What Cyprus Would Look Like In The US
Cyprus is now old news: local (and Russian... and UK... and European) depositors will see anywhere between 3% and 13% (or more) of their deposits, depending on what the "fair" threshold of a "lot" of money is determined to be in the first revision to the deposit tax levy, confiscated and in return they will get "equity" in broke banks, and maybe some gas-linked bonds. That much we know. The question then becomes: what would "Cyprus" look like if it took place in the US? Below, courtesy of William Banzai, is one artist's impression...
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Somebody call a cop! Oh wait.
Cyprus in the US would of course be spelled Cypress
+1000 !!!
Cypress Hill?
Where's the "bend over and cough" sign?
Insane in the Membrane
FDIC: Fool's Deposits Imminently Corzined!
FDIC = Fucked Depositors Instantly Castrated
Something to ponder..
Fed’s Decontamination and Inoculation Crew
I had a relative that worked on the periphery of the banking scam describe what it was like when an FDIC team swept in to close a failed bank.. Yes, they protected the average depositor but the process sounded more like a sterilization of the infected premises so as not to permit contagion.
at least we would be helping the environment
"let the sun shine...let the sun shine in..."
We gave half your money to the UAW
MOAR JAABS
When clowngress mandates that IRAs and 401-Ks have a mandatory 50% allocation of US Tbonds, they will get the last laugh.
Governments and banksters are going to Corzine nearly every investor/saver on the planet.
Perhaps better Cypress would be Kissiminmy-arse!
I think that's next to Disney World
It is ok: this EU-imposed "wealth tax" gives Italy another reason to stay in the EU. Oh wait.
I know I'll get flamed for this comment, but here goes.
As a US bank customer I worried all weekend and thought of escape routes. Then it dawned on me there really is nothing to worry about. Why? TARP already happened.
The major US banks went thru the same thing as Cypress in 2008, and instead of "taxing" deposits, congress and the fed printed. We still have POMO and all the other quasi bailouts going on. As long as the fed can print and buy back treasuries, the game goes on.
Yes, I am stacking both PMs and mattress filler for the day that record stops playing. But I think it will be decades and only after Europe, UK and Japan have their final reckoning.
As those dominoes fall the dollar and US stocks will be safe havens.
WB7 getting some love on another website:
http://www.2acheck.com/confiscation-whos-in-your-wallet/
If the intent of the Euro-dopes was to make "cash in one's pocket" 5-15 percent more valuable than "cash on deposit", then I guess this is their Mission Accomplished moment.
Let it burn.
BTW,There's around 15 billion Euro paper notes in circulation in various abb-bab-aboma-d-d-denominations floating around the EU......
http://www.ecb.int/stats/euro/circulation/html/index.en.html
I say, let 'em CRUSH.
Good point. Aren't the banks going to be crushed by this?
If I were a conspiracy theorist, I would suggest that Cypriot banks are being intentionally hit by the dreaded "liquidity crunch" that tends to result in the JP Morgan's of the world scooping up banks for pennies on the dollar. But that would most certainly be crazy wacko conspiracy theory talk.
I mean, it's not like Russia is a threat to the petrodollar or anything. And even if they were, Russians don't have any money in Cyprus, right?
"We'll be fine."
We're known world wide for our freedom and normalcy bias.
We've got drones overhead.....but they're on strict orders not to kill us. Thanks Rand.
"We've got drones overhead.....but they're on strict orders not to kill us."
Due to my lack of creativity and low level of intelligence and productivity, I must confiscate the above portion of your comment. I'm only taking about 30% of the post. It's for the greater good.
Looks like over 50% to me. You're either seasonally adjusting it, or you work for the government and you're here to help us.
Three sentences. (CPI chained)
0ne of three = 33.33333%
Round down for propagandic effect.
Government accounting 101
The MSM just keeps repeating, "This is Cypress, this could never happen in the US."
Keep repeating because when you keep saying something over and over it magically becomes true.
Me thinks history already shows that US citizens were "encouraged" to turn in their gold.
From wiki.
Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.
Yup, could never happen in the good ole US of A. People "hoarding" money in bank accounts just disgusts me.
I won the PowerBall! I won the Powerball! I won the Powerball......etc. etc. - I hope it works!
Cramer thinks Cypress is still a good deal since people were getting 5%
Define "We". /s
Many would request the other half be converted too...since free cars and energy rock!
Everything OK. OBAMA would never do this... :)
This is the proof in my eyes that we can not trust OB. If he was of honest intent, he'd have done Cyprus in the USA with a 10 million threshold. That would have fixed the inequality of the system overnight. And it'd be fair. And morally correct, furthermore, it'd set the right lesson to the 0.01% abusing the other 99.99%. I know some innocents would be hit, but lets be honest, for the funcioning of a society, what is more important to take 1M$ from somebody that has 10M$ or to bankrupt all the middle class and the poor for generations to come and to teach our kids that saving is stupid and profligacy pays off big time? What is the cost to Society in General of doing that? Has any economist put value to it? I say it is in the 100 trillion range of todays dollars, just a napkin calculation.
Compare a one time wealth tax and the truly rich >10M$ versus a hidden inflation tax, through monetization of debts and money injection? What is for Society?
Monetization and inflation only concentrates wealth more, since the middle class and the poor can not defend themselves, and it is open war for the upper classes to see who lands on top. Thus missdirecting the efforts of the people that should be concentrated on producing wealth to the sad task of infighting to preserve their wealth.
Medicines need to be taken suddenly speeding up the pain and then focusing on recovery and not slowly spreading out the pain for generations like we are shamelessly doing right now.
That is why I do not trust the intentions of our current leaders. They are clearly choosing the path that will hurt the most people and doing it in a way that they won't understand it until it is too late. What othe proof do you need?
Cyprus at the least was an honest attempt towards fairness, honesty and minimizing the impact on inequality. The problem is that it is too little too late, for the wrong reasons and in the wrong place. But if you have read about the butterfly effect, who knows?
All that said, I do believe in the Theory of Perspectives of Kahneman, therefore, all our understanding of what is going on is merely an illusion that our brains create to keep us sane. So, lets start the music and dance again, the party is still on, at least for now, so lets go and enjoy.
Until next time,
Engineer
"Cyprus at the least was an honest attempt towards fairness, honesty and minimizing the impact on inequality."
Are you a Marxist ? FAIR is the usual impairment structure...equities, unsecured bonds, secured bonds, then depositors. THAT's what's fair. No, just like GM, TPTB sought to penalize every one but themselves.
"If he was of honest intent, he'd have done Cyprus in the USA with a 10 million threshold. That would have fixed the inequality of the system overnight. And it'd be fair. And morally correct, furthermore, it'd set the right lesson to the 0.01% abusing the other 99.99%."
Yes, he's a Marxist.
Put the crack pipe down bro.
you gotta read your Machiavelli. If you are going to do something painful, do it all at once. When you dole out goodies, do it a little at a time.
I see, I see. But not down to 5-3. ;-)
Inside joke, having to do with the jpg of his moniker.
Doling out goodies a little at a time is very painful to the doler
Looks like you've got some pretty good illusions going, yourself. Primarily, statism.
Yes, after all, those rich people keep all/most/some of their cash deposits in the U.S.
Oh, wait.
(mind you, this is from HuffPo!)
http://www.huffingtonpost.com/2012/07/22/super-rich-offshore-havens_n_16...
-1000
aaannnddd...it's gone.
Note from Cyprus:
"Send Moar KY! "
We've already sent the $250 million we had left after the sequester to Egypt.,,,,but we might be able swing a special tour of our Whitehouse for you.
Bring cookies for the bake sale.
Just make sure your papers are in order first.
Got my Kenyan birth certificate, right here.
Is that Hank Paulson, former Sec of Treasury and Goldman CEO ? I thought he had retired to watch butterflies in Central Park. Maybe times are so tough that he needed to go back to work as a bank guard.
It will be converted to Treasuries. 100 year maturities with a negative yield. Pay up bitches.