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Cyprus Officially Passes Capital Controls Into Law

Tyler Durden's picture




 

While it is unknown if the Cypriot parliament will agree to, and enact into law, the Troika-demanded deposit haircuts, after the shocking vote of mutiny against Merkel earlier this week that saw not one politician vote for the Europe suggested deposit tax levy (and even the ruling party abstained), a vote which will once more take place tomorrow, moments ago Cyprus became the first Eurozone country to officially implement governmental capital controls into legislation. At this point it had no choice: whatever happens with the deposit haircut, or with everything else, it is now inevitable that the local Cypriots will do all they can to pull as much money from domestic banking system as possible following the complete loss of faith and trust in banks, which is why the government had no choice but to intervene with its own "controls." Sadly, this marks a milestone in the development of the Eurozone - it's all downhill, and accelerating, from here.

There are various other proposals which are currently being voted on, all of which are secondary to the Capital Controls one (the restructuring of the broke banks is perhaps the next most important one), until tomorrow's vote on deposit haircuts.

A photo from today's historic session in Cypriot parliament, in which the first every capital controls in Eurozone history were voluntarily legislated can be seen below.

 

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Fri, 03/22/2013 - 17:01 | 3363730 lolmao500
lolmao500's picture

The army needs to overthrow these Troika slavery boot lickers. The current president has been office for what... a month, yet he acts like a despot. Fuck him and his supporters.

Fri, 03/22/2013 - 17:01 | 3363744 johngaltfla
johngaltfla's picture

Don't give Kissinger and Associates any more ideas. They've already done that once in 1974....

 

And now the Other Cyprus Chimes in on the Crisis

Fri, 03/22/2013 - 17:03 | 3363757 flacon
flacon's picture

John Kerry walks into a bar. The waiter asks: "Why the long face?"

Fri, 03/22/2013 - 17:06 | 3363768 hedgeless_horseman
hedgeless_horseman's picture

 

 

I am just glad this could never happen where I live.

Fri, 03/22/2013 - 17:08 | 3363790 McMolotov
McMolotov's picture

How's Mars this time of year?

Fri, 03/22/2013 - 17:17 | 3363837 climber
climber's picture

red

Fri, 03/22/2013 - 17:24 | 3363872 MillionDollarBonus_
MillionDollarBonus_'s picture

I think a FIXED levy of 5% or more on ALL deposits is reasonable. This would generate a significant amount of revenue which can be used to stabilize the banking system. We just need to agree on a reasonable levy.

Fri, 03/22/2013 - 17:26 | 3363883 fonzannoon
fonzannoon's picture

How do you levy the 50% of the people who don't have a bank account or the 85% of people who don't even have 3 months expenses saved?

Better yet just go fuck yourself

Fri, 03/22/2013 - 17:32 | 3363908 MillionDollarBonus_
MillionDollarBonus_'s picture

This is only one of many measures. Everyone needs to make sacrifices. If you have a bank deposit, you need to pay a levy; if you have gold, you need to give some of this up. There are no easy options. This is the hard reality, and we need to face up to it.

Fri, 03/22/2013 - 17:34 | 3363923 fonzannoon
fonzannoon's picture

How about we start cutting entitlements? I say federal workers first. Those 100k plus pensions and free healthcare is a good start. You are on board right?

Fri, 03/22/2013 - 17:42 | 3363967 MillionDollarBonus_
MillionDollarBonus_'s picture

Firstly, those pensions are written into legislation, so don't even think of getting your dirty hands near them. Secondly, public sector workers are some of the hardest working average Americans. CEOs get to earn millions, and yet you're saying that a fireman who risks his life for 30 years from the age of 20 can't earn a mere 100k pension?

Fri, 03/22/2013 - 17:48 | 3363993 McMolotov
McMolotov's picture

Trololololololololol!!!!!!!!!!!

http://www.youtube.com/watch?v=PL8CD8PjVmA

Fri, 03/22/2013 - 18:21 | 3364095 JohnnyBriefcase
JohnnyBriefcase's picture

I guess I just have a hard time figuring out why we (the little people) would ever need to make sacrifices in the first place.

I had nothing to do with the creation of the federal "reserve" or the fact that they loan the fiat currency they "print" to our government at interest or the fact that the government spends most of that money on things that I neither agree with nor had the chance to directly vote on.

Fuck em all.

Fri, 03/22/2013 - 18:28 | 3364137 Fish Gone Bad
Fish Gone Bad's picture

If you live a simple life, you do not ever have to sacrifice.

Fri, 03/22/2013 - 18:37 | 3364167 JohnnyBriefcase
JohnnyBriefcase's picture

Exactly.

Fri, 03/22/2013 - 18:53 | 3364203 Scarlett
Scarlett's picture

So this is the leehman moment for the euro, n'est-ce pas?  Au revoir..

Fri, 03/22/2013 - 19:08 | 3364249 Jack Burton
Jack Burton's picture

Scarlett, you have good taste! See my avatar. A younger Scarlett, but a very beautiful one.

Cyprus had no choice. The bank run would have been epic. This serves notice to all European bank depositors. At anytime, the EU can take your money and give it too the banks. For your own good that is to say!

If I had money in my local Cyprus bank and they took a cut and then also said I could only withdraw a few hundred Euros because the Germans said so? "There would be blood"!!!

Fri, 03/22/2013 - 22:49 | 3364844 Agstacker
Agstacker's picture

"we, the little people"???

 

Are you calling us Leprechauns?  Wait...they are after our gold...

 

Fri, 03/22/2013 - 22:57 | 3364860 JohnnyBriefcase
JohnnyBriefcase's picture

I knew it was you pesky little fuckers all along!

Fri, 03/22/2013 - 17:50 | 3364005 The Abstraction...
The Abstraction of Justice's picture

So what exactly are the Rothchild-Sassoons contributing to all this, given that it was they who financed the Russian Mafia?

Fri, 03/22/2013 - 21:08 | 3364604 ChrisFromMorningside
ChrisFromMorningside's picture

The "Russian" Mafia that is based in Tel Aviv, asset-stripped Russia in the 90s, fled and poured all their money into the synthetic credit markets in London and New York? Those fine gentlemen?

Lloyd Blankfein - The "Russian" Mafia's Don of Dons

Benjamin Netanyahu - The Underboss

Ben Shalom Bernanke - The Consigliere

 

Fri, 03/22/2013 - 21:48 | 3364704 prains
prains's picture

with Dicky and Rummey slurping up sloppy seconds

Sat, 03/23/2013 - 04:32 | 3365091 jeff montanye
jeff montanye's picture

true enough.  but since then the russians have earned/stolen much much more via russian natural resources/arms sales, etc.  the talk is now of a thirty percent haircut for uninsured depositors in cyprus.   imo the owners of those funds, at least some of them, will not suffer this without, at some point, some revenge. 

"He lets the last Hungarian go. He waits until his wife and kids are in the ground and then he goes after the rest of the mob. He kills their kids, he kills their wives, he kills their parents and their parents' friends. He burns down the houses they live in and the stores they work in, he kills people that owe them money. And like that he was gone. Underground. Nobody has ever seen him since."

the raid on lagarde's house, indeed the entire fiasco in cyprus, may be giving ben second thoughts, possibly about his continuing tenure (desire to continue his tenure) and certainly about the efficacy of qe going forward.  trust is funny.  like a building (say, 7), it takes a long time to build but can be destroyed in seconds.

Fri, 03/22/2013 - 17:51 | 3364010 fonzannoon
fonzannoon's picture

"Firstly, those pensions are written into legislation, so don't even think of getting your dirty hands near them."

Written into legislation by scumbags like you who voted in politicians who gave out those pensions in return?

So at your core you are a total scumbag.

No point in even talking about it anymore.

Bye the way, those pensions days are numbered and you know it. BWAHAHAHA

Fri, 03/22/2013 - 18:43 | 3364185 MillionDollarBonus_
MillionDollarBonus_'s picture

Those pensions are protected whether you like it or not. UNLESS we want to see decades of legislative progress go down the drain, we NEED to find a way to finance our government. Bank levies on America's $10 trillion in bank deposits are CLEARLY one of the options we need to pursue. That's the reality, so DEAL with it.

Fri, 03/22/2013 - 18:56 | 3364214 fonzannoon
fonzannoon's picture

stick around u are going to have a front row seat for reality

Fri, 03/22/2013 - 19:30 | 3364335 HoofHearted
HoofHearted's picture

So MDB, where is it written that you can confiscate our money that we hold in our accounts? Where is it written that you can take gold away from the people? That same power will allow them to take away those pensions.

Fri, 03/22/2013 - 20:17 | 3364469 Xibalba
Xibalba's picture

shim don't know.  it's a 12 year old with a laptop. 

Sat, 03/23/2013 - 01:02 | 3364982 Socratic Dog
Socratic Dog's picture

MDB has been posting for a long time now, and you dumb fucks still haven't worked out that it's satire?

Look it up please.  "Satire".  And he's very good at it.  Appreciate him.

Sat, 03/23/2013 - 02:27 | 3365035 Colonel Klink
Colonel Klink's picture

I'm coining a new term for what MDB does, I call is SHATIRE!  Funny and full of shit.

Sat, 03/23/2013 - 03:52 | 3365077 BTFDemocracy
BTFDemocracy's picture

I would like to see a debate between MDB and Paul Krugman.

Would that even be a debate?

Sat, 03/23/2013 - 04:38 | 3365094 jeff montanye
jeff montanye's picture

imo one probably needs to examine daily kos, balloon juice, etc. and find the "libertarian troll".  s/he is mdb's proper opponent.

Sat, 03/23/2013 - 08:20 | 3365188 toys for tits
toys for tits's picture

It would probably end with each one jerking the other off.

Fri, 03/22/2013 - 19:41 | 3364356 NoDebt
NoDebt's picture

Let's put MDB and Dr. Paul Krugman in a room and let them beat eachother to a pulp until until one is unconscious.  It would be like that movie...... you know the one..... the one with Ed Norton and Brad Pitt where they start a group where everyone likes to fight eachother and then you find out they're really the same guy at the end.  That one.  Somebody should start a website like that.

Fri, 03/22/2013 - 22:52 | 3364846 disabledvet
disabledvet's picture

State's can fail. What justifies such a low rate? How am i being compensated for my risk in lending to an entitlement regime either through taxes or some so called 'retirement fund' that is now being legislated to give to "disabled people"? i'm not saying i'm not impressed by zero percent financing of trillion dollar deficits...i'm just saying "where's the economic recovery"? clearly it ain't coming from a "million dollar bonus." i fail to see how we don't end up like we did pre-World War II here where "you have to make something and sell it" then judge the value of the credit (meaning "the Government"...they are the number one creditor in the world right now aren't they?) via "how well the State is managed." North Dakota is an easy mark for getting "hot and heavy" with cuz "the State" has "a State bank." they know how to TRULY leverage money...namely "by understanding you can't legislate growth." simply put "i was hunting up there when you could buy a whole town for $50,000." came with three churches i might add. "just you and Tumbleweed Bob." next thing i know "the rail lines don't look like two pieces of bad spaghetti and 70 year olds are out to go Polka dancing and can't wait to do it." I was like "WTF?" 10 years later "they were pumping 750,000 barrels of oil a day." even the locals were saying "they've been trying that for years...it'll never work." and i was like "what's that?" these were guys and gals who'd never had a job in their life suddenly working on the short line out of Bismark. "and already with the attitude problem." i'm always "long attitude problems" so it seemed a sure thing that "this place is going somewhere...and in a hurry." that was 2002. wish i'd stayed looking back on it...

Fri, 03/22/2013 - 19:11 | 3364261 negative rates
negative rates's picture

There's one, plan D, Or DD Down the Drain, start there and we might have a chance.

Fri, 03/22/2013 - 19:14 | 3364266 cifo
cifo's picture

You should start it, by donating your million dollar bonus.

Fri, 03/22/2013 - 19:28 | 3364326 nmewn
nmewn's picture

"Bank levies on America's $10 trillion in bank deposits are CLEARLY one of the options we need to pursue."

And you wonder why no one trusts banks...lol.

Fri, 03/22/2013 - 19:33 | 3364341 chunga
chunga's picture

It's ironic that the only law banks will abide by is the one where they keep everybody's money.

Fri, 03/22/2013 - 19:56 | 3364412 nmewn
nmewn's picture

Government parasites...errr, ahhh, employees as well. At the national level, its a symbiotic relationship...bankers & government...neither can survive without the other now.

Good thing banks are "highly regulated" by government, just imagine what it would be like.

Why, they might have a bank holiday where depositors couldn't get their money or government might institute laws for fees & levies on the innocents just because they happen to have their money in there ;-)

Fri, 03/22/2013 - 22:00 | 3364740 Oldballplayer
Oldballplayer's picture

There is probably a lot of great stuff written here. But the formatting is killing me.

Fri, 03/22/2013 - 22:14 | 3364767 pods
pods's picture

There is, and usually it is pretty easy to navigate.

MDB and Krug relegate all long thought and well constructed arguments to the third page with their textbook spamming.

pods

Fri, 03/22/2013 - 19:35 | 3364330 ronaldawg
ronaldawg's picture

I have argued pension dilemma with million dollar DICKHEAD before.  You'll get your pension MD DICKHEAD (underscore) and the mob will take it away.  There, feel better now?

Fri, 03/22/2013 - 19:35 | 3364347 jus_lite_reading
jus_lite_reading's picture

A few hours ago I posted some info I had about Spainish banks getting notice capital controls are imminent. Such enough, it's coming to pass> when you wake up Monday. You ain't seen nuttin yet. 

I'm keeping up to date with the situation. I'm hearing word that people in the US of fucking A are already doing early runs to the bank... 

Oh yes, you ain't seen nuttin' yet. The global ponzi is collapsing! The good, the bad and the ugly of this situation is that everyone, every man woman and child will suffer. Hard times are fast approaching that made the Great Depression look like Fred Astaire at a rehearsal...


Fri, 03/22/2013 - 20:56 | 3364561 pods
pods's picture

Yikes, if this spreads there is no containing it.

The amount of currency backing up deposits is about a squirt of piss in the ocean.

If this continues and spreads, and currency and credit separate, look out below.

pods

Fri, 03/22/2013 - 22:27 | 3364792 prains
prains's picture

j_L_r

keep us in the loop, we're watching and listening

Fri, 03/22/2013 - 19:48 | 3364385 Miffed Microbio...
Miffed Microbiologist's picture

Okay....who's the shit head that keeps up voting you. Come on idiot show yourself! Oooops, that must be MDB_ himself. At least I hope so.

Miffed;-)

Fri, 03/22/2013 - 22:57 | 3364845 Bananamerican
Bananamerican's picture

ok, i was wrong about ZH Krugman...(I now believe he genuinely admires the real K)

but MDB is a spoofer, a put-on...

He "winks" at you in his outrageous comments.

MDB, I still believe in YOU...keep drawing those red arrows from the humorless wing of ZH.

Straight-faced satire isn't for everyone, but i dig it...

Example below:

"We need to make sacrifices, as hard as it may be to admit it. It's the only way to maintain our level of sophisticated government."

Come on people! That's sheer comic gold!

Fri, 03/22/2013 - 23:16 | 3364887 JethroBodien
JethroBodien's picture

Million Dollar Bonus is even better at dead pan than my countries beloved Leslie Nielsen.  Epic

 

 

Fri, 03/22/2013 - 19:53 | 3364400 sunnydays
sunnydays's picture

Hey Milliondollarbonus.  Please give up all your money first for the sake of the banks and country since you feel so strongly about it.  I am sure they will put it to good use and not spend over half a million in one night in London (Biden) or give themselves billions in bonuses for the good work they do with it.  

 

Fri, 03/22/2013 - 20:05 | 3364432 Xibalba
Xibalba's picture

you are a moron.

Fri, 03/22/2013 - 21:14 | 3364619 Rogue Trooper
Rogue Trooper's picture

Welcome MDB aka? Dr Paul Krugman - glad you could join todays debate!

I, for one, need to confess that I would get immense personal pleasure, a smug sense of satisfaction and a warm internal 'glow' by infecting untold suffering on either of you two/one bad-clown(s).

 The capture of Sam from the Gilliam's flick Brazil would be a fine start...

"Don't fight it MBD.... confess"

https://www.youtube.com/watch?v=aErDEFpoD_0

Fri, 03/22/2013 - 21:58 | 3364734 SokPOTUS
SokPOTUS's picture

Oh my gawd, dude.  You're going to get eaten first...

Fri, 03/22/2013 - 22:17 | 3364771 TheFineKid
TheFineKid's picture

Thankyou, MDB. Thankyou.

Sat, 03/23/2013 - 00:10 | 3364947 Dane17
Dane17's picture

Full retard.

Sat, 03/23/2013 - 02:29 | 3365037 sandiegoman
sandiegoman's picture

Aren't bank accounts protected also by legislation?

It would seem you are eager to get at money of many extremely hardworking folks. Most of them undereducated and having diligently put a nest egg away. You sure aren't talking to those with substantial assets as they keep most out of the banking system and in investments. So before you start levying on the little guy make sure you know what you are for or against.

Sat, 03/23/2013 - 09:36 | 3365281 faboutlaws
faboutlaws's picture

Listen you communist cretin. Pensions, government or not, are subject to bankruptcy law. If a government entity goes bankrupt the pensions go kaput. There is a heirarchy on payments in BK favoring pensions, but if there is no money, the pensioners will get zilch. Don't tell me you are going to take my deposits to make the payments because once the BK court takes jurisdiction, it lacks to power to reach out for outside assets other than to approve a loan. You and your ilk have taxed the shit out of us for years and spent like whores on a night off. Payback is coming, not by taxpayers or depositors, but by systemic collapse. It is thee who will blow up the baloon until it explodes.

Sat, 03/23/2013 - 08:30 | 3365197 Son of Loki
Son of Loki's picture

Property, esp single family residential, and IRAs like 401k's are easy to find and easy to tax with a swipe of the pen. They will be next.

Fri, 03/22/2013 - 17:52 | 3364014 SDShack
SDShack's picture

So you can't touch pensions because they are written into legislation, but you can steal deposits that were supposed to be legislatedly protected with deposit insurance for for deposits <100,000E. I see, it's rules for you, but not for me. Typical banker scum.

Fri, 03/22/2013 - 18:41 | 3364178 MillionDollarBonus_
MillionDollarBonus_'s picture

Nobody said that fixing our revenue problem was going to be easy. The FDIC can only do so much when our Federal government is struggling to fund itself. We need to make sacrifices, as hard as it may be to admit it. It's the only way to maintain our level of sophisticated government.

Fri, 03/22/2013 - 19:02 | 3364233 Poor Grogman
Poor Grogman's picture

"Nobody said that fixing our revenue problem was going to be easy"

Except the folks that wrote the constitution apparently...

Fri, 03/22/2013 - 20:18 | 3364471 Xibalba
Xibalba's picture

Fed Gubmint stugglin?  Why then are interest rates so low? 

 

 

/dumbazz

Fri, 03/22/2013 - 19:25 | 3364319 nmewn
nmewn's picture

Sophisticated government?

It doesn't take much sophistication to just say Charge It! These fucking pussies ran the debt up promising the moon & stars above for votes. They could renounce their salaries, perks & pensions for screwing the pooch as a measure of good faith and then end baseline budgeting if they had the balls to lead by example.

Whats the over & under on that happening?

Fri, 03/22/2013 - 19:32 | 3364340 ronaldawg
ronaldawg's picture

"We need to make sacrifices" yeah - like reducing the pensions of ex-California state employees to 1/3 - there fixed and problem solved. 

I read the that California Teacher's Pension fund has a shortfall of $73 Billion - is that a legislative accomplishment too?

Sat, 03/23/2013 - 08:33 | 3365201 Son of Loki
Son of Loki's picture

 

(Californai)Lifeguards Make $200,000 / Retire at Age 50 Exposed on Inside Edition


 

http://www.breitbart.com/Breitbart-TV/2012/09/10/Goverment-Waste-Lifegua...

 

Why torture yourself with all that work getting an MBA, or even worse, becoming a 'brain surgeon'? Just leard how to swim and tan evenly and bleach yoru teeth pure white.

Fri, 03/22/2013 - 19:52 | 3364396 unknownknowns
unknownknowns's picture

Maybe it is the "level of sophisticated goverment" that is causing some problems?

Fri, 03/22/2013 - 22:00 | 3364738 TheProphet
TheProphet's picture

Hey, will you fuckers stop feeding the troll. You can simply ignore his comments. Then a meaningful discussion can ensue.

But this is tedious. Please. Don't feed the trolls.

Fri, 03/22/2013 - 23:23 | 3364902 JethroBodien
JethroBodien's picture

Lord Blankfein is that you...

 

Fri, 03/22/2013 - 17:59 | 3364039 howenlink
howenlink's picture

"Firstly, those pensions are written into legislation,"

Last time I checked, the prohibition on stealing was written into legislation too.

Fri, 03/22/2013 - 18:10 | 3364077 CH1
CH1's picture

Last time I checked, the prohibition on stealing was written into legislation too.

No, you misunderstand - the rulers are authorized to steal. It's only the serfs who are forbidden.

Fri, 03/22/2013 - 21:00 | 3364568 pods
pods's picture

If you rob someone with a knife or gun, they lock you away.

If you use a pen, you get an elementary school named after you.

pods

Fri, 03/22/2013 - 21:35 | 3364673 Iam_Silverman
Iam_Silverman's picture

"the rulers are authorized to steal"

And here is where MDB missed a chance to point out that it won't be stealing as long as it's labeled a "tax" or a "levy"!

Fri, 03/22/2013 - 18:39 | 3364157 ceilidh_trail
ceilidh_trail's picture

Geez, I always took MDBs comments as satire. I think he really believes his words! Is this what mainstreaming in education has wrought?       *****Just realized that I've been fooled by the fake MDB_! I should have been more careful- kinda like those that bank in Europe..

Fri, 03/22/2013 - 18:50 | 3364199 MillionDollarBonus_
MillionDollarBonus_'s picture

I've always had an underscore.

Fri, 03/22/2013 - 19:15 | 3364275 cifo
cifo's picture

Herbalife business slow these days?

Fri, 03/22/2013 - 19:33 | 3364345 ronaldawg
ronaldawg's picture

Same union supporting commie jerk either way.

Fri, 03/22/2013 - 21:11 | 3364608 Mine Is Bigger
Mine Is Bigger's picture

Hmm... Have we ever seen you and Dr. Krugman at the same time, MDB_?

Fri, 03/22/2013 - 18:46 | 3364192 Meat Hammer
Meat Hammer's picture

Yeah, my hard-working public sector worker buddy was just belly-aching about not being able to get on Facebook at work.  They're the salt of the earth.

Fri, 03/22/2013 - 19:07 | 3364244 One World Mafia
One World Mafia's picture

We're not talking about taking from firemen.  We're talking about taking from policians.

Fri, 03/22/2013 - 19:09 | 3364255 Rustysilver
Rustysilver's picture

MDB,

Are you dyslexic?

"Getting your dirty hands".  How the hell do you know how people  earned their savings. Savings accounts are also written in legislation.

Fri, 03/22/2013 - 19:17 | 3364282 nmewn
nmewn's picture

"Firstly, those pensions are written into legislation, so don't even think of getting your dirty hands near them."

ROTFL!!!

So the dictator and his henchmen say, ex post facto for thee but not for me...is that about right you fucking bonehead?

Fri, 03/22/2013 - 22:34 | 3364809 RenoChris
RenoChris's picture

So let me get this straight. Everyone should give a percent of the assets they have because it is only fair? But, pensions shouldn't be cut because that isn't fair? People without pensions have to live off their assets, so you are fine with them getting a cut. However, for you, who clearly has a pension, the same thing is wrong? Even though you didn't contribute but an extremely small percent of the assets likely needed to fund your pension? And your "employer" didn't come close to contributing enough either? Give me a break. You are in for the biggest rude awakening of your entire life. Hopefully sooner than later. You are like those morons who used to make Twinkies. They must be loving their sense of entitlement right about now...

Sat, 03/23/2013 - 05:22 | 3365114 Twodogs
Twodogs's picture

"Secondly, public sector workers are some of the hardest working average Americans. "

Hahahahahahaha!!!!!

That's why they go work for the public sector, because the private sector is too lasy and earns too much money. What planet is that, precisely?

Fri, 03/22/2013 - 19:09 | 3364250 Muddy1
Muddy1's picture

free health care for federal retirees?????  you're ignorant of the facts.  Retirees pay.

Fri, 03/22/2013 - 20:49 | 3364549 ronaldawg
ronaldawg's picture

State of California retirees don't pay.  They get gold plated Blue Cross-Blue Shield for life and for their families too.

Sat, 03/23/2013 - 01:20 | 3364550 ronaldawg
ronaldawg's picture

God I hate these duplicates.

Sat, 03/23/2013 - 05:23 | 3365115 Twodogs
Twodogs's picture

Fuck yeah. Fuck yeah.

Fri, 03/22/2013 - 17:37 | 3363946 Mordenkainen
Mordenkainen's picture

There's another hard reality, it's called the pavement. So go step out of a 30th storey window and face up to it.

Fri, 03/22/2013 - 17:40 | 3363958 unwashedmass
unwashedmass's picture

 oh, i definitely want to give up some of my savings and put my kid in debt to make sure that jamie dimon gets his bonus. oh yes, put my name down there. 

 

are you fuckin' kidding? they are stealing to keep a badly rigged system of legitimized theft going!!!!!

Fri, 03/22/2013 - 17:46 | 3363986 dick cheneys ghost
dick cheneys ghost's picture

Im willing to work/pay taxes until Im 90yrs old so that my GOVT can spy on me until............ Im 90yrs old and wearing adult diapers

Fri, 03/22/2013 - 17:48 | 3364000 MillionDollarBonus_
MillionDollarBonus_'s picture

I'm not sure about you, but I believe in democracy. As long as the money is spent by an ELECTED congress, it's going to good use. Sorry, but I think a bank deposit levy is a brilliant idea. It's money just sitting there doing nothing. For goodness' sake - just put to god damn use! The government has a COUNTRY to run and its running out of money!

Fri, 03/22/2013 - 17:53 | 3364017 resurger
resurger's picture

Why? Government Taxes are not enuff

Fri, 03/22/2013 - 18:05 | 3364061 General Decline
General Decline's picture

Why tax when you can print?

Fri, 03/22/2013 - 19:59 | 3364418 nmewn
nmewn's picture

Thats where I'm at.

Why work when they can print?

Fri, 03/22/2013 - 21:05 | 3364585 pods
pods's picture

Taxes function as a necessary safety valve on money velocity.  Basically a way to tone down inflation.

This is needed for collateral of CB loans, and for our rotten-to-the-core-private-banker-money-created out of nothing-and-lent-at-interest rape every peasant system, uh, I mean democracy to work.

pods

Fri, 03/22/2013 - 18:03 | 3364052 Van Halen
Van Halen's picture

MDB, are you the one who went through every comment today and hit us all with -1? Because you're sure getting a rise out of a lot of people here with your sarcasm. My hat is off to you - you sound like something out of the Occupy movement last year. You have your Liberal/Socialist/Hippie/Obamasupporter schtick down!

Fri, 03/22/2013 - 18:24 | 3364117 MrNude
MrNude's picture

I still think that Phamton Ticker was Krugman and it's actually the real Krugman who comments. The guy is that delusional I wouldn't put it past him, all bets are off on that loon. 

Fri, 03/22/2013 - 20:29 | 3364493 Nick Jihad
Nick Jihad's picture

The only reason MDB does not have more upvotes, is that this is, realistically, not up to his usual brilliant standard.

Fri, 03/22/2013 - 21:45 | 3364698 Stuck on Zero
Stuck on Zero's picture

MDB is a bot.  You can download it into your Droid from: \\bots.downloads.cia.gov\MDB.

 

 

Fri, 03/22/2013 - 18:11 | 3364081 CH1
CH1's picture

I'm not sure about you, but I believe in democracy.

Be sure. I don't.

Fri, 03/22/2013 - 18:27 | 3364131 toys for tits
toys for tits's picture

Demoncracy is when two wolves and a duck decide what's for dinner.

<Accidentally had a typo and decided it looked better>

If Cyprus agrees to scalp any account holders, then their banking industry is done. If they bankrupt, then they have a chance to recover.  A ZH'er pointed out that Cyprus has more banks per capita then any other country.

Fri, 03/22/2013 - 20:54 | 3364557 nmewn
nmewn's picture

"Demoncracy is when two wolves and a duck decide what's for dinner."

I'll only add, a republic, is a well armed duck contesting the outcome of the decision ;-)

Fri, 03/22/2013 - 21:11 | 3364609 pods
pods's picture

I am starting to see along the lines of Lysander Spooner.  And I am starting to see why some hesitated about the BOR in the constitution.

"But whether the Constitution really be one thing, or another, this much is certain - that it has either authorized such a government as we have had, or has been powerless to prevent it. In either case, it is unfit to exist."

pods

Sat, 03/23/2013 - 01:41 | 3365008 putaipan
putaipan's picture

deep. "whether the Constitution really be one thing ('for' the u.s.a), or another ('OF THE U.S.A' -all caps) ....

but i kinda take the slowww view of history, so the battle of 1871 is just get started in my book. and thanks- i'm finally gonna google mr. lysander.

Fri, 03/22/2013 - 19:30 | 3364333 Cloud9.5
Cloud9.5's picture

Democracy is mob rule.  This is supposed to be a republic.  Fifty one percent have voted themselves the treasury.  The game is up.

Fri, 03/22/2013 - 20:06 | 3364434 nmewn
nmewn's picture

The game is up.

I'll blame it on the government education system until someone can prove to me otherwise. Even democracy envisions people who can add & subtract in order to be allowed to vote.

This country only requires a warm body...and sometimes in Chicago not even that ;-)

Fri, 03/22/2013 - 19:40 | 3364361 ronaldawg
ronaldawg's picture

But what he is not telling you is that in California the scumbag unions have bought the politicians and in return, the unions get unrealistic and lavish pensions - yeah democracy at work y'all.

Wait I just read the comment - "money just sitting there doing nothing" so the union can steal it for the pensions. 

I can't wait to go over these retired union state employees and steal every goddamm thing. 

Fri, 03/22/2013 - 19:50 | 3364387 nantucket
nantucket's picture

there are rules to handle these type of tough situatuons.  they're called bankruptcy laws.  the highest bidder wins the business.  The money paid by the buyer then is used to settle the liabilities of the failed bank.  there is more than enough capital in the banking system to cover all deposits, what's left goes to the bond holders in order of priority, after that, the equity holders....but in reality, there will not be any left for the equity holders...and the bondholders are likely to take a 30-90% haircut.

 

that is written into law.  but for some reason (we know) the federal aholes in charge don't want the bondholders to suffer any haircut.

Fri, 03/22/2013 - 20:09 | 3364442 ThothMaat
ThothMaat's picture

MDB said "The government has a COUNTRY to run and its running out of money!"

Umm... how about not spending so much?

 

And why is theft a brilliant idea???

Sat, 03/23/2013 - 08:25 | 3365193 Ignorance is bliss
Ignorance is bliss's picture

That comment deserves a couple of chuckles.

Sat, 03/23/2013 - 09:43 | 3365290 faboutlaws
faboutlaws's picture

Levying on my deposits sure implicates the Second Amendment.

Fri, 03/22/2013 - 17:44 | 3363972 Cdad
Cdad's picture

TROLL ALERT

Fri, 03/22/2013 - 20:26 | 3364480 GCT
GCT's picture

+1 Cdad! 

Some of you must be new to ZH as your gettin all worked up because MDB's sharp wit and outright dellusion is pissing some of you off.  Relax all, some of us already know MDB is the ZH entertainer!!  He is always good for laughs all.  Most of what he types is sarcastic.

Just laugh and have fun after all we all know what the government gives the government can take away including pensions.  Hell even the governmental unions could not stop the 4 day work weeks coming to federal emplyees in some agencies.   I prefer to call MDB our delusional sheeple Republican, that will ignore facts just to piss you all off!!

SALUTE MDB I am rolling at your astute delusional observations and some of us missed you.  Hell we all need good laughs every now and then!  It is not everyday we get someone with MDB's outlook.

Fri, 03/22/2013 - 21:19 | 3364637 pods
pods's picture

MDB and Krugman are classic forum trashing trolls who should exercise their freedom of speech somewhere else.

Every hot topic is routinely trashed as the thoughtout comments are relegated to page 3 with no replies.

Everyone is forced to jump in like like a fuckin panty sale at Victoria's secret.

MDB is a fucking troll, nothing more.

This topic, about capital controls in the EU, could morph into a conflagration of fiat the world has never seen.

But we will all be stuck trying to pick through shit looking for peanuts.

pods

Sat, 03/23/2013 - 01:24 | 3364996 geekgrrl
geekgrrl's picture

I guess MDB gave you the down arrow, but I completely agree.

Low signal to noise ratio lately with all the MDB and "Krugman" noise.

Fri, 03/22/2013 - 17:44 | 3363977 Bagbalm
Bagbalm's picture

MDB - The sacrifices have already been made. This is just theft.

Fri, 03/22/2013 - 20:11 | 3364447 Miffed Microbio...
Miffed Microbiologist's picture

Perhaps MDB would get this if his concepts were applied in my field. There is a national shortage of kidneys for transplantation available. If fact many die waiting for one. Nowhere in the surgical consent form is there a guarantee all your organs will be present after a procedure is performed. I checked our hospital's form and it basically says you give permission for the dr to perform procedures medically necessary. Well people need kidneys! Seems pretty medically necesary to me. Hell, people have two why not take one for the greater good? So it's not really stealing if it's a benefit for society as a whole. People will come to realize being left with one kidney is frankly quite generous. Sort of a benevolent form of fascism.
Just call it a kidney levy and everyone will understand and accept it.

Miffed;-)

Sat, 03/23/2013 - 01:57 | 3365016 geekgrrl
geekgrrl's picture

Note to self: If signing medical forms, append: "Don't take my kidneys."

Sat, 03/23/2013 - 09:48 | 3365302 faboutlaws
faboutlaws's picture

Take both of MDBs kidneys. If he wants to live he will have to spend hours and hours at dialysis. That's time he can't spend here.

Fri, 03/22/2013 - 17:48 | 3363996 SgtSchultz
SgtSchultz's picture

"Gold?  What gold?  I don' have to show you no stinkin' gold!!"

Fri, 03/22/2013 - 18:13 | 3364084 stant
stant's picture

see yoou later roundeye

Fri, 03/22/2013 - 18:33 | 3364156 jeebus
jeebus's picture

The hard reality is that you are a troll.

 

Also, that bankers will be lucky to escape with their lives in the coming years. 

 

Morons like you won't do well either.

Fri, 03/22/2013 - 19:26 | 3364321 colin
colin's picture

still not breaking charator, brilliant, i just love your posts.

Fri, 03/22/2013 - 19:44 | 3364373 B2u
B2u's picture

Yes, sacrifices need to be made.  First, cut all government jobs by 20%, followed by 5% each year there is government debt above zero.

Fri, 03/22/2013 - 19:49 | 3364386 Father Lucifer
Father Lucifer's picture

How 'bout we cut your balls off.

Fri, 03/22/2013 - 20:42 | 3364535 Blegoo
Blegoo's picture

Okay MDB... you first.

Fri, 03/22/2013 - 21:04 | 3364588 Tjeffson
Tjeffson's picture

How about you pay for it. I never agreed to any of this spending, govt programs or bank bailouts. You and the rest of the leeches can go pound sand along with everyone in government and all the bankers.

Fri, 03/22/2013 - 21:05 | 3364591 eatthebanksters
eatthebanksters's picture

I'd be happy to give you a hard option....

Fri, 03/22/2013 - 21:07 | 3364595 lovemesomeZH
lovemesomeZH's picture

Sacrifices????!!!!! The people who made millions on all the bad debt the banks took on when promised that the USA housing market will NEVER go down. These are the people who need to be sacrificed!.

 

What is wrong with you!

Fri, 03/22/2013 - 22:31 | 3364799 masterinchancery
masterinchancery's picture

How about the banksters and their political namby boys make the sacrifices?

Fri, 03/22/2013 - 22:40 | 3364815 goldstandard
goldstandard's picture

I'll consider making a financial sacrifice the day Jamie Dimon and others of his kind that brought the world wide financial system to its knees, are sent to prison. Because if the same shit that got us into this are left in place, nothing will ever change and the populace of the world will continue to be raped by these assholes.

Sat, 03/23/2013 - 04:05 | 3365081 Theosebes Goodfellow
Theosebes Goodfellow's picture

"Everyone needs to make sacrifices."

Oh MDB, I am soooo with you! I'll surrender duck dick "plasticity" studies.

~"Federal Study Looks at 'Plasticity in Duck Penis Length'"~

http://cnsnews.com/news/article/384949-federal-study-looks-plasticity-du...

That's good for a hair under $385 thousand dollars. I can honestly say, (with almost a straight face), that I am willing to sacrifice my government's involvement in funding any research into the peckers on waterfowl. "Quack!"

No really, I'm serious! "Quack!"

Stop it, will you? "Quack!"

There. "Quack!" I've done my part. "Quack!" Next, please. "Quack!"

Sat, 03/23/2013 - 09:07 | 3365231 MeelionDollerBogus
MeelionDollerBogus's picture

Please tell me in detail how this isn’t the same as bank robbery by anyone at any time. ALSO please explain how this won't turn into a 100% levy on all accounts which will crash the entire banking system.

Sat, 03/23/2013 - 08:26 | 3365192 floridasandy
floridasandy's picture

ditto. :)

 

liked your post.

Fri, 03/22/2013 - 17:27 | 3363886 Haus-Targaryen
Haus-Targaryen's picture

Gas yourself troll.

Fri, 03/22/2013 - 17:29 | 3363896 McMolotov
McMolotov's picture

My choices for a reasonable levy:

A) Eugene Levy

B) Marv Levy

C) Chandra Levy

Fri, 03/22/2013 - 17:45 | 3363984 ziggy59
ziggy59's picture

Drove the Chevy to the Levy , but she was dry...

Fri, 03/22/2013 - 17:53 | 3364018 KnightTakesKing
KnightTakesKing's picture

Fixed: DRONE the Chevy to the Levy...

Fri, 03/22/2013 - 20:13 | 3364461 CaptainObvious
CaptainObvious's picture

Drove my Chevy to the Levy but the Chevy caught fire

And good ole boys were drinkin' whisky and rye

Singing "Buy American till ya die!"

Sat, 03/23/2013 - 08:13 | 3365180 TBT or not TBT
TBT or not TBT's picture

Buy only non UAW built American vehicles. Rent only non UAW vehicles. Starve problems and feed solutions.

Fri, 03/22/2013 - 19:07 | 3364245 ebworthen
ebworthen's picture

5% levy from the heads of bankers and politicians that pass theft of deposits; 5% off the face, 5% off the left or right side of the head (to include ear), 5% off the rear, or 5% off the top of their heads - they get to choose.  5% off the bottom of the head would prevent deposit levies but let's not get carried away.

Fri, 03/22/2013 - 21:05 | 3364583 Rogue Trooper
Rogue Trooper's picture

A sensible and very fair suggestion 'eb' for those accused taking into consideration their obvious guilt at this point.  Apologies, I missed this earlier.

Great to see such creative thinking on ZH today. I sense a real solution focus has emerged here so keep the ideas flowing.

Another, for those who may not of caught this, Downfall parody on that 'topical' issue over the last week.

https://www.youtube.com/watch?feature=endscreen&v=K5R2JyU_MKg&NR=1

Fri, 03/22/2013 - 17:35 | 3363932 resurger
resurger's picture

let's start with you

Fri, 03/22/2013 - 17:34 | 3363934 Jake88
Jake88's picture

You think? You're not equiped to think. Stop wasting your time.

Fri, 03/22/2013 - 17:49 | 3363999 The Abstraction...
The Abstraction of Justice's picture

How about 0.1% of all Cypriuts accounts with less than 100k, and 100% on everything else unless they can prove they were never Politically Correct retards.

Fri, 03/22/2013 - 17:58 | 3364034 NoTTD
NoTTD's picture

(Repeats old joke about whores haggling for price.)

Fri, 03/22/2013 - 17:58 | 3364036 knicks3005
knicks3005's picture

I don't care if your trolling or not.

Seriously, go fuck yourself.

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