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Saxo Bank CEO: "This Is Full-Blown Socialism And I Still Can't Believe It Happened"
Authored by Lars Seier Christensen, CEO Saxo Bank; originally posted at his blog at TradingFloor.com,
It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors' money and 9.9 percent of big depositors' funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?
I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.
This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.
If you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.
Depositors in other prospective bailout countries must be running scared - is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now. Even from the EU as a whole, I suspect, as the banking union is in place in most countries already.
Another open question is what will happen to the huge number of brokerages based in Cyprus? There is about 100 or more FX and other brokers currently operating under the relatively light Cypriot regulation. How will this impact the trustworthiness of these many small institutions? What IS the exact impact on the client deposits they might be holding in Cyprus? Will anyone dare to do business with them going forward?
This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal.
Market reaction? it must be very good for gold - and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro countries in, for example, Scandinavia. I would think the EUR and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors.
This is full-blown socialism and I still cannot believe this really happened.
Be careful out there...
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Fascism and Palestinians are invented things !
Yep, it took 60 years of UN and Isreali welfare to turn a pretty modest nmber of people indistinguishable from jordanian Arabs into the thoroughly wrecked teaming hoarde of useless-to-themselves semisavages commonly referred to as Palestinians today. The Arab world handled them arguably even more badly. They are treated horrendously in the Arab world.
Why don't you go be a NAZI elsewhere?
Argh, responded to wrong post.
the yuppies are brainwashed to hate socialism, much more than fascism. so whatever bad comes up, it has to be socialism.
Is he just now figuring this out?
I think this is a good thing...at least Europe is saying that the state is not going to guarantee all deposits in a bank. This deposit guarantee is wrong, and is just another subsidy for banks - you should suffer a loss if you put your cash in a bank that is not stable. I would like to see a world with sound currency and no state bailouts/guarantees for any industry. You know, something like USA was about 200 years ago....
That said, to change the rules like this is stupid and will have consequences.
mark123 - so totally wrong and incredibly ignorant and i usually try to be polite.
banking system is based on one NOT having assets at home so free-booters have an incentive to rape and pillage.
banks have 'safes' and 'vaults' and security systems to protect your valuables. this was all a HUGE part of us getting out
of caves, which lead to tribes and hopefully better.
in the beginning you paid a fee for the safe keeping. then they figure out they could borrow against your assets, (which you
actually did sign a paper and agree too.). and initially they made money by safely investing that money for more than the interest the paid out.
now they have figured out how to lend your money out 30x or more and bet it in highly dangerous ways.
which is where we are today. read about jon corzine. or jamie dimon. you are so mis-informed.
the problem in the western world today is that the banks took your deposits, whether cash or 401k or a pension fund and bet it 30x or 40x over and
lost the money. the money simply isn't there. the 'social security' money is an IOU from us treasury. nothing backs it. the same in europe.thanks for your time. and thanks for your $$ -
this isn't socialism. it is crime.
Um... banking has always been about (legalized) crime...
Buying your security always ends up costing a lot more that you bargain.
Not sure why you got all the down votes. Spot on IMO. All the best...
jamie and lloyd have multiple log-ins? the truth hurts. i know this is days after the posting - but it really is that simple.
and of course you pay a fee for free safe-keeping, but for a longtime they were still able to make profit from being
able to (reasonably) borrow your assets on safe keeping with them.
Most people can't stand the idea that stupidity and failure to exercise due diligence should be painful. I have a hard time finding sympathy for anyone in this scenario.
Bank of International Settlements > Cyprus.. No habla espanol linky. Oh noes!!!
http://www.bis.org/country/cy.htm
Bank of International Settlements
Nov 8, 2011| Detailed tables on preliminary locational and consolidated banking statistics at end-June 2011
Liek GM bonds, like property in Illnois, and florida, high confix taxes at old rates, not MTM at foreclosed prices,
if you buy in florida no home exemption, and your stuck with old prop taxes at 100% higher value, so you cant even buy foreclosures,
reason why like in Palm Beach, cty, 40,000 empty foreclosures.
they will raise the 401 Ks or priv prop funds retire funds first, then force all bankrupt IL and Calif public pension into SS;
and they cut off SS as means tested, bankster on it.
How does your pile of bullshit shore up if individuals own their homes in Florida?
Pandora's box has just been opened by the greedy banksters. They just took greed that one step too far this time
Not a word about personal bank vaults in Cyprus.
Who keeps money in the bank? I use my money to get same-day returns of 20% to 100% on ammunition... now that's what I call investing.
***There is about 100 or more FX and other brokers currently operating under the relatively light Cypriot regulation***
So the money launders are going to take a bath...poor babies.
Coming to a country where you live soon.
So... I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish.
Hmm... ok. But it's not mafia-style crony-capitalism (of any other ism) after all, then? Is it?;)
Unfucking believeable!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
"Socialism"? I always picture socialism as theft in the name of the people, or the little people in any case. This bank robbery is theft FROM little people, and some big people, in the name of who? Bond holders? Bankers? Who really gets this money? It is NOT little people, this may be socialism, but it is a NEW kind of socialism. It is a new socialist guarantee for the BIG boys. The elites who own sovereign debts. Bankers, bond holders and all the elites. It is NOT a socialism that steals from the rich to level the income levels. It is not!
You're a fool. You seem to believe that propaganda is reality. If I tell you I'm stealing all of your money to give it to the urban poor, that is somehow a-okay, regardless of what I actually do with it? You really think all that money nominally socialist governments have stolen went to their poor citizens? Really? Come the fuck on.
Read a book. The greatest beneficiaries of all nominally socialist governments have always been their elite. Nothing benefits them more than competition-free control over the means of production and distribution. They can skin as much as they want and there is not a goddamn thing anyone can do about. This feature is hardly unique to socialism, but it is omnipresent within all past and present socialist states.
Bastiat literally wrote the book on this shit like 160 fucking years ago.
"Reading comprehension". Somehow you have made my post into something it is not. Nowhere in it does it present a support for socialism. Sometimes you guys pull the trigger before you have an idea of whom you are shooting at and why you have drawn your gun.
Read again and you will not se a single word that can be presented as support for socialism, but you will find a short take on what I usually interpret socialism as meaning in the common understanding.
Most view socialism as a taking by an under class to level incomes. Does a single word in my post supprt that propostion?
Read first and shoot later!
Also, in what sense am I a fool. That is a big word to throw at a person based on a failure to comprehend a few sentences. How do you interpret the common meaning of socialism? Today, socialism is being transformed into state support and state "takings" in order to make whole an elite minority involved in today's financial services and banking sectors. Fed money printing and government bailouts of banks are socialism that benefits the already well off financial classes. Look at US banks, look at Wall-Street and look at the financial services economy, has not government taken on their well being as a function of government? That is a sociaistic approach to a sector that should have gone bankrupt by all the laws of a free market economy in 2008. They did not, Government stepped in in a number of ways to bail out these people.
Does this opinion make me a fool? Perhaps a smarter fool than many who claim intelligence???
Don't waste your time berating cockroaches. They are what they are.
Most people despise socialism because they understand that the big lie is always ultimately about power aggregation, corruption and complete loss of freedom. I think we are seeing socialism attached to this action because all that the governments are doing in conjunction with the banks is about redistribution from the earner/saver to the burner/thief. Socialism always does this by direct or indirect action, in the name and for the good of the people. The leaders elite have always sought to use populist redistribution schemes as a means to steal wealth and power. They know that what they are doing would not stand for an hour if they admitted it was for the good of the bankers and elite alone. Socialism and fascism are the names given to this evil but it has existed since the beginning of time under many names. Wasting effort in the attempt to name it is yet another diversion.
Bank depositors across Europe should be pissing themselves at this point!
The elites are now into bank robbery by fiat. The EU is a dictatorship of the elites, they will get all the money owed them in this new financial debt system, and they will rob every person in Europe if they have to to get their money. This is a new level of theft, the EU are little better than thugs who rule by decree by and for an elite of greedy thugs.
We all like to talk about the greed of union thugs. Maybe so, but how about the greed of the elites. Is not the EU a union? A union of rich greedy power mad thugs?
Neofeudalism. Throw in tattered clothes for the peasantry and horse poo in the streets and this could be the Middle Ages with better weaponry.
Always look on the bright side of life!
http://www.youtube.com/watch?v=jHPOzQzk9Qo
Less laundry soap needed for tatted clothes! And, horse poo makes good compost! Still trying to paint a smiley on the "better weaponry" part...
"Help, help, I'm being repressed!"
When you deposit your cash in a bank, you are LENDING money to the bank. The bank then makes investments (loans), and in a fractional reserve system uses leverage of at least 12 times against the deposits they take in. So, to expect that all deposits are "guaranteed" is naive...unless you think that the taxpayers should reimburse all bank losses.
Well, if you ARE lending, then you have an expectation of a fee to cover the risk associated with this lending, just as the Banks can legitimately charge YOU a fee for loaning "their" money to you.
In reality since YOU are the one being charged a "service fee" (remember - we're in 0% interest rates of deposits these days), then in lieu of a "risk fee" you should expect, AND GET, a guarantee that ALL the money deposited will be returned.
This, I believe, is the basis of the "Guaranteed Deposits" backed by many National Governments (e.g. the Australian Bank Deposit Guarantee Scheme).
Not that it makes any difference to the individual - in today's age where electronic funds transfer is the only accepted way of salary payment for most Organisations Worldwide (supposed to "help reduce crime" or so we're all told!)
can not wait to see the Nigel Farage floor response to this one.
Methinks a "blow a gasket" moment!
Our Mr Farage is SUCH a fan of the EU self-serving bureaucracy! Wonder how long before he's "removed from the public arena" in order to reduce well-deserved criticism of the Hierarchy.
Being a Brit, he's not even allowed the luxury of an effective personal defence strategy - hand-guns are only for the bodyguards of "The Important People" - and he's not one of them, is he.
Attack of the Banksters...RUN!
>>This is full-blown socialism<<
Socialism only for the bankers who are more equal than others and who are not required to contribute 9.9% of their assets to "rescue" their banks.
Good for the US Dollar, and equities, not gold. Money will flow into the US (and possibly Japan for a bit.) The fastest way out of the Euro is to buy US Dollars and put them under your bed, or buy American stocks.
And for all the squawking about a "confiscation" of Cyprus' Euros, the alternative for Cyprus was bankruptcy and possibly zero return of their deposits. For the criminal money there (most) it's a virtual "get out of jail free" card. A 7 percent haircut is better than 100 percent haircut, AND an utterly collapsed economy for the forseeable future for ordinary Cypriots, and amounts to government sanctioned money laundering for the gangsters who have exploited thier shady banking system.
The deal was another gift from Northern Europeans to Cyprus, and especially to it's shady bank customers (who have looted their own countries and "deposited" it in Cypriot banks.)
A chance for JPM and GS et al to take over Cyprus!
"the alternative for Cyprus was bankruptcy and possibly zero return of their deposits."
And debts get dissolved through bankruptcy.
"A 7 percent haircut is better than 100 percent haircut, AND an utterly collapsed economy for the foreseeable future for ordinary Cypriots"
This statement would tend to suggest that you believe that this is going to amount to a rescue, that this is going to prevent an economic collapse?
Never said it was "good" for Cyprus. Only "good" in pawn shop way, when nobody else will give you money for that old stereo, and you gotta score more drugs. How many New Cypriot Pounds would it take to buy a Galaxy 4?
Perhaps the Cypriots could have ditched the Euro and just run Club Meds or goat farms. Of course then no bankster, gangster or terrorist would put money in their banks in exhange for dracmas or whatever funny "money" they could print. Especially when that crew can merely push a button and move on to some other virtual banking "haven."
This saves the "banking system" of Cyprus (for what that's worth) and shores up the Euro temporarily for Northern Europe, which now wishes they only vacationed in the South, instead of getting into bed with them, and waking up with herpes.
For the rest of Cyprus, the actual future is probably unchanged.
This is going to bring boat loads of money to the US - and ever new highs for the Dow Jones - like 36,000!
Right?
Indeed...the only thing more bullish would be WW3!
Be careful what you wish for!
WWs 1 & 2 were a very efficient means of stripping wealth from the lower orders, and funnelling it into the pockets od the well-connected (financially and politically).
"heroes" are ten-a-penny, and medals are very cheap.
No need to request a rescue boat, the SS Bernanke sails every day, day in and day out...
IMF/ Germany wanted 40%. Next time we'll see 40%.
http://ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/03/2013_488169
This is not full blown Socialism, this is full blown fucked up Capitalism, breathing with a hot Pneumonic Corruptis, a deadly desease called Bankfascism.
Banksters are Fascists not Socialists.
Banksters are Fascists not Socialists.
You would think people so "wise" and "with-it" as your typical ZH-er would understand this.
You would think incorrectly.
Ah, but fascists always claim to be a little socialist themselves...and bankers are socialist per definitionem since they socialize their losses quite successfully.
I suppose there must be some comfort in putting a name to the devil that's fucking you, but at this point it would seem to make little difference, other than maybe being able to say I told you so. The hate of these ideologies is due to the fact that they both bring us ultimately to where we are heading.
Perfect summary 'Oldwood'... whatever the '____ism' the consequences are the same. I still visualise Goldman being sacked and the psychotic wankers being dragged out, quartered, and pilled up on the street. Mobs charging through the Hamptons and punching their good ole pick-up trucks/technicals through the fenced off 'secure' heliports and private air strips...... target reach environments indeed.
It was only a dream... I'm sure TPTB will be well out of dodge when the day of reckoning comes. Funning thing is they better hide real well.... some may survive and decide to hunt them down.
Whilst socialising the loses is now "de rigeur", it would be nice to think that some of these organisations might be prepared to socialise some of their profits - a sort-of "Thank You" to the taxpayers who had no real choice when the bailouts (which always seemed to equate with "Record Bonuses") were deemed "essential to save the Banking System"
Don't hold your breath though . . . .
It's spring break, Banksters GONE WILD.........
This new precedent will IMHO set physical PM's on fire.
Oh, the outrage of a bucket shop owner is so choice isn't it? I'm pretty fucking sure that the -10% return of the Cyprus banks still is way fucking ahead of the return on the shit CFDs that dear Mr. Christensen sells. The return on that "financial product" is probably about -80%.
Let's see. The taxpayer has paid his "fair share". Now the depositors have paid their "fair share". Hmmm. Who does that leave? I know. How about the predatory parasitic financial scum like Mr. Christensen? How about we just seize his fucking money. Yeah baby.
And when that day comes, I hope dear Tyler doesn't show himself just to be one big shill for TPTB. Everybody else has suffered. NOW IT IS TIME FOR THE FINANCIAL SCUM TO PAY. TIME TO AUCTION SOME YACHTS.
What a very stupid comment - but what would you expect from a bank CEO? This is not socialism, it's pure capitalism. You put your money in a low quality bank to get extra yield or to escape from your taxman and you take a risk. If that risk goes against you...well you lose money. What the EU has done is re-establish a basic rule of caputalism that was temporarily suspended by Big Hank to help his mates out in 2008.
What a very stupid comment - but what would you expect from a bank CEO? This is not socialism, it's pure capitalism. You put your money in a low quality bank to get extra yield or to escape from your taxman and you take a risk. If that risk goes against you...well you lose money. What the EU has done is re-establish a basic rule of caputalism that was temporarily suspended by Big Hank to help his mates out in 2008.
'Rule of capitalism' a.k.a an allegedly one time levy within an intransparent bank bailout ?
Nanana, no changer at all: Mario D. will go ahead, if needed with his OMT, the bakeries will be open, people will go to work, tube is working, what to worry about. Move on!
So Cypriots want the German and Dutch people to bailout their banks and they are outraged that the bailout isn't free? If you don't want to put skin in the game, don't accept the bailout.
I wish they would do something like this in the US so the people would understand the cost of Bernanke's QE and Obama's ghetto welfare economy.
Well, It is something of a bonus that today 'they' play with us just with paper 'they' call money. It's been much worse before.
FORWARD!!!
You know damn good and well no commoner Cypriot asked for a bailout.
Oh pleeeze? Knock off the hysterics and accept that these citizens have merely been assisted in contributing a 'fair share' to the collective good.
Boom Boom Boom.
Ya live once.
Roll with it:)
So then, come Monday, everything is status quo business-as-usual and these FUCKTARDS in Brussel expect that the plebes will just suck it up?
Are these incompetent wankers so divorced from reality that they don't comprhend what they have done?
Personally, I'm astonished that all this has actually lasted as long as it has during the 30 months that I HAVEN'T had meaningful deposits with a Eurozone bank. Still long matresses.
Markets will be un-phased by this. Gold will drop before it goes up.
IMO,that whole island is nothing more than a haven for the Russian Mafia.When the IMF and European Regulators are done with those drug dealing gangsters and the business empire that they've created to wash their ill gotten gains through,there ain't goin' to be much left of it.Basically bigger crooks taking from Russian crooks.Anywhere that the Russian Mob money has travelled and has been used will be confiscated worldwide.That's just a warmup of what's to come.
If this IS the case, it might not be such a good career being with the IMF or the EU Regulatory Authorities.
There's plenty of evidence indicating that the Russian Mafia make the Cosa Nostra look like rank amateurs. NOT a group of clans that one pisses off lightly - as the EU will no doubt find out.
finally... open season on bankers, and with no-slot?
'
'
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Tell me fellers,
SDOW or UDOW, all in?
I'm thinking SDOW… for the long term.
•J•
V-V
Clear signs of a deepening recovery in the Eurozone!!
Hey, don't blame me for saying completely irrational and patently untrue things, black is the new white, everyone's doing it, how many fingers am I holding up? That's right bitchez, however many I say I'm holding up.
There is no appeal and correspondence will not be entered into, so go get fucked.
How many fingers am I hold up?
5, but I guess only 1 is extended.
You've played this before.
So put your money in a bank that has deposit insurance. Of course, if you are laundering drug money, you may decide risking a 9.9% haircut is a cost of doing business.
If he really can't believe that this could happen, he's too naive to be a bank CEO.
It's not that he didn't think it possible it's more that he didn't realise they were that desperate, already.
Apparently he's not on the CC list.
christensen is an evil asshole.....equating state sponsored theft with socialism is the utmost hitlerian deception....banksters steal from the helpless because they are wicked people.
Socialism is just one of many methods the elites use to steal from and control the population at large.
Say what you like about the man, but there was probably less deception from Hitler than any politician of the last century. He spelled out very clearly and plainly what he intended long before he ever had power.
less like socialism, more like feudalism.
The robber barons just raided the village, and nobody stopped them.
With this shitstorm unraveling in Europe, It should be very interesting to see what happens to bond yields when the markets open in Asia tomorrow. The dollar could be in for a pretty heavy(continued) selloff. The market is positioned in a dollar strength [risk on] profile. If the market sell off accelerates next week a lot off people could get squeezed hard.
DXY chart 4-hour. DXY chart Daily
Family Feudalism .... that was one of my favourite shows !
It has **never* been safe to keep your money in banks or fiat money.
Read your history.
I can't ready my history. They stole that too.
But never is such a looong time...
Some still try to time the market... They know when they see bare shelves in the food market that time was up a year ago. The government has already beat 'em to the banks.
So the article says this should be bullish for gold. That should be good for a $20 smash down tomorrow night.
Stateside
... followed by ...
Why smashdown?....people selling gold for cash to deposit in banks..?
"Socialism? Fascism? I'm the guy with the Personal Defense Weapon."
Tylers, you need a pig mounting a duck for your capitalism sign.
That leads to Asian flu, no?
How many times need I repeat this?
Sigh.
predators DBA government
predators DBA corporations
predators DBA [central] banks
The predators are real.
The fictitious entities are... well... fictions.
Until predators are treated as predators, humans are food.
Sadly, we know already. But we are not just any food, we are proud plankton. We shall fight to our last mitochondrial breath, or dephosphorylation, as it were.
We are not 'wacko birds' coveting conspiracy theories; so called, by senior senile senator John McCain because he still wacks-on and wacks-off, and, has been rendered a severely limited ability to express himself due to his advanced age.
what you fail to realize is:
the cost benefit effect paths of this solution have been carefully analyzed.
nothing to see here... move along.
To Saxo Bank CEO: "Err ... and we don't believe yourself either. But thanks lots for faking some surprise."
Am I wrong or are all the countries on this planet taking 6-7% of everyone's bank deposits every year via inflation? What's the big deal?
Two wrongs don't make a right.
Two thefts don't make a non-theft.
The big deal is when the lying, thieving bastards occasionally admit what they're doing. It upsets the chickens.
You missed out the Tyrannical bit . . . .
You're right. 6-9% inflation/yr perShadowstats, which itself is a big deal because it is not the 1.5% CPI inflation rate TPTB claim. This latest bank larceny in Cyprus looks to be in addition to the usual pernecious debasement theft.
Please define "Deposit Insurance"...
Sorry, Boris, I got this one --
In Crony Capitalist America, bank robs you!
GOLD, BITCHEZ!
I know, I know, so obvious but seriously, some people still don't get it. By all means hold some paper for the transition in the reigion of your need / arrival but don't be fucking coinless in times like this.
The EU was never a democracy. It has always been an elite socialist construct, ruled by appointees. Some of the appointers are elected, but so what. There is no EU official who has to directly answer to voters anywhere.
The EU sheeple could panic and start a bank run, but I doubt it. They have been anesthatized so much over the years that I expect them to simply shrug.
The foreign banks and lenders being backed by politicians of bigger and stronger countries and global financial institutions are insisting that the Cyprus banks repay them in full even though this is likely to push the Cyprus economy in recession in the foreseeable future.
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.
The best way out of this mess for the citizens of Cyprus is default.
http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in
Exactly right ak. This is the scenario playing out over the entire periphery of Europe since the financial collapse of 2008. The entire financial services industry destroyed the economy, threatened even greater harm through derivatives if they were not bailed out 100 cents on the dollar, and now demand austerity on the populace in order to prepare for the next and even more costly bail out.
When you advocate for austerity, this is what you are demanding. Socialization of private debt.
The December 31, 2012 cover story in Barron's was entitled "The End of Cash?." I hope it doesn't happen but this headline could be the most contrarian ever written.
it's so sad
Socialism is only enjoyed by those at the top of society, those in receipt of the big tax breaks, bailouts and subsidies. The rest of us are subjected to the ravages of capitalism and corrupt politicians.
Ben printed 100 billion two weeks ago, gave it to European banks, added it to my US tax bill, and I'm supposed to get panties in a wad about Cyprus?
Doens't Cyprus have oil and gas potentials? They could have used that as collateral for the bail out instead of pillaging the accounts of ordinary folks.
Idiot austrians still claiming peak-capitalism is socialism, quoting blood-sucker parasites from banks..Wake up kids, this is the system that you are so in love with, and that your predessors defended against socialism tooth and nail. Stop crying like a little baby now that this is socialism, IT IS CAPITALISM AT ITS BEST...
They got exactly what they asked for. Economic illiteracy at its finest.
Gird your loins people, Cyprus is the canary in the coal mine and the canary just went belly up... This I fear, will probably not end well.
This is Socialist. And it is Nationalist.
20 years after being allowed to reunify,
Germans have gone National Socialist once again ;)
Ha ! Ha ! Ha ! More GDR than Third Reich
It's Fascism-- not Socialism.
Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.
-- Benito Mussolini
Banks are Corporations. The European Government is the State. The State is stealing from the People for the benefit of the Corporations.
That is textbook Fascism. The State will roll out their Brown Shirts in the form of "Riot Police," to uphold this theft for the Corporations.
Fascism. Not Socialism.
I am at the point where seeing the word, "Socialism" thrown around so wildly and loosely apprears to be a screen to cover for the ACTUAL Fascist uprising taking place across the world.
Just ANOTHER reason for Gold and Silver .....I think I left a Little for ya.
I don't understand how a hugely regressive wealth tax is full blown socialism. The deposit accounts are only a fraction of the elite's wealth, while it may be the majority of the small account holders assets.