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Cyprus Bank Holiday Extended Through Tuesday As Confusion Spreads

Tyler Durden's picture




 

For those who read the previous article on the topic of last minute chaos and confusion in Cyprus, and Europe, it will come as no surprise that the previously scheduled Monday bank holiday (aka Green Monday) has been extended into Tuesday. So prepare to not be surprised.

From Kathimerini:

The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

 

Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.

 

There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.

 

Skai radio reported on Sunday that the Bank of Greece has sent between 4 and 5 billion euros to Cyprus in order to help Cypriot banks respond to cash requirements by their clients.

So, if the official name of the March 18 holiday was "Green Monday", will the March 19th ad hoc holiday be called "Red Tuesday"? Inquiring minds want to know.

 

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Sun, 03/17/2013 - 10:09 | 3337865 Croesus
Croesus's picture

Yakov Smirnoff: "In Soviet Cyprus, bank robs you!"

Sun, 03/17/2013 - 10:12 | 3337868 knukles
knukles's picture

The Law of Unintended Consequences is a Bitch

Nukies Law #1 Never step on own dick with golf spikes

Sun, 03/17/2013 - 10:13 | 3337879 negative rates
negative rates's picture

Just make it 8 days and call it a week.

Sun, 03/17/2013 - 10:18 | 3337903 AlaricBalth
AlaricBalth's picture

From discovercyprus.com:
Bank sources said a run on bank ATMs started from Friday night – while the Eurogroup was in progress –peaking yesterday morning as soon as news broke from Brussels.

“The ATMs are running out of cash,” a source said.

The frenzy of withdrawals was triggered by savers likely thinking that by reducing their bank balance they would reduce their taxable amount.

However understandable, it was probably an exercise in futility, because the taxable amount will apply retroactively, from the moment the deal was struck in Brussels.

Sun, 03/17/2013 - 10:20 | 3337913 goldfish1
Sun, 03/17/2013 - 10:26 | 3337944 kaiserhoff
kaiserhoff's picture

Beware the Ides of March.

             Edward de Vere

Sun, 03/17/2013 - 10:31 | 3337953 flacon
flacon's picture

It's a Wonderful Life in Cyprus:

The [fractional reserve] Bank Run:

http://www.youtube.com/watch?v=qu2uJWSZkck

 

 

Sun, 03/17/2013 - 10:57 | 3338079 derek_vineyard
derek_vineyard's picture

spx futures up locked limit?

Sun, 03/17/2013 - 11:11 | 3338128 NoDebt
NoDebt's picture

Where did Greece get 5 Billion to send to Cyprus to prepare for the soon-to-come bank run?  Shouldn't they be saving that for their own soon-to-come bank run?

I'm not saying nothin'.  I'm just sayin'.

 

Sun, 03/17/2013 - 11:15 | 3338153 So Close
Sun, 03/17/2013 - 11:32 | 3338225 francis_sawyer
francis_sawyer's picture

I don't know what they'll 'call' it over there...

~~~

But in the US... This event will come to be remembered as 'SELECTION SUNDAY' & 'MARCH MADNESS'... Obama will will hold a candlelight BRACKET filling ceremony to mark the occasion...

Sun, 03/17/2013 - 13:15 | 3338690 american eyedol
american eyedol's picture

obama usually fills out a bracket doesn't he?

Sun, 03/17/2013 - 16:21 | 3339514 francis_sawyer
francis_sawyer's picture

Are you fucking kidding me?...

~~~

Obama's BRACKETOLOGY gets more "eyes" than the SOTU address...

Sun, 03/17/2013 - 19:19 | 3340220 TwoShortPlanks
TwoShortPlanks's picture

I just love Fictional Banking Systems.

Sun, 03/17/2013 - 18:23 | 3338922 All Risk No Reward
All Risk No Reward's picture

All you people that thought deflation was nothing more than a lowering of prices, take note!

This is an Art of War, asymmetrical military operation to bankrupt your pretend sovereign nation and hand control of it over to the international banking cartels controlelled corporate fronts.

The monetary system is a debt based system - prima facia fraud.

Debt Money tyranny

http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=77

Sun, 03/17/2013 - 12:31 | 3338479 ronaldawg
ronaldawg's picture

Re:  Texas style - now that is a way to open a video - TWO smoking hotties.,,,

Sun, 03/17/2013 - 12:47 | 3338544 zerozulu
zerozulu's picture

Cyprus is a canary in the mine test.

Sun, 03/17/2013 - 12:51 | 3338565 smlbizman
smlbizman's picture

and the question for the test is....." is it better to be 2, 3, or more years early or 1 day late?...

Sun, 03/17/2013 - 13:04 | 3338643 zerozulu
zerozulu's picture

not 2 or 3. I say right now hang these banksters.

Sun, 03/17/2013 - 15:03 | 3339175 Lost Word
Lost Word's picture

Edward de Vere = Shakespeare? Author of the play "Julius Caesar"? Caesar assassinated Ides of March.

or better evidence that

Sir Francis Bacon = Shakespeare

Sun, 03/17/2013 - 12:23 | 3338453 glenlloyd
glenlloyd's picture

Doesn't it seem odd that the banks were able to lock down the levy so quickly? I find it hard to believe that some form of levy (confiscation) was not decided long before the eurotwit meeting.

Retroactive on an account balance of zero doesn't get the govt very far.....

This is a perfect example of why one should not, and never should have, trust the banking system.

Again...long safe manufacturers.

Sun, 03/17/2013 - 15:08 | 3339191 Lost Word
Lost Word's picture

Retroactive on zero balance If they let you take your money out.

Sun, 03/17/2013 - 14:00 | 3338869 Element
Element's picture

 

"However understandable, it was probably an exercise in futility, because the taxable amount will apply retroactively, from the moment the deal was struck in Brussels."

There are withdrawal limits on ATMs, so what are they going to draw out, e1K to save e100?

No, not very likely that many people would bother with such a small sum from an ATM. This is people pulling out whatever emergency cash they can get their hands on before its ALL potentially gone.

Sun, 03/17/2013 - 14:14 | 3338932 toys for tits
toys for tits's picture

I suspect they could also by a bunch of little shit with maximum cash back.

Sun, 03/17/2013 - 10:20 | 3337906 King_of_simpletons
King_of_simpletons's picture

Bernanke should have spent $85B in Cypress this month instead of here. The economy is great here  ;-p

Sun, 03/17/2013 - 10:29 | 3337961 flacon
flacon's picture

"Cyprus"

Sun, 03/17/2013 - 10:24 | 3337931 maxmad
maxmad's picture

This IS the Black Swan you've all been waiting for...

Sun, 03/17/2013 - 10:31 | 3337969 maxmad
maxmad's picture

Here is how I see it breaking down:

 

Panic will hit the streets tonight in Cypress, Greece, Italy, Spain and Ireland...  People will be rioting and looting banks this week!

4:00 Cypress time:  The official declaration will be made.  Banks will be closed in Southern Europe for the entire week, while they wait for panic to subside.

Stock Markets will close in most Southern Eurorpean markets as people scramble to unload, hoping to get out before the mass rush out/and potential taxing of funds.

Merkel and the EU will need to decide whether to close banks throughout Europe and the stock markets...

Within 72 hours, the Euro will collapse... This will lead to a USD and UST safe haven investment... But that wont last...

By next Friday, we could see most Global Banks going on a Bank Holiday..

 

The Global reset will happen within 2 weeks, if the EU does not reverse this decision!  IMHO

Sun, 03/17/2013 - 10:39 | 3338002 maxmad
maxmad's picture

By Tuesday we should know the fate of the Euro... Just remember if they are pulling the pin "this was all set up"

Sun, 03/17/2013 - 11:39 | 3338252 dick cheneys ghost
dick cheneys ghost's picture

pre-meditated.........It does seem that way

Sun, 03/17/2013 - 10:40 | 3338006 Coke and Hookers
Coke and Hookers's picture

This can also be looked at as a window of opportunity. The elite's final solution is total control of all assets and currencies and then a unification of the world's financial system through a centrally controlled currency. This confiscation business in Cyprus is just a new and logical step in that process. The final solution, however, can only be imposed when there's no other choice and the people have been totally stripped and psychologically broken. What needs to be done now is to break that process and the only way is a continent wide Euro bank run to create an event that can't be controlled by the elite. That's what they fear most because you can't impose the final solution on people that are rebelling (unless you declare martial law and institute military tyranny). Only broken people will accept the final solution. So I say, let's do a run on the banks next week and collapse the system before it's too late. Let's leave scorced earth for the system and accept the pain that follows.

Sun, 03/17/2013 - 11:09 | 3338121 DoChenRollingBearing
DoChenRollingBearing's picture

Carpe diem!

 

Actually it is not even necessary to have a full scale bank run for the people to stay reasonably whole and for the banksters to be stymied.  A mini-bank-run would be good enough.

If everyone takes out $500 (or 500 euros) each day for the next day or two, that will squeeze the amount of currency (if the money is hoarded, which is what I am doing in part) in circulation.

Of course it might alos be a good idea to release back into circulation some of that currency by buying gold.  I'll be doing that as well.

Sun, 03/17/2013 - 11:30 | 3338216 merizobeach
merizobeach's picture

So I should take my money out of the banking system?  Oh, wait, I did that years ago.

Sun, 03/17/2013 - 12:04 | 3338355 DoChenRollingBearing
DoChenRollingBearing's picture

I have been easing my way out for a decade as well.  Still, having some money in the bank is a diversification too....

Sun, 03/17/2013 - 11:53 | 3338323 Overdrawn
Overdrawn's picture

I've started my online bank run, paid all next months bills, booked and paid for my holiday and bought some new clothes. Stocked up the freezer and found a working ATM, so have cash.    Maxed my interest free overdraft, so lets see the bastards try to tax that.

Sun, 03/17/2013 - 14:45 | 3339056 ChacoFunFact
ChacoFunFact's picture

Death Knell For the Republic.  We are being prepared.  See the below video, at the 18 minute mark, taken from Rosa Koire's blog on a related subject:

 

http://youtu.be/8t3zwg3MKkU?t=18m3s

It's not at all uncommon for dictators to tell you exactly what they're planning to do; Hitler wrote Mein Kampf, Mao, Stalin, and others wrote extensively on their ideology and future vision.

So here is the voice of the technocrat to tell you what the plan is for your future. In a speech to Joint Venture Silicon Valley/Silicon Valley Community Partnership, a consortium of wealth and technology overlords in California, 'futurist' Paul Saffo (formerly of The Institute for the Future (IFTF) a Palo Alto CA–based think tank established in 1968, as a spin-off from the RAND Corporation, to help organizations plan for the long-term future, a subject known as futures studies. --Wikipedia) speaks the vision out loud:
CITY-STATES and NEO-FEUDALISM.
 
Especially important to know about this speech is that it is sponsored by the co-creators of Plan Bay Area, also known as One Bay Area, the regionalization plan that combines all nine counties and 101 cities into a mega-city.

This speech was given in February 2013 but an earlier 2007 speech captures Saffo saying that in 50 years the United States will be erased and city-states will have replaced them.

Saffo is a professor at Stanford University.
He gets into it at about minute 18 on this video.

YOU ARE BEING PREPARED FOR THIS FUTURE.

Sun, 03/17/2013 - 10:57 | 3338076 Antifederalist
Antifederalist's picture

Maxmad

That is what should happen. I fear that the sheep are asleep.

Time will tell.

Sun, 03/17/2013 - 11:50 | 3338309 THX 1178
THX 1178's picture

I really hope so. I really hope so. I've been waiting for fuckin forever.

Sun, 03/17/2013 - 12:16 | 3338431 JOYFUL
JOYFUL's picture

Like the extremely strange iconography which appears on your US $ bill, most events of this day n age revolve around the chronic infighting between rival groups of esotericists...and their archaic rituals. Cyprus, the home station of the Knights Templar, and their leader De Molay himself, was a nest of intrigue for centuries...the Knights valued it for it's closeness to the "Holy Land"...the 26 tons of gold which they removed from under the Temple there was the cornerstone of their banking empire, and their ill treatment at the hands of penurious French Kings and their puppet Popes set the stage for a major rearrangment of the medieval stage...for that was not the only 'treasure' which they dug out...

a set of extremely mutilated copper scrolls would prove to be the foundation upon which the Kabbalists of Guilhemid Provence would build their empire of majical mathematics and eventually create the mystery of fractional banking which their descendants now use to create a new 'world order.' Their competitors and sometimes allies in the worship of Satan and the Golden Calf, the Scottish Freemasons who still hold the balance of power in the "City" have used Cyprus in the modern day as their listening post and advanced weaponry forward station in the new "Great Game" which has always centered on outfoxing the Russian Eagle - the land of the Czars being the inheritor of the Bzyantium laurels once Constantinople fell to Khazarian wiles via their "Obamaite Candidate" Alexius I Comnenus...and now, as Puppet Popes pop up n down, and events rush to their climax in a France fallen once again into penury -

nothin new under this ol sun.

As the new Byzantium of the Golden East rises to challenge the hegemony of the Phariseeutical West, banksters stage their last stand on the island were it all began. Russian mobsters??? lol...

as Bankster Milburn Drysdale was wont to say: "When I give my word, I expect you to keep it." Try...'the usual supects' - Khazarian Kooks in Savile Suits!

Sun, 03/17/2013 - 16:00 | 3339305 Lost Word
Lost Word's picture

Russian Eagle nobility much the same ancestral genealogy as the German Eagle nobility.

Teutonic Knights of Eastern Europe versus Templar and Hospitaller Knights of Western Europe.

Templars became Freemasons, and factional variants spread all over Europe.

Khazars = Eastern European Ashkenazi Jews?

Sephardic Jews = Western European Jews?

Some say there is a racial dispute between Sephardic Jews and Ashkenazi Jews.

I was under the impression (falsely?) that London Jews were Sephardic Jews.

Kabbalah origins obscure, some say it started in Italy or Germany then to France and Spain and then back again to Italy and then Eastern European Jews and all around the world.

In any case, Freemasons are De Facto Jews.

And as said, Freemasons control London "City".

Many conspiracy theories.

All Banksters.

Sun, 03/17/2013 - 13:07 | 3338655 smlbizman
smlbizman's picture

and metals will be smashed like never before....showing that losing 10% is your best deal....

Sun, 03/17/2013 - 12:58 | 3338605 Mae Kadoodie
Mae Kadoodie's picture

Let's just call it Ruby Tuesday.

Sun, 03/17/2013 - 10:27 | 3337952 kaiserhoff
kaiserhoff's picture

Lordy knuks, I've never had that problem.

I hope you show the girls a little mercy;)

Sun, 03/17/2013 - 10:44 | 3338026 MsCreant
MsCreant's picture

Must be an impressive member to need such a law, and to rank it #1

Set and spike?

Sun, 03/17/2013 - 10:49 | 3338050 Svendblaaskaeg
Svendblaaskaeg's picture

Hint: very short legs

Sun, 03/17/2013 - 11:39 | 3338254 AlaricBalth
AlaricBalth's picture

Bingo!
I found a video of knuks golfing.
http://www.youtube.com/watch?v=OSqcfHIPhBg
Knuks Dorf on golf.

Sun, 03/17/2013 - 10:56 | 3338073 zorba THE GREEK
zorba THE GREEK's picture

This could be the event that wakes up euro-sheeple and causes a run on European banks.

U.S. sheeple are still too busy watching Dancing with the stars and Honey Boo-Boo.

Sun, 03/17/2013 - 13:51 | 3338824 Buck Johnson
Buck Johnson's picture

This is a freaking joke, and if delaying the banks from opening is supposed to stop "bank runs" then they are living in a delusional world.  The longer they take to open the banks the more it's a guarantee that they will pull their money.  People know that if you can arbitrarily decided to close on a day that should be open because of fear of savers getting their money out, that should scare the savers.  Hell banks closed early or entirely on Saturday when they should have been open.  And now they are extending it.  Monday is going to be a bloodbath.

Sun, 03/17/2013 - 14:14 | 3338909 Element
Element's picture

And don't forget, as Reggie pointed out awhile back, the bank runs in 2008 were electronic, and it wasn't depositors doing it, it was banks and counter-parties running on other banks, so the system itself froze solid.

That's what a real bank run will produce.

Has anyone got some string left to push on, in that case?

And I'm pretty sure printing solves nothing, given what has transpired in the interim.

Sun, 03/17/2013 - 10:17 | 3337891 TheGardener
TheGardener's picture

Have the bank robbers been apprehended yet ?

Sun, 03/17/2013 - 11:20 | 3338167 AlaricBalth
AlaricBalth's picture

As if getting robbed isn't bad enough. To get robbed retroactively...that's just cold.

Sun, 03/17/2013 - 14:14 | 3338926 Element
Element's picture

That's World's-best-practice governance comrade.

Sun, 03/17/2013 - 16:03 | 3339425 r3phl0x
r3phl0x's picture

I'm sure they'll mail bills to the banking industry insiders who closed their accounts entirely on Friday.

Sun, 03/17/2013 - 10:21 | 3337917 maxmad
maxmad's picture

"This can't be good."

Sun, 03/17/2013 - 12:31 | 3338480 THX 1178
THX 1178's picture

Considering what is likely to happen, that is the understatement of the milennium.

Sun, 03/17/2013 - 12:38 | 3338501 Go Tribe
Go Tribe's picture

There ya go! The perfect solution: close the banks forever so you can take ALL the depositer money.

The course of the zombie disease as follows:

1. Go into debt

2. Accept other people's money

3. Take ALL of the other people's money

4. Never pay off the debt

5. Find new forms of other people's money to take

Sun, 03/17/2013 - 10:15 | 3337866 GetZeeGold
GetZeeGold's picture

 

 

We're going on vacation kids....everyone into the Wagon Queen Family Truckster.

Sun, 03/17/2013 - 10:40 | 3338011 Bicycle Repairman
Bicycle Repairman's picture

Extra snow day!! Yayyyyy!!!

Sun, 03/17/2013 - 10:11 | 3337871 swissaustrian
swissaustrian's picture

Do we have a riot cam running?

Sun, 03/17/2013 - 10:44 | 3338021 Bicycle Repairman
Bicycle Repairman's picture

Greek riot dog last seen boarding ship bound for Cyprus.

Sun, 03/17/2013 - 10:14 | 3337876 Zero_Sum
Sun, 03/17/2013 - 10:21 | 3337919 fuu
fuu's picture

No one gonna stop me now, go.

http://www.youtube.com/watch?v=ZwI02OHtZTg

Sun, 03/17/2013 - 11:24 | 3338139 babkjl
babkjl's picture

We're gonna need another Hitler video!

Oops, sorry, there is one:  https://www.youtube.com/watch?v=K5R2JyU_MKg

Sun, 03/17/2013 - 19:32 | 3340254 Shigure
Shigure's picture

Thanks! Best one yet imo

Sun, 03/17/2013 - 10:13 | 3337877 Zola
Zola's picture

Black Monday Bitchez

Sun, 03/17/2013 - 10:36 | 3337993 Crash Overide
Crash Overide's picture

What will the algo's do now? 

Sun, 03/17/2013 - 10:48 | 3338043 MsCreant
MsCreant's picture

Provide liquidity?

Sun, 03/17/2013 - 11:09 | 3338124 tom a taxpayer
tom a taxpayer's picture

MacArthur's Park is melting in the dark

All the sweet, green icing flowing down

Someone left the cake out in the rain

 

I don't think that I can take it

'Cause it took so long to bake it

And I'll never have that recipe again, oh no

 

http://www.youtube.com/watch?v=CPMpeNDIGdk

Sun, 03/17/2013 - 11:34 | 3338236 PontifexMaximus
PontifexMaximus's picture

Only performed by donna summer!!

Sun, 03/17/2013 - 10:15 | 3337885 mademesmile
mademesmile's picture

 

 

Finally, an European event that's IMPOSSIBLE to spin positively.

Zero silver linings.

 

 

 

Sun, 03/17/2013 - 10:27 | 3337951 aphlaque_duck
aphlaque_duck's picture

CNN gave it their best.... the banks are rescued and they're "cracking down": http://www.cnn.com/2013/03/16/world/europe/cyrus-big-bailout/index.html?...

But read the comments... people are waking up!

Sun, 03/17/2013 - 11:12 | 3338140 BurningFuld
BurningFuld's picture

From CNN:

"The Mediterranean Island's banking system has become "fragile" because of "its very large size relative to the country's GDP" and must be downsized, the Eurogroup said in a statement announcing the 10 billion euro bailout."

No no no....re-phrase......We got a bit carried away gambling your money away in Cyprus and we've been doing so much coke lately we have lost touch with reality so now we are just going to start taking money right out of your bank accounts.   There is that not better?

Sun, 03/17/2013 - 13:20 | 3338715 Matt
Matt's picture

Seriosuly, how does a banking system become insolvent due to TOO MUCH deposits? It's like "people gave me too much money, so now I'm broke."

Sun, 03/17/2013 - 12:13 | 3338413 Snake
Snake's picture

90% of the people get their "news" from the tv msm.  Even if CNN, this is printed news.  Comments

were - IMO - made by fairly "educated" people, "readers" and "writers"; I think.

Sun, 03/17/2013 - 10:28 | 3337955 Telemakhos
Telemakhos's picture

Oh, but we can try:

No, this time it's different.  The government is taking prudent steps to prevent ill-informed depositors from making hasty decisions that could adversely affect the banking system while the legislature debates the government's proposal to share the sacrifice needed to maintain the status quo.  The faster the legislature approves the right solution that the ECB and other guarantors of democracy have supplied, the sooner the banks will be able to get back to serving the people by receiving their latest deposits and providing loans to properly qualified entities.  

Sun, 03/17/2013 - 20:31 | 3340418 StychoKiller
StychoKiller's picture

Bwahahahaha!  Ever think of taking yer act on the road?

Sun, 03/17/2013 - 10:30 | 3337962 Kaiser Sousa
Kaiser Sousa's picture

you under estimate the power of the CNBC siths.....

Sun, 03/17/2013 - 11:25 | 3338190 Bullionaire
Bullionaire's picture

Russian "hot money" reply to eurocrats:

 

http://rt.com/news/fleet-mediterranean-russia-ships-390/

Sun, 03/17/2013 - 12:09 | 3338398 TheGardener
TheGardener's picture

But spin they will . MSM journalists are often number illiterates frequently mixing up millions,billions and trillions because their monthly payment consumer mind
only knows 4 figures. The EURO 6.75 account fee will
be reported but hard math such as in "percentage" will be
edited to make it more understandable...

Sun, 03/17/2013 - 12:23 | 3338411 El Oregonian
El Oregonian's picture

"Finally, an European event that's IMPOSSIBLE to spin positively."

True, but I'll try: "Howdy Folks! Herman Van Rompuy here, My friends call me "Herpes" for short. Do you know what day it is? OPPOSITE DAY!!! YEA-A-A-A-A!!! And since it is OPPOSITE DAY, Well, that means all the negative interest received at your new local bank Deposit interest rates ACTUALLY means that it IS POSITIVE DAYYYY!!! YEA-A-A-A-A!!!"

I know it's hard but it was my best with what I had to work with -Herman Van Rompuy 17. 3. 2013

Sun, 03/17/2013 - 10:15 | 3337886 freeasabee1
freeasabee1's picture

A Classic Catch-22, pass the popcorn....

Sun, 03/17/2013 - 10:15 | 3337889 lolmao500
lolmao500's picture

I'm gonna laugh my ass off if it doesn't pass and then people panic anyway (and rightfully so) and get their money out of Europe everywhere and several banks collapse.

LULZ...

Sun, 03/17/2013 - 10:54 | 3338065 Number 156
Number 156's picture

"I'm gonna laugh my ass off if it doesn't pass and then people panic anyway"

Right! So the only way they can get the money is to inflate it out from under them.

Watch and learn.

Sun, 03/17/2013 - 12:45 | 3338537 lolmao500
lolmao500's picture

The only way to do that is to get out of the euro.

Sun, 03/17/2013 - 10:16 | 3337894 trollin4sukrz
trollin4sukrz's picture

Time to rake the bacon?

Sun, 03/17/2013 - 10:16 | 3337895 nmewn
nmewn's picture

The cash under my mattress bears a zero percent rate of interest too. The weird thing is, I have 24/7/365 access and its guarded by someone with a vested interest in making sure I always have access.

Sun, 03/17/2013 - 10:23 | 3337924 buzzsaw99
buzzsaw99's picture

I agree, people laugh about the bank of serta until something bad happens.

Sun, 03/17/2013 - 11:00 | 3338091 augustusgloop
augustusgloop's picture

just have to make sure you have lead to protect the paper under mattress.

Sun, 03/17/2013 - 11:29 | 3338206 Kirk2NCC1701
Kirk2NCC1701's picture

My wife and I believe in geographic diversification also. So we have some at Bank of Sealy, and some at another place at bank of Serta. ;-)

Sun, 03/17/2013 - 11:36 | 3338240 francis_sawyer
francis_sawyer's picture

I keep my cash in nickles... Not as comfortable, but less tempting for the mice...

Sun, 03/17/2013 - 10:16 | 3337896 apoorboy
apoorboy's picture

Coming soon to a bank near you!

 

Sun, 03/17/2013 - 10:17 | 3337898 HD
HD's picture

Can't Ben just bail them out?  Fed has backstopped every other major bank in the US and EU - why stop at Cyprus?  Pocket change really....

Sun, 03/17/2013 - 10:27 | 3337946 GetZeeGold
GetZeeGold's picture

 

 

Word up.....the sequester didn't stop us from sending 250 million to Egypt.....not to mention massive purchases of ammo.

 

Not sure if you can tour the Whitehouse however.

Sun, 03/17/2013 - 10:39 | 3338004 HD
HD's picture

Yup, the sequester is laughable - hasn't slowed down the never ending Wall Street bailout or the "911 changed everything" police state...

Sun, 03/17/2013 - 12:31 | 3338468 Kirk2NCC1701
Kirk2NCC1701's picture

Ah, but it has affected the Unemployment Insurance payouts: 10% reduction. That's a 10% (Cyprus/Russian) haircut to people who paid taxes and FICA.

DC is indeed a Hill of Whores! They're dancing to the Banker Style. I'd like to them swing to the Hangman Style!

Sun, 03/17/2013 - 10:52 | 3338062 Bingfa
Bingfa's picture

Federal spending is up 30.5B over the first 5 months of last year....

http://cnsnews.com/news/article/305b-federal-spending-not-down-first-5-m...

Runaway caboose...But remember, we don't have a debt problem (sarcasm)

               Pretty easy when we're buying our own debt

Sun, 03/17/2013 - 10:59 | 3338088 HD
HD's picture

"Pretty easy when we're buying our own debt"

   Ben clearly told CONgress that he would not monetize the debt. You're not callin' good ol' Ben a liar now are you?

 

Sun, 03/17/2013 - 11:10 | 3338130 Bingfa
Bingfa's picture

Yes sir I am....The whole thing is kinda comical once you get beyond the rage...

Sun, 03/17/2013 - 11:03 | 3338098 augustusgloop
augustusgloop's picture

not sure why the aid to egypt isn't just counted as aid to israel as it's hush money for not pounding on our 'lil buddy in the mideast.

Sun, 03/17/2013 - 10:54 | 3338032 Crash Overide
Crash Overide's picture

"Can't Ben just bail them out?"


Cyprus = Putin, Russia, Syria, Iran, China, Gold, Silver etc...

Ben = Obama, US, Europe, IMF, BIS, FED, Bonds, Paper etc...

Mortal enemies? or all on the same team?

Sun, 03/17/2013 - 12:02 | 3338364 francis_sawyer
francis_sawyer's picture

Mortal enemies? or all on the same team?

~~~

yes

Sun, 03/17/2013 - 10:17 | 3337899 Phroneo
Phroneo's picture

Leave it to Hitler to stand up for Europeans!
https://www.youtube.com/watch?v=K5R2JyU_MKg 

Sun, 03/17/2013 - 10:23 | 3337927 fuu
fuu's picture

Bravo, go get yourself some crepes.

Sun, 03/17/2013 - 10:44 | 3338022 Martial
Martial's picture

HAHAH! Been waiting for this!

Sun, 03/17/2013 - 12:13 | 3338412 smacker
smacker's picture

wow! that was quick.................

Sun, 03/17/2013 - 12:34 | 3338489 Kirk2NCC1701
Kirk2NCC1701's picture

I could not see it. Got an error message in German.

Sun, 03/17/2013 - 10:18 | 3337900 fonzannoon
fonzannoon's picture

this definitely swings the pendulum back towards stupid from evil in the age old debate about TPTB.

Sun, 03/17/2013 - 10:23 | 3337930 toys for tits
toys for tits's picture

+100

Hilarious

Sun, 03/17/2013 - 10:33 | 3337979 HD
HD's picture

 Smells like TPTB desperation to me Fonz - these SOBs are undoubtedly evil but they plot and scheme with the best. Maybe they are FINALLY running out of rabbits to pull out of their hat...

 

Sun, 03/17/2013 - 10:34 | 3337983 fonzannoon
fonzannoon's picture

I would have made the announcement at 6am Tuesday so as not to disrupt my weekend in the South of France but that's just me.

I hear you, the fact that they are here says it all.

Sun, 03/17/2013 - 11:50 | 3338308 merizobeach
merizobeach's picture

Maybe this is just the next preplanned step in the collapse of nationstates and their currencies that leads to world government and supranational currency.  Got SDRs?

Sun, 03/17/2013 - 10:18 | 3337901 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Endgame bitchez!

Sun, 03/17/2013 - 10:18 | 3337902 tmosley
tmosley's picture

Translation: The bank holiday has been extended until further notice.

Sun, 03/17/2013 - 10:19 | 3337910 GrinandBearit
GrinandBearit's picture

All cash out of bank into mattress... check

Water and food storage... check

PMs... check

Guns and ammo.. check.

Recliner and popcorn... check.

 

Sun, 03/17/2013 - 10:20 | 3337912 MajorWoody
Sun, 03/17/2013 - 11:40 | 3338259 Bullionaire
Bullionaire's picture

Hey Prof. Krugman, stop dicking around on the interweb and get back to grading exams.

Sun, 03/17/2013 - 12:37 | 3338497 Kirk2NCC1701
Kirk2NCC1701's picture

Apparently I got "Some financial redneck potential" in me.

Sun, 03/17/2013 - 10:21 | 3337916 sharky2003
sharky2003's picture

So...the 7-10% tax turns into 100% tax? Will the banks ever reopen?

Sun, 03/17/2013 - 10:24 | 3337939 _ConanTheLibert...
_ConanTheLibertarian_'s picture

does it matter when 100% is taxed?

Sun, 03/17/2013 - 10:28 | 3337954 sharky2003
sharky2003's picture

My point is as long as the banks are closed (which appears to be indefinitely) it is an effective tax of 100%. 

Sun, 03/17/2013 - 20:36 | 3340434 StychoKiller
StychoKiller's picture

Understood, but can a bulldozer open a safe?  Guess we'll find out...

Sun, 03/17/2013 - 10:22 | 3337921 Dagny Taggart
Dagny Taggart's picture

This makes the bottom of the deep lake <location of boating accident> such a warm and fuzzy place huh?

Sun, 03/17/2013 - 10:22 | 3337922 wcvarones
wcvarones's picture

Laugh it up, fuzzballs.

You've been getting Cyprus'd by Ben Bernanke for five years.

http://www.wcvarones.com/2013/03/think-cyprus-cant-happen-here-it.html

Sun, 03/17/2013 - 12:35 | 3338491 Arrowflinger
Arrowflinger's picture

How brutally well I know.....

 

Sun, 03/17/2013 - 13:38 | 3338776 Matt
Matt's picture

It's all about change over time. Sudden changes cause chaos, panic, destruction. Slow, steady change can move things quite a ways in a fairly short time. Tortoise vs Hare.

Sun, 03/17/2013 - 10:23 | 3337926 JamesBond
JamesBond's picture

Where the fuck did Greece get the money to send Cyprus?

 

jb

Sun, 03/17/2013 - 10:49 | 3338047 Fuh Querada
Sun, 03/17/2013 - 10:58 | 3338080 Croesus
Croesus's picture

"But the U.S. (Greek) government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars (Euros) as it wishes at essentially no cost."

Ben Bernankiopolous

Sun, 03/17/2013 - 11:11 | 3338135 smacker
smacker's picture

My thought exactly :-)

Sun, 03/17/2013 - 12:42 | 3338511 Professorlocknload
Professorlocknload's picture

Can't print too much and stack it on an island without damaging it....https://www.youtube.com/watch?v=v7XXVLKWd3Q

 

Sun, 03/17/2013 - 10:24 | 3337934 JustObserving
JustObserving's picture

When do they declare a bank holiday in Italy, Spain and Greece? When the ATMs run out?

Sun, 03/17/2013 - 11:38 | 3338249 francis_sawyer
francis_sawyer's picture

As soon as the Sunday soccer matches are over & the stadium is trashed...

Sun, 03/17/2013 - 10:24 | 3337940 NoTTD
NoTTD's picture

Greece is sending them emergency funds?  Sounds like a winner.

Sun, 03/17/2013 - 10:26 | 3337942 toys for tits
toys for tits's picture

 

 

bank accounts in other southern European bank may suffer.

 

I've been reading comments on Der Spiegel's website and would bet that anywhere the Euro is controlling there will be a run. 

Those idiots fucked up bad.

Sun, 03/17/2013 - 11:47 | 3338298 Kirk2NCC1701
Kirk2NCC1701's picture

Would not be surprised if they end up with a Northern and a Southern Euro. Fed willing.

Sun, 03/17/2013 - 12:21 | 3338444 unununium
unununium's picture

Any bets on which side France comes down on?

Sun, 03/17/2013 - 10:29 | 3337958 psyops
psyops's picture

Greeks are lazy, Italians are mafiosi, Spaniards are corrupt and have siestas, Cypriots are moneylaundering... this Goebbelist morality tale convinces fewer and fewer by now. 
This is a clear German Nationalist agenda to turn the EU periphery into a postmodern, postdemocratic, postcollonialist Lebensraum.  This is not a "Union", this is a 4rth Reich, with virtouous Northener Ubermenschen, worthy of the bank deposit guarrantee and rotten Southern Untermenschen, who need to be flogged into submission. This morality tale is Goebbelist propaganda, enabling a racist, postcollonialist, postdemocratic EU. The EU project is dead, time for the people of Europe to bring it down with the least possible bloodshed, time for the Euro farce to end...

Sun, 03/17/2013 - 11:39 | 3338256 francis_sawyer
francis_sawyer's picture

good thing you didn't try putting any labels on JEWS, you'd have been junked into submission...

Sun, 03/17/2013 - 12:14 | 3338420 IridiumRebel
IridiumRebel's picture

religion plays no part

it is merely evil

Sun, 03/17/2013 - 12:48 | 3338551 Professorlocknload
Professorlocknload's picture

Double entendre?

Sun, 03/17/2013 - 12:48 | 3338552 Kirk2NCC1701
Kirk2NCC1701's picture

Psyops = honesty in moniker. ;-)

If the Euro falls, it will only serve to prevent an alternative to the equally rotten USD. The Fed/CIA_pysops is happy to throw the Euro under the bus.

Fed = #1 currency manipulator in the world. Folks, we ARE at war: It's a Cold War of cold, fiat cash. Last fiat standing wins!

Sun, 03/17/2013 - 16:06 | 3339441 Lost Word
Lost Word's picture

Warring Factions within the NWO.

Sun, 03/17/2013 - 20:55 | 3340482 StychoKiller
StychoKiller's picture

So sayeth Gahan Wilson...

Sun, 03/17/2013 - 10:32 | 3337973 exgop
exgop's picture

>>>>>>> http://theuglytruth.wordpress.com/ <<<<<<<<<<<<<

Sun, 03/17/2013 - 10:37 | 3337982 JPMorgan
JPMorgan's picture

LOL they have really fucked this up.

I think the only thing they can do is go down the route of capital controls and restrict the outflow.

And of coarse very publically scrap the idea of stealing from the savers.

They need to calm and disarm the situation basically then have a rethink.

Sun, 03/17/2013 - 12:57 | 3338581 Kirk2NCC1701
Kirk2NCC1701's picture

+1. One of the best, smartest comments. If we were to "Keep our shorts on".

Unless someone actually wanted this to become a fire-starter. In which case, almost anything can happen.

Sun, 03/17/2013 - 10:35 | 3337984 Edward Fiatski
Edward Fiatski's picture

This is exciting, and I'm sitting on top of it all at the moment. :)

Either way it's EUR negative: 1) Pass and EURs in your account in EU banks will be seen as collateral, to be taken at any moment (after Friday close preferably); 2) Do not pass and it's risk off.

Weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!

P.S. Fuck you Draghi.

Sun, 03/17/2013 - 10:39 | 3337991 Professor Fate
Professor Fate's picture

Its Zugzwang Bitchez.  Cypriot Cabinet must make the next move. 

They block it. Repeal and say it was all a big mistake.  Result:  A bank run which spreads throughout Spain, Greece, Italy. 

They let it stand, save the bondholders and screw the depositors to the wall.  Result:  A bank run which spreads throughout Spain, Greece, Italy.

Its done.  Zugzwang.  Make the move.

Fate the Magnificent

"Push the Button, Max"

Sun, 03/17/2013 - 10:40 | 3338008 OutLookingIn
OutLookingIn's picture

Totally right on!

THE DAMAGE IS DONE. The cake has been baked and is out of the oven.

Caught between a rock and a rock.

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