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When It Comes Time to Steal… They’re Coming After YOUR Money
Cyprus should scare the living daylights out of everyone.
Cyprus has shown us that when things get bad enough in Europe, bureaucrats will STEAL money from the people. That is bad enough as it completely goes against the central tenants of Capitalism and Democracy. Not to mention it also targets the wrong people (average citizens) instead of the banks that created this whole mess.
However, we now know that when it comes time to STEAL, the STEALING will only hit those who are not well connected with the corrupt elite. To wit, the media has revealed that a number of Cypriots actually managed to transfer funds outside of Cyprus right before the banking holiday was put in place.
A company owned by in-laws of Cypriot President Nicos Anastasiades wired €21 million from Laiki Bank to London days before the Eurogroup’s crisis-triggering levy proposal, claims a Cypriot newspaper. The president demands an investigation.
During two days, 12 and 13 of March, the company A.Loutsios & Sons Ltd., co-owned by Loutsios John, the husband of Nikos Anastasiadis’ daughter, Elsa, took five promissory notes worth €21 million from Laiki Bank. The money was then transferred to London, reported Cypriot newspaper Haravgi, affiliated to the communist-rooted AKEL party.
The withdrawal was fulfilled just three days before the Eurogroup meeting when euro finance ministers agreed a 10 billion euro ($13 billion) bailout for Cyprus.
The company, however, has firmly denied the reports.
http://rt.com/news/cyprus-president-money-withdraw-129/
Let me get this straight… the in-laws of the President of Cyprus somehow magically decided to wire €21 million a few days before the Cyprus banking system collapsed… and we’re supposed to believe this is a coincidence?
Let me blunt here to anyone who resides in Europe or who believes that investing in Europe in any way is a good idea: the people running the show over there are NOT there to help you.
Look at Italy where a Democratically elected Prime Minister was removed and replaced by an un-elected technocrat… who also failed to solve anything… and now there is NO GOVERNMENT.
Look at Spain where the current Prime Minster is embroiled in a massive corruption scandal (he is alleged to have received numerous bribes by real estate developers throughout Spain’s housing boom) and not one but THREE ex-Treasurers are implicated in fraud, bribery, and MONEY LAUNDERING.
And of course, there’s Cyprus, where Government “leaders” CLEARLY tipped off its friends and families to get their money out of Cyprus, before freezing everyone else’s money.
I’ve said it before and I’m saying it again: NO SANE PERSON SHOULD EVEN CONSIDER INVESTING OR HAVING MONEY IN EUROPE.
The folks in charge of that situation have failed to fix Greece. They’ve had three years and over €100 billion to do it and they FAILED. They’re now so desperate that they’re even taking peoples’ money from right out of their banking accounts.
This is what systemic failure looks like. And eventually it will be making its way around the world as the overleveraged financial system breaks down.
You DO NOT want to be on the bad end of this. What’s coming will make what happened following Lehman’s failure look like a joke.
If you’re an individual investor worried about what Europe’s Crisis really means for your savings, we’ve published a FREE Special Report outlining exactly that. It’s titled, What Europe Means For You and Your Savings.
In this report, we outline the risks Europe’s banking crisis holds not only for those in Europe, but for savers around the world. We also explain how this crisis will most likely unfold, including which areas are most at risk in the financial system. And we cap it off by listing multiple backdoor plays on Europe that investors can use to profit from Europe’s Crisis.
You can pick up a FREE copy here:
http://gainspainscapital.com/what-europes-collapse-means-for-your-savings/
Thank you for reading!
Graham Summers
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Third paragrah, 1st sentence as follows, "However, we now know that when it comes time to STEAL, the STEALING will only hit those who are not well connected with the corrupt elite." is quite possibly an incorrect statement. Know this > 1) there is no honore amoung thieves. 2) Why would those who have bought you off ever trust you as they know how incredibly cheap of a whore that you are? 3) The big fish when hungry will eat the smaller fish. 4) The crooked elite are psychotic, nuts, crazy, insane!!!! 5) The people are sick of this shit,,,6) We will overcome.
How the deal is goin down .....
Bank of Cyprus
The resolution measures are:
(a) The sale of Bank of Cyprus’s branches in Greece to Piraeus Bank in Greece.
(b) Adopting a bail-in rescue plan.
(a) Total loans and credit facilities of the customer on 26 March 2013 at the Bank of Cyprus are deducted from the deposits exceeding €100.000. If the sum of the balances of loans and credit facilities is greater than or equal to the amount of deposits exceeding €100.000, then the resolution measures are not applicable to this client. If the sum of the balances of loans and credit facilities is less than the deposits exceeding €100.000, then the following apply:
(b) 37,5% of this difference is automatically converted into Class A’ shares of the Bank of Cyprus, with voting rights and dividends.
(c) 22,5% of this difference is temporarily ‘frozen’ and possibly part or the whole of it, will be converted into Class A’ shares of the Bank of Cyprus with voting rights and dividends for the purposes of the bank’s resolution. In that regard, an independent valuer will be appointed for the valuation purposes of the Bank of Cyprus. Not later than 90 days from the completion of the valuation, all or part of that percentage might be converted into shares and the remainder returned to the depositor. To the extent that the 22,5% will be re-deposited, the interest will be calculated retrospectively together with a small increment.
(d) The remaining 40% of the difference is temporarily ‘frozen’ for liquidity purposes. However, the interest continues to be calculated for this deposit based on the existing interest rate, plus an increment of 10 basis points. This amount will be ‘unfrozen’ in a short period of time and will not be used for resolution purposes.
Voting rights and dividends for the above-mentioned new classes of shares (B’, C’, D’) may be exercised only if the total dividends to be given to holders of Class A’ shares reach the original contribution plus interest at an annual rate of EURIBOR-3 months plus 10%. Class A’ shares have full voting rights and dividends.
As a result of these resolution measures, the Bank of Cyprus has essentially absorbed the largest part of the operations of Laiki Bank in Cyprus and continues to provide services to the customers of both banks, through the branches of the Bank of Cyprus and the branches of the former Laiki Bank.
Customers are encouraged to continue using the branches with which they previously conducted their business until the extended network is able to serve all customers from all points.
It is important to note that the above resolution measures do not apply to the former customers of Laiki Bank and do not apply to any amounts deposited with the Bank of Cyprus, either by a client of the Bank of Cyprus or by a client of the former Laiki Bank, after 26 March 2013.
3. In relation to the implementation of resolution measures for Laiki Bank and the Bank of Cyprus, the following principles apply:
3.1. Treatment of joint accounts: According to the Regulations for the operation of the Deposit Protection Scheme and the Resolution of Credit and Other Institutions Law, 2013, each of the joint account holders is considered to have a separate deposit, and hence the total deposit is divided by the number of persons who are co-owners, unless there are specific contractual terms or elements which differentiate the above.
3.2. Treatment of multiple deposit accounts per customer: If a customer has more than one deposit account, then the deposit amount with respect to the measures referred to in points 1 and 2 above is considered to be the sum of all accounts up to €100.000.
3.3. Deposits (a) of persons acting as trustees or nominees, (b) persons who are beneficiaries in clients’ accounts: Amounts relating to the above categories, are ‘frozen’ until the presentation of appropriate evidence to the respective banks for the beneficiaries of the account holder.
3.4. Series of Conversion deposits into equity per customer at the Bank of Cyprus:
In the case of multiple accounts per customer, the conversion of deposits into equity is in the following order of priority: (a) accounts with a longer period until maturity (longest maturity date), (b) accounts with larger account balances.
It is important to note that the relative Decrees may be modified by new Decrees issued by the resolution authority, if the need arises.
excuse me, what would be exact charges against Mr President of Cyprus? Which paragraph, which bill?
The REAL crime was STEALING the bank deposits, NOT warning your family that a CRIME will be commited.
If I saw a pickpocket with his hand in my father's pocket ready to steal his wallet, I would yell: WATCH OUT !!!
Wouldn't you?
Not if you watched the pick pocket rob 20 other people and not tell them to watch out !!!
Well said,,,here is my 1 up vote.
Hell, TPTB have been coming after our money for several millenia. Why should we care now? Back to your plows, serfs!
Si Alarmist, and what about these zh'rs that refuse to join in the game? Estas bromiendo! They play in a debt system of fraud, and when their booty is stolen they stomp around the ring? Chinga!
Me Luchadors follow my lead, and steal in this order...
1. Primero...from the complicit audience, los bancos accts and dep box's, 401k's n stuff tambien
2. Then, purchase AU and Ag phys, and buy the audiences hijas, esposas, y abuelas when the reset occurs
3. Scoop up the remains from the zh pendejo wannabees who refuse to work at HFT firms, GS n JPM, quant whorehouses, los minis & sons, y blacksoul. (we can outlast all of them - such hubris thinkn they can wait us out)
Despues, we steal their souls.
Andale paisanos... too many hombres are catching onto our hegelian 'derelict'.
Recuedo, when you trade in a fiat souls for fiat currency, there's really no transaction!
Aye aye aye
Viva El Luchador!
http://www.askchumba.com
Caviat emptor: You already sold your soul, so you can rip off a novice luchador when you sell it to him
"They only call it class war when we fight back."
Let me blunt here to anyone who resides in Europe or who believes that investing in Europe in any way is a good idea: the people running the show over there are NOT there to help you.
But the people running the show in the USA are here to help you. Come now and invest in our US treasury bond which is the safest investment in the world!
NO SANE PERSON SHOULD EVEN CONSIDER INVESTING OR HAVING MONEY IN EUROPE A BANK!
There, fixed it for ya!
Savers vs takers will be the new political meme as this mess unwinds over the next few years. http://tinyurl.com/d9d74qf
You have to ask yourself. Could they get away with doing that in the rest of Europe or North America? Just like in Cyprus, the UK government (Bank of England) and the US Government (Federal Deposit Insurance Corporation FDIC) are already planning on how to take money out of savings accounts in the next financial crisis. The FDIC and the Bank of England have written a joint paper explaining how savings deposits which are said to be guaranteed for the depositor will instead be used to bail out failing banks.
Hard to believe.
See an explanation and the Bank of England/FDIC paper which proposes this at: http://tiny.cc/z4jcuw
I like turtles.
dupe
not to be a trollish type- but any piece of paper that says a government's name on it is really THEIR money. We like to think we own it, but we dont.
discrete pieces of shiny metal however.......
They've been stealin all along.
"When It Comes Time to Steal"
The tribe has been stealing for many many years
Exactly. Who's waiting? The day has already passed. Whatever else they want to call ZIRP and infinite irreversible money printing, they can't deny it is also stealing from savers, i.e., their foundation customers and clients. And what reasonable alternative do savers have that doesn't expose them to intolerable risk and illiquidity? Just like for those poor slobs in Cyprus, there intentionally isn't one.
It can't happen here because "monetizing the debt" sounds so much nicer than "stealing".
"Why steal less when you can steal more" is the current wall street thinking it seems.
It's "tenets," not "tenants."
Jesus.
the good news is, if you follow Phoenix Capital advice, there won't be much left to steal!
If I just subscribe to Graham's newsletter, everything will be OK, right????
(he will tell me to buy gold. I have plenty of Krylon, thanks)
You are crazy not buy gold here. As much as the the talking pointers insist there is not inflation, we ARE going into hyperinflation. It is impossible not to, unless they want the whole banking system to disappear.
Are you sure that isn't the plan?
It really doesn't matter whether your currency is seized in a depressionary default of the banking-bond system or blown to worthless smithereens in a printing hyperiflation; you still end up with less worth or worthless currency. De-valuation.
A rebalancing among trading nations (traditionally called "revaluation") will use some standard of value- barrels of oil, cubic feet of nat gas - calories or therms or btu's or watts or oz. or kg. or gm. of gold. Copper and silver have historical relationships with grain values per ancient trade and banking records. Sidney Homer's History of Interest Rates documents all that back-data.
After this global whirlwind of printing implodes / explodes, any nations' future "new" currency will be evaluated against a stricter standard of constant value. Singapore is looking interesting now, jus' sayin'.
The old saying, "sound as a dollar" is now a historical footnote like the continental dollar or any busted banknote of the 19th and 20th Century banks. Paper wealth like bonds, currency, mortgages, etc. is always being destroyed in history. Since history has not stopped, wealth is still being destroyed, probably just slower and differently than you know or imagine. History says owning gold is smart. Just because some band of goofs issue a call to seize gold doesn't mean that independently-mined people comply or even expose themselves to "authorities".
Giving gold away to family members and worthy charities is a great way to preserve what needs preserving.
I'm not sure why some sort of guilty insider knowledge should even matter with respect to the 121 or so folks who spirited out their money ahead of the Cyprus banking crisis.
There should be laws in place to deal with "false profits" (or in this case "false loss avoidance"). If you or I put our money in a Ponzi scheme and for one reason or another (we found out it was a Ponzi, we needed the cash for some personal reason, our astrologer said take it out) we withdraw it ahead of the collapse, the other victims can sue us for false profits and get the money back.
With respect to those funds that are out of the country now, various court orders can be used to freeze them and/or cause their disgorgement.
These legal processes are not self-executing, but they are well understood and well respected internationally. The elite should not be allowed to dodge the whole mess simply because they got a heads-up or even simply because they were a little smarter and quicker on the draw.
Don't take wooden nickels either.
Wood? Far too valuable a commodity to make coinage out of.
Have they started hanging bankers and politicians, over there, yet??
WHY NOT ?
For the same reason Bernanke and Corzine are still out and about here.
They're not. I trust them. They're good people. :-)
Hanging is too easy ... If there were any justice, Beppe Grillo would be the next PM of Italy, and he'd reactivate the coliseum and start the games with gladatorial combat between bankers, giving them the chance to finally live out the fantasies that they claimed earned them all our money.