This page has been archived and commenting is disabled.
For Everyone Shocked By What Just Happened... And Why This Is Just The Beginning
Today, lots of people woke up in shock and horror to what happened in Cyprus: a forced capital reallocation mandated by political elites under the guise of an "equity investment" in insolvent banks, which is really code for a "coercive, mandatory wealth tax." If less concerned about political correctness, one could say that what just happened was daylight robbery from savers to banks and the status quo. These same people may be even more shocked to learn that today's Cypriot "resolution" is merely the first of many such coercive interventions into personal wealth, first in Europe, and then everywhere else.
For the benefit of those people, we wish to point them to our article from September 2011, "The "Muddle Through" Has Failed: BCG Says "There May Be Only Painful Ways Out Of The Crisis", which predicted and explained all of this and much more. What else did the September BCG study conclude? Simply that such mandatory, coercive wealth tax is merely the beginning for a world in which there was some $21 trillion in excess debt as of 2009, a number which has since ballooned to over $30 trillion. And with inflation woefully late in appearing and "inflating away" said debt overhang, Europe first is finally moving to Plan B, and is using Cyrprus as its Guniea Pig.
For those who missed it the first time, here it is again. Somehow we think many more people will listen this time around:
Restructuring the debt overhang in the euro zone would require financing and would be a daunting task. In order to finance controlled restructuring, politicians could well conclude that it was necessary to tax the existing wealth of the private sector. Many politicians would see taxing financial assets as the fairest way of resolving the problem. Taxing existing financial assets would acknowledge one fact: these investments are not as valuable as their owners think, as the debtors (governments, households, and corporations) will be unable to meet their commitments. Exhibit 3 shows the one-time tax on financial assets required to provide the necessary funds for an orderly restructuring.
For most countries, a haircut of 11 to 30 percent would be sufficient to cover the costs of an orderly debt restructuring. Only in Greece, Spain, and Portugal would the burden for the private sector be significantly higher; in Ireland, it would be too high because the financial assets of the Irish people are smaller than the required adjustment of debt levels. This underscores the dimension of the Irish real estate and debt bubble.
In the overall context of the future of the euro zone, politicians would need to propose a broader sharing of the burden so that taxpayers in such countries as Germany, France, and the Netherlands would contribute more than the share required to reduce their own debt load. This would be unpopular, but the banks and insurance companies in these countries would benefit. To ensure a socially acceptable sharing of the burden, politicians would no doubt decide to tax financial assets only above a certain threshold—€100,000, for example. Given that any such tax would be meant as a one-time correction of current debt levels, they would need to balance it by removing wealth taxes and capital-gains taxes. The drastic action of imposing a tax on assets would probably make it easier politically to lower income taxes in order to stimulate further growth. (See Exhibit 4.)
Curiously, not even BCG expected the initial shot across the bow to be so bad that everyone, not just those above the €100,000 threshold would be impaired. Alas, that is the sad reality in Europe, where as the chart above shows, a total of €6.1 trillion with a T in additional wealth confiscation tax is coming.
Oh, and US of A... fear not - your turn is coming too: with a price tag of €8.2 trillion in wealth tax pending as of 2009. This number is now somewhere north of €15 trillion.
The full BCG study which we urge everyone to read
- 122858 reads
- Printer-friendly version
- Send to friend
- advertisements -





This is not "just a beginning" but THE end. Its was fun ride. Game over! Bankers won. Sad day ... and even sadder just to think what is coming. Time to buy more gold and ammo.
I blame the homosexuals.
Cypriots that I know are planning on taking every last Euro out of the banks on Tuesday. This is also confirmed by reading comments on local Cyprus newspapers. People are irate over this.
I lived in Cyprus for 11 years and still have ex-pat relatives living there now. Fortunately for them all their money is either in paper (a small portion) and the rest is in those two shiny metals.
Why is sum of US column 101?
We're obviously better than everyone else, and the laws of mathematics don't apply to us.
indeed, but the 'Levant Basin' holds great leverage as a floating archipelago... goes ?
Bank Run 2.0 starting. I'm looking forward to getting my Party like it's 1929 hat on.
Every dollar/pound/euro/frank/yen in a bank is leant out, then deposited, then lent out again, to such a huge degree today due to the computerisiation of the financial system. Any rush for withdrawals is going to crash the system and cause huge deflation. (Yes I'm a gold bug, tho deflation isn't always a bad thing for gold. 1929 onwards prooved to be a great time for gold mining stocks and gold.
Bullish for bitcoin.
re "Bullish for bitcoin.":
which would you rather have when push comes to shove, virtual electron money or real money?
Maybe Harry Dent will be right about Dow 3300 after all...
I blame the Eskimos. Or even the homosexual eskimos. AKA Homoseximos. Motherfuckin' popsicle sodomites.
Is it hard to come out of the closet when you live in an igloo?
First Corzine, Greece, and now Cyprus. Is anybody's asshole safe?
Not to worry,
Seems like only the biggest assholes are safe.
--That's why I'm richer than you.
Bomb the FPIIGS. Problem solved.
What's this B.S. about a "ONE TIME" wealth tax?
Why would it just be one time? Why not a second time? Or a third time? Or just make it annual from now on?
They have now firmly established that the people are serfs. When you need capital to pay back bond holders, you raid your serfs. They are property of the state.
Remain calm....all is well.
Rinse and repeat...we've just got the one play but it seems to be working so far.
It won't be one time, but if they really need to do $15 T of debt reduction in the US to get to the proper debt/GDP level, and there are 110,000,000 households, then you need $140,000 out of each household.
But wait, only 50,000,000 households have more than $50 in the bank (or even a bank account at all), so we need $285,000 from each of them. A 10% wealth tax isn't going to cut it.
More like 150%...
Debt Money Tyranny gets real...
Debt Money Tyranny
http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=77
This is no joke, people - spread the word. This is a criminal operation engineered to bankrupt society - THAT'S THE PURPOSE PEOPLE!!!!!!!!!!!!!!!!1
How To be a Crook
https://www.youtube.com/watch?v=2oHbwdNcHbc
SPREAD THE WORD!!!!! THIS CHIT IS REAL!
BTW, did people in Cyprus bonds take the same haircut or just the banks?
The dElites who knew this was coming had to have hid their money somewhere.
The problem is not only that those not involved are forced to bail out private companies they choose to have nothing to do with but that in doing this to reduce debt and so spur the economy the politicians remove wealth from others that might provide it.
The idiocy is stunning. The answer is smaller government.
"Is it hard to come out of the closet when you live in an igloo?"
..they had a very meaningful relationship until he broke it off
+1 for "homoseximos". Truly inspired.
i would have thought homoseskimos but the very idea of the popsicle sodomites appeals.
on a related topic, the economist notes that the senior bondholders of cypriot banks and holders of cypriot sovereign debt (the supposed "risk capitalists" -- what a sad joke) lost no money on this deal while the poorest of insured bank deposit holders with explicit insurance guarantees were ripped off: http://www.economist.com/blogs/schumpeter/2013/03/cyprus-bail-out
"There is an argument to be made over the principles of bailing in uninsured depositors. And there is a case for hitting everyone in Cypriot banks before any taxpayer in another country. But there is no moral imperative for whacking Cypriot widows and leaving senior bank bondholders untouched, as appears to be the case here; or not imposing any losses on sovereign-debt investors in Cyprus; or protecting depositors in the Greek operations of Cypriot banks, as has also happened. The euro zone may cloak this bail-out in the language of fairness but it is a highly selective treatment. Indeed, the euro zone’s insistence that this is a one-off makes that perfectly plain: with enough foreigners at risk and a small enough country to push around, you get an outcome like Cyprus. (That is one reason why people are now wondering about the implications of this deal for little Latvia, also home to lots of Russian money and itself due to join the euro zone in 2014.)"
it is so clearly the powerful eating the powerless. kind of like obama/holder going for life without parole for bradley manning. don't know if he was inuit.
How many gay banksters could there actually be?
These guys don't look gay to me. Dominique Strauss-Kahn sends his regards.
http://www.intmensorg.info/images/mas12.jpg
Bankers are all bisexual; they'll fuck anyone and everyone.
endless winters, seal blubber and toothless women with make you do fucked up things man.....
homosexual Eskimo joos!
Add: After the power has been cut off for months(emp)(solar?), and there is no ability to power up your computer, "which would you rather have when push comes to shove, virtual electron money or real money?"
Good Lord, are you really that paranoid? No, bitcoin will work just fine don't worry. And don't forget bitcoin and gold are a perfect match (currency and money), not competitors.
bitcoin is not money, its a currency. People are definitely going to want both gold and bitcoin.
You are making the error of thinking that "Bullish for bitcoin" in any way conflicts with "bullish for precious metals". What supports the bullish case for precious metals is the need for a store of value for saving and some local in-person transactions. But don't forget this partial confiscation in Cyprus also affected the checking/card accounts. Now people need alternatives for electronic transactions and this means more transactions in Bitcoin. More more transactions in Bitcoin will bring more demand for the bitcoin currency.
However, you don't need to worry too much about it until you start seeing things you can only buy with a cryptocurrency/payment system such as Bitcoin, or if, you are a seller, when high transaction costs, inconvenience, counterparty risk, etc. start putting clients off. Oh, and credit card companies' extortions for both sellers and buyers. And not wanting to have an account even if it didn't cost you anything.
Just a thought...
Are we sure that Bitcoin isn't something floated by the government to sucker people into a digital currency that they will have complete control over once they get everyone in?
It is their goal to have everyone using a digital currency and they surely want it to be fool proof, which is something many ZHers attest to.
Dammit.....I knew it had to be a trick.
Doubtful dude. It's mathematics (public key crytpography) and Open Source. Scrutinize the code.
As a longtime Au/Ag bug, in addition to being a software developer, I had been cursorily dismissive of Bitcoin for some time now. Well, this weekend I decided to take a closer look...
Thoughts;
JMVHO
I have not wasted time to read long articles on the (supposed) workings of bitcoin, but no one pimping bitcoins so far has even touched on:
- For a medium with no inherent value, there has to be an open, observable market to determine the valuation. And by that I mean a market of observable trades, not just bids (hello stock exchanges and HFT!)
Where is that in existence for bitcoin?
- An open observable market automatically becomes a SPOA (single point of attack) for government regulation.
How does bitcoin believe it can avoid such?
As long as all writers dance around those elephants, I can safely continue ignoring bitcoin...
Good point. At the moment MtGox is considered the standard for quoting the bitcoin price, but in reality you can buy/sell anywhere you can find a seller/buyer. Bitcoin is a currency and a payment system but not a market, so people should look elsewhere for market facilities. A peer-to-peer market, or better yet, a peer-to-peer social networking protocol that allows all kinds of interactions is the next disruptive technology thing on my wish list (I should not be just wishing that someone else did it, but acting, but I'm not sure yet how to contribute toward such a goal). This, of course, would also be very helpful with determining the real price of fiat currencies in precious metals, which is currently hard to do.
Lets see a few pros and cons for price discovery and analysis of the markets for precious metals and then the market for bitcoins:
Markets for precious metals
pros:
cons:
Market for bitcoins
pros:
cons:
A good solution for a free, open and observable market, such as one based on a peer-to-peer network, is desirable, but this issue is not inherent to bitcoin. Such a solution is needed not just for trading bitcoins, but for many things.
In any case, the best way for one to determine the market price is to watch fully completed trades between really trusted parties, such as oneself.
Your second point is also obviously valid for precious metals and almost everything else and asks for the same solution. Bitcoin at least allows for fully anonymous interacions without any risks related to a physical interaction. For example you can do a digital service AND get paid for it, both over an anonymized internet connection.
Thanks for the reply!
Read my first point again attentively:
For a medium with no inherent value, there has to be an open, observable market to determine the valuation.
That also implies that for a medium with some non-negligible inherent value, one can live somewhat without an open, observable market - you might not get a good price but will get something for it.
But for a medium with no inherent value it becomes a must.
The second point applies to everything and there is no solution that doesn't go at least somewhat contrary to point 1.
But once again with something of some inherent value you might be able to accept some trade-off on point 1.
Finally on your "anonymous interactions":
You must be joking. Anything fully anonymous by definition has nobody detectably responsible for it and is therefore worthless from a trust/reliability standpoint.
If you want to have such a market you can find it. It's up to you.
Just think what are the most basic elements that can form a market that is satisfactory for you. I suspect you'll find that just 1 or 2 connections would be sufficient for the bare minimum. Then, whether you want a trusted party that is comfortable disclosing its trades or trusted buyers and sellers that can and will fulfill the orders they've placed or anything else - really just look for it. Your social network is your market. Find appropriate trusted parties and don't buy bitcoins before you do.
No centralized structures are inherently required, so governments/gangs might find themselves having to pass "laws" that put most people outsite of the "law" and "laws" that are at the same time unenforceable. Well, so be it. That would show the true nature of things a little clearer. Sort of like legislative hyperinflation. Big, impressive claims, but little value.
BTW here are a few websites that show trade data (recent trades, order depth, etc.) from many Bitcoin currency exchanges:
http://bitcoincharts.com/markets/
http://bitcoin-analytics.com/
http://bitcoin.clarkmoody.com/
http://bitcoin.clarkmoody.com/ticker/ (lol MtGox is implying EUR/USD at 1.26566?)
I don't endorse any of these sources - you are responsible for deciding who you trust.
I should of said "pseudonymous", not "anonymous", my bad. Under a pseudonym one can earn a good reputation (e.g. Tyler Durden, Another, Friend of Another, Satoshi Nakamoto etc.) by doing valuable things and one can even be open and transparent about those things and still keep their real identity secret. It's worth taking small risks (e.g. reading their posts, reviewing their white papers) when they bet their good reputation (As opposed to taking substantial risks trusting a known person who is not transparent about the things that matter, e.g. Bernard Madoff, ... well the whole establishment goes here).
One can easily protect their pseudonymous identity from any abuse (like impostors) by using a digital signature (no third parties needed).
"Are we sure that Bitcoin isn't something floated by the government to sucker people into a digital currency that they will have complete control over once they get everyone in?"
And this is different from Visa and MasterCard... how, exactly?
well just think of bitcoins as anonymous paypal
I assume by "floating" you mean working on or cooperating from the outset. When was the last time you saw a government make an actual innovation, which is what Satoshi Nakamoto did (see: http://unenumerated.blogspot.de/2011/05/bitcoin-what-took-ye-so-long.html; this article is written in response to this: http://www.gwern.net/Bitcoin is Worse is Better)? When was the last time you saw anyone make an actual innovation specifically and solely to scam someone (note that later co-opting, debauching, attacking, etc. are still threats, which Bitcoin was designed to mitigate).
Even if there was any influence from un-free forces (government) the free guys win in the end. We, free people, now have the idea of how to make A purely peer-to-peer version of electronic cash [which] would allow online payments to be sent directly from one party to another without the burdens of going through a financial institution. and anyone can recreate his work, or make his own improved version, or use the idea in new ways.
Their more cherished ambition would probably be to have everyone using a digital store of value. We are pretty close to that with the fiat currencies. They do try to maintain a pretense of a store of value for the fiat currencies. See E.O. 6102 - gold store of value was "fairly" replaced with dollar currency. In the short to medium term transactions in bitcoins are safe (I wouldn't promise you that for investments in bitcoins though - they are speculative).
ATG, "which would you rather have when push comes to shove, virtual electron money or real money"?
Which would you rather have as you try to move your wealth outbound through Greece / EU Customs, gold coins or bitcoin?
Exactly. People seem to forget that there are two aspects to bitcoin. One is a currency. The other is a transfer system. That transfer system is going to come in real handy when the shit hits the fan. It's hard to confiscate an encrypted file.
which would you rather have when push comes to shove, virtual electron money or real money?
BOTH
http://i.imgur.com/jK0dR6i.jpg
I'm going to be a contrarian here and predict that gold and silver will take a nosedive on Monday. Why? Well, the banksters won't allow them to explode. They will dump billions of paper PMs that they don't own to keep this bullshit going. This is all about their survival and they own the market.
Sold my paper silver and gold. Will be happy to buy back into it once the banks hammer it down. Not for long term, just for quick paper profits.
eventually you end up the suckker at the poker table and lose it all, you know that right
No worries.....he's uber quick. Weekend shenanigans don't worry him a bit.
Price dump will only hasten the comex default at this point
KY lube is going to sell out fast in the island.
Ah, but China can buy up ALL the gold bullion and cause a simultaneous Gold run. THEN watch the bastards sweat!
Time to prep on everything!
Sorry G-man but I traded my gold for food and consumed the food but the septic tank is over there and you are welcome to pick the corn and peanuts out of any turds you can find.
Good to see the mass hysteria hasn't set in........yet.
I hope you are right, Troll Magnet.
I have lots of dry powder fiat that I wanted to buy gold at $1500. If it stays the same or goes down, I know what to do. If it goes up, then I guess I'll have to think about it.
Will you bet money on it though?
Which reminds me...to remind others, including Cypriots..or whatever you call them.
I've said on ZH before, the reason we buy gold, silver, palladium, whatever is only marginally as a means of "STORING" wealth. The reason I buy the stuff is to HIDE wealth from the great confiscators!!! And yes, physical cash meets this qualification too but doesn't offer deval protection.
Anything you have tied to your SSN cannot be hidden. Wealth taxes aren't new...try buying a nice car in most states and get that penalty thrown on you. They are coming after assets.
...and by the way...the biggest joke in the proposal is that it's a "one time tax". Does anyone actually believe that!!
I tried to download the Bitcoin Wallet and stuff and recieved a free computer virus. I'm serious! It's a warning!
I tried to download the Bitcoin Wallet and stuff and recieved a free computer virus. I'm serious! It's a warning!
Boston Consulting Group are the same guys who helped Pfizer do major restructuring (divesting) recently. These guys get around.
So when do they start hanging politicians and banksters?
When PIIGS have wings.
when pigs
have pontoons ...
ie
pig river somewhere
in china
"When PIIGS have wings."...and are flying over the skies of America.
"and" is not required, one rope fits all
re "1929 onwards prooved to be a great time for gold mining stocks and gold.":
We were on a government gold standard then, leading to Executive Order 6102 with ten years in prison:
http://en.wikipedia.org/wiki/Executive_Order_6102
How many people today would turn in their gold or guns?...
Machines, Solar effects, Comets, and more. Banksters playing money-changer games to the tune of falling empires. Babylon prepares in earnest for the fall.
Gold down...Cyprus...is this the beginning of it all?
Ha, I hadn't thought of that! I'll have to get my map out and look at that. The Leviathan! Perhaps crashing Cyprus is an oil grab??
earleflorida had written, "indeed, but the 'Levant Basin' holds great leverage as a floating archipelago... goes ?"
Weird, this post got placed not under the comment on the Levant basin as I had clicked. Sorry it appears out of order.
We're obviously better than everyone else, and the laws of mathematics don't apply to us.
Neither does the rule of law it appears. This is one hellaciously deep rabbit hole.
Exactly, role on 2016, Btiches.... no more 'red' or 'blue' team b/s but one new team that is the colour of SHIT.
I, for one fuckin' give up, let's just go all in with a new party of BROWN and lets get this over with
CORZINE / HOLDER '16
Campaign tune (apologies to Matt Stone & Trey Parker)
BANKING ISN'T FREE
What would you do
If you were asked to give up your dreams for financial freedom?
What would you do
If asked to make the ultimate sacrifice?
Would you think about all them people
Who gave up everything they had?
Would you think about all them bankers?
And would you start to feel bad?
Banking isn't free
It costs folks like you and me
And if we don't all chip in
We'll never pay that bill
Banking isn't free
No, there's a hefty in' fee.
And if you don't throw in your buck 'o five
Who will?
What would you do
If someone told you to fight for Bankers?
Would you answer the call
Or run away like a little ?
'Cause the only reason that you're here
Is 'cause folks borrowed for you in the past
So maybe now it's your turn
To pay up what you owe?
Banking isn't free
It costs folks like you and me
And if we don't all chip in
We'll never pay that bill
Banking isn't free
Now there's a hefty in' fee
And if you don't throw in your buck 'o five
Who will?
You don't throw in your buck 'o five. Who will?
Oooh buck 'o five
Banking costs a buck 'o five
That was far gayer than the original.
And so it should be.... by 'gayer' I assume you meant 'happier'.
Amerikan's! Vote Corzine/Holder in 2016 and this time it will really be different!
Because the US is just one big Room 101. 2+2= whatever the fuck we say it does, Winston.
Exactly,and they only have the dial turned up to 40 so far. Just wait, 2+2 will equal 22 before this is over. Five is so 1984.
Respect Oldwood.
Even more Orwellian than that is, all those who have worked so hard all their lives for a future will lose it all when it comes to that future, and those who have nothing all their lives will gain it all. Really sad when you conceive that. Kind of like, the meek shall inherit the earth.
INGSOC will not rest until the whole world is made perfect.
you aint seen the US high skool math scores lately have you?
Joe D
It's the benank factor, he likes to counted above and beyond everyone else
something to do with being special as a child
you sir, are a detail oriented individual...
repeat post
I know, they are going to pull all their money out because this one time tax could easily be done again and/or Cyprus makes it impossible to get your money out later. Can you imagine that you have 50,000 dollars in the bank and 7 or 8 percent of it is taken for a "one time tax" because of something you didn't do but your bank and other banks along with the govt. did by lending loans for a song. I would take my money out and move it all somewhere else other than Cyprus. They are going to have a bank run there and I wouldn't be surprised if there isn't other bank runs in other EU countries come monday.
Just wait for the 7 or 8 percent tax on USA 401K's and IRA's.
I hope your relatives are the first 5% in line at the bank...otherwise they ain't getting their money. The other 95% are truly fucked
Bet we see long lines start to form on Monday.
Pray for these people.
They may be the first to have their funds stolen by the globalist bankster empire of endless war mongering for profit. America has it's turn coming also. How soon after remains to be seen. Could it be...coming to a summer near you soon?
I can't imagine that it isn't already resembling outside Wal-Mart on the day after Thanksgiving (here in the U.S.) outside some, if not all, of the European banks. Like right now. I mean, think about this. You bank at, oh, doesn't matter. You find out that BOA just took ten percent of their depositors dough. What would you do? Oh, yeah, sure ... "Honey, think I'll drop by the bank after work on Monday." Right.
If they can find it they will tax it---houses, bank accounts, etc. After all, someone has to pay for those 7 couse dinners in Brussels. I think property taxes will be very high on their list of taxes since the bankers and elites drool over foreclosing and repossessing on all those McMansions when the owner cannot pay the property tax hikes.
Michelle's wardrobe, hussein's gay lovers, bernanke's soft hand jobs. It all cost us our hard earned money.
RE is a sitting duck. They will tax the heck out of it. It's basically extortion since the property owner doesn't want to lose his house so he will cough up the tax increase...what can he do? He can't pick th ehouse up and carry it away ...or lose it in a boating accident
They can 'plan' all they want. They ain't gonna get much.
check this guy out
rightous indignation ..
http://www.youtube.com/watch?v=YDXtHsz2q6Q
Yes, tranny porn is gay, SEC employees. Sorry :(
Yeah, but midget tranny porn - I dunno
If any of you homos, touch me, I'll kill ya...
Sargeant Hulka. "Lighten up Francis."
Lighten up, Francis.
POPE Francis!... But my friends call me 'POPE Psycho'... Any of you call me Pope Francis & I'll send a crusade after your ass...
Big toe bitches...............
See you at Hattin, crusader bitchez!
We zip in ~ We zip out... It's like goin' in to Wisconsin...
No, we're not homosexual, but we are *willing to learn*.
"do you mean flaming"?
Francis, Sulu tells me he'll save you and beam you up. Kirk out.
Oh no you don't. Sulu doesn't get to do the beaming. Scotty gets to do it.
markets will be interesting on monday; expect periphery euro financials to take a dive
i agree. the folks loving those 12% returns just got told "that bank is going to be made bad now." or is it "more honest"? what's the difference now anyways right? sorry but i'm not investing in Russian debt here either.
Half a Bill, this is bullish. Everything's fixed. Will end the day green.
GREEN and a NEW RECORD close on Monday fer sure.
You mean the freakish, fags, at the feds... (Which BTW, consists of low-life Luciferian ludites knobbing and kneeling at each other's knickers, needing to gnaw on every neanderthal's nutsackable nectar there)
"BLOW ME BENNY 'BACKCHUTE' BERNANKE"
BLOW ME, BLOW ME, BECAUSE YOU SUCK!!!
Nah...we went to Myconos and had a good time! Not Cyprus!
edit:
Hi mom......!
Be home at 11:30.....
Ps ...rest up lots so we can go to the bank early on Monday to empty your/our account...
Today strikes me as a day we might look back upon and think, "that was the tipping point when it all changed." It's like they're just throwing it in our faces at this point, flaunting what they believe they can get away with.
Smells like 1914.
"Mr. Hitler, please use the white, red or black courtesy phone"
I think it's time for another one of those Hitler subtitle parodies.
Er.. my fuhrer...Steiner couldnt get the deposits moved out before the confiscation....
Hitler...everyone who got their money out of Cyprus please leave the room now..
Actually, it seems more likely that, at that particular moment, Hitler might be wanting a little tete-a-tete with everyone who DID get their money out of Cyprus.
“As it is a contribution to the financial stability of Cyprus, it seems just to ask for a contribution of all deposit-holders,” said Jeroen Dijsselbloem, the Dutch finance minister, who chaired the bail-out meeting. “We are not penalising Cyprus, we are dealing with the problems in Cyprus,” he added.
This was not a Cypriotic descission. Never forget this.
Test 1, 2, 3... Test Test....
Reminds me of when the Munich Pact dealt with the problems of Czechoslovakia without asking the Czechs...or the Slovaks.
or the 'Indian New Deal'
one thing is for sure, they knew they were risking a bank run, and they did it anyway.
That's what gets me...you KNOW they considered all possibilities and ramifications then still chose this one. What does that tell you about how bad it must be behind the scenes (where the truth is at least discussed) and in those meetings?
Monday meetings are gonna be so bad our DHS is shipping over some of those neato MRAPS for your smaller, squad-size meetings. Being as how they're all fireproof and bulletproof and all. Heck, they'll probably throw in a little hollow point ammo to get the morning off to a rousing start.
Reminds me of the Lehman Brothers weekend. They thought that it was ok to let that one fail, and look what happened. Will this be the straw that breaks the EU banks backs?
They WANT a bank run.
Cypriots are lab rats.
They are rehearsing the big show in a relatively controlled environment.
"one thing is for sure, they knew they were risking a bank run, and they did it anyway."
so things must be really really bad behind the curtains.
***that was the tipping point when it all changed***
"Baby, Baby, Baby we're out of time." - the Rolling Stones
http://www.youtube.com/watch?v=e0Z13Z98q4c
I just watched three Sunday morning news shows and there was not a single mention of Cyprus. This was not a simple oversight, I would guess.
Funny, how as I grew up the domino theory, even for very small countries, was important enough to die for, and now the argument will be that small economies have no possible relation to future economic events in large countries, especially the ones in a solid recovery.
Interesting times.
Don't forget food. Buy shelf-stable food you will actually eat. Buy shelf-stable food that requires minimal preparation. Make damned sure you have drinking water, too.
This could be the beginning of the end or the end of the beginning. Either way we're phucked.
Thank you. I took your advise and just bought a shit load of eggs and milk. Enough to last me for months.
I bought a bunch of frozen turkeys. Hope my freezer keeps running.
You should wait until the day after St. Patty's Day [when all the unsold corned beef goes on sale]... Or after Easter [when you can get the unsold hams]...
"You should wait until the day after St. Patty's Day [when all the unsold corned beef goes on sale]... Or after Easter [when you can get the unsold hams]..."
Dog gone Francis, that is about the best financial advice ever spoken.
Thank you for being real and honest saying this most important statement.
There are these times to stock up and indeed, these two holidays are excellent buying for term storage opportunities considering everything is going to continue to skyrocket in cost. Just don't forget to get chocolates, and candies that are also after holiday sale priced. People are fast falling into places of fear and forget there are children involved in this also. They will go through hell as the transition to a totalitarian regime takes place. A little candy and reminders of normalcy will go a long ways in a country gone to war with it's own citizens. Those children that make it through these changing times will have many tales to tell like those in nazi germany did. Let some of them be of sweetness, and of times we held dear.
Bless.
scratching my head, trying to figure out if this is sarcasm.
I doubt Heart is being /sarc...
~~~
It's just solid money saving advice [take it or leave it]... The 'added' part about the chocolate is correct as well [probably the best time is post-Valentines Day or]... The 'short list' on savings [for storage] would be roughly as follows:
- New Year's Day [selected booze]
- Super Bowl Sunday [assorted snacks]
- Valentines Day [chocolate]
- St. Patty's Day [corned beef]
- Easter [hams, or other holiday roasts & chocolate]
- Cinco de Mayo [Mexican foods]
- Memorial Day [hamburger meat & buns [which you can freeze], pork ribs, chicken, & chicken parts, sauces]
- 4th of July [same as MD]
- Labor Day [same as MD & 4th of July]
- Halloween [assorted candy]
- Thanksgiving [Turkey's, certain canned goods]
- 'Festivus' [holiday roasts, also 'baking items' like flour, sugar, baking powders]
All that stuff is always discounted, sometimes deeply, after holidays...
I bought a bunch of frozen turkeys. Hope my freezer keeps running.
i just stick mine in the snow, it's free too
I like my salmonella medium rare - brown on the outside, gray and rubbery in the middle.
LOL
but really what's so funny is that you guys don't know the kind of snow I'm talking about, fuck man its two feet deep not lawn sprinkle. You die in this shit, so yes when i say its free i mean it.
LMAO! Ever read Lucifer's Hammer, Spaz? I just bought a bunch of Stouffer's frozen dinners, they were on sale! Now I'm off to pack a suitcase full of make-up and pantyhose in case we have to bug out.
I'll be chuckling over that all evening, LOL.
Don't forget to stash your books in the septic tank.
You can actually rub mineral oil on eggs and if you store them in a cool dark place, they'll last for quite a long time [even up to a year]... Or, long enough to raise some hens... & there's always powdered milk [but it's very expensive]...
~~~
Note: You can test the idea out for yourself on eggs... In the end ~ just do the float test on them... A bad egg will float... Amazing all the 'low tech' that has been forgotten in the past generation... Half the MF'ers around here are probably racking their brains wondering if they'll be able to buy an egg with a fucking bitcoin on FARMVILLE...
nice tip on the eggs Francis
If you do it ~ Try to use FRESH eggs that you get from a hen house if you've got a source... The eggs that are in the supermarkets are widely varied in terms of how fresh they are [some are up to 6 weeks old]...
Our eight chicks we got last April give us 6 to 8 eggs per day. Never thought I couild get tired of eating devilled eggs until of late!
The trick is not to wash the eggs when you collect them, and they stay fresh w/o refrig. Wash them and you'll have to refrigerate.
When their EOL nears, guess I'll find out how good an old hen tastes.
maybe a dozen laying hens and a milk cow would have been a better investment.
Maybe you live right next to 3 dairy farms...
~~~
& for that matter, if you're only looking out for yourself, a GOAT is possibly more practical than a cow depending on your layout...
Goats are far tougher than cows, a factor that might be important when vet facilities are thinner on the ground.
Also goats are really not very fussy eaters (yes, they WILL try to eat everything, which is a good reason to keep an eye on them - if only for their own welfare!)
So overall I'd go for one or more goats.
Do the chickens get stuck on there? I did not know gorillas did that...
Lana, don't you have Archer and ISIS as backup? ;-)
Meanwhile, in Japan...
From what I can tell, their total debt/GDP is somewhere around 450-500%. I think Kyle baby told us a few days ago how well that should play out.
On the bright side, they are radioactive now.
They now have a whole country of human fuel rods:
http://enenews.com/military-unit-severely-contaminated-after-fukushima-u...
They can just have everyone stand next to each other and generate electricity. Until they turn to ash.
Maybe that was the plan all along.
Just tie a buch of japanese corpses together and stick em in a pool of water. wait for water to boil, stick a turbine over it and win! Infinite energy!