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The View From Greece On "The Hypocrisy Of Leaders" And Why "There Is A More Insidious Infection That Could Spread"

Tyler Durden's picture





 

Authored by Nick Malkoutzis, originally in Kathimerini

After Cyprus, eurozone risks transmission failure and running out of road

The Eurogroup’s decision on Friday to impose a one-off tax on depositors in Cyprus may mark a turning point in the euro crisis. Only, the single currency’s decision makers might soon realize that in taking this particular turn, they also ran out of road.

Under pressure from several members of the eurozone – Germany in particular, if reports are accurate – the new Nicosia government agreed that deposits above 100,000 euros would be taxed 9.9 percent and those under 100,000 at a rate of 6.75 percent.

This is an unprecedented decision for a eurozone country. It is also one whose potential consequences reach much further than an island in the eastern Mediterranean. It threatens to cause the transmission system between the economic and financial sectors on one side and the political and social on the other to seize up. Without this, the euro cannot be propelled forward. It cannot function.

The choice to tax depositors has prompted an intense economic debate about whether it was the correct policy or not. Both sides have put forward points worth considering. Those arguing against the decision have pointed, for instance, to the risk of contagion in other eurozone countries that are facing economic problems. Those who defend the Eurogroup’s stance say depositors in Cyprus earned high interest, which gave them profits over the last few years and carried a bigger risk.

Setting these arguments aside, the eurozone ignores at its peril the fact that these decisions do not happen in an economic or financial vacuum. They have political and social consequences that cannot be ignored if the single currency is to have a future. One need only look at the political changes that have taken place in Greece, Ireland, Portugal, Spain, Italy and elsewhere to realize that the euro area is running out of leaders who have the backing needed to implement the decisions being taken.

Cypriot President Nicos Anastasiades, elected just last month, has to clarify to his people why he is adopting a bank deposit tax when he told voters a few weeks ago that he was absolutely opposed to it. Even before Anastasiades had returned from Brussels, his political opponents were demanding a referendum on the deposit tax. Some were even calling for new elections or an exit from the euro.

Anastasiades also has to explain to Cypriots why small-time depositors have to pay a similar levy to the one some eurozone countries supposedly demanded so alleged Russian oligarchs would be forced to pay for bailing out the island’s banking system. Furthermore, he has to inform them why the Cypriot government’s pledge to guarantee deposits up to 100,000 euros - supposedly even in the most extreme circumstances - is not even worth the paper it was written on.

The implications for people’s trust in their government and financial system are obvious. It would be remiss to think that this wariness will be contained just to Cyprus. While many will be watching next week for signs of financial contagion from the Cypriot decision in other parts of the eurozone, with Spaniards or Italians possibly withdrawing savings from their banks, there is a more insidious infection that could spread.

Cypriots will be given equity in their banks in return for the tax but what value will this have when they no longer have faith in the banking system? Cypriots will be told that the deposit tax will stave off further measures but they only have to look to Greece or Portugal to see that promises of no more taxes or cuts have little value. They will be told that there was no alternative but then they will hear about pressure from other single currency members and concerns about the upcoming German elections.

And, all the time, citizens in other troubled eurozone countries will watch and grow warier. They will interpret the policies advocated by the stronger members as punitive for the weaker. They will consider the hypocrisy of leaders who cry foul about money laundering in Cyprus but turn a blind eye if it is happening in Lichtenstein, Switzerland, Luxembourg, the City of London or anywhere else in Europe. They will realize that their government’s promises carry no value when measured against the ideas, motives or obsessions of the single currency’s big players.

This is the point at which the political and social sectors will experience a complete disconnect from the economic and financial. Restoring the connection will be an immense task.

Then, these same citizens will begin to ask themselves where their interests lie, what’s in the euro for them and whether other options would be better. And, as they are mulling over these thoughts, they will look to other parts of Europe and see people like them but also analysts and policy makers wondering what all the fuss is about. They will hear others who have not had to suffer any hardship or financial losses wonder why there is such a negative reaction to wages being slashed, taxes being hiked or deposits being taxed.

This is the point at which the links within the eurozone will begin to pop apart, when citizens will turn to Beppe Grillo-style solutions, to nationalists, extremists or to anyone who promises a different path.

This is the point at which the vehicle stops functioning and the road ends.

 


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Mon, 03/18/2013 - 12:26 | Link to Comment takeaction
takeaction's picture

When I tell people "This may happen here"  the sheep still look at me with the "Deer in the Headlight look."

I have 100% given up on this country.  If we make it to 2016…Rand Paul…they will never let him in.  I got into an argument on Facebook last night….Democrats CAN NOT face facts.  I posted some before Obama, and After Obama statistics…and they say they are just ½ truths….and said that “This is not Obama’s fault”.  They still blame Bush…can you believe that.  I am so done with trying to educate people.  Tyler…this Bank Run is a call for the DEER….and Banzai needs to make a cool label or caption that goes under the deer.  We are so fucked.  People say I am a Doom and Gloomer….really??  They just stole your money in Greece fuckers. What are you going to do about it?  When it happens here…what are you going to do…NOTHING…as always!

Mon, 03/18/2013 - 12:31 | Link to Comment Manthong
Manthong's picture

The road ends alright..

http://i.imgur.com/Y0pTYEG.jpg

Mon, 03/18/2013 - 12:40 | Link to Comment AnonymousCitizen
AnonymousCitizen's picture

The road just got really smooth, right? No more bumps.

Well, maybe one more.

Mon, 03/18/2013 - 13:06 | Link to Comment SafelyGraze
SafelyGraze's picture

was *this* your infection?

http://www.gsa.gov/portal/content/167855

The most vulnerable users are those that use a Social Security Numbers as a Taxpayer Identification Number and that “opted in” to public search. 

 When did the security incident take place?
It was reported to GSA on March 8, 2013 and closed on March 10.

 What is GSA doing to prevent this from happening in the future?
Protecting user content is a top priority for GSA


 

Mon, 03/18/2013 - 13:18 | Link to Comment THX 1178
THX 1178's picture

Blaming bush is just like blaming obama-- its an expression of misunderstanding.

Mon, 03/18/2013 - 12:43 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

The sheep in Europe will never do anything. 70 years ago they politely stood in line, waiting to board cattle cars.

Mon, 03/18/2013 - 13:30 | Link to Comment Element
Element's picture

How old are you? (I'm guessing very young probably extremely ignorant)

Mon, 03/18/2013 - 13:33 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

What does my age have to do with the content of my comment?

If you disagree with my statement, please explain.

Mon, 03/18/2013 - 13:52 | Link to Comment Element
Element's picture

One of the reasons the EU was formed was to try to moderate the propensity for Europeans to get very violent, and do way too much, too often. They just tend to get ... er ... very regimented and tribal about it when they do finally do something. Or do you suppose the Europeans played no part in the central Eurpopean battles of WWI and WWII (and almost WWIII), and the centuries of wars and revolts etc., prior?

Ask Russia if Europeans will do something in this sort of situation.

Mon, 03/18/2013 - 13:56 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

I understand the EU is a response to 500 years of bloodshed and I also know the Russians were on the receiving end of that.

I was commenting on the average people, not TPTB. Correct me if I am wrong but they politely stood in line to be loaded into cattle cars.

Mon, 03/18/2013 - 14:23 | Link to Comment Element
Element's picture

The people standing in line to board cattle cars had been warned constantly to leave Europe for years, they had even been offered free expedited passage out of Europe before this. They were not regarded or recognized as native central Europeans at all, they were considered an invasive fifth column of interlopers and infiltrators, who refused to integrate with actual local Europeans, thus remained aloof. Instead it it became understood and was widely perceived these foreigners had undermined and taken control of finance, trade, local and national Govt, media/entertainment and Banking, and taken over State Treasuries, specifically to gain control and power over the locals, which they refused to fully integrate and become one with.

Thus they had ZERO choice about it at that point of getting on to cattle cars, because they were surrounded by professional military with machine guns who were more than willing to use them. Plus were a minority situated deep inside several powerful countries where many of their people were more than willing to lynch the lot of them (as has often also historically been the outcome).

If you don't even know these basic facts from the WWII era, and can't separate your absurd generalization about the actual European local's taking of actions, i.e. the ones who were not getting on cattle cars, but were instead busy loading the NON-Europeans on the cattle cars, then that's a problem of your inadequate education and extraordinarily deep confusion.

Those are the basic facts and what you have said about "Europeans" standing in line to get on cattle cars is a complete distortion and entirely false in numerous ways, and irrelevant bullshit at best.

"Correct me if I am wrong but they politely stood in line to be loaded into cattle cars."

You have been corrected.

Mon, 03/18/2013 - 14:27 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

Thanks for the detail. Why did you feel it was necessary to lace all of your retorts with insults?

Mon, 03/18/2013 - 14:33 | Link to Comment Element
Element's picture

To bad you don't know what you're talking about when making repeated similar false generalizations in recent days about Europeans, and what they'll potentialy do in the situation they now face.

Let's move on.

Mon, 03/18/2013 - 14:40 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

Yeah, let's move on so you can avoid a simple question you have no answer for.

Mon, 03/18/2013 - 14:52 | Link to Comment Element
Element's picture

Listen dipshit, I'll insult any dickhead making repeated stupid false and profoundly ignorant comments, get over it shit-for-brains. This is fight-club, toughen up and fight to make sense or piss off like a sniveling sook. Your choice.

Mon, 03/18/2013 - 14:54 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

Obviously. I was just curious why you chose to lace your retorts with insults. The most obvious answer is you have a small penis.

Mon, 03/18/2013 - 14:57 | Link to Comment Element
Element's picture

Ha! ... now you're getting it. lol

Mon, 03/18/2013 - 23:39 | Link to Comment StychoKiller
StychoKiller's picture

"How Do You Kill 11 Million People?", explains what happened...

Mon, 03/18/2013 - 14:33 | Link to Comment Matt
Matt's picture

You think the ordinary citizens just took up arms and invaded other countries all on their own? I don't think that has happened in Europe since the Crusades.

The wars were caused by the leadership. The people follow orders.

Mon, 03/18/2013 - 14:55 | Link to Comment Element
Element's picture

They were Europeans acting!

They didn't sit around on their arse, nor lope off to board cattle-cars, they fought -- rightly or wrongly -- for some cause. The point of the article is to point out that the European periphery is going in that direction again, and the core is ignoring this and and failing to understand that it is occurring, it is real, and will bring the EU unravelled.

To say Europeans will do nothing is utterly absurd, hence my comment.

Mon, 03/18/2013 - 14:28 | Link to Comment Lmo Mutton
Lmo Mutton's picture

OOOO!  OOOOO!!  Pick me!  Pick ME!!

Can i ride in the caboose??

Mon, 03/18/2013 - 12:38 | Link to Comment Fist full of CDOs
Fist full of CDOs's picture

Could happen here? 

- Gold confiscations

- QE? 

- Negative interest rates (in real terms)? 

Mon, 03/18/2013 - 13:44 | Link to Comment dontgoforit
dontgoforit's picture

It is happening here.  Been going on for some time now as I see it.  Bailouts and buying up $85 billion/month of bad paper.  If that isn't theft, what is it?  Those $$ are our money being spent for us without the people having any say in it.  That's theft of a far craftier methodology.  Bankster's really are gangsters.

Mon, 03/18/2013 - 12:39 | Link to Comment TheGardener
TheGardener's picture

"when citizens will turn to Beppe Grillo-style solutions, to nationalists, extremists "

So Beppe is an extremist you imply ?

And trying to protect ones god given human right of
financial privacy or economically fully legitimate capital
flight is "money laundering" in your sick imagination ?

Mon, 03/18/2013 - 13:03 | Link to Comment magpie
magpie's picture

Funny, today the smear job against the German anti Euro party started...but the Neonazi NPD was back in legality...go figure, need to split that populist vote a little.

Mon, 03/18/2013 - 12:42 | Link to Comment slightlyskeptical
slightlyskeptical's picture

You are on Facebook and bitching about the "sheep" in this country. No offense meant, but you are just a "sheep" of a different color.

Mon, 03/18/2013 - 12:44 | Link to Comment escargot
escargot's picture

"I am so done with trying to educate people."

Dude, or Dudette, you'd better start educating yourself if you're sitting there thinking that Bush/Republicans aren't just as guilty of fucking everything up as Obama/Democrats.  Wake up.  You're right to blame Obama, and the other sheep are right to blame Bush.  That's what you people need to get through your brainwashed heads.

Mon, 03/18/2013 - 13:05 | Link to Comment Meremortal
Meremortal's picture

 

You are still worrying about who to blame rather than what to do, which means you are no better off than your compatriot who (according to you) hasn't put enough people into his "blame bucket".

Or will everything be somehow ameliorated once we figure just who to blame?

Well, perhaps. If you then take up arms, rally the citizenry, and burn some witches. But you aren't even close to that, you are still sitting at your computer blathering. Hint for you, burning past Presidents wont' change a thing, it's the current PTB that must be taken down. And that will only happen one way.

Got guns? Balls? A redoubt in the country where you can live off the grid?

Nothing else will change what is about to happen.

 

 

 

Mon, 03/18/2013 - 12:47 | Link to Comment Stoploss
Stoploss's picture

I wouldn't fret too much.

You get the opportunity to watch them starve before your eyes.

Mon, 03/18/2013 - 12:47 | Link to Comment Lil Ms.Homesteader
Lil Ms.Homesteader's picture

Rand Paul is not interested in saving anyone but Rand Paul, and no one is going to come and help us, lead us out of this mess, or save us from the ultimate consequences, including Rand Paul. The dems and republicans are on the same team, as far as outcome, so look beyond the bs that they spew. We need to move beyond this left/right paradigm that has been created, to see that it matters not, it's all a deception. Everything is a lie; our history, our money, statistics, msm, the courts, legislators, legislation, and on and on, and that's the only thing we do know for sure. Take care of yourself, that's all you can do.

Mon, 03/18/2013 - 12:54 | Link to Comment fightthepower
fightthepower's picture

No one is coming to save you!

http://www.youtube.com/watch?v=ucdT7949LFc

 

 

Mon, 03/18/2013 - 13:37 | Link to Comment Meat Hammer
Meat Hammer's picture

Wow. Painfully true.

Mon, 03/18/2013 - 14:31 | Link to Comment Hulk
Hulk's picture

Hi, I'm the HULK, and I approve this message !!!

Mon, 03/18/2013 - 12:55 | Link to Comment trollin4sukrz
trollin4sukrz's picture

MAY happen here? Look what is happening in Detroit. Copy paste...

 

What is taking place in Detroit has national and international significance. The Financial Times of London cited one person involved in the discussions on the imposition of a financial manager as saying, “This will be the best case study of what it means to restructure a city.” In an editorial, the newspaper called for “radical—and unpopular—action” to address Detroit’s financial woes, a position shared by virtually every mass circulation newspaper in the US.

 

The “restructuring” of Detroit is a euphemism for a slash and burn policy of destroying city jobs, cutting wages and pensions, gutting social services from sanitation and firefighting to health care and education, and handing over city assets to private bankers and speculators. The very social forces responsible for the city’s present state are utilizing the crisis of their own making to step up their plundering of public resources and further redistribute the wealth from the bottom to the top.

 

see? It is always the fvkin banksters lining their pockets.. THIS shit has to stop.FVK!!!

Mon, 03/18/2013 - 12:56 | Link to Comment spine001
spine001's picture

Guys, Gals, do not trust me, just look it up in Google: ARGENTINA, this movie has already been played there. In Argentina this same thing happened many years ago, they imposed a 0.5% to 2% wealth tax on all your wealth, deposits, real state, cars, boats, anything. And you have to declare all the items that make up your wealth, under oath once a year and go in jail if you lie.

1.02*1.02*1.02*1.02*1.02 or 5 years of this tax and you have a 10% confiscation!

This has been going on for a lot longer in Argentina.

From what I hear the outcome has been that Uruguay has lots of undeclared Argentinian's money and so does New Zealand and who know who else. People create legal structures that shield people from the wealth tax, all of course legally. But guess what, who can pay the cost of these structures? the middle class? NOT Guess again...

I insist if you want to see how the future will unfold, not only for Cyprus but for the world, look at Argentina where this experiment has already been conducted and is in its phase IV where a pseudo-populist government is using people's anger (the Grillo thing already happened here in 2001, 10 Presidents in a few months; furthermore the Italians took the sayings of the people here) to benefit themselves and their chronies shifting the wealth from the previous upper class (read bankers here and now) to them.

That is why the election of a Jesuit Pope of Argentinean origin is so significant. He does indeed know exactly what is going on and why. What will he do about it, that is another question...

Until next tiime,

Engineer

Mon, 03/18/2013 - 13:10 | Link to Comment machineh
machineh's picture

It is called Impuesto Sobre Los Beines Personales.

http://www.afip.gob.ar/gananciasybienes/documentos/Manual%20-%20IMPUESTO...

But guess what? Many U.S. states impose personal property taxes too:

http://taxfoundation.org/article/states-moving-away-taxes-tangible-perso...

Not to mention real estate taxes, which can easily exceed 2% of property value.

Arguably, wealth taxes bite the U.S. middle class (at least in the blue state tax hells) harder than Argentina's taxes do.

Mon, 03/18/2013 - 13:25 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Someone really smart once said that "if you make a habit of arguing with fools, innocent bystanders may not be able to tell the difference."

I truly wish I could remember that when I REALLY NEED IT -- which is exactly when it is furthest from my mind.

Mon, 03/18/2013 - 13:50 | Link to Comment dontgoforit
dontgoforit's picture

Sounds like Mark Twain.

Mon, 03/18/2013 - 14:02 | Link to Comment Things that go bump
Things that go bump's picture

There is no Democrat or Republican; only Zool. The current President, as with the last one, is only the public face worn by those who actually make the decisions. That is why this presidency is so very similar to the last. While the appearance of our government was left intact it has been fully subsumed, and I believe we must consider all of our elected representatives as puppets. If Rand Paul were any different you can rest assured that he will not be one of the two fully veted and suitably attractive candidates that will be offered up to give us the illusion we still have any choice.  

Mon, 03/18/2013 - 12:22 | Link to Comment Shooting Shark
Shooting Shark's picture

Or, consider the opposite.  This may actually STRENGTHEN the hand of the Eurocrats by demonstrating the perfidy and incompetence of Cyprus' (and Greece's) leaders, while forcing the nations to grovel happily or unhappily at the hand of the EU.  Remember that in the end, this is still a wealth transfer into Cyprus, and those whose pensions are being bailed out, *who have no savings*, will know which side of this toast is buttered.

Mon, 03/18/2013 - 12:34 | Link to Comment waterwitch
waterwitch's picture

Just let them try it in Italy or Spain and see what happens next.

Mon, 03/18/2013 - 13:52 | Link to Comment dontgoforit
dontgoforit's picture

I remember the Cypriot uprising of the '50's - wasn't over money so much as political, but yeah, Italy and/or Spain would become a mess in a hurry if they do this there.  They oughta just shoot the moon and do it on the Swiss banks!  Get it all done at once.

Mon, 03/18/2013 - 12:25 | Link to Comment GraveyardSpiral
GraveyardSpiral's picture

The EU shoulda bought the same model of HP printer that the Bernank is using....why didn't they just print some more Euros instead of stealing the ones that were printed back in December of 2011?   I guess the freshly printed ones are worth less?

Mon, 03/18/2013 - 13:02 | Link to Comment spine001
spine001's picture

The answer is easy, the GERMANS do not want to pay for it and if you dilute everybody with printing then everybody pays!!!!!!

That is the main difference between EU and USA

Until next time,

Engineer

Mon, 03/18/2013 - 12:24 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

Outrage this and outrage that.

It's the social equivalent of threatening to send a strongly worded note to the bothersome country's ambassador.  And if you keep it up, we'll send another note!

Outrage that manifests by walking in a street and talking loudly doesn't even warrant a yawn from a banker.

Only bullets get attention.

Mon, 03/18/2013 - 13:57 | Link to Comment dontgoforit
dontgoforit's picture

Sad; but so true.  And usually it takes more than just a little blood to get them really motivated.

Mon, 03/18/2013 - 14:15 | Link to Comment Things that go bump
Things that go bump's picture

If a significant percentage took out their money and then they called a general strike it might get their attention.

Mon, 03/18/2013 - 12:25 | Link to Comment magpie
magpie's picture

Think of it this way...there is no "one" Eurozone, unless the levy is repeated in Italy and Germany.

Mon, 03/18/2013 - 12:25 | Link to Comment ThunderingTurd
ThunderingTurd's picture

The fact after the 'theft' of fellow European assets there are no bank sprints going on is truly mind boggling. I find myself completely numb to the reaction of the people of Europe.  Imagine if the governor of California instituted a 'wealth tax' to California pensions.  What would the people of America do?  Would they be just as complacent?  Astonishing.

Mon, 03/18/2013 - 12:28 | Link to Comment Antifederalist
Antifederalist's picture

Give it a little time....we are not even through the first day.  Europeans may surprise us.  A small leak in the dam can grow into a large problem.

Mon, 03/18/2013 - 13:05 | Link to Comment spine001
spine001's picture

...What would the people of America do?  Would they be just as complacent?  Astonishing.

Homeland security doesn't think so, or at least their buying of thousands of tanks and billions of rounds of ammunition gives that impression... :(

Until next time,

Engineer

Mon, 03/18/2013 - 12:25 | Link to Comment Antifederalist
Antifederalist's picture

This will not end well..............

It is all over now but the crying.

 

Mon, 03/18/2013 - 12:41 | Link to Comment AnonymousCitizen
AnonymousCitizen's picture

I'm so angry, I made a sign!

Mon, 03/18/2013 - 12:26 | Link to Comment No Euros please...
No Euros please we're British's picture

Sorry, why do you say one-off tax?

Mon, 03/18/2013 - 12:43 | Link to Comment Jonas Parker
Jonas Parker's picture

Because after the people get ripped off they will "off" the politicians maybe?  No, that's two-off...

 

What I'm looking for now is reports of bank runs in Portugal, Spain, Italy, Ireland and France. If those people are so dumb as to NOT clean out their bank accounts in the next 24 hours, TPTB are putting something in the drinking water in the Eurozone...

Mon, 03/18/2013 - 14:01 | Link to Comment dontgoforit
dontgoforit's picture

Yeah - and folks will be sitting around with a suitcase full of worthless paper...then what?  Then the reality of the problem really sets in and all hell breaks loose.  The polits and the banksters know it's coming.  How to prepare?  Guns & gold are only a partial solution.  Run!  Is a better one.  When you see those guys conveniently meeting in the Caymans for a 'conference' or something like that, you'll know it's all over.

Mon, 03/18/2013 - 12:28 | Link to Comment Shaten
Shaten's picture

let the banks go bankrupt.

 

It's not a difficult answer.

Mon, 03/18/2013 - 12:51 | Link to Comment TalkToLind
TalkToLind's picture

Careful, the Banker/Federal Reserve shill will be along shortly to give you a vote down.  It won't matter much now that the MSM is covering the story.  Heck, even CNBC is talking about buying silver options (phuck options, give me the fysical bullion today).  

Mon, 03/18/2013 - 13:08 | Link to Comment spine001
spine001's picture

This morning Santelli in CNBC was saying that if they are going to confiscate your money, have paper Gold or Silver is worthless. That only physical will save you. The CEOs of GLD and SLV, minutes after were calling the CEO of GE and Rick was getting angry feedback from the producers of the show. Funny enough, all the other anchors expressed agreement with his comments.... :)

Until next time,

Engineer

Mon, 03/18/2013 - 12:29 | Link to Comment tony bonn
tony bonn's picture

the "tax" was a nazi mobster confiscation of private property to make banksters whole and to support the eu nazi government....the 2 failing banks should have been allowed to collapse precisely as wtc 1,2,7 collapsed in a controlled demolition....yes the people would have been really fucked then, but they are any way...demolition would have given a new start and excision of the cancer....cyprus is back under nazi rule.....

Mon, 03/18/2013 - 12:40 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

nazi's??? dont you mean the rothschilds?

Mon, 03/18/2013 - 13:00 | Link to Comment moonstears
moonstears's picture

Dick, I once read that Rottenchilds secretly bankrolled Alf Hister, to get the Judenens to leave comfy Europe, for the Palistime, to fullfill their(Rotten's) anti-Christus pro demonic end time desires. Maybe that guy read that, too? Maybe he believes it?

Mon, 03/18/2013 - 12:30 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

B B B But Goldman said that the possibility of "read-across" was very low!

Mon, 03/18/2013 - 12:32 | Link to Comment Fezter
Fezter's picture

Soon they'll want to confiscate American Diners.

Mon, 03/18/2013 - 12:45 | Link to Comment akak
akak's picture

 

This is the point at which the links within the eurozone will begin to pop apart, when citizens will turn to Beppe Grillo-style solutions, to nationalists, extremists or to anyone who promises a different path.

And rationally, why should they not? 

It is always amusing, and revealing, to hear the shrill cries of "It's The End of the World!" from the desperate defenders of centralized power whenever their particular centralized power structure is threatened.  Well, I have news for you sociopathic statist fucks and your sycophantic lackies: it may be the end of your world when you lose power, but the rest of the world will move on and live just fine, if not actually (probably) the better for it.

Mon, 03/18/2013 - 13:08 | Link to Comment negative rates
negative rates's picture

You misspelled a word there, you said when you lose power, it should have been powder, for that is their literal end breaking point. Their silence about it all is deafening.

Mon, 03/18/2013 - 13:08 | Link to Comment Ghordius
Ghordius's picture

+1 divorce is too "the end of the world as you know it" for some - the emphasis should be on what you know

Mon, 03/18/2013 - 16:07 | Link to Comment negative rates
negative rates's picture

Perhaps I know to much, which in turn gets you all choked up and gives you an unsettled stomach. That's the day we get divorced. 

Mon, 03/18/2013 - 15:09 | Link to Comment Element
Element's picture

No bother akak, really, we all need mentors and guidance, for those with demonstrated superior moral attributes to take us to a better place, with higher taxes and no incomes, for almost everyone. You have your merikan dream and this is the euro dream, so please respect it and try to become more tolerant of difference.

It's for the best. :D

[i.e. not for you lot]

Mon, 03/18/2013 - 12:36 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Infection? Bah......

Gangrene at the very least.

Mon, 03/18/2013 - 12:37 | Link to Comment HurricaneSeason
HurricaneSeason's picture

The interest rates were negative, anyway. Nobody took an off-ramp, the interest rates are just more negative now.

Mon, 03/18/2013 - 12:38 | Link to Comment Jonas Parker
Jonas Parker's picture

"Cypriot President Nicos Anastasiades, elected just last month, has to clarify to his people why he is adopting a bank deposit tax when he told voters a few weeks ago that he was absolutely opposed to it."

 

The fucker is a politician! Politicians Lie! What the hell should the people expect?

Mon, 03/18/2013 - 13:08 | Link to Comment TNTARG
TNTARG's picture

Il seems to me politicians are Troika's hostages.

Nobody tells the people WHY banks are insolvent.

Why they need bailouts.

That should be told to the people.

Mon, 03/18/2013 - 12:38 | Link to Comment Madcow
Madcow's picture

The IMF could deter bank runs by sending Dominique Strauss-Kahn down there to rape anyone cueing up for the ATM - 

Mon, 03/18/2013 - 12:39 | Link to Comment Atomizer
Atomizer's picture

What is the street value of 21 Tons of CIAghanistan grown heroin recently seized?

Mon, 03/18/2013 - 12:49 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Seized by Russia ... how intriguing.  +1

Mon, 03/18/2013 - 15:04 | Link to Comment Gaffing_Nome
Gaffing_Nome's picture

Had a girl friend (1st), started dating, was 4 years older ten. Ahhhh...
first foray into the fuckered psychopathic cluster b/axis uno "severe borderline" type (DSM-IV hadz 3x groups of personality disorder, picky board of APs [50<% vested into the Lilly/Fyzers/GladStone-UnwelComz] have cut down PDs Tuh 1 category, only cluster b, all 3 carrying the Axis I designation)...

Holy Shit, I was beyond trusting (stupid naive). Relationship lasted until leaving nest.

Years (decades) later a 1000+ miles away lo-beholden...at a GD CVS, see her. Holy shit, surprised I could recognize her. She'd recently finished hard time for shipping 1 kg of the drug across state lines, federal offense/first time big-trouble, 5 years in maximum. We had broken up way b4 cause of the hidden/incoming dope habit. Based on early 90s USD prices (sorry, doesn't help much in 2013, best I can do to provide a h-answer)....

21 tons, 21,000 kg, 21,000,000 grams. BerskankenSpan parabolic-easing policy x100+ Abe/MOF copy/paste, autoexec.bat forever is a bit of an understatement applied to the currency which is printed by the apaver somniferum. Not digital...more like ye olde denari:dracma: silver begotten bronzed, some Octavian-Elizabeth Taylor movie-story.

1 kg of the crap by the time it comes stateside, is if 40%ish pure equal to having (in USD) several thousand un-boating accidents. End "client" receives 5-10%. 10%=IRA Approved PM.

21 ton real (shadowy-real-stat) is 4,200,000,000 in early 90s currency/usd. Kinda busy now to attempt a figure post QE; besides I don't know (afghan "war") what current bid/ask is/demand.

The number should be disgusting-big.
Watching contractors guarding poppy fields with their h n k fancy pew pew
"South Ameriva-US Trade+BoA n that"

Yes, it's reprehensible, egregious shit. Seeing the FX market effects upon affectation and it's Thatcherism-Ronnie trickle down IRL
has had profound impact upon my POV.

To echo sentiments around-

"Fucked"

Fucked, these fucks. Ppl who go full-tard saying "hang-Banksters/psychosmut/homocidal under-things" who know their shit/avoid bandwagons are most

Not-Full Retard

(Apologize for getting off topic/fucking continuity of thread/must vent)

Mon, 03/18/2013 - 12:41 | Link to Comment Dre4dwolf
Dre4dwolf's picture

What sucks is, these leaders are like a plague, once you get them out of one govt, they just move to some other govt.

These locust leaders move from nation to nation leaving destruction in their wake.

Mon, 03/18/2013 - 12:41 | Link to Comment southerncomfort
southerncomfort's picture

anyone sure it's simply not Germany effin w/ Russia? 

Mon, 03/18/2013 - 12:54 | Link to Comment outofideas
outofideas's picture

That has always worked out just fine in the past, so why not?

Mon, 03/18/2013 - 12:56 | Link to Comment Joe Davola
Joe Davola's picture

At least this time they're starting it in spring, but they'd still better have some winter gear ready - just in case.

Mon, 03/18/2013 - 12:51 | Link to Comment machineh
machineh's picture

'Cypriots will be given equity in their banks.'

Peoples Banks! For the consumer/depositors of the Peoples State.

'From each according to his ability, to each according to his account balance.' -- Karl 'Groucho' Marx

Mon, 03/18/2013 - 13:32 | Link to Comment Diogenes
Diogenes's picture

Equity in banks that are BANKRUPT, that haven't any MONEY, Oh wait,now they have 10% of ours, nevermind.

Mon, 03/18/2013 - 14:11 | Link to Comment dontgoforit
dontgoforit's picture

A Credit Union on Paper!

Mon, 03/18/2013 - 13:44 | Link to Comment Renfield
Renfield's picture

Question: the 'bail-in' pertains to all nationally-regulated banks in Cyprus, right? So, credit unions, if they are under a non-federal regulator or are not covered by a national deposit insurance, would they be exempt from this?

I would expect that what happens today in Cyprus, will happen tomorrow elsewhere in Europe, and thereafter in other 'western' countries.

I live in Canada just now, and credit unions here are provincially regulated and covered by a different insurance (not federal). I was wondering in a 'bail-in' scenario in this country - or in the U.S., which would knock-on to Canada - would a credit union be 'safer'?

I personally don't keep savings in a bank so I don't know, but asking o/b a family member who keeps some of theirs in a credit union. I'm a little skeptical that they're going to get the truth from the local rep and b/c this situation is so new I can't find much about it on a web search. Thought I'd see if anyone here had a passing knowledge of such. And yes, I already know it's a very bad idea to keep your savings anywhere far from your own private security.

Actually, if you have a wage job, it isn't easy to keep a paycheque away from a bank or credit union of some form anyway. If/when they try this in North America, you can bet it will be on a "payday" Friday, with withdrawal restrictions in full effect. So it might be good to know if a federal 'bail-in' would also affect financial institutions not under federal purview.

Mon, 03/18/2013 - 12:54 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

Do as I say, not as I do! Our jurisdictions are sacrosanct, how dare you! Breakfast in Vaduz, lunch in Zurich, evening train to Luxembourg, and then on the next day to that City in the sky where all the gold in the Philippines is nicely accounted for with the mis-spelt certs.

"but the spelling is wrong? What were those Swiss up to?"
"trust me, it's meant to be that way!"

Mon, 03/18/2013 - 12:58 | Link to Comment naitram
naitram's picture

Why are people on this site so paranoid... so they took a bite.  Sanctity shmanctity.  I'm sure they have considered their options.  Better than a national default, no?  I keep reading these OH NO articles for since the Greece PSI and what?.. the uglier the sanctions, the less the market reacts.  Yawn.

Mon, 03/18/2013 - 13:13 | Link to Comment notadouche
notadouche's picture

If you see a thing actually transpire then how could you define it as "paranoid"?  How about let the individual consider their own options when it comes to their own savings?  I know that may be a novel idea in the world we live in today but in the words of John Lennon, "Imagine".   But I suppose you prefer to continue to go deeper into the government made rabbit hole.  Well pardon me if I don't choose to go down that same rabbit hole, by choice anyway.

Tue, 03/19/2013 - 01:18 | Link to Comment StychoKiller
StychoKiller's picture

Let us know yer thoughts AFTER it happens to yer accounts!

Mon, 03/18/2013 - 13:00 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

Odd. THis unprecedented mongoloid play is executed in the one place which would minimally impact euro zone parasites, and maximize damage to our non nato friends in russia. Sell it to the public by demonizing Money Laundering and Dirty money, while we anoint the banks on our side of the world who do the same thing, but several orders of magnitude larger.

 

Russia seized 20 tons of Nato heroin a week or 2 ago. Maybe this is payback lmao.

Mon, 03/18/2013 - 13:14 | Link to Comment moonstears
moonstears's picture

Good info lump, found article, had missed it. Not sure it's connected but thx.

Mon, 03/18/2013 - 13:01 | Link to Comment shovelhead
shovelhead's picture

Could this be a sign that the skittle shitting unicorn is running out of stuffing?

Mon, 03/18/2013 - 13:15 | Link to Comment Sandmann
Sandmann's picture

It has already happened in Argentina. It will happen in Britain. It will come as an extended Bank Holiday with a limit on cash withdrawals and an increase in Cash Ratio from the Banks to stabilise them. This is the playbook. Why act as if this is anything other than testing the waters. If Russia does not go to the ECHR and ECJ to file suit it will be strange. Britain has already decided to use British taxpayers money to compensate British soldiers and Officials on Cyprus for this haircut, but British taxpayers who hold bank accounts on Cyprus will get nothing except the joy of paying taxes to bail out Government staff. Weird !

Mon, 03/18/2013 - 13:27 | Link to Comment Meat Hammer
Meat Hammer's picture

The MSM is playing the "That-could-never-happen-here-because-our-deposits-are-insured" card.  So let me get this straight...the government would protect us from the government stealing from us?  Whew, I feel better.

Mon, 03/18/2013 - 13:44 | Link to Comment Renfield
Renfield's picture

Cyprian deposits are insured too.

Mon, 03/18/2013 - 18:10 | Link to Comment bluskyes
bluskyes's picture

But acts of God are not included in the policy. Since most bankers, and financiers consider themselves to be gods, you could see how the insurer would refuse to pay.

Mon, 03/18/2013 - 14:07 | Link to Comment TalkToLind
TalkToLind's picture

If I hear another mention of the "flight to safety of the US Dollar"  I am going to hurl.  

Mon, 03/18/2013 - 13:27 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

Do as I say, not as I Do!
Our jurisdictions are sacrosanct, how dare you!

Breakfast in Vaduz, lunch in Zurich; then an evening train to that little boring (unless you are eyes wide shut) nefarious Luxembourg. Next day the excitement returns, on to the City by the River, where the mis-spelt certs of the Phillipines are guarded by Dragons, and the gold gets allocated out to the Al Bank Al International Al Saudi (there, you learned some arabic).

"but the spelling is wrong on these certs from SBC?" says the dollard

Despairs.. "trust me" (idiot nephew of Lord xyz), "it's supposed to be that way"

Mon, 03/18/2013 - 14:01 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

You all may have missed the little test experiment in Ireland last year.a .6.percent levy on all pension funds.done without so much as a whimper.if the state wants to take your money it will.and the population just shrug and take it.

Mon, 03/18/2013 - 14:15 | Link to Comment dontgoforit
dontgoforit's picture

or bite back

Mon, 03/18/2013 - 19:12 | Link to Comment Vidar
Vidar's picture

THe less trust people have in governments the better. When trust gets down to zero; people take their money out of the banks and begin buying gold, bullets, and beans. This is the formula for the revolution and an end to banksterism and stateism.

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