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The Sun Just Set On The German Empire In Cyprus As Locals Tear Down German Flag
While images of burning flags in the middle-east are not unusual and we have become numb to visions of angry mobs stomping over Western flags, the sight in the clip below of the typically calm and serene Mediterraneans turned Cypriot mob climbing atop the German Embassy in Cyprus and tearing down the German flag may well be a glimpse of what is to come in the next few days as the government nears their voting deadline and banks near their re-opening...
Via ekathimerini,
Protesters took down the flag at the German embassy
Many people have gathered outside the presidential palace, in which a protest on the agreement between the government and the haircut Eurogroup for deposits.
Protesters hold banners and shout slogans against the Troika and the Memorandum. Earlier, demonstrators portion en route to the Presidential Palace, went to the German Embassy.
Protester climbed on the roof of the building pulled down the German flag from the mast and threw it on the road. The other protesters tried to get the flag, but police who were lined outside the embassy and collected. The police presence in the area is important, but discreet.
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This is going acording to plan. The banks will never reopen.
Monetary Revolution begin!!!
Big deal, call me when they start hangin' folks...
All the VSP (Very Serial People) from Krugman to Bill McBride to Noah Smith are like, totally dismissing the barbar(ous)ians at the gate. I think they've even put out an SOS by smoke signal to Nate Silver for some statistician backup.
They're all like "Cyprus is totally tiny, and like so chock full of Russian Mafia cash...so seriously...whatttevahh..."
Krugman & McBride are totally buying huge blocks of CRM, ZNGA, GRPN & LULU. Like, OMG, there's always a bull market somewhere, fer sure.
The last time I checked, no mafia likes having their money confiscated. See JFK.
Correction** the federal reserve doesnt like having their money threatened... See Executive Order 11110
http://en.wikipedia.org/wiki/Executive_Order_11110
A nice, healthy game of Capture the Flag. Victory!
Dear Cyprus, your required contribution to the bailout of your banks is now $5,8 billion plus....the rest.
You can keep the embassy.....it's a small price to pay, considering the alternative.....bitchez....
LOL. Governor Connolly stole Oswald's lunch money. JFK got in the way. A tragedy really.
And the scum corporate media doesn't understand that the world's biggest dam break can start with denial of and inattention to the world's smallest fingerhole leak.
If people would just realize that stocks are really the way to go, and quit making everything so complicated.
Unlike fiat currency stored in banking institutions, or some metal dug from the ground, or really smelly, nasty oil that kills baby polar bears when it leaks into icky puddles, stock certificate values are soooo stable, and the people who, like provide guidance as to future stock valuations, as well as the exchanges stocks are traded on, are like really, really trustworthy and soooo totally honest.
I am sooo just buying the best performers of the Nasdaq and sleeping well at night. Even Alan Greenspan, who everyone knows is like the most brilliant economist of our time and maybe all time, recently said that "only the stock market matters."
NoDramaStockTrader-Investor
This sounds awfully familiar:
Subprime is totally tiny
Greece is totally tiny
Ireland is totally tiny
Portugal is totally tiny
Spain is not Uganda
All the Hope & Change ***k ***king Democrats and union goons. Blame them for what is coming plus the RINO scum and Bushes.
"Big deal, call me when they start hangin' folks..."
They sure showed Z Germans, one flag for one haircut...
Matters not...
An endless supply of Chinese made flags abound
10% may seem like a bargain when all is said and done.
They will be lucky if they get 10%.
10% that you can't get because the banks deducted it from your account balance, and 90% that you can't get because fractional reserve lending falls apart when everybody tries to get their money at once. Tough luck Cyprus.
What is happening is actually extremely interesting. Under the Cypriot Constitution (art. 24/3) it is illegal to have any retroactive tax "whatsoever". The banks are commercial enterprises and the state is not liable for their actions. Yet the banks are closed because the state said so but there is no official order to that respect issued by the state. In other words, if the banks don`t open tomorrow they are breaching contract law and criminal law, as they are denying depositors right to propriety and the state is not liable for that. If the state were to issue a order to keep the banks closed the courts would most likely suspend said order in hours. These banks will never reopen, they are filing for chapter 11 soon, very soon.
There is no exit from this situation at this point, because if the banks ever reopen $100 billion would try to run away from Cyprus instantly. Guess what, said money has long ago been invested in Greek bonds. There you go Dimitri, I guess Russian mafia get fucked.
Constitution! HAHA! That's cute.
It's a living document.
Hm, perhaps the 'living document' strategy is actually a discreet way to forecast/manifest that which happens to all living things eventually.
Yeah. Cypriot Constitution. Since when? Like 1960?
No, the banks are closed because it's a national holiday.
Pretty sure he was referring to Tuesday and Wednesday.
And this begs the question what other lawyers already know that the words of the Eurogroup are not "law" and will open the banks tomorrow for "selected" customers and make transfers possible for a 10% fee lets say that goes to banks. It would not be illegal, banks know this, I think they will do it.
Meanwhile the poor Cypriots will be protesting and tearing down flags infront of the German embassy resting assured that when the banks reopen they will only be "levied" for 10%.
I agree. I commented on an earlier thread that the only way to avoid a bank run (and thereby let the MSM cheerleaders pretend that this is a non-event) is to just extend the bank holiday perpetually - eg 'see, everything's fine, you'll get MOST of your money as soon as we open, which will be really soon, probably any day now, we're just working through a few details on the paperwork....'.
Related, I'm really pleasantly surprised at the non-response so far in the price of PMs. Its like being able to buy insurance on your house AFTER the hurricane's hit.
Normalcy bias is a blessing from that perspective.
You are so right about it being interesting... The best bet for the people of Cyprus would have been the 40% confiscation that the IMF had proposed. The money would have been removed from the banks and put in the govt acct. This would be roughly 20 Billion. Enough to cover the govt loans and bring them back into parity. The banks would open and the russians would take their 60% back to russia and the bank would go belly up, which it will anyway. The banks open and the run will take them out no matter what. The question is if the govt goes bankrupt with the banks, thats really the only question left. A 15% haircut of the over 100 K will give the govt enough to pay back their IMF loans, in which they then get loans of 15 Billion to keep them operating a while longer. The russians still remove all their cash and the banks go under. Its game theory now and there is no outcome that doesn't involve the banks going under. Its a matter of who gets the assets the banks own and does the govt get enough of the assets to stay afloat.
Crime gangs like Obummber, UAW, Democrat Party, EU, The Federal Reserve, BOE and ECB.
Throw that free spider man towel up there.
IT could have been avoided if they gave 8.525% for both!
Sigh.
The banks go under and the Country's depositer insurance can't cover either then the folks lose all their money not just 7 or 9 percent.
You are buying the false paradigm. You have to start thinking like a banker to learn how to defeat them. You assume the banks go under because of the rules. What this fiasco demonstrates is there are no rules. The rules are being made up by the powers that be so you will never get the truth from them. The only way to stop them, is to not play the game by their rules. Call their bluff. You will soon find there are more than just the 2 false alternatives that were initially presented (deposit theft, or bank failure). The rules will be re-written because the can must be kicked. The banks can't go under yet, because there isn't adequate containment of the risk if that happens. That is why you were only given 2 dire alternatives to choose from. Lose 10% (bad) or lose all (worse). Bankruptcy is not a viable alternative because the bankers lose. The bankers will rewrite the deal so they don't lose. Bank on it.
"The ECB is like a bankruptcy attorney for the banks"
beppe grillo
"El gran banco (bank) de nuestro paraiso (heaven)......... de la BUUUUUUNdesbank!" LMAO!
beppe grillo
Chopped it for ya, tickhound.
"BUUUNDESBANK!" (thunder!)
http://www.tubechop.com/watch/1034353
P.S. GIF'ed Beppe, too
http://imgur.com/5YaJMee
Kewl. You should avatar it.
aaaannnnnnnd ........ it's vaporized
until as Beppe so eloquently points out...
L'emorroidi Grande will "Stampare e Prestare, Stampare e Prestare, Print and Lend, Print and Lend..." lol
Comedy is dangerous!
Ha Ha Only Serious.
And he is fully right and he will make it!
+1, Yep..
The depositors should lose nothing. We know what is supposed to happen, we have hundreds of years of banking law and banking practice to learn from.
As soon as liabilities exceed assets even by 1 Euro, the bank is insolvent. At that point a bankruptcy trustee takes over and pays out the money. First to depositors and creditors, then to bond holders, finally whatever is left goes to the shareholders.
The management of the bank is fired and disgraced, and never work in banking again.
This gives bankers and bank employees an incentive to be very strict and very careful when it comes to handling depositors money.
As soon as they threw all the old rules aside, events like today's became inevitable.
This post needs a +1 gazillion... at least.
Yep, that's what should have happened, but those rules all died in 2008, if not long before. Greed is the only rule today. It's why they keep kicking the can. They will rewrite the rules over and over, pushing the masses to their breaking point, over and over, until they get what they want. It is war of attrition. If they push too far, like in this case, don't worry, they will back off and re-write the rules yet again to protect themselves. The bankers never lose because they write the rules. The only way to beat them, is to not play their game. Iceland got it right.
I was under the impression that the purpose of the levy was not to Bail the banks out, but to bail the govt out. The govt has debts they cannot pay. The EU will not give them more loans unless they can pay the EU/IMF on a portion of what they already owe. So we tax the depositers- This means that the banks have to come up with the (CASH) overnight to pay the govt 8.7 billion. Most of the banks don't have that kind of cash on hand so they have to sell their assets in greece to raise the funds to pay the govt. excess reserves the bank has on hand is also used. The banks become smaller by this action and are hurt a little bit but at least they do not have to pay back the depositers. The Cyprus govt can then pay on the loans they owe. The EU/IMF will them give the Crypus Govt 14 billion in loans so that they the govt can pay the Crypus banks what they owe them. The end result is the Govt doesn't go under, the banks are reduced in size and scope. The russians pay a hefty fee for this all to occur and the people get hit as well. This is one of those things that looks good on paper but what they didn't account for is that everyone with money in the banks will the create a bank run. the Russians will repatriate their wealth and the banks will go under. I'm assuming the IMF knew the banks would fail because this breaks all the covenants so they wanted at least 40% of all deposits taken by the govt. so that the govt could then pay out on their insurance for those with under 100K and the IMF still gets paid on what the govt owes them. Because they canary has been let loose its game over because the banks are guaranteed to fail bc the russians will pull out. So who are the winners? The people with money will swoop in purchase the assets of said banks at firesale prices, the depositers are wiped out and so are the bank investors. The question is does the govt fail or not?
And of course the rules have been turned on their ass and the repayment order has been changed to (1) CEO and other bigwig (parasite) bonuses (2) shareholder dividends (3) enough of a bone to bondholders to hold off open revolt and (4) depositors and ordinary creditors GET TOTALLY REAMED AND SCREWED.
On Saturday, when all this Cyrpus stuff broke here at ZH, I wondered if this was going to be "one of THOSE weeks"... Yes, I guess so. Off to buy gold now...
placed my weekly order a day early this week.
Bullish for German Flags
This is like a broken window opportunity. The protestors rip down the flag, Germany has to buy another one and ship it. Voila, economic activity! Now, imagine the broken window oppotunity if the protestors were to, say, bulldoze all the banks and hang the bankers from the lamp posts.
There aren't enough lamp posts... MOAR LAMP POSTS!
Lots of new jobs for rope makers, casket makers, gravediggers, embalmers, salesmen, new graveyards ect.
You're missing a major in your handle...
Just the name, not the title...
Ah, ok...
German flags, eh...
Try raising a pair of Merkel's bloomers!
what's German for "Yankee Clipper"
Guten Tag!
Guillotine Tag, indeed.
HOGAN!!!!
I see nothing....Iknow Nothing
:)
Isn´t that the Belgian flag?
Twice the Germans tried to take over Europe and got smacked back into their box.this time it's a slow cancerous creep offensive across the continent.
We don´t want to take over Europe. Stupid morons like the Greeks just give it to us.
Too bad, considering that the Germans have always been the good guys.
Finally, someone speaks out the truth.
"The issue which has swept down the centuries
and which will have to be fought sooner or later
is the people versus the banks."
-John Dalberg-Acton, Lord Acton
Bullish for home safes.
And Armed robbery
And dead fucking intruders that make the mistake of stepping into my home.
Yeah, best to leave it in the banks. That way, whatever the cyber thieves don't get, the gubmints will.
Dolt. Make 'em work to take what you've got.
I'd never have a safe... too visible and tempting, and too many wise-guys know all about Gitmo-style techniques. Personally, I prefer the idea of visible penury with nothing obvious to give away my position. I have remote land nowhere near my little house where things are cached nice and tidy and invisible.
Sounds good in theory, but if you don't have it with you, you don't have it. MF Global, anyone?
Always thought a safe with a little stash in it is good. They can have that and think there is nothing more.........
unfortunately metal detectors are an ever more common gadget, and the new ones can identify PM without even digging.
Safe places to hide are ever more scarce on the western front.
i dont think most of these thieves even know what a 100 oz bar is.....the ones that wuld know would be the ones you told....give somebody a 1 oz round, they have know idea....so i have a bunch of heavy red door stops....
And shovels and coffee cans. The safe is the distraction.
You leave a bit of paper with the words "You moron." in the safe.
Germans running out of safe holiday locations....
Germans can always come to New York where Bloomberg's troopers will "Stop-and-Frisk" them. I like the feel of fascism in the morning. It feels like ...... the Fourth Reich in Bloomberg's fascist fiefdom.
This is the "First Domino." Others will follow.
· The Fatherland- Socialist/Nazi Germany
The Motherland - Communist Russia
The Homeland? – An Unspeakable Bastard crossbreed of the two above!
Fascism is a totalitarian system of government that bases its economy on a later, more mature stage of capitalism, it's a marriage of government authority and military/police power managed by corporate influence.
"The liberty of a democracy is not safe if the people tolerate the growth of private power to a point where it comes stronger than their democratic state itself. That, in its essence, is fascism - ownership of government by an individual, by a group." Franklin D. Roosevelt
At this point it's an Ideological Battle based on a segment of The American People that were bought up ina a Constitutional Republic which we're founded on morals and vaules.
And,
The Global Tyrannical Fasicst Authoritative Police State ideology mindset who advocate Torture, Redition, Illegal Wars, Drone Strikes and Assasinations of The American People. Which right now represents The Criminal Federal Government Agencies and Representatives in it.
That's an ironic quote from gold-thieving, warmongering FDR.
Iceland sounds safe
Morocco is a better substitute for Cypress.
Bunga, bunga on Dudes.
Iceland is a nanny state.
What free country bans online porn?
http://www.huffingtonpost.com/2013/02/25/iceland-porn-ban-internet-filter_n_2758526.html
If I had a business in Cyprus I'd be adding 10% to every euro tourists bill because ya know were all in this together....right!!!
The Germans may be unpopular because of economic imperialism in Europe. But the French are unpopular in Europe because they a arrogant stuck up pricks! Why the other Europeans don't beat the shit out these French tourists is beyond me.
the krauts couldn't care less, coze Angela will (not wants) be reelected and all the Euro nonvaleurs know that (even UK Osborne). Move on!
Why is it taking so long for that to happen in Athens, Madrid and Rome? Buy gold and silver or bitcoins and strike a blow for freedom from the banksters. Or just barter. Introduce your own local currency.
Be free from the banksters who would enslave you.
Courageous Sheep......FORWARD!
Not so sure about that.Spoke to my sister again.
She is going crazy trying to stop her husband and sons going ARMED to the bank.
Could get very interesting.Crossing a Greek in money is almost as bad as
screwing a Russian.
I don't know about screwing a Russian. The ads I see are telling me these pretty Russian ladies would like to be screwed......As soonb as I had over my acocunt number.
I don't get these ads. I gotta ramp up my online pornography viewing.
great typo!!!
Where do your sis & bro in law live?
"Typically calm and serene Mediterraneans "???
Well we do act rather nonchalantly when it comes to all topics of no primary correlation to tribal-politic football fanaticism.
They'll just add the cost of the flag to the haircut tab.
Beef it up to 40 percent like Erkel wanted and allow them to do their own "reconstruction" via plebe bulldozers.
It would be a Krugman meets Keynes wet dream steeped in irony. The banks being bulldozed by the people due to the death throes of the fractional-reserve, liquidity-injection system that he loves spurring economic activity as they rebuild from said bulldozing.
There's a term for this type of circular mind-fuck that escapes me at the moment.
And then fucking Aliens with bulldozers for bodies attack from the skies shooting lazer beams from their assholes destroying everything leaving a massive cleanup and totally fuckin bullish on GDP cuz that's what the fuck matters! MOAR! FOARWARD CypRIOTs!
Oh have a heart! He's just doing his job! So the Riksbank prize and NYJ column comes with a few strings attached! Parasites have to eat too you know? The poor chap's constantly on the horns of a daily dilemma, like, "how the hell do I make this utter shit-storm seem like a prudent, inevitable, necessary and sound policy?" Could you do that? No? Well try walking in another's shoes for a day before you rip them.
The root cause of all this is people of Cyprus living beyond their means and feeling entitled. Coming to a country near you!
The root cause of this is compound interest of a fractional reserve currency.
Nothing more, nothing less.
pods
Yes, such can be a very powerful force, when applied prudently.
CONTROLLED BY A PRIVATE FOR PROFIT BANKING CARTEL
The root cause of this is drunken sailor gubmint spending. But yes, coming soon to a country near you. They are all drunken sailors.
Well, I think Cyprus has accepted to be blamed for everything in exchange for final help.
Let's wait whether my conjecture will play out or not
Something tells me that the last nail into the coffin will be on Wed when Benny could say that they "could be thinking of tappering off QE".
Glad to see at least a few people of Cyprus willing to stand up. I hope the rally/protest tomorrow is large and continues to grow. Wouldn't mind seeing some of the thug police get what's coming to them on behalf of all corrupt pigs around the world.
Greece says Cypriot bank branches to remain shut March 19-20
Get the picture???????????
Surely ya'll don't think this might spread, cause I have it on the QT from Cramer...
OK, so JPM threw Germany under the bus? What were those news and articles about JPM last week before this circus broke? I don't even remember anymore.
Nein nein nein unsere ehre! Ja http://youtu.be/Txq736EVa80
"What the hell are they crying about. It could have been much worse. Just ask me, the teflon don of MF Global."
- John Corzine
Once again, the German government, making everything in their power so the rest of Europe hates Germany... while the average German is pissed at their own government too... Germans will not do the same thing they did prior to WW1 and WW2... aka rally around their government no matter what... this time, the scumbags running Germany are going DOWN and a real party reflecting Germans views AND the rest of Europe will come into power... ANTI-EU PARTY!!!!!!!
Lol. Dream on.
I suppose there could be a straw that breaks the serfs backs...this could be it. You take my money (laugh..it's not your money) then I will riot.
The scum bags running germany is a central bank that deals in euros. Those same scum bags run the USA with the FRN. Its not the country or its people. But the criminals who think they own it with money they created.
Divide and conquer and most of the dumb fucks here are falling for it.
"The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks." John Dalberg Lord Acton
As I remember from history, Germany always wants to fight on multiple fronts.
"Oh maria? Have you filled out your NCAA bracket?"
"That's right bill, it's that time of year for college basketball fans!"
'when we come back from break more on how Cypress citizens will eat a dick this week and some consumer discretionary stocks you want to own for the summer travel season!"
I love your scepticism. It drives me nuts sometimes, but it is quite challenging.
Keep it up.
the media is such an amazing tool and so successful when combined with a brain that is inclined to not want to be exposed to reality. It's like that movie "the truman show" except everytime they made a mistake or accidentally exposed themselves Truman gleefully ignored the obvious.
That's why I haven't had a TV since 2001, 12 years.
I do not want to be brainwashed.
i finally got my wife to agree to pull the plug on it recently. Any longer and I may lose my mind.
That's good. You'll have a lot more time in your hands to play with your daughter or simply .........some more sex.
lol i had something ror that comment but i will try to ease up on the skepticism
Speaking of...what IS Honey Boo Boo's portfolio? anyone? Has she weighed in on the matters unfolding in Cyprus?
Can't seem to get's my entertainment feedbag on for them Cyprusian's.
-muppet
Complacency: 1 - Reality: 0
After the break - the heated discussion of Honey Boo Boo's speculation on how the new Apple iPhone's 6 screen bezel will stack against a pound of ferret feces, as well as the top 5 ETF choices from the cast of Glee - Coming right up.
It is time to apply the Julian Carlton solution to the Banks and the Banksters.
past due.
This is what happens when countries get their gold absconded, leased out, and 'promised' to return in about 7 years
Since they recapitolized the banks with this haircut, we can calculate the banking reserve ratio with a quick napkin calculation.
I wonder if QuickTax will come out with a "Cyprus Edition"?
I'm not worried - the banks passed the stress test, the collateral is good It's All Good.......HA HA HA HA
Go Iceland or go home and bitch unless its shiny.
Shifty-eyed Summers take on Cyprus just on CNBS was very telling. He looked like an old PBX circuit stuck on wink.
In thick russian accent " tell obama and imf to sit quiet like liitle bitch. i will be tranfering my accounts to my affliates in singapore. any outstanding accounts will be settled at first opportunity"
But they are not burning their Audis and Mercedes they bought with borrowed Euros.
You don't fuck about with our 7 hour coffee breaks. :-) If they had to do it, in this perfect weather, it means YOU are in deep shit, Eurogroup.
I guess Cyprus does not have a 2nd amendment.
The abstract (money, stocks, the future etc) will never rule over the physical, like oil and water they never mix well.
We live in a phyhsical world, so take action!
Stamp the German flags with "Api8, Api8, Api8", hoist them back up over the burning embassies, and send the krauts the message that it's the "Nein, Nein, Nein" plan.
Did Simon Black have any gold/money hidden in Cyprus?
prick.
And after a 68 year slumber, the god of war once again begins to stir on the fringes of the European continent.
I've always heard that the Russian gangsters are extremely touchy about anyone taking (or losing) their money. There will be blood.
You know, somehow I don't think the Germans are exactly shaking in their boots for fear of "The Russian Mob". If memory serves me correct, not too long ago the Germans were rather "efficient" in dealing with their "enemies" as well. About 26 MILLION dead Russian soldiers and civilians following WWII would testify to the efficiency of the German "mob" at the time.