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Author Topic: Why You Should Be Terrified Of What Just Happened in Cyprus  (Read 1558 times)
OzmO
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Take Money Out of Politics!


« Reply #50 on: March 26, 2013, 04:27:36 PM »

I suspect you might be a wolf in sheep's clothing.

Well, I do where wool suits.  and as Denzel said.....    "You are either a wolf or you are a sheep."
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« Reply #51 on: March 26, 2013, 04:43:09 PM »

in other Global Currency Trends .... Cheesy

Geopolitical Giants: BRICS World Wealthiest Giants in 30 years?

A new powerful institution, the BRICS joint development bank, is set to emerge on the international financial arena - that's as the 5th annual summit of the world's fastest emerging economies has kicked off in South Africa. The leaders of Brazil, Russia, China, India and the host nation this year are joined by Egypt's president Morsi - who's hoping to book a place in the club.

<a href="http://www.youtube.com/watch?v=r0fSvZOFo9U" target="_blank">http://www.youtube.com/watch?v=r0fSvZOFo9U</a>
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Fury
Getbig V
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All aboard the USS Leverage


« Reply #52 on: March 26, 2013, 06:39:14 PM »

Haha, so the mods delete my post but they leave her blatant advertising up? How is she not banned?
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OzmO
Getbig V
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Take Money Out of Politics!


« Reply #53 on: March 26, 2013, 06:59:09 PM »

I agree, now its getting stupid.   

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Jack T. Cross
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Using Surveillance for Political Subversion(?)


« Reply #54 on: March 26, 2013, 07:01:11 PM »

Well, I do where wool suits.  and as Denzel said.....    "You are either a wolf or you are a sheep."

agreed alot of white guys where hoodies, how many do so while at night in a neighborhood prone to break ins without arrests?

goodness youre a moron

I hope this is just a simple coincidental lapse in spelling.
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OzmO
Getbig V
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Take Money Out of Politics!


« Reply #55 on: March 26, 2013, 07:26:10 PM »

I hope this is just a simple coincidental lapse in spelling.

Wow busted, you are so sharp.  Got me, I am really Donald Rumsfield  Cheesy
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syntaxmachine
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« Reply #56 on: March 26, 2013, 07:56:51 PM »

So you think i work for "the man"?  And that i am paid to debunk and spread disinformation?

Global elites are very concerned with regulating the ideational climate on Getbig and other bodybuilding message boards. They know that bodybuilders tend to be well-connected, well-informed, and politically influential persons who, if made aware of their nefarious plans, could mobilize and single-handedly detonate the entire inequitable power structure.

Does your last name include the word 'child' by chance?!
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Jack T. Cross
Getbig IV
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Using Surveillance for Political Subversion(?)


« Reply #57 on: March 26, 2013, 09:24:23 PM »

Wow busted, you are so sharp.  Got me, I am really Donald Rumsfield  Cheesy

Both you and Tony fly off the handle so quickly and senselessly, it almost wouldn't surprise me to find out you're the same person.
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« Reply #58 on: March 26, 2013, 10:28:21 PM »

I agree, now its getting stupid.   


OzmO, your MO is so transparent. You let your little attack dogs run wild on the board, trolling, making unwarranted & libelous ad hom attacks, subverting threads, ...you even get it on it without doing a darn thing to maintain any rules whatsoever, ...but the instant I post something to clear up the deliberate lies & disinformation you allow to be injected into the thread, ...you call it SPAM advertising, and use it as an excuse to either delete the thread, or move it off political (under the guise of trying to maintain some rules) and move it to a place where there are no rules.

You're getting pretty predictable these days.

I'll say one thing in your favour though. It used to be that you guys on political would simply delete my defense of my business against libelous attacks, but leave the libelous attacks in place. 

What's with your selective deletions and attacks on posters. If one didn't know better, one might assume you were in the employ of evil bankers who want to enslave everyone, ...either you or the one who controls you.  Undecided
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« Reply #59 on: March 26, 2013, 10:29:36 PM »

In other Global Currency Trends ...  Cheesy

BRICS Nations Plan New Bank to Bypass World Bank, IMF
By Mike Cohen & Ilya Arkhipov - Mar 26, 2013 9:36 AM ET


The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund.

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that began today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises.
“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,” Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. “There’s a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the western world.”

The BRICS nations, which have combined foreign-currency reserves of $4.4 trillion and account for 43 percent of the world’s population, are seeking greater sway in global finance to match their rising economic power. They have called for an overhaul of management of the World Bank and IMF, which were created in Bretton Woods, New Hampshire, in 1944, and oppose the practice of their respective presidents being drawn from the U.S. and Europe.

Reform Needed

“We need to change the way business is conducted in the international financial institutions,” South African International Relations Minister Maite Nkoana-Mashabane said in a March 15 speech in Johannesburg. “They need to be reformed.”
The U.S. has failed to ratify a 2010 agreement to give more sway to emerging markets at the IMF, while it secured Jim Yong Kim, an American, as head of the World Bank last year over candidates from Nigeria and Colombia.
Finance ministers and central bank governors from the BRICS nations, who met in Durban today, agreed to set up currency crisis fund of about $100 billion, Brazilian Finance Minister Guido Mantega told reporters today. He didn’t give details of proposed funding for the new bank, which Brazil wants established by 2014. The nation’s leaders are due to sign a final accord tomorrow.

FDI Inflows

Goldman Sachs Asset Management Chairman Jim O’Neill coined the BRIC term in 2001 to describe the four emerging powers he estimated would equal the U.S. in joint economic output by 2020. Brazil, Russia, India and China held their first summit four years ago and invited South Africa to join their ranks in December 2010.

Trade within the group surged to $282 billion last year from $27 billion in 2002 and may reach $500 billion by 2015, according to data from Brazil’s government. Foreign direct invesment into BRICS nations reached $263 billion last year, accounting for 20 percent of global FDI flows, up from 6 percent in 2000, the United Nations Conference on Trade and Development said on its website yesterday.
“If they announce a BRICS bank it will be quite something,” O’Neill said in an e-mailed reply to questions on March 15. “At a minimum it symbolizes they can achieve something as political group and means lots of other things could follow in the future. It also means that they will have their own kind of special World Bank, which may aid infrastructure and trade projects.”

Currency Pool

While BRICS leaders may approve the creation of a development bank in principle at the summit, details on funding and operations may take longer to finalize.
Russia favors capping each side’s initial contribution at $10 billion, Mikhail Margelov, President Vladimir Putin’s envoy to Africa he said in a March 15 interview in Moscow.

“It will be some time before it will be feasible for this bank to start financing say, a railway project,” Simon Freemantle, an analyst at Standard Bank Group Ltd., Africa’s biggest lender, told reporters in Durban yesterday. “That is some way out.”

Interest rates near zero in the U.S., Japan and Europe have fueled foreign investors’ appetite for higher-yielding assets, driving up currencies from Brazil to Turkey. Brazil has warned of a global currency war as nations take reciprocal action to weaken their currencies and protect export industries.

African Leaders

Brazil’s real has gained 1.9 percent against the dollar since the beginning of the year, while South Africa’s rand has dropped 8.7 percent in the period.

For South Africa, which makes up just 2.5 percent of total gross domestic product in BRICS, the summit is a way to showcase its role as an investment gateway to Africa. President Jacob Zuma has invited 15 African heads of state, including Egypt’s Mohamed Mursi and Ethiopia’s Hailemariam Desalegn, for talks with the BRICS leaders at the summit. For most of the BRICS leaders, it’s also the first opportunity to meet Chinese President Xi Jinping after his appointment on March 17.

“We will discuss ways to revive global growth and ensure macroeconomic stability, as well as mechanisms and measures to promote investment in infrastructure and sustainable development,” Indian Prime Minister Manmohan Singh said in a statement yesterday.

http://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html
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« Reply #60 on: March 26, 2013, 10:32:40 PM »

In other Global Currency Trends ...  Cheesy

Cyprus Capital Controls First in EU Could Last Years
By Yalman Onaran - Mar 26, 2013 9:00 PM ET


Cyprus is on the verge of an unprecedented financial experiment: imposing controls on money transfers in an economy that doesn’t have its own currency.

Countries from Argentina to Iceland have used similar measures in the past to defend against devaluation. Being part of the euro zone may make it harder for the Mediterranean island to enforce restrictions, as any money that leaves the banking system can be taken out of Cyprus without losing value.

That also may make it more difficult to meet the goal set yesterday by Finance Minister Michael Sarris to lift any controls in “a matter of weeks.” When economies in Asia and Latin America tried to stem the outflow of money in the 1980s and 1990s, they ended up keeping the measures in effect for six months to two years. Iceland, another island nation with an outsize banking system, still has capital controls five years after its banks collapsed in 2008.

“Thanks to political mismanagement, we now have a first: capital controls in the euro zone,” said Nicolas Veron, a senior fellow at Bruegel in Brussels and a visiting fellow at the Peterson Institute for International Economics in Washington. “How long is temporary? It could turn out like Iceland, extending to many years.”

Russian Deposits

Cyprus may announce what types of controls it plans to implement today, before its banks are scheduled to reopen tomorrow. The country’s leaders are seeking to prevent the flight of money from the island’s lenders, which have been closed for almost two weeks. Russian holdings in Cypriot banks are estimated by Moody’s Investors Service to be $31 billion, or about a quarter of total deposits.

Parliament last week gave wide-ranging powers to the central bank governor, Panicos Demetriades, and Finance Minister Sarris, including the ability to limit daily withdrawals and force the renewal of time deposits upon maturity. The two officials also can restrict the opening of new accounts, credit- or debit-card use, wire transfers among the branches of the same bank and non-cash transactions.


“They’re going to need some serious controls to make sure the money doesn’t leave the country,” said Nikolaos Panigirtzoglou, a London-based strategist at JPMorgan Chase & Co. “Otherwise, I can’t see how any of this money with a high propensity to leave will stay voluntarily.”

ECB Financing

A rush of money out of Cyprus would shift more financing responsibility to the European Central Bank, which provides about 10 billion euros of emergency loans to the country’s lenders. After 30 billion euros, the ECB would have to lower its standards for the collateral it demands from Cypriot banks, Panigirtzoglou said. With deposit flight and rising loan losses in Cyprus and Greece, the ECB could lose money on the funds it lends.

The island’s lenders have been closed since a plan by the European Union to force losses on depositors in exchange for a 10 billion-euro bailout touched off a political upheaval. Parliament rejected the deal, which would have taxed all bank accounts, including those under the 100,000-euro deposit- insurance limit. A new agreement shuts Cyprus Popular Bank Pcl (CPB), the nation’s second-largest lender. Uninsured depositors of that institution and the Bank of Cyprus Plc, the biggest, will share losses, while insured deposits in all the banks are spared.

Icelandic Controls

When Iceland imposed capital controls after a property bubble burst and its banks collapsed, political leaders said they would be temporary, too.

Financial firms, with assets 11 times the national economy at the peak, were too big to save. So Iceland let them fail, splitting them into good and bad banks. Bondholders bore most of the losses. Iceland’s krona dropped by more than half.

Restrictions on the movement of capital out of the country were intended to stabilize the currency. They mostly related to the conversion of the krona to other currencies and targeted legacy foreign investments in the nation’s securities.

Even with such a limited reach, the Icelandic capital controls have had a negative impact on the economy, according to Pall Hardarson, president of Nasdaq OMX Group Inc.’s Iceland unit. They’ve discouraged outsiders from investing and made it harder for Icelandic companies to sell bonds overseas, he said. After doubling every year for five years, foreign direct investment in the island collapsed in 2008 and has remained about 25 percent below the pre-crisis level.

“Ultimately we need to create confidence in the economy, and with these controls it’s hard to do so,” said Hardarson. “Officially they only apply to legacy investments, but nevertheless they send a signal that things aren’t the way they’re supposed to be.”

Two Euros

Krona-denominated bonds left from the boom era cannot be converted to foreign currency when they mature. The proceeds need to be reinvested in krona assets. That has created two foreign-exchange rates for the island’s currency -- an official one traded domestically and one offshore.

The offshore krona trades lower than the official one because it reflects the difficulty exchanging them for dollars or euros, according to Hardarson. One euro was worth 159.54 kronur on official markets yesterday and 220 kronur offshore, according to Keldan.com, an Icelandic data provider.

The same is going to be true for the euro now that a member country is walled off from the rest, said Raoul Ruparel, chief economist at Open Europe, a London-based research group.

“Now there are two euros, one in Cyprus, one elsewhere,” said Ruparel. “The whole point about a single currency is that money is fungible, it can cross borders without any restrictions. The capital controls in one member basically ends that arrangement.”

Capital Flows

To be effective, controls in Cyprus will have to be stricter than those in Iceland, Ruparel said. Iceland’s importers and exporters have been exempted from currency- conversion restrictions as long as they can show the exchange is for trade purposes. If a similar exemption were to be made in Cyprus, Russian companies on the island could use the loophole to take their money out swiftly, Ruparel estimated.

Cyprus-based Russian companies, taking advantage of the island’s lower tax rates, are the largest source of foreign direct investment in Russia, according to central bank data.

Most efforts to restrict capital flows out of a banking system or a country have failed to protect the currency they were intended to prop up, according to separate papers by Sebastian Edwards, an economics professor at the of University of California at Los Angeles, and Graciela Kaminsky, an economics professor at George Washington University.

Argentina Restrictions

Argentina restricted bank withdrawals in 2001, when it was faced with a banking crisis following the government’s debt default. Three months later the country had to abandon its currency peg to the dollar, which it had maintained for a decade. The government imposed losses on deposits through forced conversion of dollar savings to pesos at unfavorable rates.

Being a member of the euro zone is similar to maintaining a peg to another currency at a fixed-exchange rate. When the local currency is overvalued as a result of inflation, countries with pegs eventually end the fixed regime and devalue, as Argentina did. Cyprus might do the same, faced with dire economic prospects, Open Europe’s Ruparel said.

“Stuck with an overvalued euro, Cyprus loses out on tourism, one of its two main economic activities,” he said. “The other one, banking, is dead with capital controls. So what advantage does Cyprus get from being in the euro now?”

Cyprus Contraction

Cyprus’s 18 billion-euro economy is the third smallest in the 17-nation euro area. Before the bailout, which was coupled with an austerity package, the European Commission predicted a contraction of 3.5 percent in 2013. Economists said afterward that the damage will be greater.

The decision to burn depositors with more than 100,000 euros and restrict money movements will hurt confidence in other weak economies and banking systems of the euro zone, according to a report yesterday by DBRS Inc., a Toronto-based rating firm.

“During the current period of low to no growth in Europe, it is certainly possible that a run on Cypriot deposits could spread, in spite of existing or future controls on capital,” wrote Fergus McCormick, head of sovereign ratings at DBRS.
A total of 378 billion euros was pulled from banks in Ireland, Spain, Portugal, Greece and Italy in the 13 months through August, according to data compiled by Bloomberg. The flight was reversed only after the ECB pledged to buy government bonds of those countries, calming investors.

Greek Ties

Cyprus’s three biggest publicly traded banks had a total of 6.5 billion euros of losses in 2011 after writing down the value of their Greek bond holdings. They have also been bleeding on their loans to companies and individuals in Greece, which is in its fifth year of a contracting economy.

At least 1,600 Greek shipping, trade and tourism companies headquartered in Cyprus are threatened with closure, according to National Confederation of Hellenic Commerce. Greek firms that held deposits in Cyprus were unable to meet a deadline this week for paying taxes in Greece, the Athens-based organization said.

The divided island’s internationally recognized southern part is ethnically Greek and has close ties to the financially troubled country. The northern part is controlled by a breakaway government backed by Turkey.

Russian companies with banking ties to Cyprus will face the same hurdles as their Greek counterparts, though the impact on the Russian economy will be less significant. Russian economic output, which expanded by about 4 percent last year, is almost 10 times as much as Greece’s.

The biggest losers may be Cypriots themselves. Unemployment could double to 30 percent as a result of the planned bank restructurings, estimates Hari Tsoukas, a professor at Warwick Business School in Coventry, England.

“Life will be difficult for people living in Cyprus,” Tsoukas said. “The country will be another version of Ireland and Greece, with a tough austerity program. In another decade, we can look forward to another recovery.”

http://www.bloomberg.com/news/2013-03-27/cyprus-capital-controls-first-in-eu-could-last-years.html
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OzmO
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Take Money Out of Politics!


« Reply #61 on: March 27, 2013, 07:34:17 AM »

OzmO, your MO is so transparent. You let your little attack dogs run wild on the board, trolling, making unwarranted & libelous ad hom attacks, subverting threads, ...you even get it on it without doing a darn thing to maintain any rules whatsoever, ...but the instant I post something to clear up the deliberate lies & disinformation you allow to be injected into the thread, ...you call it SPAM advertising, and use it as an excuse to either delete the thread, or move it off political (under the guise of trying to maintain some rules) and move it to a place where there are no rules.

You're getting pretty predictable these days.

I'll say one thing in your favour though. It used to be that you guys on political would simply delete my defense of my business against libelous attacks, but leave the libelous attacks in place. 

What's with your selective deletions and attacks on posters. If one didn't know better, one might assume you were in the employ of evil bankers who want to enslave everyone, ...either you or the one who controls you.  Undecided

Incorrect. 

I remove plenty of posts attacking you.  You however have no problem posting things that will eventually lead to you talking about your business. 
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24KT
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« Reply #62 on: March 27, 2013, 09:57:15 PM »

Incorrect. 

I remove plenty of posts attacking you.

I thank you for that, ...however I would appreciate it even more, if rather than removing your posts that attack me, after the fact, that you simply not participate in let alone initiate unwarranted attacks against me to begin with. 

You however have no problem posting things that will eventually lead to you talking about your business. 

OzmO, I do not make the news. If current events that are unfolding by the minute cause people to think about a product or business I may be associated with, then all that means is perhaps I may have had a little foresight, or perhaps may have been onto something.

Are you saying this board should be a microcosm of the current state of the media in the USA? That legitimate news or journalism should be censored because it may alert people to what's happening all around them?

I post about what is going on in Cyprus because I don't believe it will be limited to Cyprus. If people are forewarned, and can see the writing on the wall, maybe a few more people can do what they feel they have to in order to protect themselves. 

And since when does protecting one's self automatically equate to buying a product I'm affiliated with.

And how would people even know what I'm affiliate with had it not been for you mods on political not only allowing the gimmicks to stalk me, then trash my name & products all over the board, but even got in on the action yourself... forcing me to have to try to correct the misinformation purposely injected into the board, that was allowed to stand.

You say no trolling, no baseless attacks, no ad hom attacks, but you not only allow it, you initiate and participate in it, as well as encourage it. You let the trolls make outrageous libelous statements that I am forced to defend, then when I do, you whack the thread or move it.

You call it fear propaganda when it is actually news, ...but you allow others who do spew fear propaganda to run amok, and you call it politics rather than the outrageous conspiracy theory that may be, or more accurately the outrageous wishful thinking that it is.

If actually news events, FACTs cause you to fear, ...maybe you should listen to your inner voice for solutions rather than try to silence someone else's voice.

YOU are the one who keeps bring up my products, you and the trolls, and it is you and the trolls who keep subverting the threads.
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OzmO
Getbig V
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Take Money Out of Politics!


« Reply #63 on: March 28, 2013, 08:52:48 AM »

I thank you for that, ...however I would appreciate it even more, if rather than removing your posts that attack me, after the fact, that you simply not participate in let alone initiate unwarranted attacks against me to begin with.  

OzmO, I do not make the news. If current events that are unfolding by the minute cause people to think about a product or business I may be associated with, then all that means is perhaps I may have had a little foresight, or perhaps may have been onto something.

Are you saying this board should be a microcosm of the current state of the media in the USA? That legitimate news or journalism should be censored because it may alert people to what's happening all around them?

I post about what is going on in Cyprus because I don't believe it will be limited to Cyprus. If people are forewarned, and can see the writing on the wall, maybe a few more people can do what they feel they have to in order to protect themselves.  

And since when does protecting one's self automatically equate to buying a product I'm affiliated with.

And how would people even know what I'm affiliate with had it not been for you mods on political not only allowing the gimmicks to stalk me, then trash my name & products all over the board, but even got in on the action yourself... forcing me to have to try to correct the misinformation purposely injected into the board, that was allowed to stand.

You say no trolling, no baseless attacks, no ad hom attacks, but you not only allow it, you initiate and participate in it, as well as encourage it. You let the trolls make outrageous libelous statements that I am forced to defend, then when I do, you whack the thread or move it.

You call it fear propaganda when it is actually news, ...but you allow others who do spew fear propaganda to run amok, and you call it politics rather than the outrageous conspiracy theory that may be, or more accurately the outrageous wishful thinking that it is.

If actually news events, FACTs cause you to fear, ...maybe you should listen to your inner voice for solutions rather than try to silence someone else's voice.

YOU are the one who keeps bring up my products, you and the trolls, and it is you and the trolls who keep subverting the threads.



Jags, save the retarded arguments for the same people who always fall for fear propaganda and stop acting like you are just reporting the news.  You are so obvious its stupid.

You did the same thing a few years ago with your gas pills when you frequently posted news stories about gas prices.

The only difference is, I am not putting up with your BS as much anymore.  
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