takes decades to develop. If you think it's gonna happen out of nowhere all in one day you've been watching too many movies.
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The whole idea of the EU was an awful idea to begin with. I can't believe a country like Germany would adopt to this idea.
the problem is no the european project, it s the countless people on earth who bought stuff they couldnt afford, then cynical people in finance at all levels toying and aggravating these abuses for their sole profit and so on for years, decades. The only spared ones are those who kept their feets on the ground the whole time.
from zerohedge:
The "nightmare scenario". I've mentioned it a few times here. What if the Fed has the throttle wide open and we go into recession anyway? We've FORCED a business cycle recovery every time for the last 30 years by lowering rates and increasing liquidity. Now we're at the floor on that tactic- ZIRP and QE4EVA. What's left?
That's when what SHOULD have happened starting in '08 may just happen anyway, with everyone powerless to stop it. It's when even infinite liquidity is insufficent to cover up insolvency.
What happens then is anyone's guess. Might be deflationary death (less likely), might be hyperinflationary death (more likely), but in either case the nominal changes will no longer be able to disguise the real, as they have for several years now. I also agreed that whatever happens will likely be more extreme than what would have happened starting in '08 if we had not undertaken the last 5 years of monetary insanity.
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Collapse already damn you! So something better can take place.
Lol, people abused everything under the sun in times of prosperity, what do you think they ll do when they ll be poor? probably no better, so it's going to be worse, not better, for a lot of people. People who cant feed themselves and lost their confort usually arent known to act the most peaceful way. Basically all those who dont own shit and will lose their jobs will have to survive in shanty towns like it is alrdy happening in spain, italy, greece. People who lost everything join them by the day. In these shanty town there s no police or military, and it's the law of the strongest that prevails. Basically you re back to middle age . In europe muslims who are already outnumbering the natives who dont breed anymore will take over these shitholes real quick. If the governments collapse; no more civil servants = no more police. Population will slowly decrease due to not being able to pay for medication anymore, daily violence, depressions, suicides, murders etc. Then after some years people will be sick of that shitty lifestyle and will need to wage wars against some designated group of people or countries who have been taking stuff from them. If you dont own shit again, you re powerless to what's coming. And if you own something, you better be prepared to defend it because some people will think they deserve it more than you, which again in a time where there s no or little police anymore -cause governement cant pay them- equals going back to middle age. Everyone will be too busy defending themselves to defend anyone else. Also if the US are ruined, they wont be able to be the world's cops anymore, wont be able to project their forces everywhere on the planet, which means rogue states will have a field day finally claiming what they think the neighbor shouldnt have (pakistan,india, china, japan etc)
Another gem from zerohedge
It's Oct 2007 all over again. Euphoria everywhere, no bubbles, total denial. Dow sitting at 14,357 and everyone living the American Dream. Then it started to slow down and reality set in... First Bear Stearns, Then Lehman,GM.GS,BOA,USPS,FANNIE,FREDDIE,AIG,CITI ,Chase, Wa Mo, Wells,ect,ect..who was next? Well in came the FED on their white horse and decided to hoodwink all the fools and play lets pretend to prop up the disaster. Instead of letting the chips fall where they may , they decided to inject some 15 TRILLION into the economy. Now remember this injection was not real money, it was only money they printed and handed out. All was better, Wall St. celebrated , Central Banks across the globe had money to burn and interest rates fell to a low .25%. Free money everywhere, things were on the rebound thanks to the printing press, nothing more. Here we are 5 years later and the economy is finally on the mend, or is it? GDP is lower then it was in Oct 2007, Unemployment is about 26% higher, inflation is up nearly 15%, total household debt is up nearly 7%, Our National debt then was 8.6 Trillion and today we are at 16.8 trillion, the FED'S balance sheet was 800 billion and today it's reaching the 3 TRILLION dollar mark. So as you europhia bitchez stroke yourself just remember Oct 2007. We are 20T more in the hole then we were then and when this shitstorm Bernanke and Geithner brought on falls apart there will be no bailouts..There will be no easy fix, it will be the end. You motherfuckers have built a global casino touching the Quadrillion mark when you add in the Derivitive clusterfuck. You motherfuckers have preety much put the nails in my children's future. And you know what? When this shit starts rolling down hill none of you son of bitchez will be able to be found. Go fricken figure?
http://www.zerohedge.com/news/2013-03-21/global-financial-pyramid-scheme-numbers
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Fucking Cypriots
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Yea... how long that shit sticks together.
200 000 000 € of tax money from Finland going to Cyprus according to latest info. As if it wouldn't have use here ::)
Russia rejected today the new loan for Cyprus.
Oh boy, I have a feeling shit is closer to hit the fan than is told. Some serious row going on in cabinets.
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Cyprus Deposit Levy Vote Delayed, Will Go "Down To The Wire" As Up To 70% Deposit Tax Contemplated For Some
While GETCO's algos were poised to set off a buying tsunami yesterday the millisecond a flashing red headline hit Bloomberg with even the hint or suggestion that Cyprus is fixed, we said to sit back and relax because Cyprus "will get no resolution today, or tomorrow, and may at best be resolved on Sunday night following yet another coordinated global bailout, (although our money is on a last, last minute resolution some time on Monday when Cyprus is closed but the European markets are widely open)."
As it turns out, we were right, following reports by major newswires that the vote on the deposit levy will only take place (if at all) on Sunday night, after the Eurozone finance ministers' meeting on Sunday.
As it also turns out, and as noted previously, the votes taken yesterday were the easy ones - obviously Cyprus will now need capital controls in perpetuity to slow down the terminal unwind of its banking system which is now, for all intents and purposes, over and will only exist, if at all, entirely though ECB liquidity injections, but the difficult decision - to complete U-Turn on the Tuesday vote just saying no to deposit tax levy - has been delayed.
The reason for the delay? Deciding how to best bring the news to Russian, and other wealthy depositors, that not only will they not have access to their funds for a long, long time, the ultimate haircut on what they thought was safe, easily accessible cash as recently as a week ago, may be a stunning 70%!
From Xinhua:
The Cypriot parliament has postponed a debate on legislation imposing a levy on bank deposits until after a Eurogroup meeting in Brussels on Sunday, parliament sources said on Saturday.
The vote on the bill had been scheduled for Saturday, ahead of a finance ministers meeting to consider a revised bailout for Cyprus, following endorsement of nine bailout related bills at a day-long session of parliament on Friday.
The sources could not say if and when a deposits levy bill will be debated.
Troika technocrats representing the European Commission, the European Central Bank and the International Monetary Fund were at the ministry of finance early on Saturday discussing final details of the bailout.
Cyprus president Nicos Anastasiades was scheduled to fly to Brussels later on Saturday accompanied by leaders of parliamentary parties to plead his position on the bailout but plans may change depending on the outcome of discussions at the ministry of finance.
However his travel to Brussels has been throwing into uncertainty following the postponement of Saturday’s session of parliament.
Reuters has more:
Cyprus's bid to avert financial collapse will go down to the wire after the island said it would hold a crucial sitting of parliament only after finance ministers of the 17-nation euro zone meet on Sunday.
Cyprus faces a Monday deadline to clinch a 10 billion euro ($13 billion) bailout from the European Union or the European Central Bank says it will cut off emergency funding to the country's stricken banks, spelling certain collapse and potentially pushing the island out of Europe's single currency.
The way the deal is currently structured, all deposits that have EUR 100,000 and less in deposits, which in Cyprus amounts to 361,000 of a total 371,000, will not see a deposit tax, after last week's attempt to impose a 6.75% on all "insured" accounts. However, the same can not be said for the remaining 10,000 belonging supposedly to uber-wealthy Russians, but certainly to people from all over the world, and even Cyprus.
As a result, according to the rapidly shifting plan, depositors with the biggest local bank, Bank of Cyprus, may see losses up to 25%. Per Reuters:
Cyprus is considering a levy of about 25 percent on bank deposits over 100,000 euros ($130,000) in the island's largest local lender, Bank of Cyprus, Finance Minister Michael Sarris said on Saturday
Sarris told reporters that "significant progress" had been made in talks with officials from the European Union, European Central Bank and International Monetary Fund - the so-called 'troika' - and that the discussions may conclude on Saturday evening.
Cyprus' second largest bank, Cyprus Popular Bank, aka Laiki bank, where it appears the bulk of Russian cash is stored, will fare far, far worse with deposit haircuts up to a stunning 70% on the table, and that is after capital controls ease enough to allow for the deposit withdrawals!
Cyprus Popular Bank depositors with more than 100,000 euros will face losses, said Averof Neofytou, deputy president of Anastasiades’s ruling Disy party.
“They will wait for many years before they see what percentage they will get back from their savings -- 30 percent, 40 percent, 50 percent, 60 percent, it will be seen,” Neofytou said during the debate in parliament.
He didn’t say what could happen to larger depositors of other banks.
Nothing good, that's for sure.
But at least the bulk of the population will be spared. The problem is what Russia will do, when the ball is in its court following a vote to impair its citizens which may or may not come, as all political leaders in Russia have made it very clear this is an outright political provocation by Europe targeting purely Russian wealth.
What is also sure, is that any bulk investments in Europe, be they held by Russian, Chinese, or any other oligarchs, will now scramble to get out, knowing quite well their cash is not only no longer welcome in the Eurozone, but most likely will be used to fund bailouts of assorted insolvent European nations. Such as all of them. This could be a very big problem because according to JPMorgan, the share of large or uninsured deposits is about half of total deposits in Euroarea banking system including the peripheral countries.
Should a stealthy "uninsured" depositor run in Europe take place following this weekend, and up to half the funding of European banks go poof - that which until recently was generously provided by the same uberwealthy who are now the target of persecution seemingly everywhere - not all the ELA, LTRO, SMP, OMT, and any other acronym free ECB money in the world will be able to hold the Eurozone together.
In the meantime, those hoping for a Saturday resolution to the Cypriot expropriation of Russian wealth are urged to step back from the computer and go for a walk - it will take a while, and will likely be after the imminent onslaught of fire and brimstone from Russia which now does everything it can - including outright threats at this point - to make it clear that should Europe indeed go ahead and impair its wealthiest depositors by up to 70%, that the European winter 2013/2014 season, will be very long, and very cold.
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Insane in the membrane. . . Insane in the brain!
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The power players who set up the Euro knew this would happen. They will swoop in once the nations are in turmoil and offer them a deal to save them, a deal with the devil.
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Russians oligarchs who re going to be raped by merkel will hold some massive grudge toward europe... and none of this is going to prevent the system to collapse some months later anyway, one way or another, as world debts can never ever be reimbursed except if you cancel them and start from scratch, which would make a lot of other people furious. The move to protect the average joe and slap the illegaly riches is coureageous, but...in the end average joe will get owned nonetheless. There is no possibility to content someone without punishing someone else , so there are going to be sore losers. In the end everyone is condemned; russia will punish europe.
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Glad I live in MURRICA!!!! ;D
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Russians oligarchs who re going to be raped by merkel will hold some massive grudge toward europe... and none of this is going to prevent the system to collapse some months later anyway, one way or another, as world debts can never ever be reimbursed except if you cancel them and start from scratch, which would make a lot of other people furious. The move to protect the average joe and slap the illegaly riches is coureageous, but...in the end average joe will get owned nonetheless. There is no possibility to content someone without punishing someone else , so there are going to be sore losers. In the end everyone is condemned; russia will punish europe.
I don't know.... this is weird situation in my opinion;
Cyprus even offered their gas rights for Russians for another loan but Moscow refused just yesterday.
There is for sure some logic behind this.
Most likely some political tit-for-tat between Russia and EU (Germany) or they just see a new loan would do nothing but postpone the shitstorm for some time (what it indeed would).
Sources:
Cyprus Offers Russia Gas, Banking Assets for Rescue, Sarris Says
http://www.bloomberg.com/news/2013-03-21/cyprus-offers-russia-gas-banking-assets-for-rescue-sarris-says.html
"Cyprus has failed to gain the financial support from Russia that it sought after rejecting a European bailout plan, according to Cypriot Finance Minister Michael Sarris."
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_22/03/2013_489318
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http://english.ruvr.ru/2013_03_22/Putin-and-Barroso-discuss-future-relations-between-Russia-and-EU/
Whatever will happen in Cyprus, has likely been decided behind the scenes, in the off-the-radar but important meeting in Moscow between Vladimir Putin and EU Commission President José Manuel Barroso - who is the real key figure in the EU with the most direct connections to all the 'shadow powers' in and behind the EU governments.
For some reason, this colossally important summit meeting between Putin and Barroso, has been under the media radar, here is one place:
The Barroso - Putin meeting was going on right as Cyprus was in Moscow negotiating with the Russians and learning what they should do.
At this point Cyprus is in most ways a passenger, and very likely simply carrying out the role that Russia is recommending to them after Putin's deal with Barroso.
Whatever Cyprus ends up in or out of the euro-zone or the EU itself, Putin and Barroso have likely okayed the deal ... even if that means Russia raising gas prices to Europe to cover whatever gets lost to Russian companies with a Cyprus 'plan' or default.
Also of great importance is the raiding of Christine Lagarde's apartment, directly after she pressed the Cyprus idiocy the previous weekend. It is worth looking at what Jim Sinclair has been saying as to why this happened.
There is also Ben Bernanke essentially announcing he would leave the US Federal Reserve at the end of his term in some months ... Sinclair says this is directly a result of the Cyprus blunder backed by US politicians, but against the US and other central bankers.
In short maybe this -
The Cyprus 'plan' idiocy the previous weekend, contained two major blunders by Germany and the Lagarde IMF, both of whom were acting as agents of the Americans.
The first blunder was that of trying to seize Russian money, without consulting and involving Putin as had been promised.
The second blunder was trying to seize insured customer bank deposits as a test confiscation of assets ... But they were doing this much too early, when the world's central bankers, Bernanke and perhaps Mario Draghi as well, felt that maintaining the illusion that deposits are 'safe' was essential to maintaining the global money-printing Ponzi scheme.
The Cypriot politicians know the EU is not whom they need to please, it is Russia, hence the absolute zero of votes for the EU plan early in the week, and ignoring the 'Troika' for most of the week.
The higher level of EU internal politics, also saw the huge error, the immense danger to the whole EU banking system, and to relations with Russia, the EU's 3rd biggest trading partner, and to how costly gas will be to heat Europe next winter.
That is why Lagarde's flat was suddenly raided as a years-old ancient 'investigation' was suddenly revived, to show Lagarde she was being brought down, like the way her US patrons did to Strauss-Kahn so crudely ... and likely why Draghi is in hiding ... and why the Troika is being brought down a notch in the public eye.
According to Jim Sinclair, Ben Bernanke sees the Cyprus mess as essentially blowing up all the work he had been doing for the last several years, trying to keep the whole Ponzi going for a few years longer. Sinclair says that is why Bernanke suddenly called it quits, washing his hands of everything, only hoping the collapse of the dollar will not happen in the months he has left in office.
Putin has won the round ... Barroso likely traded whatever Putin had asked. Now we will learn in the coming week what is the end product of the Barroso - Putin deal.
It is entirely possible that Putin saw his best play not as an overt rescue and moving-in on Cyprus immediately ... but letting Cyprus semi-collapse and leave the euro-zone, as a harsh 'lesson' to be taught the EU for their arrogant insolence in trying to steal Russian money. Russia can move in a little later, at fire-sale prices ... he remains the 'daddy' of Cyprus, with the tens of Russian billions, locked up now in Cyprus under the new capital controls.
Barroso likely swallowed and accepted whatever terms Putin offered. Alternative gas sources from the Levant will not be online for several years ... Putin needs to be mollified by the EU, even if that means fragmenting the euro-zone as the price to be paid.
And the global Ponzi scheme is indeed in quite a bit of extra danger now. The process of financial entropy has greatly accelerated. Ben Bernanke seems not to want to even play anymore, after Lagarde and the Germans and Dutch, and his own fellow American politicians, blew up his game with their foolish extortion.
Draghi is likely wondering what to do. He sees the writing on the wall for the southern countries leaving the euro, and his colleague Bernanke abandoning ship. Draghi may not have an answer yet. He is perhaps watching for the consequences of the Barroso-Putin deal to unfold.
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Although I must note Russia is again doing the right thing.
It's not a job of government to save individual banksters etc.
wish Finnish politicians had balls the same size too.
Taxes are risen causing the people to suffer and meanwhile money is shoveled to these bankrupt shitholes...Greece, Spain etc.
I also respect how Russia always demands something in return if it gives someone something.
Finland on the other hand doesn't demand anything - just hand out million after million every time someone asks.
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In the end it's rich people from all nations sticking together and planning how they re going to defend their wealth while analraping the poors... make no mistake. Borders dont matter, it's about smart and riches against poors, always been and always will be. They pretend to attack the evil oligarches to defend the poor europeans...knowing full well they re doomed sooner or later once the impossible machine crashes. It's all about damage control, apparences, illusions, and hoping it will be slow enough so the poors somehwat adapt without fighting back those who are controlling them. Whatever happens rich people will still be on top, and poor people in the cesspool. The law of nature.