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FX Market Opens, EUR Hammered, CHF Bid; S&P To Open -30pts

Tyler Durden's picture


As Citi's Steven Englander suggested earlier, the developments in Cyprus will lead to EUR selling and USD, CHF, GBP, NOK and SEK  buying (in that order). He adds, the issue is whether to believe that the Cyprus levy on depositors is one-off, but depositors and investors elsewhere could easily see this as another in a string of ‘one-offs’ and react badly. The risk-return to depositors in countries with weak banking systems may not favor taking the risk that Cypriot banking system was so unique that such a levy would never be considered elsewhere. The levy on deposits ostensibly covered by deposit insurance may also undermine confidence in weak banks. The question is whether this becomes a full-blown crisis or a mini-crisis. For now, as FX markets open, it appears EURJPY is getting hammered (from 124.47 close to 121.6) implying S&P futures will open down around 30 points. We are sure Abe is watching closely...



Given the element of surprise, it is probably the case that euro zone policymakers will not have concrete measures prepared to convince depositors elsewhere that this will never happen again. So it seems likely in the first instance some resurgence of tail risk will re-appear and that there is a risk that we could see a downward spike in the euro and significant backing up of spreads.


EURUSD has opened and is -140 pips for now...


and CHF is bid...


and all that good jawboning by Carney gone dow the drain... as GBP bid too...


the question is will the Swissie bid on Europe's risk flare recouple the S&P 500 with reality once again... as it did after theItalian election...


and of course everyone's favorite USDJPY...


Leaving us asking 'Is This It?' as a terrible case of deja vu comes over the market once again...


or this?


or perhaps more appropriately this?


Charts: Bloomberg


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Sun, 03/17/2013 - 14:12 | 3338902 machineh
machineh's picture

If Cypriots spoke Spanish, they could call their deposit freeze a 'corralito.'

The EU has gone Argentine on us. Just like the Vatican.

Chew on that, bItCHeZ.

Sun, 03/17/2013 - 14:12 | 3338917 kaiserhoff
kaiserhoff's picture

Quick, someone dress up Dick Bove's cadaver, so he can tell us it's all peachy, swell, keen.

Sun, 03/17/2013 - 14:14 | 3338934 csmith
csmith's picture

when did he die?

Sun, 03/17/2013 - 14:18 | 3338952 kaiserhoff
kaiserhoff's picture

Sh.  Don't tell him.

Every little ting, gonna be all right.



Sun, 03/17/2013 - 14:36 | 3339030 flacon
flacon's picture

I am very curious how gold will react. It's either going to get hammered down to $1,560 again or it's going to $1,619. .... I am just afraid of an excuse to hit it down big time. 

Sun, 03/17/2013 - 14:44 | 3339062 fonzannoon
fonzannoon's picture

gold will be up tomorrow. I don't care if the dollar skyrockets. they will both be up. GLD may have to issue more shares to keep up with the demand for pieces of paper...

Sun, 03/17/2013 - 15:21 | 3339234 bonderøven-farm ass
bonderøven-farm ass's picture

I plan on donating 100 oz. of silver Wood Bisons to my farm's lake bottom upon delivery.

Sun, 03/17/2013 - 15:27 | 3339262 BaBaBouy
BaBaBouy's picture

Ya Gatta Love These Fecking BankSters ...

They Have All Our Paper Fiats On Their HARD-DRIVES, And Can Do Whatever The Fuck They Want With It ...

And The FEDi Has Most Of The Worlds CB's GOLD Burried Under an NYC Street (Just TRY And Get It Back...) ...

All Will Soon Learn That GOLD $50K Is Not That Far Off ...

Sun, 03/17/2013 - 15:57 | 3339401 cocoablini
cocoablini's picture

Expect negative interest take 10% of your deposits. Everyone expecting bond rates to skyrocket can forget it. Getting zero% is a great return in a deflation...

Sun, 03/17/2013 - 16:08 | 3339454 Comay Mierda
Comay Mierda's picture

didn't Goldman recommend buying EURGBP a few days ago?

muppet slaughter continues

Sun, 03/17/2013 - 16:12 | 3339474 Manthong
Manthong's picture

After Kevin sobers up from the St. Paddy’s all-nighter, he’ll be buying EUR to bring it back up.

Sun, 03/17/2013 - 18:05 | 3339927 Divided States ...
Divided States of America's picture

S&P down 30??? I think you mean Dow down 30...PPT now working over the weekends too. This market doesnt look like it wants to fall over anything.

Sun, 03/17/2013 - 16:34 | 3339549 francis_sawyer
francis_sawyer's picture



Those fucking jews prolly engineered this whole shebang...

1. ISSUE 'GO LONG' reco [to muppets]

2. Haircut Cyprus 'savers'

3. All Hilarity ensues

4. Cover PUTS & go long Euro during panic

5. Hire the PRICEY clown act for Solomon's bar mitzvah [& lavish LasVegasDave a BONUS for cleaning the pool]...

Sun, 03/17/2013 - 17:03 | 3339700 Xibalba
Xibalba's picture


Sun, 03/17/2013 - 21:30 | 3339971 Ignatius
Ignatius's picture

Gold popped at the opening -- $1600+

Sun, 03/17/2013 - 14:53 | 3339111 otto skorzeny
otto skorzeny's picture

it will do the opposite of what you expect

Sun, 03/17/2013 - 14:56 | 3339132 Hulk
Hulk's picture

So expect the opposite, Bitchez !!!

Sun, 03/17/2013 - 15:12 | 3339211 maxmad
maxmad's picture

Limit down!!!  Followed by bank runs!!  Well played EU!!  Well Played!!

Sun, 03/17/2013 - 15:27 | 3339286 a growing concern
a growing concern's picture

We demand the deer in headlights!!!

Sun, 03/17/2013 - 16:41 | 3339593 machineh
machineh's picture

Sorry, the homeless people ate venison last night.

Sun, 03/17/2013 - 15:10 | 3339202 Al Huxley
Al Huxley's picture

I can't think of a clearer confirmation that this is the time to convert any cash you might have in ANY bank and convert it into metals.  So given that, if the best form of insurance against the oligarchical thievery that just occurred in Cyprus goes DOWN in price, I'll take that as a gigantic gift.

Sun, 03/17/2013 - 15:18 | 3339235 IMA5U
IMA5U's picture

Only if it is HEAVY METAL

Sun, 03/17/2013 - 16:51 | 3339637 GOSPLAN HERO
GOSPLAN HERO's picture

National Socialist Black Metal?

Sun, 03/17/2013 - 17:15 | 3339735 CrazyCooter
CrazyCooter's picture

Hah, anyone else singing along ... ?



Sun, 03/17/2013 - 20:07 | 3340356 Go Tribe
Go Tribe's picture

Long swastika rounds.

Sun, 03/17/2013 - 15:18 | 3339236 IMA5U
IMA5U's picture

Only if it is HEAVY METAL

Sun, 03/17/2013 - 17:07 | 3339715 RockyRacoon
RockyRacoon's picture

What happens to the "cash" I have stashed in a Paypal account?  It normally goes to pick up a few PM trinkets now and then.  Their lack of a bank charter could come in handy?  ...or not?

Sun, 03/17/2013 - 17:50 | 3339870 Jugdish
Jugdish's picture

I wanna rape your gold after this all collapses.

Sun, 03/17/2013 - 16:01 | 3339411 Non Passaran
Non Passaran's picture

It doesn't matter what gold does.  

There is no doubt in my mind that I should keep buying.

If it drops, I'll buy more. I bought recently at about the current price so for now I'm done with shopping unless the price becomes significantly cheaper - then I'd go out of my way to buy more.

Today I expect it to jump to at least $1,610.

Sun, 03/17/2013 - 15:46 | 3339365 Stoploss
Stoploss's picture




Right this very second would be a good time to put your hands on your current fiat currency, as it's physical value is about to quadruple.

This is the ONLY time fiat currency has any fungible value, and it DOES NOT last very long.

US will feel this big time.

Lotso fiat gonna move in a fuckin hurry..

Sun, 03/17/2013 - 16:22 | 3339503 scatterbrains
scatterbrains's picture

thing of it iz  yah niggers gonna pay us bankstas come hell or high water.. don't git it fucked up

Sun, 03/17/2013 - 16:27 | 3339533 francis_sawyer
francis_sawyer's picture

Every little ting, gonna be all right.


Turn dat frown upside down, Mon...

Sun, 03/17/2013 - 15:39 | 3339336 Stoploss
Stoploss's picture

Will this be seen as gold positive???

Sun, 03/17/2013 - 14:12 | 3338921 SHEEPFUKKER

Time to Cyp-RIOT. 

Sun, 03/17/2013 - 14:49 | 3339088 max2205
max2205's picture

He who sells first....

Ben will protect us...sure

When you get zero interest, why leave it in the bank when this could happen. Deposit Insur or not.

Sun, 03/17/2013 - 14:46 | 3339074 ar01
ar01's picture

From a game theory perspective, don't the banks hold the upper hand to the ECB? The ECB is threatening to cut liquidity lines to Cypriot banks. Personally, I'd call the ECB out on their bluff -- no way they'd allow the contagion that would come from that. 

Sun, 03/17/2013 - 15:09 | 3339198 Silver Garbage Man
Silver Garbage Man's picture

I agree, but you know behind the curtain someone has a gun to their head.

Sun, 03/17/2013 - 15:33 | 3339309 Matt
Matt's picture

"I play chicken, with the train"

Sun, 03/17/2013 - 14:08 | 3338905 Howdan
Howdan's picture

I wouldn't be surprised if the "politicians" come out randomly with "positive spin" headlines to cause spikes in these markets to burn any shorts. That's what usually happens.

Cue Europe-wide "Short selling bans" tomorrow.......

Sun, 03/17/2013 - 14:43 | 3339054 EscapeKey
EscapeKey's picture

Never short positive rhetoric.

Sun, 03/17/2013 - 16:23 | 3339518 resurger
resurger's picture

that's what they usually do


Sun, 03/17/2013 - 17:55 | 3339888 grid-b-gone
grid-b-gone's picture

It's pretty hard to spin "We chose to screw depositors rather than the politically connected debt risktakers."

The level of understanding will permeate the next stubborn layer, even if decision makers pull back from the plan by Wednesday. They've revealed the next in line to lose after all state-owned collateral has been pledged.

It is also revealing that this drastic action came before meaningful budget and public spending cuts.     

Sun, 03/17/2013 - 14:10 | 3338907 kaiserhoff
kaiserhoff's picture

Air pocket, Bitches.

Sun, 03/17/2013 - 14:11 | 3338916 gimli
gimli's picture

Don't worry Kevin Bacon is on crowd control:

Sun, 03/17/2013 - 14:59 | 3339148 TeamDepends
TeamDepends's picture

Thank you sir, may I have another?

Sun, 03/17/2013 - 16:58 | 3339575 TeamDepends
TeamDepends's picture

"Assume the position"

Assume the postion folks, it's coming.

Sun, 03/17/2013 - 16:59 | 3339681 geekgrrl
geekgrrl's picture

Here ya go...  Fraternity Paddle

Sun, 03/17/2013 - 17:54 | 3339882 Jugdish
Jugdish's picture

I was in that fuckin fraternity until Douglas C Neidermeyer blackballed me. His father was in the infantry.

Sun, 03/17/2013 - 23:56 | 3341050 geekgrrl
geekgrrl's picture

Don't feel bad. He was killed by his own troops in Vietnam ;-)

Sun, 03/17/2013 - 17:00 | 3339687 geekgrrl
geekgrrl's picture

Beat me to it :-)

Sun, 03/17/2013 - 14:12 | 3338918 Bam_Man
Bam_Man's picture

"Nobody could have seen this coming."

Sun, 03/17/2013 - 14:16 | 3338945 gimli
gimli's picture

I bought TVIX on Friday .... soon CNBC will be offering me Cramer's slot.

Sun, 03/17/2013 - 14:19 | 3338954 JenkinsLane
JenkinsLane's picture

In the words of Viggo Mortesen's character in Eastern Promises, "Stay away from people like me."

Sun, 03/17/2013 - 14:31 | 3339010 Clockwork Orange
Clockwork Orange's picture

 My condolences.

Sun, 03/17/2013 - 15:14 | 3339215 kaiserhoff
kaiserhoff's picture

Does that mean you will have to wear a penis head mask?

Sun, 03/17/2013 - 16:34 | 3339552 bigrooster
bigrooster's picture

I sold my tvix position Wednesday.  Good luck it should double in a week if not tomorrow.

Sun, 03/17/2013 - 14:12 | 3338920 Smegley Wanxalot
Smegley Wanxalot's picture

My Big Fat Greek Wedding has given way to

My Big Fat Cypriot Assfucking

Sun, 03/17/2013 - 14:26 | 3338947 JenkinsLane
JenkinsLane's picture

Singaporean and Swiss bankers must have chuckled to themselves over the weekend, perhaps UAE bankers as well. 

Next week is going to be a busy one for them.

Sun, 03/17/2013 - 14:49 | 3339096 akak
akak's picture

Zorba the Greek(ed)

Sun, 03/17/2013 - 14:12 | 3338923 Bam_Man
Bam_Man's picture

"All your asset are belong to us."

Sun, 03/17/2013 - 14:52 | 3339106 EscapeKey
EscapeKey's picture

Reminds me of an article written by Cullen Roche (of Pragmatic Capitalism), in which he suggested using private sector funds to pay for public sector debts, but (annoyingly), I can't seem to find it at the moment. I originally saw it over on BusinessInsider, but their search function is as bad as their journalism... and integrity.

Sun, 03/17/2013 - 15:01 | 3339162 Holleyman
Holleyman's picture

"make your time"

Sun, 03/17/2013 - 14:13 | 3338928 Crash Overide
Crash Overide's picture

Cry havoc and let slip the algos of war...

Sun, 03/17/2013 - 14:14 | 3338937 JenkinsLane
JenkinsLane's picture

Welcome back vol.

Sun, 03/17/2013 - 14:16 | 3338946 gatorengineer
gatorengineer's picture

Wow - we are getting more an more naive here.... Cue "Just kidding" from Bubba in

Germans will roll over in the next few hours, and restore the bank deposits.  As with all wars, this was a feint to test the enemy.....

Dont worry Benny and inkjets got the markets back tomorrow...


Sun, 03/17/2013 - 14:28 | 3338997 toys for tits
toys for tits's picture



It doesn't matter, the cow is out of the barn and heading to a neighbor's house and the barn burned down. It'll (trust) have to be rebuilt, which will take years, if ever.

Just remember the 10% luxury tax that congress impossed on yacht builders under Clinton.  Every yachtmaker left the country.  It's a lot harder to move a company than cash.

Sun, 03/17/2013 - 14:45 | 3339066 Pool Shark
Pool Shark's picture



Exactly. It doesn't matter whether their Parliament approves the measure or not; the damage is done. In fact, capital flight might be even more severe if they vote to reject...



Sun, 03/17/2013 - 14:44 | 3339059 defencev
defencev's picture

I doubt it. This is essentially nonevent. They could easily bail out Cyprus but they simply did not want to maintain money laundering mechanism for Russian mafia (and that is what de facto Cyprus banking system is). You will see Russian mafia money flying out of Cyprus and that will be it. I would use a short term dive of Euro as a buying opportunity. When you, people, finally wake up to the reality that this miserable Blog has an agenda. Do not you realize that the so-called "authors" post their garbage here precisely because that nobody else will ever publish it? Not mention that majority of them live on Obama hand outs?

Sun, 03/17/2013 - 14:50 | 3339098 fonzannoon
fonzannoon's picture

ladies and gentleman Ron Insana...

Sun, 03/17/2013 - 15:07 | 3339193 jcaz
jcaz's picture

LOL-  poor Ron, I had forgotten about him-  Did Cramer finally fire him after he blew EVERY call in his fund?  CNBC doesn't even throw him those $325 "Guest Commentator" gigs anymore.....

Sun, 03/17/2013 - 15:24 | 3339272 NoDebt
NoDebt's picture

Yeah, let's not get so jaded that we think NOTHING can make the markets go down.  That's just not true.  In the last 5 years I have see events in ONE CATEGORY that have the capacity to move markets down big digits in a hurry:  a credible threat to the existance of the status-quo TBTF banking system.

Lehman was one.  The US debt ceiling debacle was another.  This one doesn't rise to that level, at least not yet.  But if something like a REAL bank run starts to develop in southern Europe, it WILL rise to that level.  TBTF banks know better than anyone how interconnected their existance is.  Take down one big one (or even a semi-big one) and they all go down.

Sun, 03/17/2013 - 15:18 | 3339233 One World Mafia
One World Mafia's picture

That they would do this to the citizens of their own country speaks volumes.

Sun, 03/17/2013 - 15:34 | 3339310 a growing concern
a growing concern's picture

How well armed are Cypriots?  You'd think they'd want to call a convention between copper-jacketed lead and banksters' brains after this.  We shall see...

Sun, 03/17/2013 - 16:44 | 3339603 logically possible
logically possible's picture

Americans have been getting reamed for the last five years, and have not done a thing, what makes you think the Cypriots will? The majority of the sheep don't have a clue.

Sun, 03/17/2013 - 21:04 | 3340513 slightlyskeptical
slightlyskeptical's picture

Most of them are all wallowing in the announcement of the new pope. Wait until tommorrow when their brokers call to tell them all everything is going to shit- again! It won't gel with the euphoria and thus will be ignored and  abunch of transfers will be started. "I want to do biz with someone who is optimistic!".

Sun, 03/17/2013 - 14:18 | 3338951 Yen Cross
Yen Cross's picture

  Here is a live link to currency rates.

Sun, 03/17/2013 - 14:20 | 3338958 Edward Fiatski
Edward Fiatski's picture

Sweet drop, 280 pips in under 1 minute. :)


Sun, 03/17/2013 - 14:26 | 3338990 machineh
machineh's picture


Bill Gross, who runs the world’s biggest bond fund at Pacific Investment Management Co. in Newport Beach, California, said on Twitter that the concern in Cyprus “moves risk-on trade to backseat.”

Sell euro as well,” he wrote.

NOW he tells us ...


Sun, 03/17/2013 - 14:40 | 3339046 fonzannoon
fonzannoon's picture

as ZH posted, Goldman closed out their spanish long bond position last week. There is going to be a lot of money shoved all over the place now, and you can bet your ass the banks in the big club have already been tipped off. the rest of us will get decapitated trying to follow the puck.

Don't play.

I like ekm's game to pass the time. "which pd got stuck with the hot potato piigs bonds?"

Sun, 03/17/2013 - 15:01 | 3339152 squid virtuous
squid virtuous's picture

Exactly, and how convenient this came out a few hrs. after Friday's options exp.

Sun, 03/17/2013 - 15:03 | 3339172 reload
reload's picture

And of less importance dont forget Stolpers call last week : at the absolute high of Euro/GBP to load up!! - must be at least 200 pips offside already.

Sun, 03/17/2013 - 15:14 | 3339220 Al Huxley
Al Huxley's picture

Fuck, I'd completely forgotten about the Stolper call!  That should have been a clear tipoff that this whole Cyprus thing was pending.

Sun, 03/17/2013 - 17:06 | 3339705 tenpanhandle
tenpanhandle's picture

Your avitar was made for that comment of yours:)

Sun, 03/17/2013 - 14:45 | 3339071 e m m
Sun, 03/17/2013 - 14:53 | 3339110 EscapeKey
EscapeKey's picture

Expect *mystery bidders* to put in bids on all assets types, despite investor outflows increasing.

Sun, 03/17/2013 - 14:20 | 3338960 squid virtuous
squid virtuous's picture

How early can they get Cramer on CNBS tomorrow to reassure his minions?

Sun, 03/17/2013 - 14:55 | 3339123 akak
akak's picture

"Cypriot Banks: Bye Bye Bye!"

Sun, 03/17/2013 - 15:42 | 3339348 akak
akak's picture

In other news, the Party has announced that the weekly chocolate ration is being increased from 25 grams to 20 grams.

Sun, 03/17/2013 - 18:08 | 3339947 mt paul
mt paul's picture

chocolate covered 

walrus flippers..

Mon, 03/18/2013 - 00:06 | 3341085 Orly
Orly's picture

It's actually brownish wax...

Sun, 03/17/2013 - 14:20 | 3338962 Joebloinvestor
Joebloinvestor's picture

Time to get the fuck out of Dodge when you read:

"We don't need a bailout"

"Problems are exaggerated"

"Everything is FIXED!" (This applies to BOEING to)

"One time event"

"You are protected"

Sun, 03/17/2013 - 15:30 | 3339294 LongBallsShortBrains
LongBallsShortBrains's picture

" We are not considering filing bankruptcy".

Sun, 03/17/2013 - 16:06 | 3339442 cosmictrainwreck
cosmictrainwreck's picture

you forgot to italicize "not"

Sun, 03/17/2013 - 14:21 | 3338964 JustObserving
JustObserving's picture

1000 Euro limit on withdrawls in Italy now.  Soon it will be reduced to 500 Euros.  And then the ATMs run out.

Should have kept your money in gold and silver - like the Vatican.  

Sun, 03/17/2013 - 14:26 | 3338987 Edward Fiatski
Edward Fiatski's picture

It was EUR 3,500 in Cyprus before this bailout incident. :)

Won't disclose the bank, but they're decent.

Sun, 03/17/2013 - 15:03 | 3339171 Truther
Truther's picture

Actually, it's down to 300 Euros now in Milan.....CIAO BITCHEZ

Sun, 03/17/2013 - 15:50 | 3339377 Non Passaran
Non Passaran's picture

E300 per what? Day? Each time?

Sun, 03/17/2013 - 16:03 | 3339423 Edward Fiatski
Edward Fiatski's picture

Daily limit probably.

Such is the life of peasants. :)

Sun, 03/17/2013 - 14:23 | 3338975 Keith Piccirillo
Keith Piccirillo's picture

I'm really torn about whether the Runinn' Debt Rebels of Cyprus deserve an at large bid, even though their Russian front line has stood tall for them all year with lots of hard board work and plenty of steals. :)

Sun, 03/17/2013 - 14:24 | 3338980 disabledvet
disabledvet's picture

Financial "Battle of Chosin Resevoir." Chesty Puller famously blurted out when US Army Artillery saved his entire division from annihilation "i don't you guys are but i won't bother thanking you later."

Sun, 03/17/2013 - 14:42 | 3339052 ATG
ATG's picture


"We've been looking for the enemy for some time now. We've finally found him. We're surrounded. That simplifies things."

Sun, 03/17/2013 - 14:24 | 3338981 lolmao500
lolmao500's picture

Japanese central bank : print MOAR!!!!!!!!

Sun, 03/17/2013 - 14:26 | 3338986 Yen Cross
Yen Cross's picture

   Someone kidnap Dimon and Fedex his worthless ass to Cyprus.

Sun, 03/17/2013 - 14:40 | 3339000 machineh
machineh's picture

Meanwhile, if I were Angie 'Forty Percent' Merkel, I'd lay on a few extra night watchmen at the Deutschland embassy in Cyprus ...

Sun, 03/17/2013 - 14:28 | 3339001 Tinky
Tinky's picture

USPS "Priority" would probably be more appropriate.

Sun, 03/17/2013 - 14:43 | 3339057 Yen Cross
Yen Cross's picture

  That's an even better idea. +1

Sun, 03/17/2013 - 14:59 | 3339150 Pool Shark
Pool Shark's picture



Nope; UPS ground.

(No weekend delivery...)


Sun, 03/17/2013 - 15:05 | 3339187 Yen Cross
Yen Cross's picture

  lulz   Slow boat to Cyprus<

Sun, 03/17/2013 - 15:34 | 3339311 LongBallsShortBrains
LongBallsShortBrains's picture

Put him on a NorthKo missile. We can test our defenses.

Sun, 03/17/2013 - 15:34 | 3339312 tunnelvizn
tunnelvizn's picture

Remember, toxic packages cost more to ship !

Sun, 03/17/2013 - 14:27 | 3338993 q99x2
q99x2's picture


Sun, 03/17/2013 - 14:29 | 3339005 mayhem
mayhem's picture

The spin... all money will now flow to US and higher highs are coming.

Sun, 03/17/2013 - 14:56 | 3339129 otto skorzeny
otto skorzeny's picture

the dollar will rip

Sun, 03/17/2013 - 15:21 | 3339249 One World Mafia
One World Mafia's picture

Maybe, but fundamentally the dollar is the worst of all.

Sun, 03/17/2013 - 15:31 | 3339296 ATG
ATG's picture

The truth:

Overpropped markets correct at least -15%...

Sun, 03/17/2013 - 14:32 | 3339014 Clockwork Orange
Clockwork Orange's picture

Hang the bankers.  All of em.

Sun, 03/17/2013 - 15:36 | 3339326 pies_lancuchowy
pies_lancuchowy's picture

I agree!!


oh wait.. please do not hang me

Sun, 03/17/2013 - 14:36 | 3339028 JustObserving
JustObserving's picture

Cyprus banks now closed till Thursday.  Can we get April?

Good chance that Spanish, Italian and Greek banks closed tomorrow.  The ATMs will have run out in any case.  Welcome to fraudulent fiat finances. 

Sun, 03/17/2013 - 14:40 | 3339038 Whoa Dammit
Whoa Dammit's picture

Looks like most of the money is heading to Singapore & Hong Kong right now. Euro has lost about 1% to these currencies.

Lots of wierd price bouncing going on with the Euro and South African currency.

Sun, 03/17/2013 - 14:42 | 3339053 Misean
Misean's picture

Are our rulers this arrogant and stupid? Hubris then madness?

Sun, 03/17/2013 - 15:12 | 3339209 Ricky Bobby
Ricky Bobby's picture

Yes and Yes.

Sun, 03/17/2013 - 14:45 | 3339068 Element
Element's picture

Just a few more hours until market open here ... my guess is the whole system is going to chuck a fairly impressive wobbly this week.

Sun, 03/17/2013 - 14:47 | 3339083 NoWayJose
NoWayJose's picture

Abe needs to Cypriot the savers in Japan, or he will fall behind

Sun, 03/17/2013 - 15:18 | 3339238 Al Huxley
Al Huxley's picture

What is the appropriate verb-ification of 'Cyprus' anyway?  'Cyprify' maybe?  eg 'Abe needs to Cyprify Japanese savers', or 'it's only a matter of time before the govt Cyprifies US bank deposits'.

Sun, 03/17/2013 - 15:38 | 3339335 tunnelvizn
tunnelvizn's picture

Perhaps the verb should be "to Cyp" .  See similar "to Zip" to reduce in size . 

Sun, 03/17/2013 - 16:45 | 3339607 Satan
Satan's picture

Take or seize (someone's property) without authority.
Take (a possession, esp. cash funds )as a penalty and give it to the private treasury.
seize - impound - sequestrate - sequester - condemn - screw

Sun, 03/17/2013 - 16:54 | 3339655 lakecity55
lakecity55's picture

They were Corzined! An Entire country!

Sun, 03/17/2013 - 14:51 | 3339101 Yen Cross
Yen Cross's picture

  The central planners think they have every 'contingency' covered, and it's always some seemingly small Black Swan event like this that blows everything up.

Sun, 03/17/2013 - 14:54 | 3339119 fonzannoon
fonzannoon's picture

I'm not buying it Yen. A black swan happens on a tuesday morning when Melissa Lee gets trampled by a bunch of traders mad dashing it off the trading floor before the screen goes black and the emergency broadcast system kicks in.

This was calculated, planned and manufactured. they want a certain result and are going to make sure they get it. 

Sun, 03/17/2013 - 15:04 | 3339177 Yen Cross
Yen Cross's picture

    I'm not sure the $ gets the boost that people think. I think gold and the metals will get a nice pop up. The dollar has been strong on the back of equity market strength. It's going to to be interesting to see how this thing unfolds.

    I'm sure you are correct about the the planning, and calculation parts to some degree. Based on what I've learned from Greece, Spain, Italy, these things can get out of hand in a hurry. When you add the all of the factors together it's pretty scary.


Sun, 03/17/2013 - 16:53 | 3339537 lakecity55
lakecity55's picture

YC, I just popped over to a site and got some Au; I think you may be right.

It's still cheaper than a while back.

Now I'll wait for the markets to open.



Bad news, the shipment crashed into the ocean. All is lost.

Sun, 03/17/2013 - 18:31 | 3340028 TheProphet
TheProphet's picture

You have it exactly backwards. The dollar will get a boost from the run into Treasuries. If the S&P falls, gold will fall with it as large investors either move to raise cash to cover short debts, or to prep to buy the dip.

Either way, the explosive move for gold you see in the offing is just so much wishful thinking.

This said, if contagion begins to spread, and if the ATM stories in Italy are accurate, then get some powder dry, when gold dips, there will be a chance to get in.

Sun, 03/17/2013 - 15:14 | 3339217 Hughing
Hughing's picture

The ECB/IMF types knew this would happen, that's why they agreed to close the banks Monday during the Friday meeting. It may be odiuos by design: let litle sh*t Cyprus go Iceland. The Cypriot dongleberry opens @ 1000 to One Euro and the Russians have the run of the place, gas and all. But, the Russians have to fund themselves. If you were Putin would you pay Brussels 10B Euros for Cyprus?

Sun, 03/17/2013 - 16:11 | 3339469 CuttingEdge
CuttingEdge's picture

If you were Putin would you pay Brussels 10B Euros for Cyprus?


Hmm...when you are about t lose a strategically important base for naval affairs in the Med (Syria going tits up) Cyprus might be cheap at €10b....

Sun, 03/17/2013 - 14:55 | 3339125 otto skorzeny
otto skorzeny's picture

but that little Jewess Mila Kunis told me to get into stawcks

Sun, 03/17/2013 - 15:19 | 3339240 squid virtuous
squid virtuous's picture

I had to wikipedia that one, another amazing coincidence

Sun, 03/17/2013 - 15:47 | 3339371 Non Passaran
Non Passaran's picture

The miserable bigot with a Nazi name is back... 

But it's easier to bear as markets are crashing. Otherwise on an up day it'd slightly bother me.

Sun, 03/17/2013 - 16:26 | 3339528 lakecity55
lakecity55's picture

The Onion, right?

I mean, whoin their right mind...

Sun, 03/17/2013 - 14:56 | 3339126 Racer
Racer's picture

S&P open down 30? Nah, they will just get the PPT in early for work instead

Sun, 03/17/2013 - 15:38 | 3339333 LongBallsShortBrains
LongBallsShortBrains's picture

They can't effect much after the huge loss from sequester.... 2%? Right ?

Sun, 03/17/2013 - 19:30 | 3340249 Law97
Law97's picture

S&P futures down 1.1% already and still dropping.

Sun, 03/17/2013 - 14:56 | 3339127 mayhem
mayhem's picture

I just went to the ATM to show my support! Going to invest in tequilla... liquid Gold!

Sun, 03/17/2013 - 15:03 | 3339174 Seasmoke
Seasmoke's picture

i buy 2 cases of Bourbon every month......and i always hear the guys in the back laugh when i walk out the door

Sun, 03/17/2013 - 17:29 | 3339790 css1971
css1971's picture

Now, that is a superb way to invest for the apocalypse. Though I recommend you get the best Scotch you can find for yourself. Think of it as gold vs silver.

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