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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Roger Bacon on March 17, 2013, 09:37:55 PM
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Cyprus Bailout: Welcome To Another Great Depression
So, this is going to be a very sour reading of what has happened in Cyprus this weekend. It will also be a very partisan one, possibly even a partial one. But if Milton Friedman and Anna Schwartz were right in their insistence that it was actually the Federal Reserve that caused the Great Depression (which is something that Ben Bernanke himself has insisted that the Fed will not repeat) then one way of interpreting what has happened is that the European Central Bank has just set us all up for another Depression. The trigger is that “tax” of a little over 6% on all depositors.
http://www.forbes.com/sites/timworstall/2013/03/17/cyprus-bailout-welcome-to-another-great-depression/
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Cyprus Bailout: Welcome To Another Great Depression
So, this is going to be a very sour reading of what has happened in Cyprus this weekend. It will also be a very partisan one, possibly even a partial one. But if Milton Friedman and Anna Schwartz were right in their insistence that it was actually the Federal Reserve that caused the Great Depression (which is something that Ben Bernanke himself has insisted that the Fed will not repeat) then one way of interpreting what has happened is that the European Central Bank has just set us all up for another Depression. The trigger is that “tax” of a little over 6% on all depositors.
http://www.forbes.com/sites/timworstall/2013/03/17/cyprus-bailout-welcome-to-another-great-depression/
It's only 6.75% for the lucky ones. For others... we're talking 9.9%... but run along... nothing to see here.
Those trying to warn you about Global Currency trends are being systematically silenced as paranoid spammers. ::)
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The great EU bank robbery:
British taxpayers to bail out victims of outrageous raid
- British Government will reimburse military victims of EU's Cyprus cash grab
- But 60,000 other Britons still face losing money after bail out
- Chaos as banks empty cashpoints and ban online transfers
- Bank tax could have repercussions across Eurozone and beyond
UK taxpayers will have to compensate thousands of Britons hit by a shock raid on bank accounts in Cyprus.
The debt-stricken island, which is home to around 3,000 British military personnel and civil servants, is being given an £8.7billion EU rescue package.
But – in a move condemned as ‘robbery’ – Germany says it will not fund the emergency deal unless every saver with a deposit account contributes via a bank tax.
Account holders will lose 9.9 per cent of all deposits over 100,000 euros (£85,000), with a 6.75 per cent levy on smaller amounts.
George Osborne said last night the Treasury will help out military staff and officials. But it is thought 60,000 other Britons, including holiday homeowners and expats, will lose out.
They are thought to have about £1.7billion in Cyprus’s banks – exposing them to a potential levy of at least £115million – or an average of £1,900 each.
In yet another eurozone crisis:
- Cypriot banks banned online transfers and emptied cashpoints to stop withdrawals;
- The levy could be automatically taken from accounts as early as Wednesday;
- British tourists were told to ensure they had multiple sources of money;
- The chief minister of the euro area refused to rule out similar levies elsewhere;
- Analysts said the raid could fall foul of the European Convention on Human Rights;
- Traders are braced for turbulence on international stock markets today.
In response to cries of outrage, Cypriot president Nicos Anastasiades was last night trying to amend the bailout tax to limit the pain for small depositors.
But Angela Merkel insisted it was right that all depositors in Cypriot banks should share the responsibility of bailing out the state.
Read more: http://www.dailymail.co.uk/news/article-2294971/The-great-EU-bank-robbery-British-taxpayers-bail-victims-outrageous-raid.html
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In Other Global Currency Trends.... :D
SHOCK, ANGER, & FEAR:
HERE’S THE INTERNATIONAL REACTION TO CYPRUS’ SHOCK TAX ON BANK DEPOSITS
Mar. 17, 2013 9:55pm Erica Ritz
(http://www.theblaze.com/wp-content/uploads/2013/03/Screen-Shot-2013-03-17-at-6.32.05-PM-620x403.png)
People withdraw money from a cash-point machine in the Cypriot capital Nicosia
on March 17, 2013. (Photo: AFP/Getty Images)
The world was stunned on Saturday when Cyprus announced that it planned to levy a harsh one-time tax on bank deposits as part of a bailout agreement with its European partners and the International Monetary Fund (IMF).
Nervous depositors rushed to ATM machines to drain their accounts only to find that the banks had already sealed off either 6.75% or 9.9%, depending on whether they had more or less than €100,000 in the account.
The Cypriot bailout follows those for Greece, Portugal, Ireland and the Spanish banking sector, but it’s the first that dips into people’s savings to finance a bailout. Analysts worry the move could roil international markets and jeopardize Europe’s fragile economies.
Reuters reports that lawmakers are working to soften the blow for those with less money in the bank, changing the rates from 6.75 percent and 9.9 percent to 3.0 percent and 12.5 percent, respectively.
But regardless of whether they succeed, the move to tax private deposits has sparked controversy around the world:
Read more here: http://www.theblaze.com/stories/2013/03/17/shock-anger-fear-heres-the-international-reaction-to-cyprus-shock-tax-on-bank-deposits/?utm_source=twitter&utm_medium=story&utm_campaign=Share+Buttons
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In Other Global Currency Trends .... :D
Ann Barnhardt was the woman who closed down her commodities brokerage firm, and returned all money to her clients citing irreparable irregularities in the markets.
I posted this warning last summer when Ann Barnhardt first issued it. For some odd reason, I can't seem to find it... it's gone MIA, but the devastation felt by Cypriot bank customers will imo be coming to America soon...
I strongly encourage you all to view this entire clip. laws are already on the books to facilitate a similar theft in the USA as occurred this past weekend in Cyprus.
Ann Barnhardt - A Matter Of Record
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Too complicated for the "useful idiots."
In Other Global Currency Trends .... :D
Ann Barnhardt was the woman who closed down her commodities brokerage firm, and returned all money to her clients citing irreparable irregularities in the markets.
I posted this warning last summer when Ann Barnhardt first issued it. For some odd reason, I can't seem to find it... it's gone MIA, but the devastation felt by Cypriot bank customers will imo be coming to America soon...
I strongly encourage you all to view this entire clip. laws are already on the books to facilitate a similar theft in the USA as occurred this past weekend in Cyprus.
Ann Barnhardt - A Matter Of Record
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If its a one time tax, why pull the money out? I'm sure they'll get it somehow anyway. Why do the British have anything to do with it, they aren't in the EU?
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If its a one time tax, why pull the money out? I'm sure they'll get it somehow anyway. Why do the British have anything to do with it, they aren't in the EU?
It being a "one time tax" is completely besides the point. It's a dangerous precedent.
The money does NOT belong to the government, it belongs to the savers, and no one should be able to take it and do what they want with it without the owners knowledge & consent. Besides, do you really trust it will be repaid?
It's especially egregious because they made the decision to do it Friday night, to take effect Tuesday, ...knowing Monday was a bank holiday and banks would be closed. Were it not for social media, depositors would never have known this was even occurring. Furthermore, it breaks the promise that all depositors money is protected.
The same garbage is fed to Americans via the FDIC mechanism, however in the USA deposits are backed by "the full faith & credit of the USA" lolololz No one has any faith left in the USA, and they sure don't have anymore credit.
As for the British, British taxpayers will be on the hook to compensate Brits who had their money stolen from Cypriot banks.
This is precisely why I don't save in cash or trust the banking system... among other reasons.
This is seriously messed up. It's bad enough that people who did the right thing are being penalized by ridiculously low interest rates (essentially having their money confiscated via inflation, ...now they're not even disguising the theft, they're just outright taking it.
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Is any money safe except gold kept outside the corrupt and busted banking system?
Submitted by cpowell on 06:28PM ET Sunday, March 17, 2013. Section: Daily Dispatches
Cyprus Works on Tax Levy Deal to Get Bailout Approved
By Michele Kambas
Reuters
Sunday, March 17, 2013
NICOSIA, Cyprus -- Cyprus' government was working on a proposal to soften the blow of a bank deposit levy on smaller savers ahead of a parliament vote on Monday on the measure central to a euro-zone bailout designed to avert bankruptcy.
Breaking with previous EU practice that depositors' savings are sacrosanct, Cyprus and international lenders agreed at the weekend that savers in the island's outsized banking system would take a hit in return for the offer of 10 billion euros ($13 billion) in aid.
That not only infuriated Cypriots, it unnerved depositors in the euro zone's weaker economies and investors fearing a precedent that could reignite market turmoil.
The euro fell sharply early on Monday in Asian trade.
On Monday afternoon, Cyprus' fractious 56-member parliament is scheduled to vote on whether depositors should forfeit part of their savings to fund a bailout, mainly needed to recapitalize banks.
Approval of the deposit cut is far from a given. No party has an absolute majority, three parties say outright they will not back the tax, and a vote initially planned for Sunday was rescheduled to allow more time to build a consensus.
Faced with a growing public backlash, Cypriot finance ministry officials began discussions with lenders on Sunday to lessen the blow for smaller savers.
A source close to the consultations told Reuters authorities were hoping to cut the tax band to 3.0 percent from 6.7 percent for deposits under 100,000 euros.
The rate for deposits above that would then be jacked up to 12.5 percent from 9.9 percent.
In Brussels, a spokesman for Olli Rehn, the European commissioner in charge of economic affairs, said changes to the amounts paid by different depositors could be acceptable given that the financial impact would be the same.
News of the tax triggered a run on cashpoints in Cyprus over the weekend. Monday is a bank holiday and measures need to be approved before banks reopen on Tuesday.
Cypriot President Nicos Anastasiades, a conservative elected just three weeks ago, said the tax on deposits was an alternative to a disorderly bankruptcy.
In a televised address he said it was painful but "will eventually stabilize the economy and lead it to recovery."
Savers who lost money would be compensated by shares in commercial banks, with equity returns guaranteed by future revenues expected from natural gas discoveries, Anastasiades said.
But many legislators remain unconvinced.
"Essentially parliament is called to legalize a decision to rob depositors blind, against every written and unwritten law," said Yiannakis Omirou, speaker of parliament and head of EDEK, the small Socialist party. "We refuse to subscribe to this."
Even though there was no immediate sign of savers taking fright in other parts of Europe badly hurt by the regional debt crisis, some feared a precedent had been set.
"European countries are very calm thinking it could never happen to them. But we'll all get involved sooner or later," said Ana Garcia, a 62-year-old worker at a mental health center in Madrid.
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The great EU bank robbery:
British taxpayers to bail out victims of outrageous raid
- British Government will reimburse military victims of EU's Cyprus cash grab
- But 60,000 other Britons still face losing money after bail out
- Chaos as banks empty cashpoints and ban online transfers
- Bank tax could have repercussions across Eurozone and beyond
UK taxpayers will have to compensate thousands of Britons hit by a shock raid on bank accounts in Cyprus.
The debt-stricken island, which is home to around 3,000 British military personnel and civil servants, is being given an £8.7billion EU rescue package.
But – in a move condemned as ‘robbery’ – Germany says it will not fund the emergency deal unless every saver with a deposit account contributes via a bank tax.
Account holders will lose 9.9 per cent of all deposits over 100,000 euros (£85,000), with a 6.75 per cent levy on smaller amounts.
George Osborne said last night the Treasury will help out military staff and officials. But it is thought 60,000 other Britons, including holiday homeowners and expats, will lose out.
They are thought to have about £1.7billion in Cyprus’s banks – exposing them to a potential levy of at least £115million – or an average of £1,900 each.
In yet another eurozone crisis:
- Cypriot banks banned online transfers and emptied cashpoints to stop withdrawals;
- The levy could be automatically taken from accounts as early as Wednesday;
- British tourists were told to ensure they had multiple sources of money;
- The chief minister of the euro area refused to rule out similar levies elsewhere;
- Analysts said the raid could fall foul of the European Convention on Human Rights;
- Traders are braced for turbulence on international stock markets today.
In response to cries of outrage, Cypriot president Nicos Anastasiades was last night trying to amend the bailout tax to limit the pain for small depositors.
But Angela Merkel insisted it was right that all depositors in Cypriot banks should share the responsibility of bailing out the state.
Read more: http://www.dailymail.co.uk/news/article-2294971/The-great-EU-bank-robbery-British-taxpayers-bail-victims-outrageous-raid.html
I wonder how long it will be before the UK names Cyprus as a terrorist nation like they did with Iceland? ???
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In Other Global Currency Trends ... :D
What’s happening in Cyprus should send a chill over the entire world
Socialists ready to make power grab of world citizens’ money
(http://cfp.canadafreepress.com/cover031613.jpg)
Judi McLeod | March 17, 2013
Get your money out of the banks.Due to an “emergency deal reached today in Brussels”, a one-time 9.9% tax is to be levied on Cypriot bank deposits of more than 100,000 euros effective Tuesday, March 19.
Virtually overnight and with no warning of any kind, the emergency tax deal was imposed on the people of Cyprus without vote or debate. People ran to ATM machines today only to discover that the taxed amount of their cash had already been frozen.
Monday in Cyprus is a national holiday, the first day of Greek Orthodox Easter.
Nor is this emergency only inflicted upon the so-called rich as even deposits under 100,000 euros will now be taxed at 6.7%.
“If it can happen in Cyprus, it can happen anywhere,” worried British correspondent Anna Grayson told Canada Free Press (CFP) in an overseas telephone call today.
“Is this why the U.S. Department of Homeland Security has purchased millions of hollow point bullets, is this why rumors of an underground bunker being built for Obama are circulating?”
The bottom line of the Cyprus story is that politicians are forcing a new 10 billion euro bailout—to be paid directly from the bank accounts of ordinary people.
The people of Cyprus, most of whom never saw this coming, never had a chance. Without social media they would not have known their accounts were frozen as of today.
People poured into the streets, making a run on ATM machines. A crowd of around 150 protesters massed in front of the presidential palace late in the afternoon at the beginning of the three-day religious holiday on the island.
Cyprus is the fifth country to seek a bailout following Greece, Ireland, Portugal and Spain but the terms of the deal are a radical departure from previous schemes.
No one will escape the bailout deal which will apply to everyone from pensions to Russian oligarchs, who are alleged to have billions stashed away in what officials claim is a bloated Cypriot banking sector. (Sky News, March 16, 2013).)
The blueprint laid by cunning EU Socialist finance ministers comes at a time when the USA is being led by a Socialist president.
This is how the EU robbed the people of Cyprus:
Banks first cooperated with the EU by sealing off the amount of the proposed levy—a 6.75 percent tax on deposits under €100,000 and 9.9 percent on those above —making it impossible for depositors to access their full amount. The only means bank customers have left is the ability to draw from the rest of their funds via ATM machines this weekend. Many depositors made their way to the machines on Saturday to drain their accounts. But the few banks that opened on Saturdays did so only briefly, and no international transfers will be able to go through until Tuesday, with Monday being the holiday. Cyprus’ Parliament is expected to meet Sunday to pass the required legislation., or after the deed was done. The deal also needs the approval of several eurozone parliaments; at the time of writing it was unclear how fast they can act and what will happen to bank deposits in the meantime.
What’s happening in Cyprus should send a chill over the entire world.
Politicians working with complicit big banks need no rule of law; no parliament debates to close in on the bank accounts of average people.
Get your money out of the banks wherever you are, and do it as soon as possible.
http://canadafreepress.com/index.php/article/53818
Judi McLeod is an award-winning journalist with 30 years’ experience in the print media. A former Toronto Sun columnist, she also worked for the Kingston Whig Standard. Her work has appeared on Rush Limbaugh, Newsmax.com, Drudge Report, Foxnews.com, and Glenn Beck.
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The levy seems to have been badly handled by the Cypriats but has anybody here wondered why it was introduced ?
Doubtlessly everybody here is in favour of protecting all that hot russian money. When that nice macho Mr Putin starts complaining ( and he has) about the Cypriats taking his friends money will we all be still supportive?
But then who would have thought Russians would outwit Cypriats?
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The levy seems to have been badly handled by the Cypriats but has anybody here wondered why it was introduced ?
Doubtlessly everybody here is in favour of protecting all that hot russian money. When that nice macho Mr Putin starts complaining ( and he has) about the Cypriats taking his friends money will we all be still supportive?
But then who would have thought Russians would outwit Cypriats?
The Germans will only fund 10 billion, of the 17 billion in bailouts that Cyprus needed, so the Cypriots decided to simply take it from all Cypriot bank accounts. German opposition leaders were demanding that twice as much be taken from Cyprian accounts. I don't think German citizens are happy about having to fund further bailouts. :'(
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Obama Reid Cuntlosi just got a new idea from these criminals.
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Obama Reid Cuntlosi just got a new idea from these criminals.
sticking Obama into another thread using tortured logic that has nothing to do with him...don't you ever stop???????
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sticking Obama into another thread using tortured logic that has nothing to do with him...don't you ever stop???????
Socialism/Communism like the left in this country preaches is a few chapters ahead in the EU and places like Greek Cyprus etc.
At some point the money to fund social welfare bullshit ends and the game is up.
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THE SHOCKING TRUTH OF THE IMPENDING EU COLLAPSE!
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Obama Reid Cuntlosi just got a new idea from these criminals.
Don't kid yourself. They've had this up their sleeves for a long time. Read the NDAA that is now the law of your land.
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Socialism/Communism like the left in this country preaches is a few chapters ahead in the EU and places like Greek Cyprus etc.
At some point the money to fund social welfare bullshit ends and the game is up.
Actually 333, the "LEFT" in Cyprus is screaming bloody murder on this one.
When are you going to wake up? It's not a LEFT / RIGHT thing. It's a hostile takeover of nations by banksters.
The problem is not the funding of social welfare, the problem is the funding of bankster welfare.
the problem was and is the wildwest casino environment of the banks. they caused the problem, and the savers are expected to bail out the banking industry via the theft of their money. Coming soon to America...
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The Germans will only fund 10 billion, of the 17 billion in bailouts that Cyprus needed, so the Cypriots decided to simply take it from all Cypriot bank accounts. German opposition leaders were demanding that twice as much be taken from Cyprian accounts. I don't think German citizens are happy about having to fund further bailouts. :'(
No if only the Russians had invested in bonds raher than deposits the Germans would have seen them right
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Actually 333, the "LEFT" in Cyprus is screaming bloody murder on this one.
When are you going to wake up? It's not a LEFT / RIGHT thing. It's a hostile takeover of nations by banksters.
The leftists need the central bankers to print phantom money to keep the bullshit welfare spending going.
Liberals/leftists/socialists/communists love central banks to keep printing money - they just get pissed off when they are not the beneficiaries of it.
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The leftists need the central bankers to print phantom money to keep the bullshit welfare spending going.
Liberals/leftists/socialists/communists love central banks to keep printing money - they just get pissed off when they are not the beneficiaries of it.
why are "Liberals/leftists/socialists/communists" protecting bondholders at the expence of depositholders and taxpayers?
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The leftists need the central bankers to print phantom money to keep the bullshit welfare spending going.
Liberals/leftists/socialists/communists love central banks to keep printing money - they just get pissed off when they are not the beneficiaries of it.
You mean like the bullshit welfare spending to the tune of $85 Billion per month (on the record) Bernanke is currently spending for mortgage backed securities?
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why are "Liberals/leftists/socialists/communists" protecting bondholders at the expence of depositholders and taxpayers?
What are bonds issued for and useful for vs money sitting in deposit accounts?
There is your answer.
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You mean like the bullshit welfare spending to the tune of $85 Billion per month (on the record) Bernanke is currently spending for mortgage backed securities?
Absolutely. I dont support any of this garbage whatsoever and actually wanted no TARP, no bailouts, zilch remember?
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why are "Liberals/leftists/socialists/communists" protecting bondholders at the expence of depositholders and taxpayers?
LOL, You ARE new here! :D
Don't bother asking a reasonable question of 333, ...not when it comes to the left.
The only response you're going to get is some variant of "I HATE OBAMA" ::) ::) ::)
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LOL, You ARE new here! :D
Don't bother asking a reasonable question of 333, ...not when it comes to the left.
The only response you're going to get is some variant of "I HATE OBAMA" ::) ::) ::)
I believe he should be affoarded every oportunity of receiving reasonable and mainly intelligent questions. Whither he choses or is able to answer them with honesty and intelligence is entirely with in his remit. (correcting my spelling is just correction , not a display of intellegence)
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What are bonds issued for and useful for vs money sitting in deposit accounts?
There is your answer.
It used to be only cute hoor kerrymen gave questions as answers
A bond is the same as a deposit in that neither are shares. Both collect annual interest payments though each have different withdrawl mechanisms. Bonds are long term deposits and as practiced in recent yearsget greater protetion than small deposit accounts, shareholders and tax payers. Amid all the hooha of what the Cypriets did (and the detail was left up to them as it was they who wanted the money) it seems not to have been noticed that it is still small depositors shareholders and taxpayers that take the sting.
In properly working lending arrangements the lender should pay for his incompetent lending just as the borrower should pay for their incompetent borrowing
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It used to be only cute hoor kerrymen gave questions as answers
A bond is the same as a deposit in that neither are shares. Both collect annual interest payments though each have different withdrawl mechanisms. Bonds are long term deposits and as practiced in recent yearsget greater protetion than small deposit accounts, shareholders and tax payers. Amid all the hooha of what the Cypriets did (and the detail was left up to them as it was they who wanted the money) it seems not to have been noticed that it is still small depositors shareholders and taxpayers that take the sting.
In properly working lending arrangements the lender should pay for his incompetent lending just as the borrower should pay for their incompetent borrowing
Throughout this entire economic fiasco, it has always been the savers & taxpayers footing the bill whether they realized it or not. Some are aware they are paying the price via a policy of artificially low interest rates, bailouts & QE currency debasement, but this time, it was in their face. When it comes to lowering interest rates, they can only go to negative rates, ...until they rise and completely destroy bond issuers.
What's really disgusting is I understand Russia's Gaz Prom had offered to bailout Cyprus in exchange for gas exploration rights off the coast of Cyprus, but Cyprus refused preferring the bailout to come from inside the EU. This also calls into question whether a previous multi-billion $ loan from Russia to Cyprus will be extended. Despite this 'supposed solution' they could find themselves in the same position.
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LOL, Looks like there an equivalent of the "Drinking With Bob" guy in every country. ;D
So who is more pissed off? USA's Drinking With Bob, or the UK's Chunky Mark?
The Great Cyprus Bank Robbery by Financial Terrorists
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Obama Reid Cuntlosi just got a new idea from these criminals.
Dude, Obama is only the puppet of the bankers. He is a mock president.
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Throughout this entire economic fiasco, it has always been the savers & taxpayers footing the bill whether they realized it or not. Some are aware they are paying the price via a policy of artificially low interest rates, bailouts & QE currency debasement, but this time, it was in their face. When it comes to lowering interest rates, they can only go to negative rates, ...until they rise and completely destroy bond issuers.What's really disgusting is I understand Russia's Gaz Prom had offered to bailout Cyprus in exchange for gas exploration rights off the coast of Cyprus, but Cyprus refused preferring the bailout to come from inside the EU. This also calls into question whether a previous multi-billion $ loan from Russia to Cyprus will be extended. Despite this 'supposed solution' they could find themselves in the same position.
history suggests most people are more confortable with inflation rather than deflation particularly when some prices never/ rarely go down. As for Cyrpus it hasnt't made the best of its EU membership over the years. It opposed all efforts at reaching an accomodation with the Turkish north part of the Island, it allowed it self to become a money laundering and tax avoidance country. It also seems to have not reacted quickly or effeciently enough to its massive exposure to the Greek debt and perhaps it ignored the groundswell of hostility in other countries to bailing out (lending) hot , tax avoiding mainly Russian depositers (and substancial amounts of British it seems)
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It's a trail balloon for future actions.
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This is fucking disgusting what happened. I don't usually get riled up and angry over politics and banks but this hit a nerve. It's unapologetic thievery of the highest highest order. Blatant crookery of the likes I've never seen before. Does democracy mean nothing to these c/unts? What, stealing from your own population is now ok?
Boy, the fucking wailing and media machine in full swing had all of us taxpayers suddenly decided to withhold 10% of our income tax.
How can these parasites look at themselves in the mirror and not throw up!
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It's a trail balloon for future actions.
Yep, that's EXACTLY what it is. It's a trial balloon, that they WILL roll out globally, regardless of how well it goes down in Cyprus. They'll simply tweak it a bit to ensure no money escapes their grasp, ...whether it be a combination of more inflation, or euphemisms like "negative interest rates."
As for that crap about Cyprus being a money laundering centre for Russians.... So what?
WHO was letting them do it? Does this justify stealing from the general public?
If so, ...watch out. That line of logic could get you 25 years behind bars, ...after all, there are a lot of drug dealers in the US, ...so lets punish all the citizens by putting every man, woman, and child behind bars? ::) ::)
I didn't see them making any moves on HSBC, or Deutschbanke... entities that have admitted to money laundering. This is simply a deliberate attack on Russia. Make no mistake about it, WWIII has started, and financial instruments are the WMD's of choice, ...for now.
Back in November 2011, right after the MF Global theft, I predicted they would start doing this to people's bank accounts... Blatant outright theft. It has started and despite all rhetoric to the contrary, WILL BE rolled out globally. Already they are talking about stealing 15% from bank accounts in Italy.
Despite Cypriot politicians changing their minds, ...the EU is saying they're still going ahead with it.
If this can occur in Cyprus of all places, ...it can and WILL occur elsewhere.
Folks, the reality of the matter is, these are simply the new Global Currency Trends ... :D
Gerald Celente: Cyprus Looting is only the Beginning
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This isn't the last time you will see this and it will most likely be pushed in the U.S. in the near future. Whether by direct account theft or having the government convert retirement accounts/pensions/savings etc. to buying U.S. treasuries. Something along those lines.
Even though it failed in Cyprus I'm sure it was floated in because either outcome was planned for and will be used to further the agenda. These people and these totalitarianism will not simply give up and go home and say "Well, we tried!" Nope, just look at the centralized state that Europe has become.
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This isn't the last time you will see this and it will most likely be pushed in the U.S. in the near future. Whether by direct account theft or having the government convert retirement accounts/pensions/savings etc. to buying U.S. treasuries. Something along those lines.
It's already happening covertly. While the debt ceiling has been suspended, they are on a spending spree pillaging social security. Screw the sequester, the money spigot is still on full tilt. The sequester is just a stunt.
Even though it failed in Cyprus I'm sure it was floated in because either outcome was planned for and will be used to further the agenda. These people and these totalitarianism will not simply give up and go home and say "Well, we tried!" Nope, just look at the centralized state that Europe has become.
It hasn't yet failed in Cyprus. Everyone is talking about a potential 3 - 13% theft, but everyone is failing to realize thus far it has been a complete and total 100% theft. Cypriots STILL do not have access to their money, bank machines have been emptied to prevent withdrawals, online transfers have been blocked, and the banks are still not open for business.
This is going to spread all over Europe. Other countries within the eurozone like italy for instance were forced to borrow at 6% to buy Greek bonds at 3%, and we all know the greeks are never going to pay on those bonds anyway.
Now Cyprus is in talks with Russia for a bailout, ...either that or joining the Eurasian block and dipping into pensions. What they should do is follow the same path that Iceland took.
What so frightening in all of this is the Cyprus represents such a teeny, tiny fraction of European GDP, yet such a small fraction (less than 1%) can have such an impact on the entire eurozone. If Cyprus leaves the Euro, others will do the same and the whole think comes crashing down.
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Cyprus seeks Russian rescue, EU threatens cutoff
By Michele Kambas and Lidia Kelly
NICOSIA/MOSCOW | Wed Mar 20, 2013 3:53pm EDT
(Reuters) - Cyprus ordered banks to stay shut until next week as the government scrambled on Wednesday to avert a financial meltdown after rejecting the terms of a bailout from the European Union and turning instead to Russia for a lifeline.
"We don't have days or weeks, we have only hours to save our country," Averos Neophytou, deputy leader of the ruling party Democratic Rally, told reporters as crisis talks in Nicosia dragged into the evening. Banks are to stay shut for the rest of the week and so not reopen till Tuesday after a holiday weekend.
With Finance Minister Michael Sarris in Moscow, Russia's finance ministry said Cyprus had sought a further 5 billion euros, on top of a five-year extension and lower interest on an existing 2.5-billion euro loan from Moscow. Russia has a special interest, since many of its citizens keep savings in Cyprus.
In a vote on Tuesday, the island's tiny legislature threw out a proposed tax on bank deposits in exchange for a 10-billion euro bailout from the EU, a stunning rejection of the kind of strict austerity accepted over the past three years by crisis-hit Greece, Portugal, Ireland, Spain and Italy.
Facing the prospect of a run on banks, a government official said lenders would remain shut on Thursday and Friday, leaving next Tuesday, March 26, the next normal working day. Greece said Greek branches of Cypriot banks would also stay shut there.
Businesses in Cyprus are already feeling the pinch, with people reduced to limited withdrawals from cash machines. The island's banking sector has been crippled by its exposure to bigger neighbor Greece, where Europe's debt crisis began.
The European Central Bank's chief negotiator on Cyprus, Joerg Asmussen, said the ECB would have to pull the plug on Cypriot banks unless the country took a bailout quickly.
"We can provide emergency liquidity only to solvent banks and ... the solvency of Cypriot banks cannot be assumed if an aid program is not agreed on soon, which would allow for a quick recapitalization of the banking sector," Asmussen told German weekly Die Zeit in an interview late on Tuesday.
Cypriots had balked at EU demands for a levy on bank deposits to raise 5.8 billion euros, an unprecedented measure that opponents said would have violated the principle behind an EU-wide guarantee on deposits of up to 100,000 euros.
Cyprus Energy Minister George Lakkotrypis was also in Moscow, officially for a tourism exhibition, but fuelling talk that access to untapped offshore gas reserves could be on the table as part of a deal for Russian aid.
"NO OFFERS"
"We had a very honest discussion. We've underscored how difficult the situation is," Sarris told reporters after talks with his Russian counterpart Anton Siluanov in Moscow.
"We'll now continue our discussion to find the solution by which we hope we will be getting some support," he said.
"There were no offers, nothing concrete."
Moscow has its own interests in ensuring the survival of banks in Cyprus, a haven for billions of euros squirreled abroad by Russian businesses and individuals - a factor, too, in the reluctance of Germany and other northern euro zone states to bail out Cypriots without a contribution from bank depositors.
Speculation was rife over the shape Russian help might take. Government spokesman Christos Stylianides denied a Greek media report that Cyprus had reached a deal for Russian investors to buy the island's second largest bank, Cyprus Popular, which was taken over by the state last year.
The proposed levy on deposits would have taken nearly 10 percent from accounts over 100,000 euros. Smaller accounts would also have been hit, although the government proposed softening the blow to spare savers with less than 20,000 euros.
German Chancellor Angela Merkel, whose country is Europe's main paymaster, said it was up to the Cypriot government to come up with an alternative proposal but it was fair to expect those with savings over 100,000 euros - the normal limit for state deposit insurance - to contribute to a bailout.
The EU has a track record of pressing smaller countries to vote again until they achieve the desired outcome.
Nicosia was eerily quiet on Wednesday, and there was evidence the bank closure was slowing trade.
"Things won't be so bad as long as people can withdraw from ATMs but if they go too there will be a huge problem," said Titos Pitsillides, 50. Several petrol stations were refusing credit cards, insisting on payment in cash.
Government spokesman Christos Stylianides said a "Plan B" was in the works.
President Nicos Anastasiades, a conservative elected just last month with a mandate to secure a bailout, held meetings with party leaders, his cabinet and officials from the "troika" of lenders from the EU, ECB and International Monetary Fund.
While taxing even small savers was politically explosive, the Cypriot government had balked at sparing them by imposing a higher tax on big depositors - fearing for an offshore banking business that accounts for a big share of its economy.
"PLAN B"
Lawmaker Marios Mavrides told Reuters one option under discussion was to nationalize pension funds of semi-government corporations, which hold between 2 billion and 3 billion euros.
An opposition politician present at Wednesday's crisis talks said: "The idea is we can get the pension funds of organizations like the Cyprus Telecoms Organisation and the Electricity Authority, maybe some others as well, and raise two to three billion euros.
"If we raise half of the money then maybe we could top up to the 5.8 billion euro amount by passing the Cypriot banks into Russian hands."
The crisis is unprecedented in the history of the divided east Mediterranean island of 1.1 million people, which suffered a war with Turkey and ethnic split in 1974 in which a quarter of its population was displaced. The Turkish-populated north considers itself a separate country, recognized only by Turkey.
While Brussels has emphasized that the tax measure was a one-off for a country that accounts for just 0.2 percent of Europe's output, fears have grown that savers in other, larger European countries might be spurred to withdraw funds.
With Sarris and Lakkotrypis in Moscow, there was mounting speculation that Russian oil and gas giant Gazprom had mooted its own assistance plan in exchange for exploration rights to Cyprus's offshore gas deposits.
"We at Gazprom did not offer Cyprus anything," Gazprom's spokesman, Sergei Kupriyanov, said.
A senior source in the "troika" said dealing with Cyprus was even more frustrating than protracted wrangling with Greece.
"The Greeks wanted to cheat on you all the time, but they knew what they wanted," the source told Reuters.
"The Cypriots are leaving us really confused."
(Additional reporting by Karolina Tagaris and Matt Robinson in Nicosia, Maya Dyakina in Moscow, Annnika Breidthardt in Berlin, Sakari Suoinen and Eva Kuehnen in Frankfurt and Georgina Prodhan in Vienna; Writing by Matt Robinson and Paul Taylor; Editing by Peter Graff and Alastair Macdonald)
http://www.reuters.com/article/2013/03/20/us-cyprus-parliament-idUSBRE92G03I20130320
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So now Cypriots will be without access to their money for at least 10 days? :o :o
What do the people do in the meantime? How do they fuel their cars? Purchase groceries? Pay bills?
It's too bad the majority of Cypriots didn't safeguard themselves with an alternative transaction friendly currency with real value, ...and have access to a network of businesses & merchants willing to accept these in exchange for their goods & services. Although, ...I'm sure this will be remedied very quickly. :D
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Recently overheard in Poland...
"Now Cyprus knows what it's like to be between Germany & Russia." ;D
Wow! Talk about being between a rock & a hard place. I understand the Russians are now playing hardball...
"Give us your gas, ...or we'll pull all our money out of your banks!
Here are the truly disgusting ramifications of this fiasco...
If, once accounts are unfrozen, the people DON'T do runs on the banks, gov'ts will have incentives to try it again. Similarly, if people globally don't run the bank, the same thing... resulting in more QE. Vicious cycle. :'(
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Recently overheard in Poland...
"Now Cyprus knows what it's like to be between Germany & Russia." ;D
Wow! Talk about being between a rock & a hard place. I understand the Russians are now playing hardball...
"Give us your gas, ...or we'll pull all our money out of your banks!
Here are the truly disgusting ramifications of this fiasco...
If, once accounts are unfrozen, the people DON'T do runs on the banks, gov'ts will have incentives to try it again. Similarly, if people globally don't run the bank, the same thing... resulting in more QE. Vicious cycle. :'(
The Cypriots, and thus a fortiori Cypriot women, are rather insular and don't travel much. So unless the significant class of beautiful Russian women decide to pack their bags, everything will be ok here -- regardless of whether the Euro or Cypriot Pound is ascendant.
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The Cypriots, and thus a fortiori Cypriot women, are rather insular and don't travel much. So unless the significant class of beautiful Russian women decide to pack their bags, everything will be ok here -- regardless of whether the Euro or Cypriot Pound is ascendant.
You say "here", are you from Cyprus? I don't know too much about it, but wouldn't mind visiting once this whole thing dies down.
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This isn't the last time you will see this and it will most likely be pushed in the U.S. in the near future. Whether by direct account theft or having the government convert retirement accounts/pensions/savings etc. to buying U.S. treasuries. Something along those lines.
Even though it failed in Cyprus I'm sure it was floated in because either outcome was planned for and will be used to further the agenda. These people and these totalitarianism will not simply give up and go home and say "Well, we tried!" Nope, just look at the centralized state that Europe has become.
Can you believe the amount of armoured tanks DHS is buying, ...to execute search warrants?
Who conducts a search warrant in an armoured tank built to withstand IEDs?