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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
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Will they take a check?
Will they take a check?
And what if you have a brokers account? one that is not with a bank?
those fund would be safe right?
I was just wondering because my traders account is not with a bank.
Like a MF global type brokerage ?
Safe as 'AAA' mortgage bonds.
crap... yeah... forgot all about that one...
Also remember the Alamo/Maine/Pearl Harbor/Bear Stearns/Lehman/Merill -- you get the idea.
Needed: one self-immolation in Lanarca for the Monday a.m. papers....
The lucky self-immolater is being chosen by the CIA right now.
Well ~ Chavez & Bin Laden are out... [or are they?]... A couple more seasons of Dancing With the Stars & maybe people will have forgotten...
I guaran-fukin-T> it that the Italians and Spanish are shitting bricks right now!
Yessir....the key fulcrum points at present, imo. Run, don't walk.
Aaa....they probably got it covered.
Now's the time to seek shelter in an underground bunker with your perimeter protected by a mother-in-law.
I think that particular practise was outlawed in the Geneva convention.
just kidding, I actually like my mother in law.
Can I rent your Mother In Law? I don't have one.
only if you pay him in bitcoins...
I've long been for a wealth tax to cut the greedy elites and their banksters down to size. $100,000 in deposit guarantees covers my assets pretty well, too bad if you let your pile get out of hand and can't spread your dollars into enough bank accounts to protect them.
Just who do you think will be writing that tax law ?
Laws only apply to serfs anyway.Same as it ever was.
What are you talking about? The tax applies to below 100K as well.
I have to say, in hindsight I did a terrible job making my point here. Though I'm not alone in thinking of the Cyprus haircut as a wealth tax:
"It’s a tax. People generally expect to be taxed on their wealth. It could fall on consumption or income, for example. This time (unusually) it’s on deposits and a one-off (they say) but there’s a principle underneath. Deposits are not stores of value. While the government might make you safe (to a degree) from your counter-party risk lending to a bank, it will not make you safe from applicable fiscal laws."
http://ftalphaville.ft.com/2013/03/16/1425732/a-stupid-idea-whose-time-h...
Wow, so many logical fallacies and bogus arguments in one cut and paste!
Really? I've already paid tax on my earnings in order to deposit it, why should its principle be taxed again? Says who?
Which principle is that?
Exactly why aren't they to be considered stores of value?
Think before you post such rubbish
The Great Depression was blamed largely on bank failures (rightly or wrongly). Now we're about to find out if you can have Great Depression II without bank failures. I'd say they're off to a good start.
I don't get this mindless meme that no bank can be allowed to fail. Nobody even questions it. Governments subject their people to wealth confiscation and an economy built for nothing but grinding poverty and get what, exactly, in return? It's not like they aren't getting voted out of office anyway for their efforts.
Has nobody learned anything from Iceland? They're still out there, having taken their bitter pill and now experiencing a real recovery. Nothing can be learned from this? Tell the creditors to fuck off, save the savers, keep the capital in the country, start fresh.
This isn't any kind of economics I'm familiar with. This is war by alternate means.
Has nobody learned anything from Iceland?
Their solution was so simple and effective that one can only wonder, and hence come up with 'conspiracy theories', as to the real motivation. 'They' would be really pushing the boundaries now if the sheeple were awake
NoDebt:
"This is war by alternative means."
Hee hee. Funny, isn't it? A war where most of the combatants don't even realize they are at war. Funny.
I heard through the grapevine that just a few banking families are holding more than all that combined in offshore accounts. Why not take that. That would only cause an uproar among a few inbreds families. Wouldn't have people running, with such long faces and spasmic tongues, for political positions.
Think of the global economy like a game of monopoly, where the ultra-rich Rothchilds and their ilk have won, since they own more than 80% of the wealth on the planet. The game is over, and they won. OK, what next? Start a new game! Try to implement more fair rules this time. Take all the wealth and hand it out fairly and equally to all the players, and begin again.
The rich and in control are not going to do this out of altrusim. The sheeple are going to have to make them, using their power of numbers.
Otherwise welcome to global feudalsim.
I'm amused by the premise of the article - a ONE-TIME wealth tax....
Why would people believe this is only a one time event???
You have just shown them that holding money in a bank has the potential to be taken away on a whim.
Hell, with this being "legal" why not just add 10% to everyone's mortgage or credit card debt?
"I promise you, honey, I will NEVER beat you ever again!"
"Honestly, dear, I promise that this is absolutely the last time that I will cheat on you! It will never happen again!"
"OK, I'll just have a single drink --- just one. I can stop drinking anytime I want."
One time, ace on the river, let me suck out just this once, i'll never ask again.
Obama promises to limit drone attacks to ONE per citizen
+1 LMAO Akak. Need to wipe the beer off my sweatshirt now.
If its that easy, why not default completely
Like cockroaches, stability levies are attracted by filth and decay. And as the exterminators always tell us, there's never ONE cockroach.
The ECB(policy/rate decision) meeting was just over a week ago. Draghi shot himself in the foot when he decided to hold rates at current levels. (Fed. swap/bailout cash- no doubt). He is going to look like an ever bigger asshole when he calls for private meetings next week.
'Oh what a tangled web we weave, when we practice to deceive'. Sir Walter Scott , in Canto VI, Stanza 17 of "Marmion" (1808) an epic poem about the Battle of Flodden Field in 1513.
does this mean we can attack Iran ? this has to be there fault
t
And what about foreign accounts?
just think if capitalism had been allowed to work in 2008 and book went bankrupt all this could have been avoided. the ok bailout should have been to depositors only not come or share holders. a disgrace and really we all allowed this to happen. sorry the sheeple allowed it
93% of the sheeple were phoning in to DC telling the nitwit politicians no bank bailouts in 2008. The "we know better than anyone else" crowd in DC bailed out the banks anyway. Don't blame the sheeple, blame the DC elitists.
Damn straight Clint. Some of those congress critters got calls 300/1 against the bailout. It failed the first vote. I know I dialed, faxed, and emailed.
Here for posterity purposes only is this interesting report.
16 Reasons Why Congress Has a Low Approval rating.
March 14, 2013
FBI: Just Existing Living Our Life and Being Born, You Might Be a Terrorist
Congress is useless. We have a crybaby as speaker of the house. We have a mental case as a minority leader. The US Senate is a bunch of empty suits. None of them really represent us. K-street dominates the agenda. With only a handful of brave souls fighting for the rights of the people, and the US Congress is disappointing.
Since the Tea Party victory in 2010, the political establishment in both parties has quashed the agenda. Some have been there so long in congress they have nurses ready to change out an oxygen tanks to keep the person breathing. Many of these people need to go home and live under the laws they pass and impose on us. The low approval of Congress has been a long time coming. Here are reasons why congress is held in much contempt by the public.
1. Congressmen and woman have bounced checks. Nothing was done, only a select few were punished. Many who did it will never see inside a jail cell. A peasant will have the book thrown at them.2. The House Postal Scandal when Congressmen laundered money using the Post office through stamps. Still no one went to jail.
3. The Congress exempts themselves from the laws they pass like the Social Security Act and Obamacare. Still we will go to jail or be fined heavily if we do not pay our social security taxes on our hired help and will face a costly penalty for refusing to purchase expensive health insurance under Obamacare.
4. Congress insider trades, a thing we can go to jail for by politicians who make themselves immune from prosecution. The US Government owes Martha Stewart an apology for going after her for insider trading they could never prove. They just sent her to prison for another charge lying to the government for a crime they could not prove.
5. Attorney General Eric Holder responsible for operation fast and furious is not arrested or charged for running guns to Mexico. The AG lied to congress and is walking free. Still the US Government goes after Roger Clemons for lying to Congress. Eric Holder walks and Roger Clemons spent a lot of money on lawyer to stay out of jail.
6. There is no objection from Congress when President Obama bypasses Congress with the use of executive orders when legislation fails to pass the legislative process.
7. The Speaker of the House has removed the most Conservative and constitutional members of Congress from key committees and subcommittees like Walter Jones and Justin Amash.
8. The Congress votes themselves pay raises. Something we cannot do.
9. Most of our Representative and Senators are bought and paid for by AIPAC to do the will of Israel against the wishes of the American people.
10. Congress votes for bills they do not read that affect the people, but exempt themselves from.
11. In 2011, the Congress had a chance to balance the budget by not raising the debt ceiling. They caved in to giving the President what he wants increasing the debt 1.4 trillion dollars. Also having a super congress which is not in the Constitution.
12. No banker or Wall Street Oligarch is held accountable by congress because they pay for their reelection campaigns. Illegal foreclosures and other financial crimes, money laundering drug money, john Corzine’s theft of segregated accounts. Congress looks the other way.
13. Congress investigates steroid use in professional baseball but ignores the steroid problem in law enforcement at all levels from the city to the county.
14. They vote for laws that violate Constitution. They passed the NDAA that allows the right of habeas corpus to be destroyed. The voted to keep the Patriot Act law against the wishes of the people.
15. Congress failed to stop Obama launching wars without a declaration of war. They havebeen silent.
16. Congress has done nothing. They are useless to the people, but not to the bankers and Israel.
The trouble is. Congress is in session for way too long. They need to return to their districts and live under the laws they pass more than they need to be in Washington DC being wined and dined by lobbyist of MONSANTO and taking vacations to Israel paid for the Israeli lobby. Maybe if Congress stayed home more with the people they represent and not in Washington, that low nine percent approval rating Congress has will disappear. You agree?
http://www.thelonestarwatchdog.com/2013/03/14/reasons-why-congress-has-a...
June 29th 2008 - BIS's global warning to central banks
BIS' warning to the world
Thursday, June 29, 2008
http://neweconomist.blogs.com/new_economist/2006/06/bis_warnings.html
BIS slams central banks, warns of worse crunch to come
Bill White of the BIS has renewed fears of a global slump
12:01AM BST 30 Jun 2008
http://www.telegraph.co.uk/finance/markets/2792450/BIS-slams-central-ban...
Dec 10th 2012 - BIS's global warning to central banks
Swiss-based BIS warns of another 2008-style credit bubble about to burst
Posted on 10 December 2012
http://www.arabianmoney.net/gold-silver/2012/12/10/swiss-bis-warns-of-an...
New Crash Warning Comes From Proven Source
1:19pm UK, Monday 10 December 2012
http://news.sky.com/story/1023326/new-crash-warning-comes-from-proven-so...
--
I'm sure it's nothing.
Thanks for the links Element. Tack sharp as always. ;-)
BIS quarterly review link
http://www.bis.org/publ/qtrpdf/r_qt1212.pdf
(see graph #1 on the sixth page in)
Downloaded ,and ready for my viewing pleasure. Thanks again Element. ( BIS quarterly review December 2012)
Pooof.....Your 100k is gone and you are now 13k in debt. Best regards, The Bank. Happy Saint Patrick's day.
Falling on the floor laughing me ass off. Pooof!
Talk about shooting yourself in the foot!
All this is going to do is push local bank runs, cash hoarding and cross border flows as citizens seek to move euros to banks in core nations that are perceived to be safer ( but aren't really). The effect of those things is deflation and will cause TARGET2 to blow out even more, requiring collateralisation with even lower quality bonds. The only possible response is for Cypriot government debt to expand (bigger government), to counter deflation and provide collateral. Lose lose situation.
So what then? More border controls for euros? Passport checks to prohibit Cypriots setting up euro accounts with any non-local banks? A digital identifier to give each euro a nationality (of holder) so that only Cypriots euros are effected? Variable valuation for each euro based on origin? Oh wait, that's called the Cypriot Pound.
Usually the banksters steal wealth through inflation. It hits everyone dumb enough to have cash equally, so it's a more fair theft. This way, they only hit people with cash in the bank and in one specific country. Germany gets to avoid the inflation it fears so much (required to bail out the periphery) and Cyprus gets to sink further into the morass.
Just abandon the euro already. Problem solved. Let Europe be Europe and stop trying to homogenize the place through economic blackmail.
Ottoman's [tur(n)key], G'greek's, and the Zu(rich)British... a perfect trifecta?
http://en.wikipedia.org/wiki/Z%C3%BCrich_and_London_Agreement
hmmm... something realy stinks in Denmark!?
will some of you gun guys please start shooting bankers and politicians. that is the out of the box solution to this dilemna.
It seems to have been largely ignored that tax authorities in Ireland recently threatened that they could deduct tax directly from bank accounts - http://www.irishtimes.com/news/revenue-legally-allowed-to-deduct-tax-from-accounts-1.1313783. In the past such actions would normally only be taken against companies. Property tax is an unpopular new tax with expectations that high numbers of people will not comply so itcould end up with large numbers of people being forced to pay in the same way.
Not for me. I keep just enough in the bank to cover the monthly bills. The remainder is in Au, Ag and Pb.
When I need cash, I go diving where the boat sank, grab a few coins and head to the local gold buyer.
Frankly, I thought this would have started a few years back.
Which is why metal detectors are so popular...
I think it is clear to ZH readers that the battle is now on between statist OLigarchs and Caymanista Banksta Oligarchs in the tug of war on whose agenda takes front spot and which type of wealth burns first : private oligarchy or continuing social sheeple's. Upto now the Oligarchs have won it all but we may be reaching the point of inflexion; not of move to assets, not of US energy self sufficiency but of increased taxes and Q-infinity to devalue money.
Unless we are missing something bigtime, the true growth in first world will be constrained by the reluctance to move real industry back (aka Oligarchy loves to outsource) and oil prices stay high. Meaning job creation will be slow and painful and growth will be contrained by existing debt servicing, until a new, true energy paradigm emerges.
We are now moving fast into "when thieves fall out" scenario in first world as the growth is not there, first in Euro world in the grips of Merkelausterity and ECB support of core banks drowning in debt and thin on deposits, then secondly in US, where Obammy will also have to go that way, to fight the Banksta group and their hard core supporters who don't want to see more taxes and who want to see govt axes cutting down on social agenda.
As NOBODY is yet ready to take on the banking cabal HEAD ON, its only a matter of time this awesome battle WILL begin in first world, the nexus of past financial decay.
What you call sociaism on your side in the US will then go virulent to take out money from the rich; as when push comes to shove the political leaders will remember THEY HAVE TO GET ELECTED and will start telling their corporate cronies: your money first, I won't put my neck on the line.
This will now be the coming song as the rope tightens; unless there is war to resolve the crisis via brutal reset world wide.
Get ready for political mood change; its the end of a free lunch for the Oligarchy brigade or its war.
The state is coming back bigtime into tax raise and print to support social agenda and selective work force employment growth via bilateral deals and China ostracism on both sides of the pond.
Falak: Intersting picture you paint. Whatever way it goes, it will not be pretty for the sheeple.
And next week, or the week after, or both, they'll send out the EU Commission's clowns to announce that Europe's surely on the road to recovery and restored vibrant prosperity, as the worst's now clearly behind us, etc.
Bank on it ... oh, ... no, wait ... don't.
I've just made some terrible investments and lost a bunch of money. I intend to go house to house in my neighborhood and ask for 10% of their savings to make me whole again. I'll let you know how I did......
Dead men tell no tales.
dead man
don't make payments..
Just one more piece of evidence that government debt the world over can not be paid back and must be repudiated, the sooner the better. Those who have lent money to the criminal states get what they deserve, nothing.
What about the poor dumb bastards who thought they were saving it in a nice safe bank?
http://www.npr.org/2013/01/11/169172206/cyprus-torn-between-strong-allie...
According to the link, there is 1 trillion dollars of russian oligarch money outside russia, 20% of which would be in Cyprus, about 200 billion.
So, 10% of 200b would be 20 billion.
If the report is correct, problem solved as to why 10% tax on deposits.
Question: Is this helping or is this harming Putin seeing that he's been trying to bring the money home?
http://imrussia.org/en/politics/397-putin-tries-to-bring-the-money-home
Has the west forgiven Putin for attacking the country of Georgia in 2008?
Just imagine for one second, what would it mean for the euro banks if Putin pulled all dollars from those banks?
Assuming 50% of that 1 trillion is in europe, that would mean 500 billion.
Wouldn't that be a disaster? How many trillions in derivatives would it trigger?
This is getting juicy.
I am not sure its Putins money in there, but groups who are against him. Few weeks ago Russias ministry of finance agreed to exchange information with cyprus banks to find out who is offshoring there.
Makes it sound like Putin and pals have already gotten their rubles the hell out of Dodge.
Europe reminds me of a Northern Territory AUS 'giant termite mound. Cyclone season is coming and the Serfs/workers must die. ( High ground is limited).
Yeah, I remember the BCG paper well from ZH. I put it next to 'D' for Dahmer where it seem to belong.
I knew TPTB were going to extract 25% of private Western wealth but thought the academic paper circulated at the IMF in 2011 outlining inflation and financial repression over 5 more years was the tactic de jour, and was already in play. Theft directly from depositors bank accounts is so 19th century.
Bankers must really be desperate to do this and risk bank runs and riots. If the Russians oligarchs got what they wanted just by threatening Eurocrats then perhaps there is a lesson there for all of us.
(fiction)
A well known Cyprus bankster and his wife are awakened with masked heavy voiced strangers with guns demanding that he get up and speak to their boss. Being led to the lavish living room he is taken to one of the most notorious ganksters ever known in certain places. A really scary guy who makes some nasty threats. He then says, get your keys, we are going to the bank to get my money out in cash. Scared and frightened for his life knowing the gankster has the govt paid off and there is no justice there to protect him, he calls all his underlings to secretly open the bank at 3:30 am on Monday morning. They empty the vault of every scrape of paper currency, and give him an IOU for the rest as it was billions he had in their bank. Now, times that for every bank in Cyprus.
The next Tuesday morning in the wee dark hours...the people are lining up to get their paper currency out of the bank.
Can't wait for Monday's open cha-ching... Or is that a giant sucking sound I hear?
Wish I could believe that, but something tells me an extra heaping issuance, of more free porn, along with some march madness sports specials, and the somnambulism of the masses shall hold.
Until it happens here, the sheeple won't believe it can happen here. But with so many living paycheck to paycheck, half of them probably wouldn't even be affected by a tax on their savings. That's why they hate gold, unless it's paper they can't track it to tax you on it. Crooks hate competition.
Obviously the European Financial Elites, who run the EU and dictate policy, had something clearly in mind when they chose this type of Cyrprus bailout scheme. I admit that ,what that might be, is over my head. But we do know that this had to send a clear signal to savers, not just rich people, but the mass of middle class savers. What was the oligarcy trying to say? They used their power to go after bank depositors, to take a huge piece of their deposits. I am open to anyone who thinks they know what the meaning of this really is. You have to admit, these financial rulers of the EU are not beholden to any democratic system. The EU are a gang of rulers who are held on a string by the banking and trading elites of Europe.
Cyprus is small potatoes, but the message sent to Europes bank depositors across the PIGGS is a warning that their deposits are fair game to be stolen in order to make whole the bankers and the bond holders. In Cyprus on Monday morning, if the people do not storm the banks and go into serious riot mode, then the elite rulers of Europe have won a huge battle. They have shown that they can go into anyone's bank account and steal as much as they like and hand it over to the financial elite and the bankers.
Should Cyprus not be the scene of serious unrest, then it is game over. The sheep are so passive and so dumbed down that they have become meaningless pawns. No jobs, no savings and the social system about to collapase as all government spending goes to make bond holders, bankers and stock traders whole.
Britain has more and more people wanting out of the EU. Now is the trigger that should send millions of Brits into the streets and headed for Parliament. They should demand OUT of the communist EU right now! Before it is too late.
" There may be only painfull ways out of this crisis"....?????
Does this mean we have found a crisis that can't swept under the rug? Oh my.
Christ, there's already so much crap under the rug that you can't stand up in the room anymore.
Imagine if they had tried this on Iceland's good folk.
They would have been harpooned through the lungs and set on fire by now.
Maybe a PIIGS-wide bank run is exactly what the EU rulers want. Why would they want this? Only one explanation makes sense. They want to create a crisis now that forces greater EU integration quickly. They see the centrifugal political forces stirring in Italy and even Germany, and they need to take emergency measures to head Grillo et. al. off at the pass. If they get a simultaneous bank run in Spain, Italy, Portugal, and perhaps a few others, they could ram through a new banking union treaty in the dead of night before anyone is paying attention.
Yes; if so, we'll find out the treaty is already written.
Like the "PATRIOT" act was.
There are British bases on Cyprus with Emergency Laws dating from the 1950s EOKA Problem. They will have enough soldiers on hand
Cyprus' Parliament to vote on the tax tomorrow.
Monday will be interesting to say the least!
Thanks for the update. Are you on ground zero?
Monday is a bank holiday.
http://www.rcbcy.com/pdf/2013_BANKHOLIDAYS_ENG2013.pdf
Vote has been postponed till Monday.
OK, here's another Irish Poem about this:
Bank Shots
A Cypriot wailed "Woe is Me!"
"Six percent just gone POOF!" don't you see?
Now that wasn't fair,
But they didn't stop there,
For this "service", they charged me a fee!!!
Squeeky Fromm, Girl Reporter
Cyprus became the slush fund of Russian oligarchs and their KGB friends who robbed their own countrymen and used Cyprus to channel money everywhere.
Most of the bank deposits in Cyprus are from this illicit thieving two faced lying hateful oligarchy and its KGB. Yes, Putin. You too.
The 6.7% taken from small accounts is the price the little people pay for living beyond their means by collaborating knowingly with international gangsta banksta sick Russian oligarchs and KGB.
Collaborate with fascists, and pay for it.
However, is it theft to raid private individual bank accounts in order to bail out a bad government and bandit banks? Yes.
Best mind the company you keep.
you bot bro? identical post in different threads.
Just trying to help cut through the bull$hit. Save you some time and money.
does anyone know if this applies to corporate accounts too? I wonder if incorporating would function as any sort of protection against these types of confiscations?
Yes, unless you get the tip off beforehand
you are entering a world of pain.
the whole world got crazy
https://www.youtube.com/watch?v=rrykk7E_2i0
Bring it on, Rusky. World of pain? Only for your sort of lying two faced thieves who assisted Russian oligarchs in ruining the former Soviet Republic, and took the money and ran to places like Cyprus...and everywhere else including New York.
World of pain? You first.
> political elites under the guise of an "equity investment" in insolvent banks, which is really code for a "coercive, mandatory wealth tax."
Which tax is not a coercive and mandatory wealth tax?
I'm not blaming the author, it's difficult to find words for this shit.
Savings should not be protected, but since they are,..
When a government doesn't respect its laws, mayhem could follow.
The players flipping the switches have no idea what they're doing (panic and self-preservation are not a plan).
The great unwinding will happen only when it has to, and pissing off the ($legitimate) Cypriots does not qualify.
Before the great unwinding there will be geopolitical forces throwing wrenches in the spokes,
and the landscape (and rules) will change.
"...which predicted and explained all of this and much more...."
bullshit!!! nothing was predicted - it was foreordained with bcg doing its best immitation of jon hilsenrath's sock puppet for the fed act....these actions were determined at the time of the publication of the article by bankster elites.....there was not an iota of clairvoyance...and this is why banksters have been looting gold for their own personal accounts....they are the massive winners of the engineered financial crisis.....
so jamie "i'm richer than you" dimon got his diversion.....
No mention of Cyprus on the first page of Google business news.
But I do know that Twinkies could be back by summer.
https://news.google.com/news/section?ned=us&hl=en&topic=b
Won't be surprised if BCG is consulting with the EU.
We will know when the market starts to tank when they ban short 3x short vehicles like TVIX & SPXS...just when I start to break even on my short positions.
I can see it happening....
People of the civilized world (domesticated) will ultimately fall in line. The heretics will be dealt with in good order. It will be interesting to see what Putin does however. He could be the wildcard in this whole calamity.
Putin will use his people as body armour. He'll still die.
something about Putin.
Why do you think russian fat cats are in Cyprus in the first place?
Why don't they keep their money in Russia?
They are hiding money from russian tax authorities, hiding it from Putin.
Why the F would be Putin mad?
Yes, there are some crazy dangerous people there that will get mad, some are former not only KGB but worse - SVR - more secretive and capable shit.
http://en.wikipedia.org/wiki/Foreign_Intelligence_Service
KGB Putin assisted the oligarchs. They profit. The former Soviet Union loses, starves.
There is no honor among thieves, comrade. I am so very sorry to say that to you.
you are very poorly informed about affairs in Russia.
Just from the top of google
Putin Declares War on Sleazehttp://www.foreignpolicy.com/articles/2013/02/20/putin_declares_war_on_s...
Putin signs ban on foreign bank brancheshttp://www.upi.com/Top_News/World-News/2013/03/15/Putin-signs-ban-on-for...
Putin urges ban on officials’ foreign bank accountshttp://rt.com/politics/putin-foreign-assets-ban-997/
Putin is not the problem, per se. His KGB assisted the oligarchs who robbed the country of its resources, and sent the money abroad, so they can buy foreign real estate, football clubs in England, and other things.
While ordinary Russians starve.
I thought, we were talking about Putin's response?
If you wanna talk about russian mafia reaction - I hope it will be swift and overwhelming - dog eats dog.
Then we may have some agreement. Putin ought to defend the people who vote for him, admire him, and pay for him. That would be the behavior of a true leader, in my opinion. He is a worldly man. He can do that if he chooses to do so.
The Russian oligarchs are dogs and bitches. The sooner they are dead, the better.
Putin cares...because it's Putin's MONEY!
HE is the former KGB "crazy, dangerous people" to which you refer.
Russians aren't hiding their money from Putin...PUTIN is hiding money from RUSSIA!
good shit you're smoking.
Putin and KGB can't hide money in Russia?
Who's there to stop them?
You obviously don't get the gist of how major bad guys operate.
Hint; You DON"T keep all your money in your home country. Any two-bit druglord knows that.
"good shit your smoking."...sheesh
You DON"T keep all your money in your home country.
Does it mean Bush family keeps their money in Russia?
Yes, I have no experience among major bad guys.
And.
1. yes there are foreign accounts of Putin and associates out there, but I can assure you they a in no danger from any of this.
2. But lets say there two possibilities - yours - Putin keeps his cash in western banks hiding from what? whatever.
this means that western banks have him by the balls - and consequently there will be no Putin's response since he is owned by the IMF or some such shit.
Or, he is in no danger, but this affair will promote repatriation of illicit money from Cyprus to Russia - how can it hurt Putin? - there is no response from Putin again.
He only gains - money to spend, favorable public opinion.
You don't seem to understand how this stuff works. Do you remember all of those stories about pirates taking people hostage near the horn of Africa? Did you notice that those stories just suddenly stopped? There was a russian boat that got taken over and then the people in it got killed. Rumor has it that the russian mob killed the people on the pirate boat, their families, and the guy two countries to the north that was leading things. I could go on with other stories, but just to drive the point home, the only country that Isreal's Netanyahu calls to negotiate with -- is Russia. Not the US, Russia. Think about that.
If Putin's money has been taken, people will die a very slow death. Not because he needs the money, but because if they got away with it, others would think they could too.
Kas seems to be some sort of Putin "spinner".
Nuff being a good slave. You've lost every physical possession, and they will not stop at your life. Time to kill or be killed.
Agent provacateur. Who do you represent? Just another silly comment from another know nothing foreigner, I suspect.
I represent the little people of the world. What's more to know about evil banker scum? What exactly do you represent?
No. You don't. Power. Money. Confuse and conquer. Kill. Play for your own team. Do not allow ordinary people to live peacefully among their own, off their own land and labor.
That is who you represent, comrade.
'There's never been a better time to ...'...take a vacation....
Gunmen kill 6 at bar in Mexico resort town of Cancun; 5 woundedhttp://worldnews.nbcnews.com/_news/2013/03/16/17335592-gunmen-kill-6-at-...
So what? More murders happen in the rest of the major world cities every day. Parents who allow their U.S. children to go to third world countries are negligent, stupid or venal.
On a limb. Think twice. New England. You are a Mother of 2-3. If I can profile you? Just imagine what the bad guys can do?
Thank you, Yen. My 'bad guy' is worse/more effective than 'their' bad guy. For real.
Best wishes to you and yours, friend.
"Just imagine what the bad guys can do?"
It would be my guess that newengland already knows full well what is up and is not going to take any shit from anyone. Female or not...doesn't matter.
I hear Obama's conducting a drone parade in North Korea.
(Japan and China both give North Korea money to keep it alive. The US consumes Chinese goods. THen charges South Korea a protection fee. I am honestly suspicious that they're playing up this horrible issue of oppression as an excuse for ben Bernanke to print more dollars.)
I hear Obama's conducting a drone parade in North Korea.
(Japan and China both give North Korea money to keep it alive. The US consumes Chinese goods. THen charges South Korea a protection fee. I am honestly suspicious that they're playing up this horrible issue of oppression as an excuse for ben Bernanke to print more dollars.)
That puts Mexico drug count crime of 70000 dead at par with Syrian civil war; albeit over 6 vs 2 years.
Third world burning like Mississippi in 1963; but on much larger scale!
This banksta brigade makes the KKK seem puny; but racial and social strife should be back on the agenda ...and not only in third world Shia-Sunni-Christian-Jew basis!
Global "social warming" will be awesome.
Yikes!
there's A LOT more to the story. Look up the tensions between Greece and Turkey over the oil in Cyprus (it's in Greek territory). The reason why Greece went into default in 2010 was because they had to increase MILITARY SPENDING.
Cyprus is also a TAX HAVEN and their currency is really high.
U.S., Israel and Russia also like this oil
Russians don't like Turkey because of this conflict, Turks have been assasinated by Russians.
And some royal in Qatar just bought up some Greek islands for cheep.
Yep. WWIII is happening by financial and economic combat zones, with physical war contained.
The sharks are feasting upon each other as a result of this Cyprus salvo.
Bloomberg at 11pm Sat Nite:
Not a peep about Cypress.
On CNBC: One Article: "Spain rep says Cypress won't happen here!"
Amazing.
Did 'Spain rep' mention how soon it won't happen?
This is great for all shrimp bullion holders.....now many more shrimps will understand the benefits of being outside the banking system......the penny will drop for many now.......and we will not ne looked upon as nuts.....
I've tried the shrimp bullion.
Chicken is better, though it can get moldy if you don't use a little regularly.
Silver, although tasting a little metallic, seems to have a good shelf life when stored at room temperature.
How about a little shrimp bisque served from a silver soup tureen & silver ladel?
As long as there's a slice of SPAM!
.
So, you can't trust banks with Euros, or atleast ones in PIIGS+C.. You know the Ben Bernank will inflate the USD (A depository confiscation scheme is un-necessary when you can print unlimited.). BitCoins are almost starting to make more sense.
Might be time to go buy another gun. I doubt it'll be bad investment going forward.
"The Revenue Commissioners can legally deduct money from the bank accounts of individuals if they do not pay the property tax, the Public Accounts Committee has heard."
And of course Bloomberg praised the leadership for Ireland's "economic turnaround"
http://www.independent.ie/irish-news/new-york-mayor-hails-irelands-mirac...
(Bloomberg stalks people for tax revenue in NY.)
http://www.irishtimes.com/news/revenue-legally-allowed-to-deduct-tax-fro...
Boomberg. Fascist. Zionist.
"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."
Happy St. Patrick's day then I guess.
To whichever Tyler wrote this one: Well done.
It IS just the beginning.....Money printing... When does it stop. Wake up PEOPLE. DEBT DEBT DEBT...Why believe Governments? Come on people.....
Gold and silver to the moon.........You trust governments with your $$$ Sick......
Moneylending to Cyprus by the foreign banks and lenders was a commercial decision whereby they received a higher interest rate to compensate for the risk they took in lending to Cyprus. The losses of this mess ought to be borne by lenders who enjoyed supernormal profits in good times and knowingly took the decision to lend to Cyprus banks. The losses should not be borne by the depositers and taxpayers of Cyprus or the taxpayers of other European countries by funding endless bailouts.
http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in
Look here people are already withdrawing their hard earned cash http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied-Cyprus-savers-learn-10billion-euro-bailout-agreement-includes-levy-bank-accounts.html
Best bulldozer image so far.
If there was still a shadow of doubt in your mind, isn't it now blatantly obvious that it's time to get the fuck out of paper?
Plan C: Build a military force within the nation and arm it with 2 billion bullets, 30,000 drones, 2,700 lightweight tanks, 7,000 machine guns, Janet Napolitano, Eric Holder and Diane Feinstein.
plan D allow cockroaches (public) to swing while the bankstas take over the world.
There is no way they can hold down the price of gold now. It may work for 90 minutes or so Monday, but the correction will be over so soon. And anyone leaving anything of value in a US bank safe deposit box is just asking to get ripped off. Nothing is sacred anymore. Nothing is real except what does not have any owner. If you cannot touch it....You do not own it! Pay attention.
Your right........Dollar,Euro,dracma etc etc. All friggin Paper shit......Everyone keeps printing.....When does it end? Confidence will SOON
End my friend. Thats when the paper SHIT hits the fan ..........Read the writing on the wall folks ........
Wow.....No-one gets it? You think any government is going to take care of it's citizens? WTF....You think thier going to tell you the TRUTH?
The political only look out for themselves. The BANKERS. Its all currupt.....Wake up. Gold and silver as INSURANCE......
So what happens if the Cyprus parliment votes nein?
Then liabilities on bank books will default and become notional. Didn't J.P. Morgan just lose 6 billion and now they are grabbing 6 billion in deposits from Cyprus. Dow Futures opening on Sunday could get interesting.
The basic question here is whether this was an act of desperation or a test on a a banking demographic that the bureaucrats felt immune from any response or revenge. If it was an act of desperation, then this could be a trigger to a worldwide economic disaster. If it was just a test, then we need to see if the reaction from the aggrieved bank customers and their confederates has any lasting effect on the bureaucrats and governments.
We shall see how the Russian Mafia and elites react and if they can clawback what they've just lost. The EU central bank bureaucrats feel that they are immune to any consequences, but is that the case? Only time will tell if socialism and political cronyism will win over organized crime.
Let's hope the banksters forgot to close the gas stations in Cryprus, and by Tuesday morning every bank branch and gov building is torched. That is the only way the elites will stop looting.
Insert snarky comment here: __________________________________________!
Big mistake but unavoidable, really. Bank assets in Europe are worthless. They are car loans, basically, and loans to enable the Europeans to buy fuel which is then burned up for absolutely no return.
Forget gold, Jim Sinclair is wrong. Russia will seek revenge at the front end of the natural gas pipeline. All it has to do is turn a valve and the Europeans will freeze inside their houses.
Meanwhile: this is not really the first time depositors have been screwed in Europe: Spanish depositors have been 'converted' involuntarily into stockholders of combined banks after their home-loan banks failed. When the combined banks fail the depositor/shareholders have been wiped out.
Today's robbery is the most blatant, however.
Meanwhile 2.0: the entire euro banking system collateral is the system's deposits. Good grief! Talk about shooting oneself in the foot!
Meanwhile 2.1: instead of stifling contagion, this will trigger bank runs everywhere in Europe!
Because this is the first exercise of the ESM, the ECB is now insolvent. Why? Because the ESM is simply a credit-laundering device to allow the central bank to make unsecured loans (in excess of collateral). There is no lender of last resort in Europe. Bank runs are baked into the cake and will self-amplify.
It may be very hard for the establishment to put this genie back into the bottle. This might be the trigger for the next deleveraging leg.
I suppose my BennyJewBux aren't worth nada, but they will be worth less when the frbny starts charging me negative interest, or to say another way: taxing my cash deposits?
Fuck that.
It is obvious the "man" will come for your pm sooner than later since they are taxing your negative interest saving?
It reminds me of the thousands of silver coins dug up by a English Farmer, of coins buried in Roman Britain.
This is our option? We, now, have to hide our wealth from the Jew Government to disposes every saver without due process of law?
I encourage those with the power of smokeless powder, and projectiles to protect your (legitimate), hard earned wealth because the Jew anti-Christ is planning to abscond with your wealth;What is left of it.
The Satanist Jews will not stop until every soul on this planet in in debt, payinging interest to the Jew.
My traitor , the Jew should be, in chains and torture him constantly.
The god that you worship was created by the maker .......... Sophia, the creator of your vengeful Elohim. the Jewish God, the Hindu God, and every evil creator god that tortures mankind and divides our planets oneness.
I turn my back, I refute any god displayed on this planet because I am sure Sophia, who glides across the plane of creation, producing creator gods having no knowledge of the original creator of all vengeful gods.
If you worship the vengeful gods, allowed to be created having no knowledge of Sophia, The mother of the universe, you worship Satan.
Jews are the Devils plaything.
r
Sophia? Sophia? I think I picked her up in a bar last weekend. She was a good ride, but she didn't look so good in the morning light.