last one out is a rotten egg (update from cyprus)

[Large Sarge]

http://www.roadtoroota.com/public/1133.cfm?awt_l=IGT3J&awt_m=3mSuNMBnnZ4C85B

[mick silver]

Last One Out's A Rotten Egg...Thank You Roota!
Bix Weir
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I received an email from a long time Road to Roota subscriber who actually LIVES in Cyprus. He is an English national but retired to Cyprus about 10 years ago. Although his email may seem unimaginable to those of you in "financially stable" countries that false sense of stability will not be around for long...
3/20/2013
Hi Bix -
Just a note from a very loyal subscriber to say THANK YOU...thank you for sticking to your guns when everyone else said you were crazy. I'm a long time follower of yours going back to your GATA days and took your advice to withdraw all my money from "the system" back in 2009. Friends and family who followed my subsequent advice over the years are very happy they did the same.
Those who did not listen are coming to the realization that there are no scenarios where they will ever get their money back. Although they are looking for people to blame they are also mad at themselves for waiting so long to take any action. I was tempted to give them a loud "I TOLD YOU SO" for mocking me all these years, but I find myself feeling very sorry for them and lending them cash to get by the best they can.
A few observations... The purchasing power of physical cash is rising as not many have any and folks are trying to stock up on essentials. Bartering should be kicking in soon as nobody (shop owners included) wants to part with their real goods and also nobody knows what our future "cash" will be if we leave the Euro. There are many rumors that they are going to tax or nationalize all retirement account as well.
I know Cyprus is not a huge country but we have all been violently awoken to reality over the past few days. You have always said that the end will come quickly and boy were you right in our case! Cypriots have come to realize that no fractional banking system can survive when the required blind faith in the system is lost.
There is no doubt that this same realization will hit the rest of the world very soon so tell all your subscribers that ROOTA WAS RIGHT ALL ALONG!
Bless you and all those who are fighting the Bad Guys.
Stephen Xxxx
Paphos, Cyprus
Thank you Stephen and we will heed your advice.
My the Road you choose be the Right Road.
Bix Weir
www.RoadtoRoota.com (http://www.roadtoroota.com/)

[mick silver]

Was the Cyprus Crisis a Mistake?
By Staff Report
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Daylight robbery in Cyprus will come to haunt EMU ... One's first reflex is to gasp at the stupidity of the EU (http://www.thedailybell.com/floatWindow.cfm?id=1891) policy elites, but truth is that most EU officials handling the Cyprus crisis know perfectly well that their masters have just set the slow fuse on a powder keg – and they can only pray that it is slow. The decision to expropriate Cypriot savers – even the poorest – was imposed by Germany, Holland, Finland, Austria, and Slovakia, whose only care at this stage is to assuage bail-out fatigue at home and avoid their own political crises. – UK Telegraph
Dominant Social Theme: This Cyprus thing was a terrible mistake.
Free-Market Analysis: Did the Eurocrats miscalculate? This is the message now being sent by a number of respectable mainstream columnists as well as alternative journos.
There is perhaps some truth to it. Ambrose Evans-Pritchard (http://www.thedailybell.com/floatWindow.cfm?id=2708) – who wrote the above excerpted article – points out that German Chancellor Angela Merkel (http://www.thedailybell.com/floatWindow.cfm?id=2686) is facing both bailout fatigue at home and an upcoming national election.
The politicians running other Northern European countries are as wary as Merkel of asking their constituencies to pay for the Southern PIGS bailouts. And thus the decision was arrived at to demand that Cyprus pay for itself.
Here is how Evans-Pritchard puts it:
What is clear is that Angela Merkel will not risk defeat in the elections in September by ceding a single vote to Social Democrats determined to hold her feet to the fire over a bail-out for "Russian oligarchs, money-launderers, and tax evaders (http://www.thedailybell.com/floatWindow.cfm?id=853)" in Cyprus, or by ceding votes to the new anti-euro (http://www.thedailybell.com/floatWindow.cfm?id=28311) party Alternative fur Deutschland. She will look after her own political interests, and all the rest is humbug.
It is a fast-moving story. The Cypriot parliament may throw out the deal. It may be rejigged so that depositors under $100,000 pay less than the 6.75pc levy agreed, and those above may pay more than 9.9pc.
The creditor powers appear to think that the contagion risk is manageable now that the ECB (http://www.thedailybell.com/floatWindow.cfm?id=1857) has its bond rescue mechanism in place for Spain and Italy. But they made just such an assumption when they imposed a haircut so cavalierly on private investors in Greece, only to precipitate a full-blown crisis across Club Med. And don't forget, the reason why Cyprus has gone belly up is because of the knock-on effect on Cypriot banks from the Greek haircuts.
So according to mainstream journo Evans-Pritchard, the Cyprus proposal was a "mistake." And actually, it is certainly looking that way, given that the Cyprus parliament has for now (at least as of this writing) rejected European terms and officials are shuttling back and forth to Moscow instead.
This brings up an interesting point. Not only can Russia provide funds to Cyprus, but if the EU objects, Russian leader Vladimir Putin (http://www.thedailybell.com/floatWindow.cfm?id=2716) can threaten to withhold necessary supplies of oil and natural gas from Europe. What Cyprus officials have called "blackmail" goes two ways.
How bad is the damage? Evans-Pritchard writes what we too have written, that the euro and even the EU will have a hard time recovering from this miscalculation.
The EU creditor states have at a single stroke violated the principle that insured EU bank deposits of up $100,000 will be guaranteed come what may, and in doing so they have more or less thrown Portugal under a bus.
They appear poised to seize large sums from Russian banks – €1.3bn from state-owned VTB alone, and therefore from the Kremlin – prompting the condign riposte from Vladimir Putin that the action is "unfair, unprofessional and dangerous."
They have demonstrated that the rhetoric of EMU solidarity is just hot air, that they will not force their own taxpayers to share a single cent of clean-up costs for the great joint venture of monetary union – in which northern banks, insurers, pension funds, and indeed governments, were complicit.
Their refusal to pay is entirely understandable in one sense – and if I were a German taxpayer, I would not care to swallow these losses either – but then the leaders of these creditor countries can hardly expect the world to believe that they will in fact do whatever it takes to hold EMU together. Quite obviously, they will not.
The sooner this is made clear, the better. The sooner they take the proper course of withdrawing from EMU and organise the break-up the euro in the least disruptive way, the sooner Europe can recover.
We have already seen the EU solidarity mask slip a few times, not least in the repeated retreats over Greece, and again when German-led quartet resiled from last year's summit deal to let the ESM bail-out fund take some of the weight of recapitalising banks off the shoulders of the Irish and Spanish states.
Evans-Pritchard is calling for – predicting, really – the breakup of the euro. And not just a Grexit, either. Where we depart from Evans-Pritchard's analysis has to do with the deliberateness of the Cyprus gambit.
But to simply write that it was a miscalculation is to miss the point. As we have continually pointed out, the globalist elites of Europe have every reason to want to DEEPEN the European crisis.
For one thing, East and West are being forcibly brought into economic balance. The East (and Africa) is on the way up and the West is on the way down. In the Middle East, countries with independent central banks (http://www.thedailybell.com/floatWindow.cfm?id=2958) are being confronted with insurgent hostilities that are obviously being coordinated by the West.
The path is being set for new alternative currencies and more regionalization. Behind all of this lurks a world currency and perhaps a single metals standard.
Evans-Pritchard predicts in his article that if Brussels doesn't figure out a way to counteract the spreading panic generated by the Cyprus "miscalculation" then any "green shoots" of European recovery will be pruned and trust in the euro and even the EU itself will be vastly diminished.
It does not occur to Evans-Pritchard, at least not publicly, that a continued diminishment of the European economy – the local one at least – is a preferred option for those who seek an increasingly pan-global sociopolitical system and a cowed and accepting electorate.
Conclusion: Whether this is an intelligent strategy remains to be seen. We believe, if we are correct in our analysis, that it would have worked better in the 20th century than the 21st when more people are aware of these grand manipulations.

[mick silver]

sarge i hope it all right that i am posting this stuff in your thread ... Real Reason for the Cyprus Debacle?
By Staff Report
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The Cyprus precedent ... Given that this policy was not merely rubber-stamped but engineered by Eurozone finance ministers and the IMF (http://www.thedailybell.com/floatWindow.cfm?id=1823) (indeed, the IMF wanted an even deeper cut of deposits), it sends a disquieting message to anyone with deposits in a euro (http://www.thedailybell.com/floatWindow.cfm?id=28311) area bank. Although the ministers were quick to insist that this is a one-off and is "exceptional", anyone even vaguely acquainted with the initial Greek bail-outs will remember precisely how long such exceptions last. – Reuters (http://www.thedailybell.com/floatWindow.cfm?id=2551)
Dominant Social Theme: We will do what needs to be done to salvage the EU with implacable rigor.
Free-Market Analysis: This article, an opinion piece, actually, deals with the question of why the European Union (http://www.thedailybell.com/floatWindow.cfm?id=1891) and its central bank (http://www.thedailybell.com/floatWindow.cfm?id=2958) did what it did regarding Cyprus.
It doesn't really come up with an answer, though, in fact, in various analyses we've tried to provide the only logical response to the ultimatum that Brussels gave to Cyprus.
It seems obvious to us. But we are at this point quite cynical when it comes central banking generally and to the EU in particular. First, a little more from the article:
The big loser are working-class Cypriots, whose elected government has proved powerless in the face of decisions driven by Germany, and who are now edging towards fury. The Eurozone has always had a democratic deficit: monetary union was imposed by the elite on unthankful and unwilling citizens. Now the citizens are revolting: just look at Beppe Grillo. Across the continent, they've lost their democratic right to determine their own fate at the ballot box, and instead they're being instructed what to do by Germans.
Now, in Cyprus, they're simply and directly losing their money. Someone with €8,000 of life savings in the bank can ill afford to lose an arbitrary €540, but that's exactly what is going to happen. The Cypriot parliament is probably not going to revolt this weekend, but any politician who votes for this bill is going to have a very, very hard time getting re-elected.
This decision is important not only because of the precedent it sets with regard to bank depositors, but also because of the way in which it points up just how powerless all the Mediterranean countries (plus Ireland) have become. More than ever before, it's Germany's Europe. That's bad for Cyprus — and it's not even particularly good for Germany.
These are actually the concluding paragraphs of the article and we can see the puzzlement that is reflected within them. The demands that the EU has made on Cyprus is going to leave a lasting legacy of, well ... fury. There are no good outcomes, it seems.
Our conclusion, as mentioned above, is ... cynical. As we watch the unfolding disaster of the European "community" we return to statements made by top EU leaders in the past that it will take a considerable crisis to create the longed-for deeper union. See here:
EU's Prodi Admits Leaders Knew Euro Would Cause Ruin but Hoped Political Union Would Follow (http://www.thedailybell.com/3629/EUs-Prodi-Admits-Euroleaders-Knew-Euro-Would-Cause-Difficult-Moments-The-Rest-Will-Follow-)
The only conclusion we can come to, watching events unfold not just in Cyprus but in Greece, Spain and Italy, as well, is that these moves are, in fact, being made to engender a kind of ... chaos.
We've already written that Beppe Grillo's party – causing so much chaos in Italy – is likely being funded and guided by international financier George Soros (http://www.thedailybell.com/floatWindow.cfm?id=2058) and Nobel prize winning economist Joseph Stiglitz (http://www.thedailybell.com/floatWindow.cfm?id=2188). See here:
Bombshell Confirmation the Paper Money Hoax Is Real (http://www.thedailybell.com/28834/Bombshell-Confirmation-the-Paper-Money-Hoax-Is-Real)
Will Grillo's Dubious Affiliations Send the EU Back Into a Sterile Debate? (http://www.thedailybell.com/28802/Will-Grillos-Dubious-Affiliations-Send-the-EU-Back-Into-a-Sterile-Debate)
When one examines the increasingly provocative actions and machinations of those "leaders" revolving around the orbit of the EU, the conclusion that the crisis is being exacerbated on purpose becomes an increasingly logical option.
Conclusion: Investors beware.

[mick silver]

Central Banking Fail: The Message Sent May Not Be the One Received
By Staff Report
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The Power Behind Monetary Policy ... As I watched Cyprus' financial minister discuss the seizure of bank deposits in his country, I realized that this situation is a great lesson on the value of independent Monetary policy and the raw power that central banks (http://www.thedailybell.com/floatWindow.cfm?id=2958) can wield ... – Flourish Financial Analysis
Dominant Social Theme: Central banks ... caring, friendly, concerned.
Free-Market Analysis: Here is an article that focuses on the reality of central banking power. As we have often pointed out, central banks and those who run them – and it is apparently only a handful who DO run them – have strenuously positioned Money Power (http://www.thedailybell.com/floatWindow.cfm?id=679) as a technocratic facility that works with mathematical tediousness.
Nothing, of course, could be further from the truth. Those controlling central banking are merely human despite their great power; they are subject to great passions, resentment, greed, fear, etc. One could argue these emotions are magnified by the control of literally tens if not hundreds of trillions of dollars.
No one wants to lose such control, but the Internet in particular – the modern information age – has made it increasingly difficult to continue business as usual. Given predictable human reactions, the result of what we call the Internet Reformation (http://www.thedailybell.com/floatWindow.cfm?id=2195) has been an increase in the use of money power (http://www.thedailybell.com/floatWindow.cfm?id=1863) itself to enforce the system as it is.
We are not surprised, for instance, at how Brussels's Eurocrats are acting when it comes to trying to salvage a bad idea ... the European Union (http://www.thedailybell.com/floatWindow.cfm?id=1891). But what we have written a number of articles on – the propensity to substitute force for reason when developments are not in line with elite prescriptions – is not a subject for mainstream contemplation.
In fact, even within the ambit of the alternative media (http://www.thedailybell.com/floatWindow.cfm?id=723), the increasing activism of central banking is not being noted for what it is, a failure of the paradigm itself.
We have written regularly of the ratcheting-up of every kind of government activity, from war to invasive government welfare schemes to central banking itself, but we rarely come upon an article that notes the rising decibel level. This article does. Here is a further sample:
During Friday's marathon negotiations, the ECB (http://www.thedailybell.com/floatWindow.cfm?id=1857) essentially threatened to bankrupt Cyprus's two largest banks unless politicians find a way to raise 5.8 billion euro (http://www.thedailybell.com/floatWindow.cfm?id=28311). The only way Cyprus could raise that money was to raid the bank accounts of Cypriot and foreign depositors in Cyprian banks. If they failed to do so, the ECB said it would remove all liquidity support for the two main banks as soon as the markets re-opened.
This put Cyprian politicians in a precarious position. On the one hand, if they had called the ECB's bluff and allow the liquidity their banks need to be withdrawn, their two largest banks would implode, causing massive (possibly total) losses for the depositors in those banks. On the other hand, if they agree to confiscate depositors money to fund the bailout, they would bowing to external pressure, breaking their own depositor insurance guarantees and they would have to impose a national theft on a grand scale, which is something the President vowed never to do a few short weeks ago ...
One aspect of this crisis, which has largely been ignored by market commentators, is that the ECB has really displayed an unprecedented amount of raw political power in this situation. For an entity that is supposed to be non-political and is meant to represent all the nations in the Eurozone equally it is rather shocking that they blatantly gave the Cypriots an impossible ultimatum. Either confiscate your citizens' money and renege on your deposit insurance or your banks face financial ruin on Tuesday. Either way, it destroys the countries banking sector.
The arbitrary nature of this seemingly last-minute decision is what has really taken markets aback. The proposal completely ignored deposit insurance (in a continent that really needs to do its best to reassure depositors), is blatantly imposed by foreign interests, will surely ruin Cyprus' economy and has been carried out in the most disorganized manner possible.
This analysis notes the subtle shifts in central banking policy and how it is being used increasingly in an adversarial way, to support programs and policies that are largely opposed by many in EU nation-states. It's a significant point and one that investors and policymakers alike would do well to ponder.
The article goes on to point out that the Cyprus situation shows the dangers of "outsourcing monetary policy." Of course, this is the cornerstone of the European Union and the euro. The whole idea of the "deeper union" that is contemplated involves increased subservience to a central state.
Brussels has sent a message about the power of the ECB, but as this article notes, the message that is received may not end up being the one that Brussels wanted to send.
Citizens of Southern Europe, under attack for years now, may soon conclude not that the EU is an irresistible empire but that they are better off out than in – out of the euro anyway and perhaps out of the EU entirely.
Cyprus is completely at the mercy of the ECB because it does not have its own central bank or currency. The island cannot control its interest rate or currency value because the ECB oversees all of this for the whole Eurozone. This is all well and good, except when the ECB is trying to impose policy decisions on elected officials by threatening to withdraw previously available liquidity.
The former governor of Cyprus' central bank has gone so far as to call this "blackmail". Call it what you will, but the point is that the Cyprian government is in a miserable position, a position that it has been placed in by its creditors (see Germany et al) and the central bank which is supposed to look out for its interests.
Good points again. Does Brussels really want to send a message to its constituents that central banking "blackmail" is part of its policymaking tool kit? That seems to be the case and the ramifications will now play out over months and even years.
Central bank policy is evolving and central bankers both in the US and Europe are increasingly exercising the "raw force" of Money Power. This is a fundamental trend that is of great import.
Conclusion: The game is changing in unexpected and even dismaying ways.

[gunDriller]

damn, i would love to hear from some Cypriot stackers.

problem is, the Cypriots can't get their hands on their cash - so they can't stack. sounds like the ones that do have extra cash might be willing to pay a significant premium for physical metal.


i wonder how intentional this fvck-up is/was. did the IMF intend to crash the international banking system - is this that part of their plan for TSHTF ?

it's like the fan was on 'high speed' and they hit the switch for "triple high speed."

or just a good old-fashioned, "OOOOOOOOOOOOOOOOOOPS".

[woodman]

i wonder how intentional this fvck-up is/was. did the IMF intend to crash the international banking system - is this that part of their plan for TSHTF ?



They definitely want to crash the system. So they can institute a 'new' system. Globalization.


From Mick's post #4:Bombshell Confirmation the Paper Money Hoax Is Real (http://www.thedailybell.com/28834/Bombshell-Confirmation-the-Paper-Money-Hoax-Is-Real)

I copied this from the article, I thought it quite apt:

The goal has always been to create an upsurge for the kind of economics that Money Power can easily control.
Is central banking coming under attack?
Fine. Swap it out with government central banking.

Meet the new boss
Same as the old boss

[woodman]

In today's world, government is synonymous with the organized crime syndicates that rule the world through central banking. Even if governments cede to themselves the ownership of central banks, it is the same because the elite now hold the reigns of government quite securely, or so they believe. They are very worried that the horse will buck them off and this is the real reason for the rise of the police state.

[mick silver]

back up there alot of info here

[Down1]

POS little whore.


Cypriot president 'warned his friends to move money abroad' before financial crisis hit: Leader under fire as he faces just FOUR DAYS to save country from collapse

Cypriot president Nikos Anastasiades 'warned' close friends of the financial crisis about to engulf his country so they could move their money abroad, it was claimed on Friday.

The respected Cypriot newspaper Filelftheros made the allegation which was picked up eagerly by German media.

http://www.dailymail.co.uk/news/article-2297383/Cyprus-bailout-President-Nikos-Anastasiades-warned-friends-money-abroad.html#ixzz2OHjoHHC8


http://www.dailymail.co.uk/news/article-2297383/Cyprus-bailout-President-Nikos-Anastasiades-warned-friends-money-abroad.html#ixzz2OHjoHHC8