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The Rape Of Cyprus By The European Union & The IMF

Tyler Durden's picture


Submitted by Mark J. Grant, author of Out of the Box,

I have been watching articles pour forth about Cyprus all weekend. I am almost as aggravated with the majority of them as I am with what took place. People are dancing around the edges while the propaganda machines of Europe are churning out the usual bunk.
Let's get some things straight and look what has happened directly in the face. There was no tax on the bank accounts in Cyprus. There still is no tax; the Cyprus Parliament has not passed it and will not vote on it until tomorrow so whatever action takes place it is retroactive. Next, this was not enacted by Cyprus. The people from Nicosia did not go to the Summit and ask to have the bank accounts in their country minimized to help pay the bills. Far from it; the nations of Europe, Germany, France, the Netherlands and the rest, demanded that this take place, a "fait accompli," the President of Cyprus said and Europe annexes Cyprus. Let's be quite clear; the European Union has confiscated the private property of the citizens in Cyprus without debate, legislation or Parliamentary agreement.
A bank account is not a bond or a stock or any sort of investment. This seems to be lost on many people. A bank account is the private property of a citizen or a corporation and does not belong to the government or at least that was the supposition up until now in Europe.
Next there is deposit insurance in Europe. Every country has its own version but it is there. It guaranteed the bank accounts of citizens up to one hundred thousand Euros. So much for the meaning of any guarantee in Cyprus or any other country in Europe. Null and Void! If the European Union can dismantle deposit insurance in Cyprus they can damn well do it in whatever country they please and at any time.
Here’s the description of the Cypriot government deposit insurance plan:

"Participation in the DPS is compulsory for all banks authorized by the Central Bank of Cyprus, i.e. banks incorporated in the Republic of Cyprus, including their branches in other countries, and the Cyprus branches of foreign banks, incorporated outside the Republic of Cyprus or the Member-States of the European Union. The DPS does not cover deposits of branches of banks established in European Union Member States. These deposits are covered by the corresponding deposit protection scheme established in the country of incorporation.


The DPS is activated in the event a decision is reached that a member bank is unable to repay its deposits, or as a result of a Court’s order for the winding-up of a member bank. Where a bank is unable to pay its deposits, the relevant decision is adopted by the Central Bank of Cyprus or, where a member bank is incorporated in a country outside the Republic of Cyprus, by the competent supervisory authority of the country of incorporation.


The maximum level of compensation, per depositor, per bank, is €100.000."

Please note that until yesterday all depositors in Cypriot banks were insured up to the value of €100,000 with any one bank. Today that solemn governmental promise has been shown for what it is; a lie. Worse and actually far worse and quite scary in fact is that the European Union and the European Central Bank and the IMF has not just allowed violation of the deposit insurance but demanded it. One thing is certain here; if they can void deposit insurance in Cyprus then they can void it in any country in Europe. Further; if they can void deposit insurance then they can void bond covenants with the scratch of a pen on paper. Nothing now; Nothing is safe!
Pay attention please. The European Union and the European Central Bank and the IMF have just advocated the confiscation of private property for their own indulgence. Bank accounts are not bonds or stocks or some other form of investments. It is private property like your house or your car. Germany, France et al came in and said, "We want it and we are taking it and it is necessary for our government." These countries did not demand it, yet, from their own citizens though they might soon but they demanded it from the citizens of Cyprus in exchange for funds. This is not a European Union this is a European Fourth Reich!
"The moment the idea is admitted into society that property is not as sacred as the law of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence."
          -John Adams


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Sun, 03/17/2013 - 23:40 | 3340992 New_Meat
New_Meat's picture

Bastards always hated John Locke.  Took 'em hundreds of years, but they will get theirs. - Ned

Sun, 03/17/2013 - 23:47 | 3341007 TruthInSunshine
TruthInSunshine's picture

It wasn't so much a raping of bank deposit holders' accounts in Cyprus by the EU and IMF as much it was A RAPING OF BANK DEPOSIT ACCOUNT "HOLDERS" BY A SYSTEM OF PRIVATE FRACTIONAL RESERVE FIAT BANKING CONCERNS.

Not only will they now suck trillions from taxpayers courtesy of bought and paid for "representatives" and "regulators," but they're now going so far as to DIRECT WITHDRAW MONEY RIGHT FROM DEPOSIT HOLDERS' ACCOUNTS.

Nice scam they have going...

Sun, 03/17/2013 - 23:50 | 3341031 YBNguy
YBNguy's picture

No rape here, this has been long in the making. First of the dominos so to say...

Mon, 03/18/2013 - 00:05 | 3341055 Cult_of_Reason
Cult_of_Reason's picture

I agree, there is no rape here, just the usual government confiscating the private property of its citizens.

Roman emperor Nero confiscated private property from the citizens to build his extravagant, mile-long Golden House, the Domus aurea.

Lenin decreed an abolition of private property in Russia.

Roosevelt, under Presidential Executive Order number 6102, confiscated all privately held gold in the United States.




Mon, 03/18/2013 - 00:18 | 3341123 WayBehind
WayBehind's picture

Coming to theaters near you ... very soon

Mon, 03/18/2013 - 00:24 | 3341136 wee-weed up
wee-weed up's picture

It will be proclaimed a tax after the fact...

a la Chief (in)Justice John Roberts.

Mon, 03/18/2013 - 00:54 | 3341168 TruthInSunshine
TruthInSunshine's picture

It's OT, but here's some Sunday Night Humor for all:


Mastermind of QE Reappointed at Bank of Japan, Suggests More Change *(Because his "creative" policies, have been such a raging economic success story for Japan over the last decade - as have similarly asinine 'digging holes & burning yen in giant holes' since the early 1990s ...if you thought your need for bulk purchases of anal lube might be waning, think again, citizens of Japan)

TOKYO (Reuters) - The Bank of Japan on Monday reappointed Masayoshi Amamiya, a mastermind of quantitative easing, to oversee a key division charged with drafting monetary policy, a sign it is gearing up for a radical shift in its policy framework under a new leadership that takes over this week.

The expected new BOJ governor, Haruhiko Kuroda, has pledged to do whatever it takes to achieve the central bank's new 2 percent inflation target focusing on expanding its balance sheet with purchases of longer-dated government bonds.

The reappointment of Amamiya, a 57-year-old career central banker admired for his skills in coming up with creative banking ideas, may heighten the chance the central bank will shift its policy closer to the quantitative easing campaign of the last decade.

"Amamiya is the architect of many of the BOJ's existing policy frameworks. His return now may be to review them and prepare for an overhaul in time for the BOJ's next rate review in April," said Yasuhide Yajima, chief economist at NLI Research Institute in Tokyo.

As one of the BOJ's six executive directors, Amamiya had overseen the powerful Monetary Affairs Department until May last year when he was sent to the bank's branch in Osaka, western Japan.

He was reappointed on Monday to oversee the department again, taking over the assignment from 55-year-old Kazuo Momma.

Amamiya has played a key role in crafting many of the BOJ's policies, including the quantitative easing of pumping excess cash to markets via bond purchases that lasted until 2006. He was also deeply involved in the creation of the BOJ's current monetary easing tool, its asset-buying programme, in 2010 and its surprise monetary easing in February last year...

The BOJ is expected to ease policy most likely through increases in purchases of longer-dated government bonds, and debate an overhaul of its framework at its next policy meeting on April 3-4, sources familiar with its thinking say.

Kuroda's pledge to "act with speed" to achieve the BOJ's 2 percent inflation target has heightened speculation he may summon a meeting even before the April rate review. It is uncertain whether he will indeed call one, but BOJ officials are preparing for the possibility just in case, sources have told Reuters.

Mon, 03/18/2013 - 00:59 | 3341202 Ineverslice
Ineverslice's picture


They be on the ExpressElevator to Hell....!

   MOar power!

Mon, 03/18/2013 - 04:14 | 3341423 TwoShortPlanks
TwoShortPlanks's picture

CSI Cyprus, Special Victims Unit.....raped!

Mon, 03/18/2013 - 05:45 | 3341513 smlbizman
smlbizman's picture

and it begins...the asshole dixon on cnbs is stealing from the people who should be covered by their (fdic).....but over the 100k  amount they can take what they want and he is good with that.....its unique, its a 1 time thing, in a few days the assholes will have forgotten and they can do it again......reuters has a cool little tool the stinking cunt says, so you can play with it to see how much depositors "SHOULD BE ON THE HOOK FOR"......

Mon, 03/18/2013 - 06:09 | 3341537 negative rates
negative rates's picture

This is the end result when money is your god.

Mon, 03/18/2013 - 00:21 | 3341127 hooligan2009
hooligan2009's picture

being an axe murderer does not make you just makes you someone to avoid

Mon, 03/18/2013 - 07:22 | 3341622 Son of Loki
Son of Loki's picture

The "law" protects you ... until it doesn't. Any law, including the "Deposit Insurance Law" can be changed in a second with a stroke of the pen...especially in the middle of a night on a weekend when banks are closed.


Hey, look at how the bankruptcy laws protected folks who held GM.

Mon, 03/18/2013 - 03:13 | 3341366 Miss anthrope
Miss anthrope's picture

yesterday, i was getting gas in the morning and i received a "NETWORK ERROR" at the pump.  went inside and the cashier says my system seems to be down........same on my internet cell phone and again at the hotel where i was staying.  And before i could hear the news I thought to myself "this is probably going to be the bank run"...... walked in and heard about Cyprus.  TICK TOCK PEOPLE.  

Mon, 03/18/2013 - 05:15 | 3341478 smlbizman
smlbizman's picture


Sun, 03/17/2013 - 23:58 | 3341060 ACP
ACP's picture

Hopefully, at least some depositors have Financial Rape Prevention kits, ie PMs.

Mon, 03/18/2013 - 00:19 | 3341125 DoChenRollingBearing
DoChenRollingBearing's picture

Yes I do, and I will be getting more kit-ted up tomorrow.

Mon, 03/18/2013 - 03:11 | 3341362 Sudden Debt
Sudden Debt's picture


All you need is a negative bank account and debt.

Actually.... will Europe also take 10% from the negative saldo's? you're down 10000 today, 9000 tomorrow!

In Belgium the government has been screaming for months now the "ALL THOSE SAVINGS ACCOUNTS THAT DO NOTHING SHOULD BE PUT TO BETTER USE!!"

doing nothing...
better use...

like bonds.... sure...

and after that they take one the retirement savings accounts with it.



Mon, 03/18/2013 - 05:51 | 3341516 Daily Bail
Daily Bail's picture

In case you missed it Friday.  Eric Holder got body slammed by a Federal Judge.

A monumental court ruling reaffirming the constitution and rebuking the Justice Department came down late Friday in California.  All hail Judge Susan Illston and the brass set she wears under the robe.

NSL RULED UNCONSTITUTIONAL: "The Most Significant Court Victory For Constitutional Rights Since Bush Signed The Patriot Act"


Mon, 03/18/2013 - 06:22 | 3341547 nmewn
nmewn's picture

Well, that is good news, for a change.

Mon, 03/18/2013 - 13:21 | 3343217 creeper
creeper's picture

BFD.  The laws remain in place while Congress supposedly rewrites them.

Mon, 03/18/2013 - 00:00 | 3341063 SafelyGraze
SafelyGraze's picture

first, let's not be so hasty using words like "rape"

second, the cyprus bank accounts were pretty much asking for it, if you know what I mean.

they were looking mighty damned attractive.

and, if I do say so myself, the account holders seemed to enjoy it. did you note how they were all lining up at the atm's to have a turn watching?




Mon, 03/18/2013 - 00:53 | 3341193 Janice
Janice's picture

Yes, now that you mention it, the citizens were so intoxicated that they didn't actually say "no". So, if you don't actually express "no" then it must be consensual, thus, no rape occurred.

Mon, 03/18/2013 - 01:00 | 3341203 ACP
ACP's picture

Or, like the rest of the Eurozone, they were "asking for it":

In the financial sense, of course.

Mon, 03/18/2013 - 03:13 | 3341364 Sudden Debt
Sudden Debt's picture

the biggest accounts belong to the English tax evaders.

Sun, 03/17/2013 - 23:54 | 3341045 Peter Pan
Peter Pan's picture

I agree. The glory of fractional reserve banking on the way up is a wonder to behold but when things go in reverse it ain't a pretty picture.

The problem with all this culling of accounts is that the money has not at least being earmarked for writing off debt that is totally dead and which exists only to create slaves, make people homeless and to perpetuate the stranglehold of bankers over people.

Mon, 03/18/2013 - 02:40 | 3341317 JOYFUL
JOYFUL's picture

"Though the Earth, and all inferior Creatures be common to all Men, yet every Man has a Property in his own Person. This no Body had any Right to but himself. The Labour of his Body, and the Work of his Hands, we may say, are properly his. Whatsoever then he removes out of the State that Nature hath provided, and left it in, he hath mixed his Labour with, and joyned to it something that is his own, and thereby makes it his Property. It being by him removed from the common state Nature placed it in, it hath by this labour something annexed to it, that excludes the common right of other Men. For this Labour being the unquestionable Property of the Labourer, no Man but he can have a right to what that is once joyned to, at least where there is enough, and as good left in common for others"

...."Thus in the beginning all the World was America, and more so than that is now; for no such thing as Money was any where known. Find out something that hath the Use and Value of Money amongst his Neighbours, you shall see the same Man will begin presently to enlarge his Possessions" \ Locke on Property

Mon, 03/18/2013 - 06:00 | 3341532 torak
torak's picture


Mon, 03/18/2013 - 08:47 | 3341851 TruthDetector
TruthDetector's picture

Nothing new here: ANYtime ANY person does NOT hold physical possession, there is the very real probability that it will be stolen.

We've just come to "have confidence" in the system.

Confidence is going away...

Sun, 03/17/2013 - 23:42 | 3340997 ShortTheUS
ShortTheUS's picture

Fait accompli? More like FIAT accompli...

Sun, 03/17/2013 - 23:57 | 3341054 williambanzai7
williambanzai7's picture


Sun, 03/17/2013 - 23:42 | 3341002 lolmao500
lolmao500's picture

Putin is pissed and the only (sane) western leader.

"Trust towards Cyprus as a safe place for placing money will be reduced to zero," he told the Interfax agency Anatoly Axanof, MP and president of the Association of Regional Banks of Russia.

(...)Forbes also relies on estimates of the financial press upon which the deposits of individuals from Russia to Cyprus ranging from 8 to 35 billion euros.

"The Russians lost in a day up to 3.5 billion euros," the magazine notes on its website. "The news of the tax by up to 10% on deposits of Cypriot banks sowed panic among Russian businessmen included in the list of the richest people," adds the magazine.

The "Clockwork Orange" wrote the morning>

An angry phone call from Russian President Vladimir Putin to Nikos Anastasiadis(Cyprus' PM) was received early Sunday morning, .

The Putin reportedly said angrily to the Cypriot President

-It would have been better to put the German flag at the Presidential Palace. Do not you understand that this decision will destroy your country?

How banks will be Tuesday; Who will you trust?

Mon, 03/18/2013 - 02:10 | 3341280 Rogue Trooper
Rogue Trooper's picture

WTF.... awesome 'prospecting' on the web lolmao500.

I hate to say 'blackswan event' at this point let's wait until Tuesday's market opens euro time..... or will this all be fixed again come Friday?

Mon, 03/18/2013 - 06:30 | 3341554 Bobbyrib
Bobbyrib's picture

He should cut off natural gas supplies going into Europe again.

Mon, 03/18/2013 - 08:52 | 3341864 TruthDetector
TruthDetector's picture

In the book "Through The Eyes Of The Enemy" by Stanislav Lunev, the writer notes that he left Russia because it was "run by the mob."

Taking 10% of savings accounts from mob-holders is simply not smart.

This could very well be the lit-fuse that begins The Unraveling.


Doubt it...

Mon, 03/18/2013 - 08:53 | 3341866 TruthDetector
TruthDetector's picture

In the book "Through The Eyes Of The Enemy" by Stanislav Lunev, the writer notes that he left Russia because it was "run by the mob."

Taking 10% of savings accounts from mob-holders is simply not smart.

This could very well be the lit-fuse that begins The Unraveling.


Doubt it...

Sun, 03/17/2013 - 23:44 | 3341011 yogibear
yogibear's picture

Treat the banksters in the EU, the US and IMF responsible for this like Nazi war crimnals. 

Mon, 03/18/2013 - 00:51 | 3341190 Tirpitz
Tirpitz's picture

The Nueremberg monkey trials were staged by and for the hook-noses.

And now you want to go against them? Highly antisemitic...

Mon, 03/18/2013 - 01:04 | 3341209 otto skorzeny
otto skorzeny's picture

the victors write the history books-and build the gallows

Mon, 03/18/2013 - 01:16 | 3341225 akak
akak's picture

And the losers, all too often, rewrite history to their own liking, wallowing in bitter, ignorant and equally biased historical revisionism.

Sun, 03/17/2013 - 23:45 | 3341015 holdbuysell
holdbuysell's picture

The wait time for the Farage - Rompuy 'cage match' on the Council floor may have just decreased significantly.

Mon, 03/18/2013 - 00:21 | 3341129 DoChenRollingBearing
DoChenRollingBearing's picture

We hope!

Mon, 03/18/2013 - 01:05 | 3341212 otto skorzeny
otto skorzeny's picture

Farage plays a mean skin flute on the Israelis

Mon, 03/18/2013 - 03:14 | 3341369 Sudden Debt
Sudden Debt's picture

the dictators don't listen to a English patriot who still uses the pound...

Sun, 03/17/2013 - 23:48 | 3341022 El Oregonian
El Oregonian's picture

The Cystpus just popped and lots-a-oozing and much needed ouzo for pain...

Sun, 03/17/2013 - 23:49 | 3341024 yogibear
yogibear's picture

One by one Bernanke, the Fed and the ECB will rape and pillage people to make themselves whole again.

Once again, socialize losses and privatize profits.


Sun, 03/17/2013 - 23:49 | 3341027 Peter Pan
Peter Pan's picture

The German flag may not yet be flying at the Presidential Palace in Cyprus but the flag pole sure has been jammed up the backside of the Cypriot people.

What is scary is not what the IMF and the Germans are doing but what the Cypriots politicians are allowing them to do.

The Europeans are playing a dangerous game of chicken and they may well end up being the chicken.

The politicians will one day be tried as traitors because it appears that the Cypriot Minister of Finance has some homosexual/pederast peccadilloes in his closet and it may turn out that he was blackmailed/threatened by the Europeans into submission.

Mon, 03/18/2013 - 00:09 | 3341102 otto skorzeny
otto skorzeny's picture

NWO-the politicians are under the assumption that if they are all in agreeance there is safety in #s

Mon, 03/18/2013 - 02:32 | 3341305 verum quod lies
verum quod lies's picture

You are right; and they have shown that as long as there are few if any consequences for their actions they will continue to do these types of things. As stated, they do it because they can, and, I might add, because they can get away with it. Rioting works if it scares the NWO/cultural Marxist/socialist inspired oligarchs, but targeting them as individuals is even more effective. Which is more likely to continue to screw society up more, Corzine or Madoff?

Mon, 03/18/2013 - 02:12 | 3341282 Kirk2NCC1701
Kirk2NCC1701's picture

Whether this is factually correct is of lesser relevance than the fact that the NWO types like to help useful fools get elected whom they can blackmail at the right moment. All crime orgs do this.

Sun, 03/17/2013 - 23:50 | 3341029 Frank N. Beans
Frank N. Beans's picture

why Cyprus?  why now?  why not Greece or Italy or Spain?  Or is this a trial run? 

Sun, 03/17/2013 - 23:57 | 3341052 El Oregonian
El Oregonian's picture

why Cyprus?  why now?  why not Greece or Italy or Spain?  Or is this a trial run?

Because they can... And DID! And no, this is not a trail-run. This is IN YOUR FACE!!!


Mon, 03/18/2013 - 00:00 | 3341068 Ineverslice
Ineverslice's picture


People of Cyprus (Italy, Spain...),

Fuck the banks.

Mon, 03/18/2013 - 05:27 | 3341493 Flying Tiger Comics
Flying Tiger Comics's picture

Cyprus banks such as eg Laika ran the bank guarantee backed oil and gas trades for russia. I use the past tense since as of last friday not a single fucking such deal is going through.


Overnight an entire (non-USA controlled) slab of the oil industry just took a dirt nap.


Sun, 03/17/2013 - 23:50 | 3341032 Joebloinvestor
Joebloinvestor's picture

Possession is 9/10 ths of the law.

They are lucky they only took 10% and not all of it.

If anyone has any money in a EU bank after next week, they deserve to enjoy the loss.

Sun, 03/17/2013 - 23:51 | 3341035 Dr. Engali
Dr. Engali's picture

Yet 62%of the people of Cyprus want to remain in the EU.... Stupid is as stupid does.

Mon, 03/18/2013 - 00:11 | 3341061 williambanzai7
williambanzai7's picture

They will reconsider as they realize that their off shore haven business model just evaporated. There is no point in making yogurt, running guest houses and growing olives in the Euro system.

And Angela Merkel's crotch hund will junk me on this.

Mon, 03/18/2013 - 00:58 | 3341200 SubjectivObject
SubjectivObject's picture

I love the smell of rejection in the morning. 

Smells like .... victory.

Mon, 03/18/2013 - 00:01 | 3341074 chump666
chump666's picture

That is why the Greeks are idiots too.  I mean the thing is, you take a cut and pain, riot and go nuts.  Fine, but they didn't want their pension accounts (all in EUR) to be devalued if they left the EZ.  So they stayed in and still want the punch bowl filled up. You can't have it both ways.  Cyprus, Greece, hell even France should be kicked out.  Germany will probably be the EZ (EUR) danger coming months i.e Merkel election.  What ever happens in Europe starts in Berlin, has been for the last 200 years.

Wash-cycle begins.

Mon, 03/18/2013 - 00:28 | 3341107 Dr. Engali
Dr. Engali's picture

As far as the EU goes , it should not exist, at least in it's current structure. It's a noble dream, but you can't force nations that have been at war for centuries together under one central authority. It's fine during good times, but when things get rough there is nothing to bind them together.

Mon, 03/18/2013 - 01:08 | 3341217 chump666
chump666's picture

A dream.  Like communism that failed terribly.  The last aspect of determinism in economics theory. Keynes is 100% to blame, as is the ivory tower academics that have screwed this world up with their polices.

I tell ya, if I was a peasant in Spain, Italy and Greece lived off the land, ate fresh food, drank tons of good red wine.  I couldn't give a f*ck about the EU, IMF and Germany.

Mon, 03/18/2013 - 02:17 | 3341290 Kirk2NCC1701
Kirk2NCC1701's picture

Doc, I said it before and I'll say it again: There need to be 2 Euros: a Northern and a Southern.

Mon, 03/18/2013 - 02:52 | 3341336 Sandmann
Sandmann's picture

They were all under either US or Soviet Occupation for 50 years except Yugoslavia and Albania

Mon, 03/18/2013 - 00:06 | 3341092 holdbuysell
holdbuysell's picture

Agreed. The next question is 'why do you want to be part of the Euro?'

And I'm pretty sure the answer will invoke one last 'why?' to get to the heart of the reason.

Sun, 03/17/2013 - 23:51 | 3341036 Cacete de Ouro
Cacete de Ouro's picture

Cyprus attracted $119.7bn of Russian “investment” in 2011 while itself transferring $129.9bn to Russia the same year, equivalent to more than five times the island’s annual output, according to Global Financial Integrity, a US-based money laundering watchdog. Raymond Baker, GFI’s director, said the amounts reflected “round-tripping” of illicit funds exported from Russia to companies based in Cyprus. The funds then flowed back as legitimate investment.

Mon, 03/18/2013 - 02:51 | 3341333 Sandmann
Sandmann's picture

Just where does Bain Capital do its round-tripping > Cayman Islands. Americans are so different from Russians....they choose sunny islands offshore to hide funds

Mon, 03/18/2013 - 03:30 | 3341383 thisandthat
thisandthat's picture

I'm pretty sure Cyprus is quite sunny...

Sun, 03/17/2013 - 23:57 | 3341056 chump666
chump666's picture

IMF are Euro gangsters funded by US taxpayers and enforced by the idiots in congress. 

The whole world is adrift.

Mon, 03/18/2013 - 00:00 | 3341067 SilverDoctors
SilverDoctors's picture

Tyler, Hitler has discovered he is bailing out Cyprus.  Might want to post, one of the better Hitler rant vids in awhile.

Mon, 03/18/2013 - 00:00 | 3341069 toys for tits
toys for tits's picture



That forbidden, tantilizing cash just sitting there, beckoning to be exploited.


Sounds to me like they were asking for this rape. (sarc.)

Mon, 03/18/2013 - 00:11 | 3341108 otto skorzeny
otto skorzeny's picture

like Bobby Knight said "If rape is inevitable just lay back and enjoy it"

Mon, 03/18/2013 - 00:00 | 3341070 valkir
valkir's picture

I am so glad,my monney in bank are secured by FDIC.Oh,i forgot,i have no monney in any bank,so i feel so unsecured.

Mon, 03/18/2013 - 05:21 | 3341484 icanhasbailout
icanhasbailout's picture

The only safety left is having nothing left to take.

Mon, 03/18/2013 - 07:44 | 3341676 paint it red ca...
paint it red call it hell's picture

That is what Janis sang.. True then, true now and our institutions appear intent on teaching that lesson to us all..

Mon, 03/18/2013 - 00:00 | 3341071 Seize Mars
Seize Mars's picture

Fiat money is just so...renaissance.

How silly.

Leeches and diamond dust for healing? How about you give me your stuff and I give you...a piece of paper that represents another piece of paper that has occult symbols on it.

And anyone thinks this doesn't end badly?

Mon, 03/18/2013 - 00:04 | 3341078 Catflappo
Catflappo's picture

I continue to (try to) look at the world with a moral and ethical outlook as to what 'can' and 'cannot' happen.

Silly me!

Mon, 03/18/2013 - 00:06 | 3341093 Pseudo Anonym
Pseudo Anonym's picture

blatant misinformation

A bank account is the private property of a citizen or a corporation

a) a bank account is not the private property of the depositor;  b) the bank account is still the property of the bank; the money in the bank account is not "private property" since the money was loaned to the bank at interest and exchanged for a claim on future gain:  unless the bank account contract specifically states that the bank accepted depositors money for safekeeping, the deposit was implicitly swept into loans.

Mon, 03/18/2013 - 00:14 | 3341115 hooligan2009
hooligan2009's picture

so it is a private contract between an individual and a bank, overseen by a regulator...not an individual, a bank and a brussels bureaucrat who spends all his time on his loathsome spotty behind squeezing blackheads?

Mon, 03/18/2013 - 02:50 | 3341329 Sandmann
Sandmann's picture

No it is not a private contract. There is no contract enforceable because it is a blanket legal cover. Only a Cheque is a private legal contract under Bills of Exchange

Mon, 03/18/2013 - 13:44 | 3343319 Lost Word
Lost Word's picture

Was not there any legal paperwork signed between the private individual and the bank representative when the account was opened?


Mon, 03/18/2013 - 00:26 | 3341143 bigwavedave
bigwavedave's picture

... and the cash money is not private property either. Go try set fire to UK currency in front of a policeman. Still a capital offence. Or take a photo of it an print it out. 12 year sentence. 

Mon, 03/18/2013 - 05:05 | 3341469 PhilofOz
PhilofOz's picture

There can only be one small group of counterfeiters, anyone else trying to push in on their racket even in a tiny way has to go down.  When will the general public wake up to this endless theft?!  Lamp-posts, rope!!

Mon, 03/18/2013 - 01:34 | 3341246 Libertarian777
Libertarian777's picture

glad i'm not the only one to see this.

i'm not sure what the court case in the US was, interesting to see the UK has MPs thinking about it too.

Mon, 03/18/2013 - 00:07 | 3341096 otto skorzeny
otto skorzeny's picture

I'll have to tell my tax assessor that I go in and appeal my property taxes to that John Adams quote- she likes to tell me what a privilege it is to pay taxes.

Mon, 03/18/2013 - 00:30 | 3341146 sangell
sangell's picture

Wait till California insists North Carolina pony up to pay their teachers and prison guards pensions and see if the Tar Heels ( or other states) decide a little 'hair cutting' of California bank accounts isn't necessary before tax increases everywhere else.

Mon, 03/18/2013 - 02:48 | 3341326 Sandmann
Sandmann's picture

When the Federal Government organises it it will happen. They bailed out New York how many times ?

Mon, 03/18/2013 - 00:30 | 3341147 ak_khanna
ak_khanna's picture

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.

Mon, 03/18/2013 - 02:47 | 3341325 Sandmann
Sandmann's picture

The Citizens of Cyprus are hostages to a Global Banking Cartel. They do not have the power of the US CItizens who rejected the TARP Bailout and had John Corzine tried and jailed and who took to the streets to demand the prosecution of Jamie Dimon. The USA is an eample to the world of Citizen Power

Mon, 03/18/2013 - 00:41 | 3341164 Tirpitz
Tirpitz's picture

"The European Union and the European Central Bank and the IMF have just advocated the confiscation of private property for their own indulgence."

Now, let's see what's really happening:

1 - small saver, 50,000 in assets:

insured - should receive 50,000,

-->> gets roughly 48,000 back (assuming a 4% participaton fee)

2 - foreigner who stashed his 5 billion away from his country's income tax:

insured - should receive 100,000 according to cypriot deposit insurance, and jail according to any fair law,

-->> walks away with 4.5 billion of now legalized cash (assuming a 10% participation fee)

Result: the small fry gets fried, while the organized crime gets paid out. Business as usual.


Mon, 03/18/2013 - 02:45 | 3341322 Sandmann
Sandmann's picture

Organised Crime doesn't wait for politicians to announce - it has already had a heads-up from the puppets and moved its funds to Hong Kong. I doubt funds were sitting on deposit in Cyprus more likely they were spinning in the laundry before moving through Hong Kong and Singapore into real estate in Vancouver or London

Mon, 03/18/2013 - 00:46 | 3341177 mayhem
mayhem's picture

Italian banks open at 9am right?

Mon, 03/18/2013 - 04:57 | 3341460 Non Passaran
Non Passaran's picture

Funny you should mention that.
Last night I set my alarm clock to 8:45 this morning just to make sure that gold is not over $1,800 which would set off some serious alarms.

Mon, 03/18/2013 - 00:56 | 3341184 mayhem
mayhem's picture


Mon, 03/18/2013 - 01:02 | 3341206 Libertarian777
Libertarian777's picture

hopefully someone can help me out, but this part of the article is incorrect:

"A bank account is not a bond or a stock or any sort of investment. This seems to be lost on many people. A bank account is the private property of a citizen or a corporation and does not belong to the government or at least that was the supposition up until now in Europe."

In a fractional reserve system, a bank account is indeed a bond. In fact there was a court case (can't find the name or details) where the judge ruled that once deposited, the money at a bank is the bank's to do with as they please (it is their asset now). The corresponding entry is the liability to the depositor, but this liability becomes a GENERAL claim on the banks assets (i.e. it has no priority). The 'reserve' requirements from the Fed are meant to ensure that there are sufficient dollar bills to pay out to those who ask for their money back, on average. With the hope that not everyone at once realises there is no money there.

Contrast this with a futures account (in theory, not in MF Global reality) where the funds are segregated and owned by the account holder (effectively its like its in escrow).

Mon, 03/18/2013 - 01:37 | 3341248 SubjectivObject
SubjectivObject's picture

The Sentinel ruling?

Mon, 03/18/2013 - 01:41 | 3341256 bk1037
bk1037's picture

As fas as I am concerned, you are drawing a fine line of distinction here which needs to play into reality.

Checking accounts are demand deposits, where the institution has respomsibility to meet its obligation to honor withdrawal requests by the checking account owner. WHat you are describing is an apparent morphing of the idea of demand deposit capital into investement liability by the bank for bank notes, or bonds, where an investor is lending money to the bank for a set return on his investment. It would be nice if a prospectus would accompany this type of bond offering, but the point is where the investor is voluntraily investing his money with the bank. Demand depsotis do not share these characteristics, the account holder will write checks or withdraw regularly and is not necessarily expecting any rate of return on his depsited funds.

If judges start to treat demand deposits as bonds and bond ordering in the event of a bankruptcy, I guarantee you we will begin to see the unraveling of the banking system as we know it. If people wanted to invest in bonda, it would be with that understanding. If people lose faith that once 'deposited' they can be treated as bondholders and be subject to potential haircuts, they will not have their funds in these insitutions. So many of us distrust the banksters for good reason, Cyprus is just another example of how egregious the Rothschild cartel elite can become, on measures they will do to protect the interests of the rich by taking from the poor. Bondholders are not expected to pay, but depositors are to help bailin a solution so they don't take losses? Bullshit, what an utter bullshit idea. Everybody gets bailed in, including haircuts to existing bondholders or investors and representative of their ability to pay.

Rothschild and his clan are testing the sheepie now as to what they will tolerate, and what would happen with global markets as a result. Good time to enter some put options on EUR and ClubMed banks, at least in the short run. This is a move that is being watched by insolvent governments througout western civilization, with the rheotrical question being can they get away with something like this awful idea? CAN THEY? Because if they can, they will use this and expand the concept to other future places needing bailout.




Mon, 03/18/2013 - 06:15 | 3341542 css1971
css1971's picture

Legally, certainly in the UK and I'm pretty sure the US also is based on the same law, bank deposits are loans to the bank and the bank is free to do as it pleases with the money. The money is the bank's, it is not the depositor's.

It's been that way for several hundred years.


So the government are not taking your money, they're taking the bank's money.

Mon, 03/18/2013 - 06:25 | 3341551 nathan1234
nathan1234's picture

Debit Customer- Credit Bank

is what they are doing

Appropriating customer's money to bail out the banks.

Mon, 03/18/2013 - 07:25 | 3341635 Oleander
Oleander's picture

Everyone who recieves dollars from the .gov must have a bank acct. this includes employees. They could then make the deposits on the first of the month and grab a percentage back on the second of the month. Even child support payments must be deposited in a bank or on a state issued credit card. They own so many of us already. 

I really see this as a not if but when situation here. Then again Boner trusts Obummer so why we?

Mon, 03/18/2013 - 08:33 | 3341804 nowhereman
nowhereman's picture

Well, isn't this all just a great Monday morning eye opener.  Holy crap, do we all need to be educated or what?  My understand of how the world functions is a tad niaive I must admit.  But then again, I still foolishly believe in Justice.

Somehow I don't think this is going to end well.

Mon, 03/18/2013 - 14:12 | 3343442 Lost Word
Lost Word's picture

Difference between savings accounts and checking demand accounts is noted.

Checking accounts not covered by FDIC ?

Were not Money market accounts covered after the 2008 crash, until recently?

Mon, 03/18/2013 - 01:49 | 3341268 johnberesfordti...
johnberesfordtiptonjr's picture

Consumer Deposits Are Liabilities to Banks

If you are looking at the balance sheet of a bank, you will want to pay close attention to an entry under the current liabilities called "Consumer Deposits". Often, they will be will lumped under other current liabilities. This is the amount that customers have deposited in the bank. Since, theoretically, all of the account holders could withdrawal all of their funds at the same time, the bank must list the deposits as a current liability.

Mon, 03/18/2013 - 05:50 | 3341520 nathan1234
nathan1234's picture

Every bank not carries the term " Guaranteed by the Central Bank" of which ever country or something similar.

Each note is actually an IOU.

The Government wants to call in its IOU's to that extent now and say u dont get that back.

Theoretically all the money one deposits in banks can be sequestered and appropriated.

All the more reason for one to hold one's wealth in gold and silver

Mon, 03/18/2013 - 01:07 | 3341214 dominating
dominating's picture


Mon, 03/18/2013 - 01:14 | 3341222 TicoTiger
TicoTiger's picture

Yes, yes let's all get hot and bothered and make cute snappy comments about what those evil (yes they are) Euro creeps did to the poor Cypriots.

On the other hand, nothing is so simple as it seems.

Fiat is fiat, however, and anyone with any brains should be taking alternate steps to protect themselves as well as they can (hopefully have already done so).  I've put my paper into metal and farm land long ago so I don't really give a shit about paper, except to wipe my ass with. Of course, I am making an assumption that some laws will always be defended. That's the rub, of course.

Viva la revolution!

Mon, 03/18/2013 - 01:24 | 3341236 tony bonn
tony bonn's picture

mark grant - congratulations on making the most cogent attack on the rockefeller nazi takeover of cyprus identified the one and only issue at stake in this whole crisis - the absolute trashing of private property by the nazi elite.

Mon, 03/18/2013 - 01:29 | 3341243 ozzz169
ozzz169's picture

Obama did more or less the same thing to bond holders of GM, at least from my understanding of the situation.  These statists feel entitled to take and do whatever they want as they feel they know better, and wont let anything so trivial as law get in there way, after all the judges they appoint will uphold it anyways...

Mon, 03/18/2013 - 02:42 | 3341319 Sandmann
Sandmann's picture

Didn't do a lot for BP Shareholders either

Mon, 03/18/2013 - 02:09 | 3341279 Dre4dwolf
Dre4dwolf's picture

This goes to say that programs like FDIC are a scam , because the Government will dismantle any such guarentees just days or hours to the theft.


Lets just call it what it is... the banks are commiting theft, robbery, fraud, scams, bamboozle, finagling, rape, to the depositors.

What they are doing is probably not even legal.... there was no disclosure to the depositors that this could be done, if depositors had know this could be done and were well aware of it, they would of been more hessitent to put ther FIAT paper in the bank.

Mon, 03/18/2013 - 02:41 | 3341318 Sandmann
Sandmann's picture

Noone could honour FDIC Guarantees in a Systemic Default - there simply isn't enough money

Mon, 03/18/2013 - 03:26 | 3341381 robertocarlos
robertocarlos's picture

Ben says "30 minutes or it's free".

Mon, 03/18/2013 - 04:54 | 3341457 Non Passaran
Non Passaran's picture

Dude, trillions are just a CTRL+P away...

Mon, 03/18/2013 - 06:23 | 3341548 nathan1234
nathan1234's picture

FDIC stands for

Fckin Dudes In Collusion

and you expect them to honour Guarantees !!!!!



Mon, 03/18/2013 - 02:40 | 3341316 Sandmann
Sandmann's picture

A bank account is the private property of a citizen or a corporation


That is not my understanding of the position under English Law. A Deposit becomes the property of the Bank. The Depositor receives a book entry recording a Bank Liability to the Depositor but the Funds are now owned by the Bank.

Mon, 03/18/2013 - 06:08 | 3341535 nathan1234
nathan1234's picture

Yes The Bank is a Debtor and the customer is a Creditor

The Lord Chancellor Cottenham said the following in judgement

Money, when paid into a bank, ceases altogether to be the money of the principal; it is by then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it. The money paid into a banker’s is money known by the principal to be placed there for the purpose of being under the control of the banker; it is then the banker’s money; he is known to deal with it as his own; he makes what profit of it he can, which profit he retains to himself, paying back only the principal, according to the custom of bankers in some places, or the principal and a small rate of interest, according to the custom of bankers in other places. The money placed in custody of a banker is, to all intents and purposes, the money of the banker, to do with it as he pleases; he is guilty of no breach of trust in employing it; he is not answerable to the principal if he puts it into jeopardy, if he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his principal; but he is, of course, answerable for the amount, because he has contracted, having received that money, to repay to the principal, when demanded, a sum equivalent to that paid into his hands.

That has been the subject of discussion in various cases, and that has been established to be the relative situation of banker and customer. That being established to be the relative situations of banker and customer, the banker is not an agent or factor, but he is a debtor.

Thus the settled position of the law is that when you deposit, the bank becomes the owner of the money deposited and you become a creditor to the bank


Mon, 03/18/2013 - 02:53 | 3341323 evernewecon
evernewecon's picture




I've proposed a debt cancellation party

strategy wherein two large teetering banks,

each owed substantial debt from the other's

respective government, be temporarily 

nationalized where each is in fact living 

entirely owing to unrealistic asset valuations.


Matching values owed from 

each other's governments can be cancelled.


This may be the most practical way of throwing

Japan a lifeline while helping ourselves.

Japan's recovery from its lost decade was

siphoned off of by the mortgage bubble

our banks created by way of the carry trade

wherein people borrowed yen and invested in Ice. Kr.

Of course, massive free reserves and the inclusion 

of China with Congress' blaming everyone in sight for

monopoly, risk filtering, cost shifting, and monetary

policy based on teflon banks threatens creating a

carry trade against ourselves, wherein people will 

borrow dollars for investing in yuan assets.


The problem with that is not simply a nation's goal

should be a strong currency and high wages reflecting

human capital, but it disincentivizes U.S. investment 

simultaneously with rewarding bubble investors and 

punishing bubble sellers.


Protecting depositors, all that should matter,

everything having happened to date and that

we're witnessing currently being about 

protecting holding co. controlling holders, 

is so easily accomplished through such 

device as inventing a new class of bankruptcy.


Mon, 03/18/2013 - 02:51 | 3341332 etresoi
etresoi's picture

The myopic eurocrats have lost the big picture, as usual.

Cyprus has a viable option of leaving the EU, dropping the euro and aligning with Russia.

Russia can afford to support Cyprus, can develop the gas fields at a substantial profit and as a bonus, gets a strategic deep seaport.


Game, set, and match !

Mon, 03/18/2013 - 13:58 | 3343382 Lost Word
Lost Word's picture

Someone wrote that it was a plan intended to chase the Russians and their money out of Cyprus.

Mon, 03/18/2013 - 02:59 | 3341345 chindit13
chindit13's picture

The law governing shareholder rights...abrogated by the Bear Stearns incident.

The law governing corporate debt...abrogated by the auto bailouts.

The law governing sovereign debt....abrogated by the grandfathered Greek Collective Action Clauses.

The law governing bank deposits...abrogated (pending the vote) by the EU/ECB/Cypriot Parliament.

I'm reminded of another law, one of Newton's.  Populations at rest tend to remain at rest (unless acted upon by some external force), but populations in motion tend to remain in motion.

Mon, 03/18/2013 - 03:06 | 3341355 Gooseone
Gooseone's picture

Actually , after the recent G20 meeting in Moscow where currency devaluation was probably a hot topic , i must say that my confidence in "Distelbloem" as Dutch

minister of finance and head of the EU group has grown. Devalue a currency without printing and without making it look like it was planned all along.

No complains from the Russians because they don't have to take a real haircut and can probably profit exploiting those gas fields in the future.....

Now , unless this move forces the ECB to print to backstop capital flight will Abe or Ben print first with their renewed save haven confidence in their currency.


I mean there must be something going on here , in a world where there are so many means to steal from people without them noticing

why be so obvious about it ?


Mon, 03/18/2013 - 03:17 | 3341371 Uber Vandal
Uber Vandal's picture

The more I think about this, the more terrifying having debt of any kind is.

For example, your money can be confiscated at any time for any reason, or even frozen with a bank holiday, as we have seen here.

Will your debt be reduced by the amount your capital was decimated, will your creditors give you an extension when your account is frozen?

I think we can all agree that the answer is no.

Though one may "lose" some significant gains in the market, etc, is the downside risk worth the "gain" when this sort of thing is more or less guaranteed to happen again?

Mon, 03/18/2013 - 07:58 | 3341699 Peterus
Peterus's picture

You got to learn to love the bomb.

Take as much debt as they give you and just never pay it back. Spend it all, deposit and save nothing. What will they come to claim? Skate the welfare laws, line up benefits. And if you can get really large amount of money, do the same thing bankster style. Just use some of the money to buy yourself special kind of insurance - one that will help you escape consequences of your own actions. Get out of jail free cards and sympathy of politicians is first thing to buy, bet the rest - if you win, you're rich, if you lose, try again.

Mon, 03/18/2013 - 03:31 | 3341384 ebworthen
ebworthen's picture

Abject theft.

If this doesn't make people take their cash out of the banks I don't know what will.

Mon, 03/18/2013 - 03:55 | 3341407 pcrs
pcrs's picture

Would it have made an enormous difference if they had written their intentions on a piece of paper and called it law?

Government is the group of people that uses violence, threats and theft to harvest tax slaves of their productive output. It always was ana always will, untill people learn that they do not need to be ruled. That is unlikely to occur when governments control the education of the children.

Mon, 03/18/2013 - 07:08 | 3341594 MisterMousePotato
MisterMousePotato's picture

There was a Christian movie a few years back called Nazareth? (I think). Story of Mary and Joseph.

I know a lot of the people here are not believers, and so probably have not seen the movie, but there is a scene in it that all should see: When the Romans come around to collect taxes.

Plus ça change, plus c'est la même chose.

Mon, 03/18/2013 - 03:54 | 3341408 Freewheelin Franklin
Freewheelin Franklin's picture

I was under the impression that bank accounts are the property of the bank. The last time I actually read an account holder agreement, that was the way I understood it. But I'm not a lawyer. 

Mon, 03/18/2013 - 04:05 | 3341416 Hobbleknee
Hobbleknee's picture

"A bank account is the private property of a citizen or a corporation and does not belong to the government or at least that was the supposition up until now in Europe."

In many EU countries, if you read the fine print on your banking terms, it actually says the money is not yours, and the bank makes no guarantee that you're entitled to getting 100% (or any) of your deposit back.

Mon, 03/18/2013 - 04:40 | 3341448 psyops
psyops's picture

The fact that the 100.000 euro deposit garantee wasnt respected is  the cornerstone of the story.

Apparently this is a guarantee fit for northern europeans, not darker skinned semi-europeans.

The moneylaundring thing is just Goebbelist propaganda, they should know, its part of their heritage.

Switzerland, Luxemburg,Lichtenstein, no problem there apparently, they speak German.

This is clearly no longer a union, it is cutting edge postmodern postcolonialism.

And it is primarily Nationalist. And Socialist. 

The Germans did it again... NationalSocialism must have a deep rooted appeal in that nation's psyche
Mon, 03/18/2013 - 08:08 | 3341723 smacker
smacker's picture

Quite so. Some say that after WWII, Germany secretly began the process of achieving domination thru economics where it had failed militarily.

Nazism/fascism is really an extension of Marxism. It's not difficult to see why some people see what's happening in the EU today as the emergence of a Fourth Reich.

Mon, 03/18/2013 - 05:07 | 3341470 Snoopy the Economist
Snoopy the Economist's picture

This seems like it could be the first step to WWIII

Mon, 03/18/2013 - 05:20 | 3341483 Oligarch
Oligarch's picture

Busy day for busineezmen.

Mon, 03/18/2013 - 05:45 | 3341514 Crazed Weevil
Crazed Weevil's picture

There comes a point when I see things like this that are so retarded, so utterly insane, that I think that maybe that was the idea. Just how could anyone be that stupid? would they manage to get out of bed in the morning without killing themselves? There must be a reason for it other than complete insanity. This is going to cause a lot of damage, and they must know this, so what reason is there for causing this damage? How does it help them in anyway to cause this kind of damage?

Mon, 03/18/2013 - 07:53 | 3341692 Peterus
Peterus's picture

There were nice productive cows in farmer pens called "European countries". They were rather happy and gave a lot of milk. How could they not take a little bit from this bounty? And when they started taking appettite grew. Soon they started to pay off some of the cows and they would reinforce their power. Amount plundered grew and grew and grew. It was very nice for the farmers - that was what they wanted. But now, with so many farmers and so many supporter-cows that always want more the burden is just too large. It is not some planned future, they would rather have what was 20 years ago ad inifinitum. But they can't have it and in the end of the day they won't just run away from their nice position of a farmer. They will do everything they can do to secure it. Maybe they'll sell some cows for meat, and starve the rest a little... lower returns, not ideal option - but what can you do - after all this farm will not run itself.

Or maybe it will?

Mon, 03/18/2013 - 06:42 | 3341566 magpie
magpie's picture

"Cypress cancels parliament"

Mon, 03/18/2013 - 07:30 | 3341646 Atlas Crapped
Atlas Crapped's picture

I think for most people, their house and their car as "private property" is an illusion unless you hold clear title to both. Skip a couple payments and find out what happens to your private property. But ... it's simply not a good analogy. People put their wages earned in banks for safekeeping, not bailouts. Such is the problem with fascism, and socialism. I think what we have today is fascialism, a kind of fascism tempered by selective socialism to keep social order ... at least for a few more can kicks...

Mon, 03/18/2013 - 07:35 | 3341662 rufusbird
rufusbird's picture

The dog that didn't hunt? How come Mister "More Stimulus Can Fix Everything" does not comment on this hot issue? Noticably absent.

Mon, 03/18/2013 - 07:48 | 3341681 andrewp111
andrewp111's picture

A bank account is a loan to the bank. Loans can default, and deposit insurance is only as good as the insurer (which in this case was laughably absurd). If you want private property, you need cash or gold that you  can hold in your hand. And cash is an obligation of the Central Bank and the country or empire that owns it, nothing more.

Mon, 03/18/2013 - 08:46 | 3341843 Fix It Again Timmy
Fix It Again Timmy's picture

If rumors be true, I'm sure the Russian Mafia has some exciting sex games lined up for the Cypriot Finance Minister...

Mon, 03/18/2013 - 09:05 | 3341930 GoldIsMoney
GoldIsMoney's picture

If you are able to read German check the German pages of political magazines and then look for Blogs about this. You won't believe the differences. 

Mon, 03/18/2013 - 09:09 | 3341943 Dr.Engineer
Dr.Engineer's picture

The EU has just sown the seeds for the next world war.   They did not want their banks to take a hit and their distaste for that neanderthal Putin and company made them believe that they are soveriegn over all the earth.  This madness not only willfully blinded them to their internal EU effects (i.e., bank run over all of Europe, bond selling over all the world, arming of the populace who have been told this story by their grandparents) but to the fact that they depend on Russia for necessities (how cold can it get without natural gas). 

Putin is (as Jim Sinclair said) "The real thing."  That is, one tough, mean bad-ass with a strong liking for revenge.  He will not destroy Europe quickly.  He will bleed it slowly.

The people in charge of the EU are so desparate that they have gone mad.

I pray that the US can use this as a teaching tool ...

Mon, 03/18/2013 - 11:00 | 3342447 overmedicatedun...
overmedicatedundersexed's picture

where's OUR EURO GORDO???oh running to his bank to get his cash..He will tell us how great the EU is in a few moments just wait. douche

Mon, 03/18/2013 - 14:04 | 3343404 Herkimer Jerkimer
Herkimer Jerkimer's picture





It shall be remembered as our version of the Archduke Ferdinand moment.


Mon, 03/18/2013 - 13:14 | 3343184 creeper
creeper's picture

Since depositers are screwed either way, let the banks fail.  It's time they started feeling some of our pain.

Mon, 03/18/2013 - 16:19 | 3344240 Essential Intel...
Essential Intelligence's picture

The following article surveys the underlying phenomena of the recent financial pandemic,which this week centers around the Pandora-box of Greek-Cypriot finance, where a new aspect of direct-democracy is attempted: that of member-accountability.

Mon, 03/18/2013 - 22:45 | 3345641 Rusty Trombone
Rusty Trombone's picture

Fuckface Krugman approves of this shit !

Do NOT follow this link or you will be banned from the site!