Cypriots screwed by Bankstas !

[Down1]

Pretty bad.


Europe Announces Stunning Bailout For Cyprus — Bank Depositors To Get Instant 10% Tax Before Banks Reopen This Week
Eurozone leaders and the IMF on Saturday announced an unprecedented levy on all deposits in Cypriot banks as the sting in the tail of a 10-billion-euro bailout for the near-bankrupt government in Nicosia.

Intended to apply to everyone from pensioners to Russian oligarchs alleged to have billions stashed away in what officials say is a bloated Cypriot banking sector, the "stability levy" immediately raised a flood of concerns among finance experts over a possible bank run in bigger eurozone economies, where fragile public finances are also under scrutiny.

Dutch Finance Minister Jeroen Dijsselbloem, after chairing some 10 hours of talks to strike the deal with counterparts including International Monetary Fund head Christine Lagarde and the European Central Bank's Mario Draghi, said the "upfront, one-off" tax is expected to raise 5.8 billion euros on top of the loans still to be finalised by eurozone parliaments.

The levy will see deposits of more than 100,000 euros in Cypriot banks hit with a 9.9 percent charge when lenders re-open their doors on Tuesday after a scheduled bank holiday on Monday. Under that threshold and the levy drops to 6.75 percent.

Top ECB official Joerg Assmussen said the only way to drive down what was originally requested as a 17-billion-euro rescue was to claw back money from the Cypriot banking sector, which is estimated to hold assets worth five times the country's economic output.

http://www.businessinsider.com/cyprus-bailout-deal-2013-3


http://www.businessinsider.com/cyprus-bailout-deal-2013-3

I hope they run the banks over this.

[Horn]

Pays to only have 99.9k in separate accounts.

[Son-of-Liberty]

There are going to be a lot of pissed off people over this. Imagine finding out that the government/bankers decided to take 10% of your money on a whim?

This is so blatantly criminal even I am shocked. This isn't even thinly veiled stealing like income tax. This is in your face stealing. They decide to just take 10% of your principle? Good thing I don't have much money in banks one less thing to worry about.

[Horn]

"I wish I was not the minister to do this," the Cypriot finance minister, Michael Sarris, said after 10 hours of late-night talks in which eurozone finance ministers agreed the package. "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country."


Without a rescue, Cyprus would default and threaten to unravel investor confidence in the eurozone, a renewed confidence fostered by the European Central Bank's promise last year to do whatever it takes to support the euro (http://www.guardian.co.uk/business/euro).


However, on Cyprus, initial incredulity at the decision gave way to anger. Co-op credit societies, normally open on Saturdays, were shut for business in the coastal city of Larnaca as depositors started queuing early in the morning to withdraw their cash.

"I'm extremely angry. I worked years and years to get it together and now I am losing it on the say-so of the Dutch and the Germans," said British-Cypriot Andy Georgiou, 54, who returned to Cyprus in mid-2012 with his savings.


"They call Sicily the island of the mafia. It's not Sicily, it's Cyprus. This is theft, pure and simple," said a pensioner.
The bailout was smaller than initially expected and is mainly needed to recapitalise Cypriot banks hit by sovereign debt restructuring in Greece.


Cypriots with savings of under €100,000 will pay a one-off levy of 6.75%, which rises to 9.9% for those with larger deposits.


http://www.guardian.co.uk/world/2013/mar/16/cyprus-eurozone-bailout-anger

If they can keep the amount of withdrawals limited, it should increase the value of the Euro.

For the bankers.

[Son-of-Liberty]

This seems like a very risky maneuver . This could actually cause more problems as the people in other countries decide to protect their savings by going to cash/gold. Unless that is what they are trying to instigate? Or are they just that stupid/arrogant?

[Plastic]

This seems like a very risky maneuver . This could actually cause more problems as the people in other countries decide to protect their savings by going to cash/gold. Unless that is what they are trying to instigate? Or are they just that stupid/arrogant?

Prob arrogant, but I'll wager 10 cents to a doughnut that those people were wishing they kept their cash in the matress.

[Large Sarge]

this could trigger bank runs all over Europe, when they smell smoke....

leading to bank holidays/and or collapses

enough bank collapses will trigger the derivatives, most counter parties on derivatives are banks, when bankruptcy is declared, the contract becomes valid

[Twisted Titan]

If we dont smell the smoke from the fires burning come monday...i would stake my entire stash of 3 mercury dimes THIS IS COMING TO AMERICA WITH THE SPEED OF A BULLET TRAIN

[Hitch]

This really is uncharted waters. Direct, deliberate, blatant and bold, theft. Digits in the bank going poof, literally. This is really what we all on this forum have been preparing for, and voicing our opinions. I'm startled it's actually happening, but I'm not surprised, if that makes sense.

This will come to America, I believe so.

[gunDriller]

This really is uncharted waters. Direct, deliberate, blatant and bold, theft. Digits in the bank going poof, literally. This is really what we all on this forum have been preparing for, and voicing our opinions. I'm startled it's actually happening, but I'm not surprised, if that makes sense.

This will come to America, I believe so.

it's already here, and been here for a few decades.

asset seizure of alleged "criminals" - e.g. people who use drugs the US gov says are illegal - being one example.

they will seize the assets of someone who smokes pot in the wrong state, AND the US gov. lets banksters go free AND EVEN BAILS THEM OUT.

which shows us who runs the US gov.



Pays to only have 99.9k in separate accounts.

the IRS will have a Royal Princess Tantrum if they find a US citizen structuring their investment transactions to avoid taxes, e.g. selling 7 ounces of Gold in 7 transactions, to get under the $10K limit.

the penalties for this kind of maneuvering are pretty hefty.

[Neuro]

I am sure some people will have their money removed prior to this tax...

[Jewboo]

https://zoominfoblogger.files.wordpress.com/2010/01/delete-key1.jpg

Many working in our jew digital banking system can now make our so-called "money" disappear. Even the teller in our local bank.

[Horn]

Many working in our jew digital banking system can now make our so-called "money" disappear. Even the teller in our local bank.

You sound as if you've lost confidence in Aristocracy?

[old steel]

My floor safe is banker proof!

;D

[Glass]

If the banks are bloated with money why do they need a bail out? This is a leveraged buy out.

[Large Sarge]

sinclair says its 1 of the biggest events in world history

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/16_Sinclair_-_One_Of_The_Most_Important_Events_In_History_%26_G old.html

[vacuum]

sinclair says its 1 of the biggest events in world history

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/16_Sinclair_-_One_Of_The_Most_Important_Events_In_History_%26_G old.html

I think it's one of those things that will need some time to sink in. It's hard to comprehend what just happened.

[Sparky]

This would be very big. So big that I do not expect it to happen. The vote is tomorrow:
Cyprus parliament to vote on savings levy (http://www.reuters.com/article/2013/03/17/us-eurozone-cyprus-idUSBRE92E02220130317)

This doesn't make any sense. It's not a lot of money for the IMF to come up with. Why would they rock the boat like this? They know that this will lead to depositor fear across Europe. They know it will piss of the Russians, who comprise a good portion of the Cypress deposits.

Something else is going on here. Any ideas?

[Twisted Titan]

I think it's one of those things that will need some time to sink in. It's hard to comprehend what just happened.

Yep......

This is the eqivalent of when you see animals grazing in the wild all of a sudden stop their heads pop up and they take off at breakneck speed.

In short order a massive natural distater hits that decimates the population that didnt have their "ear to the ground"

[Twisted Titan]

Stability Levy

I just fricken love the wordplay.

Just what exactly are you stabilizing?

oh thats right your abilty to @$$rape anybody that was stupid enough to believe the hogwash coming out of your mouths.

[Hitch]

This is the eqivalent of when you see animals grazing in the wild all of a sudden stop their heads pop up and they take off at breakneck speed.

Meanwhile, my main concern is not the banks, but whether I have enough ammo stored. To fend from wolves. Funny how priorities change. :)

[Barbaro]

Very disturbing news:

I've read all the posts. As most of us know:

1. This decision/robbery happened in the middle of the night (as usual).
2. electronic transactions are frozen. Account holders cannot transfer their money out (they only can use ATMs for small daily transactions).
3. If you have under 100K Euros, you are taxed/robbed at 6.75%
4. This includes all bank account holders regardless of nationality. This includes old grandparents who saved money for old age all their lives.

If this does not get people agitated outside of Cyprus, what will?


Very disturbing.

Please watch this short youtube report on it. And how do you embed videos here?

rDXcbLr_gWM

http://www.youtube.com/watch?feature=player_embedded&v=rDXcbLr_gWM

[Dogman]

Very disturbing news:

I've read all the posts. As most of us know:

1. This decision/robbery happened in the middle of the night (as usual).
2. electronic transactions are frozen. Account holders cannot transfer their money out (they only can use ATMs for small daily transactions).
3. If you have under 100K Euros, you are taxed/robbed at 6.75%
4. This includes all bank account holders regardless of nationality. This includes old grandparents who saved money for old age all their lives.

If this does not get people agitated outside of Cyprus, what will?


Very disturbing.

Please watch this short youtube report on it. And how do you embed videos here?

rDXcbLr_gWM

http://www.youtube.com/watch?feature=player_embedded&v=rDXcbLr_gWM


http://www.youtube.com/watch?feature=player_embedded&v=rDXcbLr_gWM

[Jewboo]

Very disturbing news:

...electronic transactions are frozen. Account holders cannot transfer their money out (they only can use ATMs for small daily transactions)...This includes old grandparents who saved money for old age all their lives...

Very disturbing.



http://articles.healthcareerweb.com/wp-content/uploads/2012/07/rich-doctor-460x250.jpg

Relax people. Nobody here has any money in a bank except maybe rich Doctor Mamboni.

:D

[Dogman]

http://articles.healthcareerweb.com/wp-content/uploads/2012/07/rich-doctor-460x250.jpg

Relax people. Nobody here has any money in a bank except maybe rich Doctor Mamboni.

:D



And rumor has it that the first coin he earned, is framed above his mantel, with his embedded fingerprints in the metal!

[woodman]

Wether this goes through or not, it will serve to alert the public at large to the possible theft of their hard earned money by the gov/banksters. There must be some ulterior motive behind this manuever. What are they thinking? The mere fact that this has gone far enough for a vote is a damning critique of those in charge of monetary functions.

Are they purposefully trying to stampede the cattle?

[osoab]

I think it's one of those things that will need some time to sink in. It's hard to comprehend what just happened.

That's the best part. They just started planning phase 10. Phases 2-9 are all set to go.

While we are comprehending, they are acting.

[osoab]

http://www.telegraph.co.uk/finance/financialcrisis/9935596/UK-troops-hit-by-Cyprus-bailout-will-be-compensated.html


After a bank holiday in the country on Monday, the levy on bank deposits will come into force on Tuesday. The emergency levy will be 9.9pc for deposits over €100,000, and 6.75pc for lower sums. Depositors will receive bank equity as compensation.

Junior bond holders get the same deal. Debt for equity. Are there stops on sell side trading on Cypriot banks too when the banks reopen?

[Shami-Amourae]

http://www.youtube.com/watch?v=B_4X9KaD8nA


http://www.youtube.com/watch?v=OYbuWZv8EkE

[Shami-Amourae]

I have a friend in Cyprus. She told me the tax is 6.75%. She said she's planning on going down to the bank tomorrow and pulling all her money out. Hopefully I can convince her to buy physical Gold/Silver. She wants to store almost all her wealth in physical cash now and said she was going to buy a safe.

[Large Sarge]

and does no one miss the lack of coordination in these movements, this is a wild assault, the act of desperation

it does not bode well

[Twisted Titan]

Meanwhile, my main concern is not the banks, but whether I have enough ammo stored. To fend from wolves. Funny how priorities change. :)

The only thing that keeping this at bay is that we still have guns.

Keep that at the fore front

Keep nothing but the bare minnimum in the banks

Its funny when i get paid i always pull out ex amount of dollars and pay whatever i am going to pay asap and spend the rest on preps i am usally back down to the bare balance within 72 hours.

I always felt a tad bit bad about that.

Next pay period im doing all my business in 24 or less.

[Dogman]

The only thing that keeping this at bay is that we still have guns.

Keep that at the fore front

Keep nothing but the bare minnimum in the banks

Its funny when i get paid i always pull out ex amount of dollars and pay whatever i am going to pay asap and spend the rest on preps i am usally back down to the bare balance within 72 hours.

I always felt a tad bit bad about that.

Next pay period im doing all my business in 24 or less.

Wasn't there a jap at one time said that invading America was not a good thing because there was a gun behind every blade of grass here?


I hope there is two guns behind every blade of grass now!

[EE_]

This is insane...whether it goes ahead or not, just the threat of it erodes confidence in the banking system.
This is scaring the hell out of people throughout Europe.

[Twisted Titan]

I just look on my news and weather....it covers wide subjects busines world breaking etc

Nothing
Nada
Squat
Poof

Like this happening in a alternate universe.

The power for them to blackhole something is nothing short of astounding.

The only reason why there has been any coverage is because it went viral on alt media and the blogosphere

[Jewboo]

and does no one miss the lack of coordination in these movements, this is a wild assault, the act of desperation it does not bode well



http://www.sectalk.com/board/public/imported_images/s7.postimage.org/image003_7.jpg

Will be one of these parked outside of our local Wells Fargo Bank soon. This was planned for the USA years ago.

[Hitch]

This is scaring the hell out of people throughout Europe.

Also too, Europeans are a bit more aware about currencies and banks than here. Older folks still remember the wars. Americans care more about television.

This could be the first domino to fall. One country does this, then another, and everyone tries to grab a chair before the music stops.

[osoab]

This is insane...whether it goes ahead or not, just the threat of it erodes confidence in the banking system.
This is scaring the hell out of people throughout Europe.

Yeah, but it is DOW bullish.

[osoab]

http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)
Cyprus Bank Holiday Extended Through Tuesday As Confusion Spreads (http://www.zerohedge.com/news/2013-03-17/cyprus-bank-holiday-extended-through-tuesday-confusion-spreads)Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 03/17/2013 - 10:07

Why not have two holiday days instead of one. Banker bullish!

[Hatha Sunahara]

We will likely see bank holidays throughout Europe starting Monday morning as all the Europeans scramble to get their money out of the banks. We may even see it here in the United States. Sinclair may be right. Watch the price of gold and silver spike tomorrow morning.


Hatha

[osoab]

We will likely see bank holidays throughout Europe starting Monday morning as all the Europeans scramble to get their money out of the banks. We may even see it here in the United States. Sinclair may be right. Watch the price of gold and silver spike tomorrow morning.



Hatha

Spike down?

[Horn]

This would be very big. So big that I do not expect it to happen. The vote is tomorrow:
Cyprus parliament to vote on savings levy (http://www.reuters.com/article/2013/03/17/us-eurozone-cyprus-idUSBRE92E02220130317)

This doesn't make any sense. It's not a lot of money for the IMF to come up with. Why would they rock the boat like this? They know that this will lead to depositor fear across Europe. They know it will piss of the Russians, who comprise a good portion of the Cypress deposits.

Something else is going on here. Any ideas?

When any limited number of Europeans pull or split into separate accounts it stimulates velocity.

A booster shot for them, with the side benefit of being able to do it again elsewhere.

Simple.

[Large Sarge]

comments from zero hedge

Panic will hit the streets tonight in Cypress, Greece, Italy, Spain and Ireland... People will be rioting and looting banks this week!

4:00 Cypress time: The official declaration will be made. Banks will be closed in Southern Europe for the entire week, while they wait for panic to subside.

Stock Markets will close in most Southern Eurorpean markets as people scramble to unload, hoping to get out before the mass rush out/and potential taxing of funds.

Merkel and the EU will need to decide whether to close banks throughout Europe and the stock markets...

Within 72 hours, the Euro will collapse... This will lead to a USD and UST safe haven investment... But that wont last...

By next Friday, we could see most Global Banks going on a Bank Holiday..



The Global reset will happen within 2 weeks, if the EU does not reverse this decision! IMHO

[Neuro]

Spike down?
Now it wouldn't surprise me at all, if PM's got pushed down. Of course it shouldn't happen...

[Dogman]

If metals crash , we are all screwed blued and tattooed.

[Hitch]

We will likely see bank holidays throughout Europe starting Monday morning as all the Europeans scramble to get their money out of the banks. We may even see it here in the United States. Sinclair may be right. Watch the price of gold and silver spike tomorrow morning.



Hatha

I just want to make sure I understand this. So, right now, all the banks are closedin Cyprus and will be closed through Tues. Also, ATM's will not work. All accounts are frozen for the 10% haircut.

So, what about debit cards? Can people buy food at the grocery store? If so, are there mass amounts of people going on a major spending spree right now, stocking up?

If the accounts are frozen, then basically cash would be king right now. People who don't have cash, or any food, are shit out of luck.

[Large Sarge]

Saxo Bank CEO: "This Is Full-Blown Socialism And I Still Can't



Believe It Happened"





Authored by Lars Seier Christensen, CEO Saxo Bank; originally posted at his blog at www.TradingFloor.com ,

It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors' money and 9.9 percent of big depositors' funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?

I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.

This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

If you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.

Depositors in other prospective bailout countries must be running scared - is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now. Even from the EU as a whole, I suspect, as the banking union is in place in most countries already.

Another open question is what will happen to the huge number of brokerages based in Cyprus? There is about 100 or more FX and other brokers currently operating under the relatively light Cypriot regulation. How will this impact the trustworthiness of these many small institutions? What IS the exact impact on the client deposits they might be holding in Cyprus? Will anyone dare to do business with them going forward?

This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal.

Market reaction? it must be very good for gold - and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro countries in, for example, Scandinavia. I would think the EUR and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors.

This is full-blown socialism and I still cannot believe this really happened.

Be careful out there...

[Hatha Sunahara]

Spike UP! Read what Sinclair has to say about this. There will be a huge demand for gold. Are all those Europeans going to hold paper Euros when the banks are declaring holidays because people are afraid to keep their money in those banks? When trust in the financial system goes down, the price of gold goes up.

http://www.shtfplan.com/headline-news/confiscation-european-leaders-move-to-seize-funds-directly-from-bank-account-holders_03162013


Hatha

[Large Sarge]

Gold to benefit

'Where will this flood of money leaving Cyprus go? Mr. Gold, veteran trader Jim Sinclair says gold will rise past $1,600 on Monday and never look back as a consequence. Rival offshore benking centres will benefit and the nearest outside the EU are Istanbul, Beirut, Bahrain and Dubai.

Russian President Vladmir Putin will undoubtedly be furious at this confiscation of Russian savings. Mr. Sinclair thinks Russia might now signal that its central bank is going to raise its gold holdings further. Perhaps Mr. Putin might also try to tempt depositors to bring some of their money back home.

But the real beneficiaries will be rival banking centres outside the EU who are shown at a stroke to be more reliable custodians. Confiscating depositors’ money will be suicidal for the Cypriot banks but a boost for offshore banking rivals elsewhere.

ArabianMoney thinks this is a terrible precendent for the EU to set as it means it no longer guarantees the security of all bank deposits within its territory. That has not happened before. Where will it happen next? Greece?' The eurozone financial crisis is back with a bang! http://news.goldseek.com/PeterCooper/1363536256.php

[Horn]

I guess the Icelandic model doesn't hold any weight when you're dealing with Russian debt....

Otherwise Cyprus would fit right into it.

[Hitch]

I guess the Icelandic model doesn't hold any weight when you're dealing with Russian debt....

Otherwise Cyprus would fit right into it.

Except that Cyprus is on the Euro.

Even if this levy gets voted down tomorrow. The damage is still done. Everyone and their grandmothers in Cyprus are going to be storming the banks when they open back up to get their money out. I don't see how massive bank runs could be avoided at this point.

http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317

[Twisted Titan]

Now it wouldn't surprise me at all, if PM's got pushed down. Of course it shouldn't happen...

Yes it should.

Why?

Because the rush is for cash right now in cyprus. ..to not be on the hook for the levy or at least minimize.

When the smoke clears ( if it does) there will be a tsunami of metal purchases as people will make sure they dont get burnt a second time.

The paper price of gold maybe capped or vigoursly manipulated with margin call adjustments during the wee hours when markets are closed. But that wont have jack shyt to do with the physical price. I think we saw this not to long ago in Spain or Itlay.

When the market sets itself up i fully expect to see a "windfall levy" to The sale of gold coinage. This will go over because those rich citzens will be seen as not wanting to " share in the burden".


I can see this playing out at the speed of a bank run.

One thing is certain. I Wouldnt be holding anything other then physical hard currency as a store of wealth and physical cash ready to spend at a moments notice on tangibles..

I would be shitting bricks if i was the average prole because it only a question of When im going to get screwed over.

[Cebu_4_2]

http://www.youtube.com/watch?v=K5R2JyU_MKg&feature=youtu.be

http://www.youtube.com/watch?v=K5R2JyU_MKg&feature=youtu.be

[old steel]

I like this guy.


http://www.youtube.com/watch?v=YDXtHsz2q6Q

[old steel]

This would be very big. So big that I do not expect it to happen. The vote is tomorrow:
Cyprus parliament to vote on savings levy (http://www.reuters.com/article/2013/03/17/us-eurozone-cyprus-idUSBRE92E02220130317)

This doesn't make any sense. It's not a lot of money for the IMF to come up with. Why would they rock the boat like this? They know that this will lead to depositor fear across Europe. They know it will piss of the Russians, who comprise a good portion of the Cypress deposits.

Something else is going on here. Any ideas?

Sparky i believe it's time to update your index.

Beat the rush.

[Twisted Titan]

I like this guy.


http://www.youtube.com/watch?v=YDXtHsz2q6Q

Thats Prometheus right there.


The bringer of Fire to the Masses

[Down1]

http://gold-silver.us/forum/attachment.php?attachmentid=4589&d=1363552362

[gunDriller]

http://harinair.files.wordpress.com/2008/06/mediterranean-cyprus-map.gif?w=584

Cyprus is a key military location, from the point of view of Israel.

if a nation was going to launch a waterborne attack on Israel, Cyprus is one of the obvious starting locations.


i have to wonder if Cyprus' location, due Northwest from Israel, affects how the EU treats Cyprus.

the weaker Cyprus is, the easier it is for Israel-supporters to buy it up.

[Horn]

Cyprus is a key military location, from the point of view of Israel.

if a nation was going to launch a waterborne attack on Israel, Cyprus is one of the obvious starting locations.


i have to wonder if Cyprus' location, due Northwest from Israel, affects how the EU treats Cyprus.

the weaker Cyprus is, the easier it is for Israel-supporters to buy it up.

Seems like Vlad was already trying to do that & got 10% of his hand trapped in the cookie jar.

[old steel]

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/03/20130317_cyprus_0.png

[Large Sarge]

if this thing really spreads and catches fire throughout euro-zone, well it might be enough to expose the silver shortage, a small portion of those 500 million euroland residents will move into silver/gold

and I am still of the opinion that there is almost no silver left above ground

[Neuro]

So far gold is doing alright up $14.80

[Cebu_4_2]

Cypriot Authorities in Revised Deal Talks Text Size
Published: Sunday, 17 Mar 2013 | 4:49 PM ET
By: Peter Spiegel in Brussels and Kerin Hope in Nicosia

http://fm.cnbc.com/applications/cnbc.com/resources/img/editorial/2013/03/17/100560933-bank-of-cyprus-gettyp.240x160.jpg?v=1363539686 Barbara Laborde | AFP | Getty Images
The administrative headquarters of the Bank of Cyprus in Nicosia.

Cyprus' embattled president was on Sunday in talks with Brussels and political rivals to ease the terms of a planned levy on smaller deposit holders as he tried to scrape together a parliamentary majority for a €10 billion bailout for the debt-laden island.
President Nicos Anastasiades is still intending to raise €5.8 billion from Cypriot bank accounts to help fund the bailout, an unprecedented move by the eurozone that could yet spark wider concern about the safety of bank deposits in the bloc.
Cypriot authorities were weighing an additional bank holiday on Tuesday pending emergency parliamentary ratification of the deal which would mitigate the danger of a bank run.
However, a revised deal being discussed in Nicosia, with the blessing of the European Commission, would shift more of the burden on to deposits larger than €100,000, according to officials involved in the talks.
Under a controversial deal struck with international bailout lenders in the early hours on Saturday, a 6.75 percent levy would be imposed on all deposits under €100,000 while accounts over that threshold would be hit with a 9.9 percent levy. The depositor levy was demanded by a German-led group of creditor countries to bring down the bailout's price tag from €17 billion.


The parliamentary passage of the levy is hanging in the balance. Several lawmakers from the Democratic party, the junior partner in the governing coalition, have threatened to vote no. The government controls only 28 of 56 seats in the chamber and is seeking backing from two deputies from a small pro-European party.
In a television address Mr Anastasiades appealed to Cypriots to accept the levy as the "least painful solution."
"Cyprus is in a state of extreme emergency," he said. "These are the most tragic events we have faced since 1974," when the Turkish military intervention following a Greek-inspired coup split the island and triggered an economic collapse.
He asked political parties to back the levy in Monday's vote "and decide in favour of our citiziens and our national interests."
"This solution is not what we wanted....but it leaves the running of the economy in our hands," he said. "And it opens the road to recovery and prosperity."
He said depositors would be offered bank shares covering the full amount of their losses, while those who left their savings in banks for another two years would be rewarded with bonds backed by future income from exploiting Cyprus's natural gas deposits.
European Union officials, including a European Central Bank delegation sent to the island on Saturday, were pushing political leaders hard to accept the deal, warning that without it ECB funding keeping the country's second-largest bank alive would stop and the financial sector could collapse.
"The ECB officials were very blunt," said one Cypriot official familiar with the discussions. "There are serious fears of contagion regarding Italy and Spain if this legislation doesn't go through."
Eurozone officials have insisted the Cypriot situation is unique and deposit haircuts would not be used elsewhere.
Officials involved in last night's talks said the changes in the levy's rates were in flux, but they could see the higher rate increase to as much as 12.5 percent while the smaller deposits could be about 3.5 percent.
Olli Rehn, the European Commissioner in charge of economic affairs, told the Financial Times that bailout lenders would not object to a shifting of the burden. "If the Cypriot political leaders decide on a more progressive scale for the one-off levy for the sake of social fairness, and if this has the same financial impact, the commission is ready to recommend that the eurogroup endorse such a decision."
According to senior officials involved in the talks, the German-led group of negotiators who insisted on the bank levy were agnostic as to where the axe fell. They said Mr Anastasiades, with the backing of the commission, had resisted a rate higher than 10 percent out of fear it would destabilize the financial sector even more.
One senior eurozone official said the ECB and other EU negotiators at one point suggested putting all the burden on larger depositors.
"We had proposed a levy with a rate of zero below €100,000, and a higher one afterwards," said the official. "The Cypriot president did not want to agree to a levy higher than 10 per cent, and if you do the numbers you get the 6.75 and 9.9 [percent]."
Cypriot officials insisted no levy on smaller depositors was impossible. One senior Cypriot official involved in the talks said that because about 35 percent of all deposits are below the threshold, exempting them would mean a rate so high for the rest that it would no longer be viewed as a tax.
"If this is successful then it will be used in the future," said the dejected official, predicting Spanish and Italian banks could face similar levies. "If this is not successful then who cares about Cyprus."

Archbishop Chrysostomos, the island's influential spiritual leader, called for Cyprus leave deposits intact, leave the eurozone and readopt its former currency, the Cyprus pound.

[AndreaGail]

How thoughtful of them

"see we WERE going to have it 6.75%, but now the tax will ONLY be 3.5%" ::)

[Hitch]

One senior Cypriot official involved in the talks said that because about 35 percent of all deposits are below the threshold, exempting them would mean a rate so high for the rest that it would no longer be viewed as a tax.

"viewed as a tax". If what is going on in Cyprus does not wake folks up, to the biggest scam in the history of mankind, nothing will.

The fact that these criminals are so bold to shut down the banks, and take directly from the accounts of the citizens, really is unprecedented. Then, to actually call this theft a TAX is unbelievable.

I am at a loss for words on how disgusted I feel about this. This is so blatant and bold and in your face, I never would have thought it possible.

[Hatha Sunahara]

If they get away with this in Cyprus, it will be everywhere really soon. They will rapidly lose the element of surprise. I hope nobody here keeps more than living expenses in any bank. If we see any bank runs in the morning, we can expect the propaganda mill to go into high gear. We might see a stampede to get gun confiscation going. We shall see on Monday morning how the world reacts to this Cyprus confiscation. Obama is due to visit Israel on Friday.


Hatha

[Son-of-Liberty]

I can only think of three possible reasons they would try this.

They want to actually start a bank run and collapse and have pre-positioned themselves already. One thing a euro crises will do is strengthen the USD for at least awhile, perhaps preventing a USD collapse first?

The situation in Europe is much worse then even we thought and they are desperate for some solution. In which case this is a pretty dumb one.

They are so arrogant getting away with past crimes that they want to test the waters if they can get away with direct theft in a small country. If this is the case it is a major miscalculation. This will cause a bank run. Even talk of this could. People might not be marching in the street with pitch forks and nooses yet but they aren't going to sit idle and let their saving be stolen.

[Jewboo]

I like this guy.



https://gs1.wac.edgecastcdn.net/8019B6/data.tumblr.com/tumblr_lkwnyfg9pk1qjz424o1_500.jpg

Imagine this guy replacing Brian Williams and being able to speak Truth every night on The Nightly News.

:)

[Horn]

Archbishop Chrysostomos, the island's influential spiritual leader, called for Cyprus leave deposits intact, leave the eurozone and readopt its former currency, the Cyprus pound.

That's the Icelandic spirit.

[Sparky]

The first gold spike lasted only three hours. Now up only 0.13%. Meanwhile, the USD up almost a full percent. Dow futures down 135 points on the strengthening dollar.

P.S. In the near term, I expect this to boost both the USD and gold. We'll get a sense over the coming weeks as to whether any faith in the USD as the "go-to" currency has diminished, or whether it remains king for the time being.

[Sparky]

Remember, Cyprus bank runs are not that significant since their hands are already tied. Transactions are limited until the banks open, and once the bank's open the money will already be gone.

The much more significant thing to watch for is bank runs in other European countries. Unlike the Cypriots, they have been served a warning.

[Horn]

Meanwhile, the USD up almost a full percent. Dow futures down 135 points on the strengthening dollar.

Guess they gotta short the Euro every now & then, otherwise people might actually start to use it, or the yuan.

Geez it must be impossible to manufacture anything in the west these days without .gov assistance due to the flux.

[Sparky]

Remember, Cyprus bank runs are not that significant since their hands are already tied. Transactions are limited until the banks open, and once the bank's open the money will already be gone.

The much more significant thing to watch for is bank runs in other European countries. Unlike the Cypriots, they have been served a warning.

[madfranks]

Direct confiscation out of bank accounts is morally no different than any other tax. It's all money taken by force against the will of those who earned it. It's the blatant nature of it this time that's different. Them calling it a tax is even better, it removes the veil of legitimacy and shows taxation for what it really is, brutal theft.

[Hitch]

Remember, Cyprus bank runs are not that significant since their hands are already tied. Transactions are limited until the banks open, and once the bank's open the money will already be gone.

The much more significant thing to watch for is bank runs in other European countries. Unlike the Cypriots, they have been served a warning.

Sparky, correct me if I am wrong...but the only thing keeping banks afloat, is confidence.

Cyprus just showed the whole world banks can not be trusted.

When those banks do open up, will they have any customers?

Any hammerhead should see this unfold...

[FreeEnergy]

Russia Today:
Russia may lose over $50 billion should Cyprus default
http://rt.com/business/russia-lose-billions-if-cyprus-default-257/



What's a 50 billion these days? Like, nothing?

I smell Sinclair and his oligarch family members got his arse handed to them in Cyprus. Something is bigger than "the biggest news, bad, bad russians..." . Cyprus is a well-known offshore, I bet lots of european mutual and hedge funds are there. Something smells fishy...

[Sparky]

Sparky, correct me if I am wrong...but the only thing keeping banks afloat, is confidence.

Cyprus just showed the whole world banks can not be trusted.

When those banks do open up, will they have any customers?

Any hammerhead should see this unfold...

Right, Hitcher. I'm saying that Cyprus's 0.5% of the Euro economy doesn't matter. But how the rest of Europe reacts to the Cypriots' reaction is what really matters, because it will say something about the prevailing confidence in the Euro system. This is why I'm so puzzled about the route that the IMF is taking here. They can't be this foolish, right?

The only thing I can think is that ultimately the Cypriots won't lose their deposits, and it will be evidence to the rest of the European nations that even the tiniest member will ultimately be protected. Or something like that. Very interesting indeed.

[old steel]

https://gs1.wac.edgecastcdn.net/8019B6/data.tumblr.com/tumblr_lkwnyfg9pk1qjz424o1_500.jpg

Imagine this guy replacing Brian Williams and being able to speak Truth every night on The Nightly News.

:)

I'd watch for sure.

[Neuro]

The first gold spike lasted only three hours. Now up only 0.13%. Meanwhile, the USD up almost a full percent. Dow futures down 135 points on the strengthening dollar.

P.S. In the near term, I expect this to boost both the USD and gold. We'll get a sense over the coming weeks as to whether any faith in the USD as the "go-to" currency has diminished, or whether it remains king for the time being.
But it is Gold priced in USD! ;D

[Neuro]

This is interesting!


He said depositors would be offered bank shares covering the full amount of their losses, while those who left their savings in banks for another two years would be rewarded with bonds backed by future income from exploiting Cyprus's natural gas deposits.
If this is true it means that the bank shareholders will pay the price of the bailout not the deposit holders... This does seem fair...

[Mouse]

This is interesting!


If this is true it means that the bank shareholders will pay the price of the bailout not the deposit holders... This does seem fair...

You seem retarded if you think it's fair.

[osoab]

You seem retarded if you think it's fair.


You missed the sarcasm that is dripping from that post.

[mick silver]

how would that be fair making people buy into something that they may not want to do . i have never seen a bank give something for nothing . once they have save there selfs dont think for a second that they want rewrite the deal they come up with

[Twisted Titan]

*Eurozone officials have insisted the Cypriot situation is unique and deposit haircuts would not be used elsewhere


And about 18 months ago you did a " stress test" on the cyprus banks and said they where fine.


If anybody believe these shills they have the collective IQ of 3 dog stained fire hydrants.

[EE_]

The first gold spike lasted only three hours. Now up only 0.13%. Meanwhile, the USD up almost a full percent. Dow futures down 135 points on the strengthening dollar.

P.S. In the near term, I expect this to boost both the USD and gold. We'll get a sense over the coming weeks as to whether any faith in the USD as the "go-to" currency has diminished, or whether it remains king for the time being.

Why would anyone think the dollar is a safe heaven? People should be worried about over-night currency devaluations like the one they just had in Venezuela. A one third haircut and for the fifth time in ten years.
All roads lead to gold!

[EE_]

I was listening to that ugly chick on CNBC, Becky Quick...she said you would think the money would be coming to banks here where the "laws are firmer". That's a laugh!...You would think she knows her Jew history better.
1790: Mayer Amschel Rothschild states “Let me issue and control a nation’s money and I care not who writes the laws.”

Becky's bio
She is currently married to an executive producer of Squawk Box, Matthew Quayle (2008 - present). On August 15, 2011, CNBC reported that Quick had given birth to a son, Kyle Nathaniel Quayle. (nice Jewish name)

[chad]

this would be why you only keep enough money in the system to pay day to day bills. you take wealth out of the system.

[Large Sarge]

speculation they are going to make the seizure 12.5% instead of 9.9%

http://rt.com/business/cyprus-bailout-bank-tax-deposits-401/

[Large Sarge]

germany/IMF initally wanted 40% seizure of funds, they wheeled and dealed down to 10%

http://www.goldmoney.com/gold-research/newsdesk/sad-cyprus.html

[chad]

this will happen here, only it will iras, 401ks, and other investment vehicles. people don't have that much cash in banks here. they will go after the retirement stuff.

[Shami-Amourae]

Can someone please explain to me why these bankers need to confiscate anything? I mean they have a printing press. Can't they just add a few more 0's to their account and call it a day?

[Son-of-Liberty]

Yeah but they are crooks. Stealing is what they do.

[Horn]

Can someone please explain to me why these bankers need to confiscate anything? I mean they have a printing press. Can't they just add a few more 0's to their account and call it a day?

Not in Euroland presently, they are trying the reverse of the U.S. on the face of things.

Maximum Unemployment is their aim. The goal is to increase the amount of foreign investment to above previous levels, so that they can continue to get 12 weeks vacation per year & 4 day work weeks the entire year.

Germans don't really make a better car anymore, everyone just wants them to do the work because it seems correct.

[madfranks]

Can someone please explain to me why these bankers need to confiscate anything? I mean they have a printing press. Can't they just add a few more 0's to their account and call it a day?

Individual countries in the Eurozone can't print money anymore, they are beholden to the Euro, which is issued and controlled by the ECB. Cyprus can't print euros any more than California could print more FRN to cover its deficit, it would need a bailout by the federal government.

[Golden]

Direct confiscation out of bank accounts is morally no different than any other tax. It's all money taken by force against the will of those who earned it. It's the blatant nature of it this time that's different. Them calling it a tax is even better, it removes the veil of legitimacy and shows taxation for what it really is, brutal theft.

Exactly! A real-time "stress test."

Is it just me or does it seem that CB's want their general citizenry and bigger players to demand physical?

"Central banks stand ready to lease gold in increasing quantities should the price rise."
Alan Greenspan 1998

http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html
http://demonocracy.info/infographics/usa/derivatives/images/demonocracy-derivatives-230_trillion_exposure.jpg


What % of our population works in finance?

http://www.yesvirginia.org/Images/charts/EmploymentMajorSector.gif

5%

That's some nasty leverage.

https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcQ9TxC6CV8KGJHMpEsS3B8aRpdjPduE8 4s7Z45xKbWFFqyTA-bbWA

I recognize that physical money and paper currency are two forms of credit in the allegory.
And I read this as a way to mobilize credit thus forcing creation of trust in an otherwise frozen state of play.

[EE_]

Well that was a short lived crisis.
US markets are recovering nicely and gold is falling back.
We're good until next time.
Back to the recovery!
Doom off


http://www.youtube.com/watch?v=FCcdr4O-3gE

[Sparky]

Why would anyone think the dollar is a safe heaven? People should be worried about over-night currency devaluations like the one they just had in Venezuela. A one third haircut and for the fifth time in ten years.
All roads lead to gold!

I never said it was a safe haven. But for now, people still instinctively turn to it in a crisis. I suspect that it will continue to lose ground to gold with every new crisis.

It has now turned down on the day. Crisis must be over. ;)

[Sparky]

This is interesting!


If this is true it means that the bank shareholders will pay the price of the bailout not the deposit holders... This does seem fair...

Until you think about the fact that the natural gas is already an asset of the people anyway. So in some sense, their deposits will be paid back with resources that already belong to them, which means the government will need to tax them more to replace that revenue stream!

[Shami-Amourae]

http://www.youtube.com/watch?v=sgIHvHeLeEk

[EE_]

http://www.youtube.com/watch?v=sgIHvHeLeEk

fixed it for ya

[Large Sarge]

keep raising the limits, now 15.26% haircut

http://www.zerohedge.com/news/2013-03-18/worst-case-big-depositors-cyprus-1526-haircut

[madfranks]

I never said it was a safe haven. But for now, people still instinctively turn to it in a crisis. I suspect that it will continue to lose ground to gold with every new crisis.

Think about it, how many people in the world see gold, not government money, as the safest haven of them all? Maybe 0.01%? By far, the vast, vast majority of people see government paper money as the safest asset to hold. This run on the banks, people are not pulling their money out in order to buy gold and silver, they are pulling their money out to physically hold the paper notes, and for the minority of them that have a bad feeling about the euro, they're trading them for dollars, simply another government controlled fiat money! Until the major fiat monies across the world fail, most people aren't going to see gold and silver as money, they simply have no concept of it.

[Large Sarge]

bankers pulling the plug on the entire system w/ cyprus (interesting analysis here)

http://networkedblogs.com/JnrZq

[Neuro]

Until you think about the fact that the natural gas is already an asset of the people anyway. So in some sense, their deposits will be paid back with resources that already belong to them, which means the government will need to tax them more to replace that revenue stream!
I wasn't thinking so much about being given natural gas bonds, but that the full amount of what is now confiscated in their bank accounts, will be given to the deposit holders in the form of bank shares. Sure it stinks to have your account confiscated, and replaced with something you haven't asked for, but really what is the alternative here? If the bank goes bankrupt you get back pennies on the dollar a few years later, without a state bank guarantee... This way at least the current shareholders of the bank effectively gets to pay for the default...

[Large Sarge]

the canary just died, systemic failure

http://www.zerohedge.com/news/2013-03-18/end-systemic-trust-canary-just-died

[Horn]

keep raising the limits, now 15.26% haircut

http://www.zerohedge.com/news/2013-03-18/worst-case-big-depositors-cyprus-1526-haircut

Must not be getting enough craps table time on the "free" markets.

[Hatha Sunahara]

Can someone please explain to me why these bankers need to confiscate anything? I mean they have a printing press. Can't they just add a few more 0's to their account and call it a day?

This is a great example of the relationship of money to wealth. They are not the same thing. Money is a medium of exchange. Wealth is what people produce or own. The banksters can create money, but they cannot create wealth. So they use money to transfer wealth from the people who produce it (people like you and me) into their own pockets. They do this by charging interest on fiat money. It's called usury. When they take your money, they take ownership of the product of your labor. Banks take it in the form of interest, governments take it in the form of taxes, and corporations take it in the form of underpaying you for what you produce. The banks can print up all the money they need, but that is not their goal. Their goal is to relieve you of the wealth you created. Printing money will do that slowly by devaluing your savings--diluting it.


Hatha

[Large Sarge]

now banks will not open till thursday (i am guessing next week at the soonest)

http://www.zerohedge.com/news/2013-03-18/cyprus-bank-holiday-gets-another-extension-bank-reopening-now-set-thursday

[Twisted Titan]

Can someone please explain to me why these bankers need to confiscate anything? I mean they have a printing press. Can't they just add a few more 0's to their account and call it a day?

Because it never was nor will it ever be about the money.

The money is fake......but the control. The control is very much real.


This isnt about bank deposits.

This is about the lives and the energy of the people who hold those desposits.

Because the people have little to no understanding of hard currency and coin.

They willfully submit the power of their lives to the handful that do.

[Twisted Titan]

now banks will not open till thursday (i am guessing next week at the soonest)

http://www.zerohedge.com/news/2013-03-18/cyprus-bank-holiday-gets-another-extension-bank-reopening-now-set-thursday

If this wasnt a Black Swan event it dam sure is by now.

[EE_]

Sorry, non-event. Dow went positive!

[horseshoe3]

This is a great example of the relationship of money to wealth. They are not the same thing. Money is a medium of exchange. Wealth is what people produce or own. The banksters can create money, but they cannot create wealth. So they use money to transfer wealth from the people who produce it (people like you and me) into their own pockets. They do this by charging interest on fiat money. It's called usury. When they take your money, they take ownership of the product of your labor. Banks take it in the form of interest, governments take it in the form of taxes, and corporations take it in the form of underpaying you for what you produce. The banks can print up all the money they need, but that is not their goal. Their goal is to relieve you of the wealth you created. Printing money will do that slowly by devaluing your savings--diluting it.


Hatha

Right, the total amount of wealth remains the same. But if I can create money, I shift the percentage of the worlds wealth to my favor.

[Jewboo]

This is a great example of the relationship of money to wealth.



http://i1.mirror.co.uk/incoming/article1525214.ece/ALTERNATES/s615/People+playing+Monopoly

Cypriots just recently realized that their "real life" is being played out on a world-wide jew board game.

http://images.zaazu.com/img/Rabbi-hebrew-chanukah-festival-of-lights-smiley-emoticon-000426-medium.gif

[gunDriller]

Right, the total amount of wealth remains the same. But if I can create money, I shift the percentage of the worlds wealth to my favor.

that's why they get so upset when people create $. the Counterfeiter in Chief wants a monopoly.

in fact, they also get upset about members of the general public creating wealth, for example, Gold mining on public land.

the general practice of the US gov. & state gov's is to make it more & more difficult for a private citizen to simply run a floating dredge on a lake or river in the US.

"you're vacuuming up fish eggs", they proclaim - even if the approved time for dredging is outside of egg-laying season.

"you're disturbing the Argentian chocolate-spotted crayfish" - they make up Total Bullshit environmental reasons for opposing this productive activity, when the net effect of the activity is as follows: it allows Gentiles to make a decent living without kissing the ass of TPTB.


if you don't believe me, look up the laws for dredging without a permit in your state.

one note about dredging - most of the equipment does not use substances which need to controlled, e.g. the Cyanides which work in a targeted way to very handily dissolve Gold into solution.

[Hatha Sunahara]

Bankers don't create anything. They live by using the medium of exchange (money) to transfer wealth from those who create it into their own pockets. They have convinced most of us that our money is a 'storehouse of wealth'. So people put their surplus money into a bank account, where today they earn zero interest. Money is nothing more than a medium of exchange. If you want to save wealth, don't save it in the form of money. Buy land, gold, silver, something tangible. Or loan it to someone who you know will pay it back. Don't use banks for anything but temporarily storing small amounts of money you will need soon. Banks are useless and worthless, and often criminal enterprises. The less business you do with banks, the healthier you will be.


Hatha

[chad]

i just heard on the radio that it's a percentage of EVRYTHING. your saving account, your checking account, certificates of deposit, etc. everything they can find that's denominated in "currency." don't know if this is true or not...

[Jewboo]

the canary just died, systemic failure

http://www.zerohedge.com/news/2013-03-18/end-systemic-trust-canary-just-died



Great article on this sobering subject Sarge. Exposes the naive notion of "The Rule of Law" perfectly.

:D

[vacuum]

i just heard on the radio that it's a percentage of EVRYTHING. your saving account, your checking account, certificates of deposit, etc. everything they can find that's denominated in "currency." don't know if this is true or not...

I don't think I can believe this yet

[Horn]

My question is why it wasn't rolled into some furture taxing scheme then repackaged for sale somewhere else, as was done before?

Things must be very bleak in the "Internotional World".

Or they are trying to get some traction into the market casinos.

[Hitch]

My question is why it wasn't rolled into some furture taxing scheme then repackaged for sale somewhere else, as was done before?

Things must be very bleak in the "Internotional World".

Or they are trying to get some traction into the market casinos.

Perhaps they are testing how the masses will react to this theft, on a small level. Start with a small country, and just "see what happens."

If the folks in Cyprus do not grab their pitchforks and take action, either in the form of withdrawing all their money in the banks in runs, or storming the castle gates, the bankers may be bold enough to try this on another country, such as Greece. Then Italy, and so on...then while bailouts have been the norm, direct theft from depositors becomes the new norm.

The world is watching you, Cyprus.

[Large Sarge]

sinclair "all hell is breaking loose in cyprus"

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Sinclair_-_All_Hell_Is_Breaking_Loose_After_Cyprus_Catastrop he.html

[madfranks]

Perhaps they are testing how the masses will react to this theft, on a small level. Start with a small country, and just "see what happens."

I wonder if you're right. Today there are so many other schemes to rob the people of their money by stealth, I wonder why they are resorting to such outright confiscation. Testing the waters, maybe? To see just how docile their subjects are?

[EE_]

sinclair "all hell is breaking loose in cyprus"

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Sinclair_-_All_Hell_Is_Breaking_Loose_After_Cyprus_Catastrop he.html

Putin better do something about this or he will lose face with all his people. At the least, he should take out a few bankers.
If he lets this slide and lets the bankers shit on his head, he will be known as "Putin the Pussy"! There, I said it!
Your turn Putin...are you going to be the great leader of Russia, or the bankers little bitch?

[Serpo]

We should be ready to hand over everything we have worked for and give it to these poor banks who have made a few mistakes in the past.

This comes close to the meaning of life........we the little people must work and save forever so the banks can prosper, this is true capitalism .

Dosnt anyone feel sorry for the poor old banks, we give them our money ,its in their vaults ,so they figure they may as well keep some of it .

These people only get paid in the millions and now we have trillions in play so they feel as if they are being left behind.

[vacuum]

Putin better do something about this or he will lose face with all his people. At the least, he should take out a few bankers.
If he lets this slide and lets the bankers shit on his head, he will be known as "Putin the Pussy"! There, I said it!
Your turn Putin...are you going to be the great leader of Russia, or the bankers little bitch?
The parliament hasn't made any decision yet, as far as I can tell. Russia has it's opportunity to voice objection/make threats in the current time window. So there are no excuses for them letting this pass, at least in a form that includes foreign accounts.

[gunDriller]

Putin better do something about this or he will lose face with all his people. At the least, he should take out a few bankers.
If he lets this slide and lets the bankers shit on his head, he will be known as "Putin the Pussy"! There, I said it!
Your turn Putin...are you going to be the great leader of Russia, or the bankers little bitch?

let's invite him to join G-S.us.

i'm pretty sure he doesn't like to be called Putie-baby, though.

[Neuro]

The parliament hasn't made any decision yet, as far as I can tell. Russia has it's opportunity to voice objection/make threats in the current time window. So there are no excuses for them letting this pass, at least in a form that includes foreign accounts.
Putin could announce an official visit to the Turkish Cypriot state, to discuss a strategic defense pact... I think that would get the message across!

[EE_]

The parliament hasn't made any decision yet, as far as I can tell. Russia has it's opportunity to voice objection/make threats in the current time window. So there are no excuses for them letting this pass, at least in a form that includes foreign accounts.

Just the fact they are trying to pass this is a direct insult to Putin. He should send the bankers a messege to never try it again. Or he can be Putin the pussy

[Horn]

sinclair "all hell is breaking loose in cyprus"

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Sinclair_-_All_Hell_Is_Breaking_Loose_After_Cyprus_Catastrop he.html



Every time you do business with a Russian company, you do business with a bank in Cyprus. Money goes in, it goes out, but it all funnels through Cyprus.


Well that might make it larger a deal than Sparky was alluding to...

[EE_]

let's invite him to join G-S.us.

i'm pretty sure he doesn't like to be called Putie-baby, though.

Got his email? I'll write him to say we all think he's a little sissy if he does nothing.

[Hitch]

Got his email? I'll write him to say we all think he's a little sissy if he does nothing.

I recommend creating an email address to this: gsus.thinks.you.are.a.sissy@hotmail.com

[Neuro]

I visited North Cyprus a couple of years ago, and I arranged some horse back riding for my children. The couple that ran the stable was Russian, so I got in a conversation with them. They said that they had been running this stable for a few years, and I asked if it wasn't difficult to get visas and work permits. Apparently it was very easy for Russians, one of the easiest places in the world, that's why they were there. And I was told many Russians lived and worked there, as to date though, Turkey is the only country in the world that recognizes, North Cyprus, as a country.

However I think it is very possible, that the latest IMF/ECB actions will piss off Putin and Russian power elite to the point, they actually recognize North Cyprus. This would be in discussions together with Turkey naturally. Turkey is bankrolling North Cyprus government completely. North Cypriots pays hardly any tax.
Putin offers to invest heavily in North Cyprus, first one would be to move financial transactions to banks in North Cyprus. Another to buy gas concessions for natural gas drilling. Third a navy base? In the deal something with Syria? Right now Turkey and Russia is at opposite ends re Syria, but neither Turkey nor Russia actually want the Jihadists to take over Syria, Russia certainly don't want NATO doing a Libya with their ally... Turkey feel they are not getting proper support from NATO, plus the current Turkish government starts to have dreams of going Ottoman. Assad is offered asylum in North Cyprus. Turkey with Russian backing takes over Syria, and installs a puppet regime, with a very similar policy to what Assad had.


These are just some random thoughts/ scenarios I have been playing in my head the last day or so. I don't know, possibly the financial transactions will move to Istanbul. The financial network is fully developed here, while I guess it is not so developed in North Cyprus...

Geopolitically this could be a tsunami!

[osoab]

Just the fact they are trying to pass this is a direct insult to Putin. He should send the bankers a messege to never try it again. Or he can be Putin the pussy


You mean this Putin?


http://www.radioislam.org/islam/english/jewishp/russia/putin-yarmulke.jpg

[Son-of-Liberty]

that's why they get so upset when people create $. the Counterfeiter in Chief wants a monopoly.

in fact, they also get upset about members of the general public creating wealth, for example, Gold mining on public land.

the general practice of the US gov. & state gov's is to make it more & more difficult for a private citizen to simply run a floating dredge on a lake or river in the US.

"you're vacuuming up fish eggs", they proclaim - even if the approved time for dredging is outside of egg-laying season.

"you're disturbing the Argentian chocolate-spotted crayfish" - they make up Total Bullshit environmental reasons for opposing this productive activity, when the net effect of the activity is as follows: it allows Gentiles to make a decent living without kissing the ass of TPTB.


if you don't believe me, look up the laws for dredging without a permit in your state.

one note about dredging - most of the equipment does not use substances which need to controlled, e.g. the Cyanides which work in a targeted way to very handily dissolve Gold into solution.

The biggest river around here is filled with flour gold. Some guys can make 200-300 a day running a sluice box but it is back breaking labor. Partly because you have to run the sluice above the water line so you have to haul your material a long distance.

Dredging of any kind is completely banned. If you could dredge you could probably do a half ounce a day for several months of the year without breaking your back.

[gunny highway]

i didn't see this posted.

http://www.oftwominds.com/blogmar13/cyprus3-13.html

The Deeper Meanings of Cyprus (March 18, 2013)


The deposit-confiscation "bailout" of Cyprus reveals much about the Eurozone's fundamental neocolonial, neofeudal structure.

At long last, Europe's flimsy facades of State sovereignty, democracy and free-market capitalism have collapsed, and we see the real machinery laid bare: the Eurozone's political-financial Aristocracy will stripmine every nation's citizenry to preserve their power and protect the banks and bondholders from absorbing losses.

The deposit-confiscation "bailout" of Cyprus confirms the Eurozone's fundamental neocolonial, neofeudal structure and the region's political surrender to financialization.

The E.U., Neofeudalism and the Neocolonial-Financialization Model (May 24, 2012)

Let's list what Cyprus reveals about the true state of financial-political power in Europe:

1. The Core-Periphery terminology masks the real structure: the E.U. operates on a neocolonial model. In the old Colonialism 1.0 model, the colonizing power conquered or co-opted the Power Elites of the periphery regions, and proceeded to exploit the new colonies' resources and labor to enrich the Imperial core.

In Neocolonialism, the forces of financialization (debt and leverage controlled by State-enforced banking cartels) are used to indenture the local Elites and populace to the financial core: the peripheral "colonials" borrow money to buy the finished goods manufactured in the core economies, enriching the Imperial Elites with A) the profits made selling goods to the debtors B) interest on credit extended to the peripheral colonies to buy the core economies' goods and "live large", and C) the transactional skim of financializing peripheral assets such as real estate and State debt.

In essence, the core banks of the E.U. colonized the peripheral nations via the financializing euro, which enabled a massive expansion of debt and consumption in the periphery. The banks and exporters of the core exacted enormous profits from this expansion of debt and consumption.

Now that the financialization scheme of the euro has run its course, the periphery's neocolonial standing is starkly revealed: the assets and income of the periphery are flowing to the core as interest on the private and sovereign debts that are owed to the core's central bank and its crony money-center private banks.

This is not just the perfection of neocolonialism but of neofeudalism as well. The peripheral nations of the E.U. are effectively neocolonial debtors of the core (quasi-Imperial) banks, and the taxpayers of the core nations (now reduced to Germany and The Netherlands) are now feudal serfs whose labor is devoted to making good on any bank loans to the periphery that go bad.

Though we can term the E.U. a plutocracy or oligarchy, the neofeudal structure compels us to distinguish a class of those holding wealth and political power that is not limited to national border: this is an Aristocracy.

Serving the Aristocracy is a well-paid technocrat class of factotums, lackeys, toadies and enforcers. Below this well-compensated caste of technocrats is the larger class of debt-serfs, enslaved to interest payments on either their own debts or the debts of others, and bound by their class powerlessness to protecting banks and bondholders from losses.

Cyprus merely adds an expropriation twist to this well-oiled plunder: deposits will be expropriated directly to insure no Imperial (core) banks or bond holders lose money on their absurdly risky loans to periphery nations and serfs.

2. This is a supranational plunder. While commentators can wile away years debating how much Germany benefited from the euro, the real core is not national, it is supranational banks and the political machinery of the E.U. the banks have effectively captured.

The citizenry of Germany may approve or disapprove of the Cyprus expropriation, but it doesn't matter either way: their own serfdom to banks and bondholders is simply being masked: the bailouts of periphery nations are transparently bailouts of core banks and bondholders.

The nation-states of the neocolonial periphery are simply convenient propaganda placeholders, useful misdirections aimed at the naive and sentimental, hollowed-out national structures propped up to mask the ugly neocolonial reality of servitude and plunder.

3. Democracy is a fiction when no matter who you vote for, the banks and bondholders win control of the national income stream and private wealth. Democracy in Europe is a travesty of a mockery of a sham, an absurd play which is acted out as a form of blood-sport circus to distract the masses from their powerlessness and debt-serfdom.

Democracy is a fiction when the policies protecting banks and bondholders from losses remain in place regardless of which political party, coalition or politico is nominally in power.

The German taxpayers' private wealth is being expropriated via taxes to bail out core banks and bondholders; how is this any different from the blatant expropriation of private assets in Cyprus?

It is only a difference in technique; the result is the same: the forced transfer of wealth from those who earned it from their labor to banks and bondholders which in a truly capitalist economy would be immediately forced to absorb the losses of their leveraged, highly risky bets.

4. The ideological fiction of capitalism is dead in Europe. Capitalism is a fiction if capital that is placed at risk for a return cannot be lost.

5. Cyprus is a test to see how blatant the expropriation of private assets can become without triggering overthrow and revolution. If the furor dies down soon enough, then the same technique of expropriation will be imposed elsewhere. If the reaction is sustained and threatening to the Aristocracy, other less blatant expropriations will be tested in other neocolonies.

6. Divide and conquer is the propaganda order of the day. The Power Elites are attempting to set the serfs of the periphery against the serfs of the core, the goal being to keep both sets of serfs from realizing they are equally indentured to the core's pathological political-financial Aristocracy.

[Blink]

I believe this to be a lead up to something else. If they were going to confiscate depositor's holdings, they would have already done it. This closure and waiting is the lead up to some austerity measure the people will accept willingly to save their meager holdings when the "solution" is offered to them. So far, they (TPTB) haven't broken any laws about secured holdings, nor do I think they will. That course of action would have terrible ramifications throughout the EU. If they sweat it out a little longer, they will be able to implement a more "just" and "reasonable" alternative that the people will willingly accept. JMHO.........

[Hatha Sunahara]

Yes, it is the lead-up to devaluation of the currency. They can do that with a simple announcement. And if they devalue, you will lose 50% or more of the value of your money. And that is coming after they 'tax' your savings.

I know that in the 1930s all the large nations of the world met in Geneva to work out terms of their bankruptcy with the bankers. In the United States, one of those terms was to get gold out of circulation as money. Another measure was to make all land titles something other than alloidal, and the ownership of public lands was ceded to the banksters. They put us into serfdom by creating strawmen for us and making our courts all Admiralty. The banksters in fact, own everything, including us--because we sell ourselves into slavery with our birth certificates. So, it is natural for them to consider everything we own as theirs. The only restraint they have in depriving us of all our assets is the fact that enough people own guns and can resist outright confiscation, so they have to do everything legally. And that is a joke when they own the legal system as well as all the governments.

This confiscation of savings reveals the banksters thinking that they own everything and have a right to take whatever they want. It is the tip of the iceberg here. If they take 10% of savings in Cyprus, why not all of it? And what else do they have targeted? IRAs, 401Ks, Brokerage accounts, real estate, what? Is that why they have set up FEMA camps? So they have some place to put people after they confiscate their homes, their money, and all their assets? Is that what all the DHS ammunition is for? To finalize their claims on our assets?


Hatha

[osoab]

http://img.ly/system/uploads/007/038/405/large_upload.jpg

[mick silver]

dam i was shock today when i stop at the country store and all the farmer talking about this and they were talking about pulling some of there paper out of the banks . never thought i would of heard that from the sheep

[gunDriller]

dam i was shock today when i stop at the country store and all the farmer talking about this and they were talking about pulling some of there paper out of the banks . never thought i would of heard that from the sheep

it's that kind of thinking that leads people to realize the value of Gold & Silver (and Pt & Pd).

i'll be curious what the guy (or guys) says next time you see him at the store.

[mick silver]

Was the EU Right About Cyprus?
By Staff Report
http://www.thedailybell.com/images/feedbackicon2.jpg
4
http://www.thedailybell.com/images/library/CyprusFlag.jpg
Cyprus

Why the EU (http://www.thedailybell.com/floatWindow.cfm?id=1891) is right on Cyprus ... Cyprus's population is about three times that of Iceland. But once the panic about their bank deposits subsides, Cypriots might take a closer look at what actually caused the crisis, just as the Icelanders have been doing. For the big question that Cypriots still need to ask themselves is why, despite attracting tens of billions of euros from Russians and others, an amount that easily exceeds the GDP of the island, Cyprus banks are in such a mess that they have almost brought down the whole country. Maybe the lesson is that being an offshore banking haven just isn't worth it. And if that's indeed the case, the EU policy that led to that realization will have been more than salutary. – Reuters (http://www.thedailybell.com/floatWindow.cfm?id=2551) opinion
Dominant Social Theme: The EU must succeed and the people must pay.
Free-Market News: Here's a novel approach to the Cyprus situation courtesy of those contrarian thinkers at Reuters. This editorialist's work has appeared regularly at The Wall Street Journal and Time magazine, and he has decided that the European Union was right about demanding that Cyprus garnish up to ten percent of the bank accounts of those holding money in Cyprus accounts.
Of course, we learn today that the Cyprus parliament is not apt to approve the deal – though knowing how much pressure Eurocrats can bring on a country, it is quite possible that some sort of deal will be struck. But the idea that EU officials are RIGHT to take up to 10 percent of savers' accounts is a stupefying one.
For one thing, it again reverses the reality of the modern demos. This proclaimed reality is that the state serves its citizens not the other way round. This presumption – backed by all modern Western politicians – is looming as a bigger and bigger deal in the 21st century.
Basically, what's happened is that the Internet has made people far more savvy consumers of information and a lot of what was passed for democratic dogma in the 20th century simply isn't being accepted in the 21st. This is a big problem because the legitimacy of government depends on the citizenry acknowledging the fairness of the regimes in which they participate.
What is going on in both the EU and the US is that public rhetoric is departing more and more from perceived reality. When rhetoric collides with reality, people react angrily and faith in abiding sociopolitical and economic institutions is shaken.
This Reuters article, in our view, simply doesn't accept this fundamental conundrum. The author wants to make a case for EU righteousness but he doesn't realize that it likely doesn't matter. What DOES matter is perception. And people perceive the Cyprus solution as a wrong one.
It will haunt the EU for a long time, in our humble view. Again, the Eurocrats have miscalculated. They simply are incapable of understanding that their state must function within the context of the 21st century and not the 20th. The Reuters columnist doesn't seem to understand this, either. Here's more:
There are two compelling reasons why the EU actually has gotten this one right. The first is that Cyprus for years ranked highly on international lists of opaque tax havens, as it reinvented itself in the 1990s as the offshore banking center of choice for Russians. Under growing international pressure, and in order to join the EU in 2004, Cyprus eventually abolished its offshore tax regime and put in place a residence-based one with some clear oversight. Still, the suspicions about Cypriot banks linger on.
Cyprus remains on an Organization for Economic Cooperation and Development (http://www.thedailybell.com/floatWindow.cfm?id=3457) "gray" list of countries that have made progress to meeting international standards but have not yet been judged squeaky-clean. (So, too, does Luxembourg, which was the one country supporting Cyprus's objections in the weekend negotiations). Under these circumstances, simply cutting Cyprus a check for the equivalent of more than half its annual gross domestic product with no strings attached would be politically incoherent.
France and Germany for years have railed about the dangers of offshore tax centers, and have pushed their colleagues around the world at G8, G20 and other meetings to clamp down on abuses and harmful tax competition.
The notion of "moral hazard" was much bandied about during the 2007-08 financial crisis, although in the end few were punished. But not to ask for a contribution from the Cypriots themselves would undermine their tough line on tax havens and what the French and German leaders have called the need for a "moralization" of finance. Indeed, by suddenly showing that even preferred tax havens aren't 100 percent safe, the EU may have done a great service to international finance as a whole.
The second reason to support the EU bailout is more about economic pain than moral obligation. If you asked the Irish, the Spanish or the Greeks in 2008 whether they would have preferred a very sharp, one-time hit to their pocketbooks to deal with their national banking crises, or, as in fact happened, five years of intense economic pain, with soaring unemployment, rising taxes, cutbacks in social welfare and general impoverishment, the answer may be ambiguous. It's not a choice anyone likes making, and the Cypriots, of course, aren't being given a choice.
Let's take these reasons one at a time. The first reason the EU is "right" is because the attack on Cyprus savers will hinder its operation as a tax haven. But we see no substantive reason why France and Germany are in the right on this issue.
States will literally spend themselves to death. The idea that the world ought to operate in a completely transparent fashion is a fine one hypothetically but in reality power corrupts ... and absolute power corrupts absolutely. We're not advocating that one cheat on one's taxes but the constant attacks launched by the West's top powers around the world aimed at collecting more taxes is detrimental not just to the countries being attacked but to Western powers as well.
Taxation has two major problems. First, it creates a government constituency that feeds on itself and demands higher taxes simply for the sake of funding the bureaucracy that enforces collection. Second, taxation rarely if ever does what it is supposed to do. Either governments build too many useless projects – ones that are unsustainable – or the money is simply wasted and ironically ends up in overseas tax havens controlled by bureaucrats collecting the taxes!
The second problem with taxation is that it is conducted via force. The higher taxes are, the more the relationship between the state and its citizens is fraught. When taxes are low, the amount of force necessary for collection is minimal but as taxes rise, the state becomes more intrusive and threatening.
We are starting to see a good deal of pushback throughout the Western world to the regnant state. It is obvious to us that the issue is being forced by Money Power (http://www.thedailybell.com/floatWindow.cfm?id=679) itself and the globalists that want to create first social chaos and then an increasingly internationalized government.
But, again, this is not the 20th century and what people might tolerate out of ignorance a few decades ago is perhaps insupportable today. This can be seen in the diminishment of the elite's dominant social themes (http://www.thedailybell.com/floatWindow.cfm?id=652) and their wider believability.
Conclusion: In the case of Cyprus, Eurocrats apparently want to destabilize the island as a tax haven. They may end up destabilizing Europe.

[Neuro]

Cypriot parliament has rejected the bail-out:

http://www.guardian.co.uk/business/2013/mar/19/eurozone-crisis-cyprus-bailout-government-vote

This is one comment:

8.40pm GMT (http://www.guardian.co.uk/business/2013/mar/19/eurozone-crisis-cyprus-bailout-government-vote#block-5148cd25b5792889df646fa3)Larry Elliott on the Cyprus crisisHere's some detailed analysis from our economics editor, Larry Elliott:

It must have seemed so simple for the politicians and officials who pieced together the bail out plan for Cyprus announced last weekend.
One of the smaller euro zone countries, Cyprus had become the money-laundering centre of choice for Russian oligarchs and there was no way Angela Merkel was going to agree to a blueprint that would see German taxpayers subsidising Moscow billionaires, especially with an election looming this Autumn.
So bank depositors in Cyprus would be obliged to pony up one euro for every two provided by the European Union and the International Monetary Fund, with the levy imposed across the board. Cyprus was a special case, it was insisted, and therefore there would be no knock-on effects to the rest of the euro zone.
The notion that the Cypriot parliament would reject the proposal was not factored into the calculations, a fatal flaw in what one City analyst compared to one the “cunning plans” conjured up by Baldrick in the Blackadder series.
Other commentators were less inclined to see the funny side of what is clearly an escalating crisis. One said it was the opening of Pandora’s Box; another saw events in the eastern Mediterranean country as the equivalent of the assassination of archduke Franz Ferdinand at Sarajevo.
So what happens next? Forget some of the more far-fetched scenarios being mooted yesterday. Cypriot MPs voted down the idea of tax on bank deposits as a condition of a bail out last night and they are unlikely to have a crash re-think given the public fury at the raid on their savings. Vladimir Putin is not going to come to the rescue with some cash from the Kremlin - though there were rumours last night that state-controlled energy company Gazprom might rescue the most troubled bank in return for seizing control of the island’s potentially lucrative gas reserves. But this is not one of the times when Europe can kick the can down the road, hoping that all will be well in time.
Instead, there are really only two plausible scenarios: somebody - be it Europe or the IMF - gives Cyprus more money, in which case there is a chance that the crisis can be contained. Or Germany and the other hardline euro zone countries can insist that the deal is non-negotiable. In which case, the banks in Cyprus will go bust, risking widespread turmoil.
Given the precarious euro zone economy and the enfeebled state of European banks, cutting Cyprus a better deal looks like the safer option. The package could be restructured so that only deposits in excess of €100,000 were taxed, the preferred option of Christine Lagarde at the IMF. Sparing those with savings of less than €100,000 from any pain would require the bigger depositors to pay a 15.5% tax to find the €5.8bn demanded of Cyprus. Alternatively, Europe could
easily find the extra €5.8bn itself.
The problem is that both options will cause political problems. Putin will bridle at suggestions that Russian citizens - who make up a large proportion of the €100,000 depositors - should be singled out. And Merkel could expect an almighty domestic backlash if she backtracked from the tough stance she adopted at the weekend. But the alternative is to let the banks in Cyprus go bust as soon as they are reopened after the extended bank holiday and hope that it really is a “special case”. That looks like an awfully big gamble.

Updated at 8.45pm GMT





Basically everything is in the air, it is talk about extending the bank holiday to Tuesday next week. This writer above rules out a few options, like Cyprus leaving the Euro. I am not so sure about that. Also they may seek a deal with Russia, especially to prevent Russia to move their off-shore money to Turkey/Turkish Cypriot side. Further I think it is hard to underestimate the anger felt by most ordinary Cypriots vs EU/ECB for trying to strong arm this deal through, they may actually prefer to take a lot of initial pain, MUCH more than this deal would have given them, for the insult they feel was forced upon them...

[Sparky]

Yes, it is the lead-up to devaluation of the currency. They can do that with a simple announcement. And if they devalue, you will lose 50% or more of the value of your money. And that is coming after they 'tax' your savings.
...

Cyprus can't devalue their currency because they don't control the Euro printing press. This is what makes the European situation so unique. To devalue, you have to leave the Euro first (which is exactly what the bailout is trying to avoid), and then issue your own currency.

[vacuum]

https://www.youtube.com/watch?v=OiN42mnbOYU


https://www.youtube.com/watch?v=oZggmQfNbZk

[Mouse]

A privatization deal will be made with Russia. That is the end goal of this operation. Take a "haircut" on fake laundered digits and get control of real assets. No brainer.

[EE_]

Cypriot parliament has rejected the bail-out:

http://www.guardian.co.uk/business/2013/mar/19/eurozone-crisis-cyprus-bailout-government-vote

This is one comment:

Basically everything is in the air, it is talk about extending the bank holiday to Tuesday next week. This writer above rules out a few options, like Cyprus leaving the Euro. I am not so sure about that. Also they may seek a deal with Russia, especially to prevent Russia to move their off-shore money to Turkey/Turkish Cypriot side. Further I think it is hard to underestimate the anger felt by most ordinary Cypriots vs EU/ECB for trying to strong arm this deal through, they may actually prefer to take a lot of initial pain, MUCH more than this deal would have given them, for the insult they feel was forced upon them...

This sounds like a no win situation for depositors.
They can't move their money, or they will lose it all from a banking collapse.
Cyprus can't leave the Euro without a major devalueing of the currency.
It seems like whenever the banks do finally open, people will withdraw their money.
Originally, this problem was played off as a tiny island courntry that is meaningless to the global banking system.
It looks like to me it has exposed the whole banking system and markets for what they are...a giant Ponzi scheme!
Like Ponce always said...If you...ah you know the rest.
All this gotta be good for gold.

[madfranks]

Cyprus can't devalue their currency because they don't control the Euro printing press. This is what makes the European situation so unique. To devalue, you have to leave the Euro first (which is exactly what the bailout is trying to avoid), and then issue your own currency.

Exactly. The eurozone countries gave up their own currencies to share the Euro, which they have no control over. It would be like any one of the 50 US states trying to print dollars to help fund their own deficits, they can't do it, unless they secede and begin printing their own money.

[Rubberchicken]

Bitcoins FTW!

[Hatha Sunahara]

Exactly. The eurozone countries gave up their own currencies to share the Euro, which they have no control over. It would be like any one of the 50 US states trying to print dollars to help fund their own deficits, they can't do it, unless they secede and begin printing their own money.

The banksters can devalue the Euro, and they are the ones calling all the shots with the politicians. They might not devalue the Euro because of the Cyprus bailout, but if all the Europeans get the idea their money isn't safe in their banks, and it looks like a bank run everywhere in Europe is iminent, then they could very well announce a devaluation, and all the Europeans will lose. A devaluation is a much bigger stick than a haircut. The only people who will not suffer from this are the banksters because they are too big to fail.

Hatha

[Large Sarge]

argentina started the same way(2000), their banks stayed closed over a year

[Neuro]

argentina started the same way(2000), their banks stayed closed over a year
As far as I understand it Argentina is doing great nowadays. If one would believe the propaganda from the Too Big To Fail proponents, closing a major bank, would equate to reversal to stone age type living... How the world changed in 12 years...

[Twisted Titan]

argentina started the same way(2000), their banks stayed closed over a year


I would have lost my fricken mind if they pulled some happy horsesh!t like that.

And whatever day they open the banks in cyprus im draining every dam lira.

I will pay my bills in person before i use a bank draft again.

[Large Sarge]

http://www.zerohedge.com/news/2013-03-20/ecb-re-bluffs-cyprus-bluff-prepared-let-cyprus-go

[EE_]

http://www.zerohedge.com/news/2013-03-20/ecb-re-bluffs-cyprus-bluff-prepared-let-cyprus-go

That's a dangerous game of chicken they're playing.

[osoab]

As far as I understand it Argentina is doing great nowadays. If one would believe the propaganda from the Too Big To Fail proponents, closing a major bank, would equate to reversal to stone age type living... How the world changed in 12 years...


Like 26% inflation, attempting to take back the Falklands because of gas discoveries, forcing food retailers to hold all prices for 3 months? The 3 month thing ends shortly. Oh, and don't forget them just saying they ain't going to pay on bonds and taking over stake in industries too.

[Neuro]

Like 26% inflation, attempting to take back the Falklands because of gas discoveries, forcing food retailers to hold all prices for 3 months? The 3 month thing ends shortly. Oh, and don't forget them just saying they ain't going to pay on bonds and taking over stake in industries too.
Obviously I am not entirely up to date on Argentina then... ;) Anyhow they DID ok 5 years ago... I think...

... ;D ...

[Large Sarge]

ECB issues ultimatum for Monday

http://www.zerohedge.com/news/2013-03-21/ecb-gives-cyprus-march-25-liquidity-ultimatum

[Golden]

www.youtube.com/watch?v=4TlPo0yCSa4
South Park vs. Cafe Del Mar - And It's Gone (Johannes Dahlberg Financial Crisis Mash)
;D

[Dogman]

The mouse that roared.

In some ways that book comes to mind now.

Or the possibility of the tail shaking the dog.

[Neuro]

the tail shaking the dog.

Pervert!

;D

[Dogman]

Pervert!

;D

In some ways I do resemble that remark!

;D

But only in certain circumstances!

[Hatha Sunahara]

Bernanke may be leaving the Fed because Christine Lagarde tried to shift the onus of bailing out banks to the depositors. The strategy failed because it exposes the insolvency of the banks, while QE kept it well hidden. So, Bernankes QE strategy is going up in smoke. Sinclair says this Cyprus blunder is an event like the Assassination of Archduke Ferdinand in 1914 that started WW1.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/21_Sinclair_-_Lagardes_IMF_Disaster_Forces_Bernanke_Out_Of_Fed. html


Hatha

[vacuum]

Bernanke may be leaving the Fed because Christine Lagarde tried to shift the onus of bailing out banks to the depositors. The strategy failed because it exposes the insolvency of the banks, while QE kept it well hidden. So, Bernankes QE strategy is going up in smoke. Sinclair says this Cyprus blunder is an event like the Assassination of Archduke Ferdinand in 1914 that started WW1.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/21_Sinclair_-_Lagardes_IMF_Disaster_Forces_Bernanke_Out_Of_Fed. html


Hatha

From what I see, the Bernake not seeking another term news is from October of last year:
http://digitaljournal.com/article/335373

The police raid on the IMF chief Lagarde did indeed happen:
http://www.bostonglobe.com/business/2013/03/20/french-police-raid-home-imf-head-lagarde/RU8rm2Rd4NoUX2LWjusZFM/story.html

[AndreaGail]

Cyprus' Laiki Bank Lowers ATM Withdrawal Limit To €100
Tyler Durden's picture
Submitted by Tyler Durden on 03/24/2013 09:04 -0400

Michelle Caruso-Cabrera



With its banks indefinitely closed, and capital controls already in place making it virtually impossible any material cash will leave the local bank branches or certainly the island (especially in direction Moscow), gas stations about to shut down due to lack of cash, next it was the turn of the ATMs. Sure enough, as CNBC's Michelle Caruso-Cabrera reports on the ground from Nicosia, moments ago the nation's second largest, and second most insolvent bank, Laiki Bank, announced that withdrawals are now limited to €100. The picture below from MCC shows as an employee takes down old sign that said previous €260 limit. At this pace, in lieu of some grand bargain, we expect it is only hours before the final limit is imposed: withdrawals now limited to €0.

http://www.zerohedge.com/news/2013-03-24/cyprus-laiki-bank-lowers-atm-withdrawal-limit-%E2%82%AC100

[Sparky]

I've been wondering about the logistics of this situation. The daily limit on ATM withdrawals has been reduced from $E260 per day to $E100 per day. Does that mean someone in your family plans a trip to the ATM each morning? At this point, is there anybody who does not make a withdrawal every day?

Cyprus has about 850,000 residents. Let's say there are half as many bank accounts. That means there will be a paper withdrawal of about $E40 million every day. How much paper is actually available? Are they printing and distributing money at a faster pace during this crisis?

With credit gone, what has been the effect on pricing? Has it become deflationary? I mean, if you have something to sell and you need cash yourself, do you lower your price to get your hands on some of the limited cash supply? Has cash become king? Or is it dependent upon the product type? Maybe clothing has become cheap, but bread has become expensive. It would be good to get a field report on all this.

[Silver Rocket Bitches!]

So where does Cyprus go from here? Here's a clue:

4622

[Cebu_4_2]

EU approves new bailout deal for Cyprus By Mark Thompson @CNNMoney (https://twitter.com/intent/user?screen_name=cnnmoney) March 24, 2013: 10:21 PM ET




6 (http://www.linkedin.com/shareArticle?mini=true&source=CNNMoney&url=http%3A%2F%2Fmoney.cnn.com%2F2013%2F03%2F24%2F news%2Feconomy%2Fcyprus-bailout-eu%2Findex.html%3Fsource%3Dlinkedin&title=EU%20approves%20new%20bailout%20deal%20for%2 0Cyprus)

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http://i2.cdn.turner.com/money/dam/assets/130324083221-cyprus-bailout-eu-620xa.jpg Deal struck in the early hours Monday will shrink Cyprus' financial industry and clear way for bailout the country desperately needs.

LONDON (CNNMoney)
Cyprus has won approval from the European Union for a plan to shrink its financial industry and raid the accounts of big depositors at its two leading banks, clearing the way for a €10 billion bailout the island nation needs to avoid collapse. The deal was struck early Monday after days of frantic negotiations that followed the rejection by Cypriot lawmakers of Plan A. That deal, struck little over a week ago with EU and International Monetary Fund support, would have imposed a tax on all bank account holders.

"We have agreed," Cyprus President Nicos Anastasiades told reporters after a meeting with eurozone finance ministers. He said the deal was in "the best interests of the Cyprus people and the EU as a whole."
Jeroen Dijsselboem, who chaired the meeting, said the plan had the support of all eurozone member states.
The new bailout program includes deep restructuring of the country's two biggest banks -- Bank of Cyprus and Popular Bank of Cyprus. All told, the domestic banking industry would be shrunk to average EU size by 2018, he said.
Without a deal, the tiny state risked losing emergency funding from the European Central Bank as early as Tuesday. That would have meant financial collapse and almost certain exit from the eurozone.
Related: What happens if the banks fail? (http://money.cnn.com/2013/03/23/news/economy/cyprus-endgame-eurozone/index.html?iid=EL)
Cyprus, which accounts for just 0.2% of the eurozone economy, needed to find a way to raise nearly €6 billion to qualify for the €10 billion on offer from the EU and IMF.
The original proposal for a one-off levy of up to 10% on all bank accounts, including deposits up to €100,000 covered by a national guarantee program, outraged Cypriots and prompted condemnation for trashing the principle that ordinary savers should not pay for bank failures.
Cypriots have been queuing at cash machines since it was first announced on March 16. Banks have been shut since then and are due to reopen Tuesday.
The Cyprus parliament passed bills (http://money.cnn.com/2013/03/22/news/economy/cyprus-bailout/index.html?iid=EL)Friday to raise funds from state and church assets and to impose strict controls on the movement of capital in a bid to prevent a disastrous run on the country's banks. Smaller daily withdrawal limits have been introduced at some ATMs.
The new bailout deal will protect all deposits of less than €100,000 euros but is likely to mean much bigger losses for account holders with more than €100,000 at the two leading banks. Bank of Cyprus will be restructured and Popular Bank will be wound down.
Related: Cyprus' natural gas gold mine (http://money.cnn.com/2013/03/21/news/economy/cyprus-natural-gas/index.html?iid=EL)
Cyprus has been brought to its knees by the losses that its oversized banking sector sustained on investments in Greece, as well as a deep recession. Total deposits of around €70 billion euros are about four times the size of the economy.
Eurozone policymakers wanted Cyprus to stump up cash from its banks as part of the rescue to ensure the country's debt doesn't become unsustainable. The total bailout, including Cyprus' contribution, is almost as big as the country's annual economic output.
And the EU believes wealthy foreigners who have profited from Cyprus' low tax rates should contribute. More than half of bank deposits are held by foreigners, many of them Russian. http://i.cdn.turner.com/money/images/bug.gif (http://money.cnn.com/2013/03/24/news/economy/cyprus-bailout-eu/index.html?iid=EL#TOP)

[vacuum]

So it appears they are moving ahead with confiscating russian deposits?

[Serpo]

http://gold-silver.us/forum/showthread.php?68250-bomb-has-just-been-detonated-at-the-Limassol-branch-of-the-bank-of-Cyprus

[madfranks]

I've been wondering about the logistics of this situation. The daily limit on ATM withdrawals has been reduced from $E260 per day to $E100 per day. Does that mean someone in your family plans a trip to the ATM each morning? At this point, is there anybody who does not make a withdrawal every day?

Cyprus has about 850,000 residents. Let's say there are half as many bank accounts. That means there will be a paper withdrawal of about $E40 million every day. How much paper is actually available? Are they printing and distributing money at a faster pace during this crisis?

With credit gone, what has been the effect on pricing? Has it become deflationary? I mean, if you have something to sell and you need cash yourself, do you lower your price to get your hands on some of the limited cash supply? Has cash become king? Or is it dependent upon the product type? Maybe clothing has become cheap, but bread has become expensive. It would be good to get a field report on all this.

The amount of actual printed paper cash to the total money supply is a very small percentage, so because people keep withdrawing their money, I think they're running out of paper cash, which is why the withdrawal limits keep getting smaller. And because of this you can bet that right now in Cyprus, cash is king.

[Neuro]

Thread title should be changed to Russians instead of Cypriots...

[Son-of-Liberty]

Yeah I bet there are a lot of pissed off Russians and wealthy Cypriots. They are being told they are getting 40% stolen and due to capital controls their accounts are frozen indefinitely.

[Jewboo]

They are being told they are getting 40% stolen and due to capital controls their accounts are frozen indefinitely.



http://news.bbc.co.uk/nol/shared/spl/hi/guides/456900/456974/img/1152550748.gif

Putin can shut off the pipelines anytime he wants. Why doesn't he?

:(??

[Twisted Titan]

if this is shapping up the way it appears

they are going to be a slew of dissapearences and deaths of those in the finance sector.

the media will try and play up the fact that the levy would have been hurting " criminals"

but i can assure you those that are taking matters into their own dont give a rats ass how they are precived or talked about


banking is about to become a very dangerous profession again.


The Black Swan is on The Wing






http://www.youtube.com/watch?v=JO1FJq1Xdbo&feature=youtube_gdata_player

[Ponce]

Had a talk with my bank manager on Friday, she loves me beause I always give her a hard time, and I asked her "When will you be stealing 10% from my acount?" and she says "Will give you 3 weeks notice before we do it"........so that's tells me that she is up to par with current events, so I say to her "But for $500.00 give me all my money" she gave me part of it and this afternoon I have to go and get the rest out.

There was only one customer (and on a Friday) and one teller, male, that I have never seen before........all the old tellers are gone.

First post of the day?..........good morning to one and all.

V

[Sparky]

I read about one element of the Russian money in Cypress that changes the perceived dynamics of what is going on. We seem to have the impression that "the Russians" will be pissed off. But isn't the Russian money in Cypress really money that has been put there to escape the hand of Putin? Thus, Putin is enjoying this haircut of his detractors. And Putin would be the only one who has the power to retaliate, rather than the actual Russians who are getting screwed.

[gunDriller]

http://news.bbc.co.uk/nol/shared/spl/hi/guides/456900/456974/img/1152550748.gif

Putin can shut off the pipelines anytime he wants. Why doesn't he?

:(??

maybe he has a wonderful dark & patient sense of humor.

maybe he has tasked some Russian advertising & computer graphics firm to come up with a clever way to tell Europe why their natural gas prices are going up 50% this year.

maybe the ad will break in 2 weeks.


on the other hand, maybe Russia is just going to raise the prices.

[Jewboo]

I read about one element of the Russian money in Cypress that changes the perceived dynamics of what is going on. We seem to have the impression that "the Russians" will be pissed off. But isn't the Russian money in Cypress really money that has been put there to escape the hand of Putin? Thus, Putin is enjoying this haircut of his detractors. And Putin would be the only one who has the power to retaliate, rather than the actual Russians who are getting screwed.



:) Exactly:


While Moscow has complained loudly over discrimination against the many Russian firms that use Cyprus as an offshore centre, the Kremlin is also reluctant to create the impression that it approves of structures that have facilitated large-scale capital outflows from Russia.

Putin coined the term 'de-offshorisation' in his first state-of-the-nation address after winning a third Kremlin term last year, and has made bolstering Russia's ability to withstand external financial shocks a policy priority.

"Putin is against any offshores," said Andrei Goltsblat, a business lawyer who advises clients on Cyprus as managing partner of Moscow-based law firm Goltsblat BLP.

Link (http://www.reuters.com/article/2013/03/25/eurozone-cyprus-russia-idUSL5N0CH1LG20130325)

[Horn]

I read about one element of the Russian money in Cypress that changes the perceived dynamics of what is going on. We seem to have the impression that "the Russians" will be pissed off. But isn't the Russian money in Cypress really money that has been put there to escape the hand of Putin? Thus, Putin is enjoying this haircut of his detractors. And Putin would be the only one who has the power to retaliate, rather than the actual Russians who are getting screwed.

Yes, this ties in nicely with the "Putin is Great" thread.

everyone loves a mob boss deep down.

[Ponce]

OK, got all my money out........I believe in "If you don't ra ra ra ra ra ra" etc etc.

[vacuum]

I read about one element of the Russian money in Cypress that changes the perceived dynamics of what is going on. We seem to have the impression that "the Russians" will be pissed off. But isn't the Russian money in Cypress really money that has been put there to escape the hand of Putin? Thus, Putin is enjoying this haircut of his detractors. And Putin would be the only one who has the power to retaliate, rather than the actual Russians who are getting screwed.

This makes a lot of sense, but I thought the russian government itself even used cyprus banks?

But even if that's true it's viewed as a bad thing because there is more liability and less control with that situation. If it was war time, for example, it wouldn't be a good thing to have all your banking done in the EU.

[osoab]

Yes, this ties in nicely with the "Putin is Great" thread.

everyone loves a mob boss deep down.


This makes a lot of sense, but I thought the russian government itself even used cyprus banks?

But even if that's true it's viewed as a bad thing because there is more liability and less control with that situation. If it was war time, for example, it wouldn't be a good thing to have all your banking done in the EU.


This comment from ZeroHedge shed some light.


http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus


Mon, 03/25/2013 - 17:18 | 3374177 (http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus#comment-3374177) kaiserhoff (http://www.zerohedge.com/users/kaiserhoff)
http://www.zerohedge.com/sites/default/files/pictures/picture-12682.gif (http://www.zerohedge.com/users/kaiserhoff)

In any case, I don't think Putin is unhappy.

His mouth piece Medvedev said, "the stealing of what has been stolen continues." Crocodile tears?

The Russians getting hit, to the extent that there are any, are the rich expats, mostly those who had a run-in with Putin.

They have cash and the connections in Russia to give the Dictatorship trouble. I think this does 10 years of dirty work for the Russian Regime. Wheels within wheels.


From the article, big money has had an out for over a week pulling out of London and Russian branches. It's just the little pigs getting roasted.

[Twisted Titan]

a few of those pigs getting roasted are Wild Razor Backs.

watch for the goreings

[Son-of-Liberty]

Yeah I don't think Russian mafia types will take to kindly to having their money stolen. They might not be government but they still have a lot of resources.