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Cyprus Officially Passes Capital Controls Into Law
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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Dude. We have a SPENDING problem.
I freely offer up 5% of my lead deposits, I just need about 1000 federal beurocrats and bankers to line up to catch them. They can collect the corresponding 5% of my brass deposits later.
I think you could offer as much as 10%; it's worth the sacrifice.
MDB: why do we need these banks in the first place in this day and age? what is the role they play now and why do i need to pay to save them to continue in this role? while you are at it: why is the TBTF being redefined as a tiny bank? i feel betrayed....again
You don't. Cypress doesn't need anything but a few dozen ATM's.
****Public Service Announcement*****
Before you down arrow MDB and launch into a rant; google "sarcasm" and ask your spouse/parents if you can use your sense of humor for a moment.
*****Had this been actual...blah blah blah...*******
We now return to our regularly scheduled.....ZZZZZZZZZZ............
Hey MDB, where have you been? I almost left zerohedge. And don't feel bad about getting junked; brilliance is never recognized in the beginning.
What is reasonable is to liquidate the bank and pay out funds up to the 100,000 Euros to every depositor. After that pay out whomever was stupid enough to have more than 100,000 Euros on a prorated basis. Bond holders and stock holders get nothing. Unless of course there are sufficient funds.
Anything less than that is changing the rules of the game to suit the Troika and is theft.
I'm curious to find out what is the status of offshore and domestic Investment Companies doing business in Cyprus. There are many European, Ukrainian, Russian, Jordanian and American funds and investment trusts that have exposure to the Cypriot crisis. Billions have been invested in these funds. Will they be subject to capital controls as well? Will they experience any impairment? In order to do business in country, a Cyprus domiciled bank must be used as custodian and/or pay agent. I am sure there are some offshore fund company execs who aren't going to get a whole lot of sleep this weekend.
Contagion anyone?
Below is from the Central Bank of Cyprus with links to all IF's doing business in Cyprus.
It must be noted that the Central Bank of Cyprus recognises, for the time being, only Private Investment Schemes which have up to 100 investors. Such Schemes must appoint a Custodian which must be a Cyprus bank, unless specifically exempt by the Central Bank of Cyprus. It must also be noted that Private Schemes which do not have a physical presence in Cyprus, must appoint a company to carry out the administration work of the Scheme. The said company must be based in Cyprus and be approved by the Central Bank of Cyprus.
The IF sector in Cyprus comprise of all International Collective Investment Schemes (ICIS) which are regulated and supervised by the Central Bank of Cyprus, investment companies which are listed on the Cyprus Stock Exchange and any other investment fund resident in Cyprus.
The List of IFs maintained by the Central Bank of Cyprus, which is updated on a quarterly basis, can be found below.
http://www.centralbank.gov.cy/media/xls/LIST_OF_IFS_FOR_PUBLICATION_REF....
And here
http://www.centralbank.gov.cy/media//pdf/CLSE_LIST_20_03_13.pdf
Theft sorta like the UAW bailout forced by Obama.
Red is the new green
oh man, you really brighten up my day, always holding onto charater
I think MDB is correct. We need at least a 5% levy in the US. In fact, it can't come fast enough...
Why, you ask? You think jus_lite flipped the lid and went bonkers?
Because if they implement anything with a semblance of a levy in the US, there would be a bank run so fast even Uncle BEnron Bernank couldn't print enough worthless paper to provide liquidity! LMAO
That said, the US has been experiencing a sort of bank levy all along and with little resistance from the sheep --> its called INFLATION THROUGH MONETARY EASING. Yes, while Cyprus quivers from a 10% levy, Americans have been forced to bend over and eat a 14% YoY levy since 2008 and it's about to rise exponentially. Yes, hyperinflate...
Ready?
PS... capital controls were being discussed at one JPfuck meeting... they know whats coming.. Tomorrow, somebody here should try to see how much slack they get for withdrawing say, $9000.00 Just for the hell of it... I bet more than half of you will be turned away! You'll thank me later...
@MDB: "I think a FIXED levy of 5% or more on ALL deposits is reasonable."
But MDB: Is it 'fair and balanced', and is it the "way the Cypriots must change" in order to "promote job recovery and protect the middle class"?
MDB, you're a GoBombEm fan, and what do you think about his biological father being the communist Frank Marshall Davis, as many others believe to be true?
Please tell me you are either-
A) full retsrd
B) sarcastic
C) a paid socialist disinformation spreader
http://en.wikipedia.org/wiki/Poe%27s_law
Once you read this & compare to MDB comments it will be clear.
gave at the office...
you mean you want an agreement to steal other people's money?
that's always the solution with these leaders, isn't it?
The EU wants 40% and the lower number Cyprus put up is higher than your figures. If they could go that low they would have said so. Of course, any number is theft and any theft is precedent to take it all but we all know you'd prefer outright robbery of everyone anyhow.
It's flat out alien libert-arien nonsense for people to work for a living.
Everyone should become a tax-free government employee who works for food & rent and nothing more. Savings are unpatriotic.
I am sure that everyone knows MDB is an intellectual captcha. The tylers post it to find out who is of the herd.
Please don't feed the trolls; it only encourages them.
Is it a dry heat?
Better red than bled.
Drive around Detroit....close to that, but without sirens and gunfire to disturb the tranquility.
How's Mars this time of year?
~~~
It ain't the kind of place to raise your kids... In fact ~ It's cold as hell...
+1
When did hell freeze over? I must have missed the news...
I gotta go, I have a couple of old promises to fulfill now.
Looking awfully attractive with its total lack of stupid people...
Don't hold your breath!
The future is changing in the largest of ways, by the smallest of things - Cyprus.
Everything counts in large amounts
~Depeche Mode
:) followed by...
"Lie to me, like they do it in the factory, let me think, at the end if the day, some GREAT REWARD, will be coming my way"
DEPECHE MODE... true 'poets' much sarcasm!
...it's a competitive world" For Francis!
"Quantity has a quality all its own"--Joe Stalin.
"The Landscape is dying..."
...continuing the Depeche Mode 'meme'... for those that remember those immortal 'tunes'.
I love Depeche and own some of their albums.(do the kids call them albums anymore?) We should not forget about Faith No More and especially this song and video. Way underated. Solid lyrics.
http://www.youtube.com/watch?v=5irHyoRNcRY
I tried to avoid "the grabbing hands grab all they can" [so as to not risk 'anti-semitic' outcry]...
Disintermediation, Bitchez!
Best have some cash on hand, guys and dolls, lads and lassies.
Gee, just think.
When I was overseas about 3 centuries ago, we lived through a buncha devaluations and even the Nixon dumping the gold thingamajig and then just for safety (shits and grins, too) we'd always have currencies of several of the stronger nations on us... US dollars, Canadian Dollars, DM and Swissy.
Never had a problem as somebody always wanted one of 'em
Even when Nixon did the gold hokey pokey I remember we'd used the others for a week or so....
Ah, the good olde days of bank runs, currency deteriorations, panics and devaluations, gold and my good looks.
Damn...
This time it's serious... Downfall parodies have begun.
https://www.youtube.com/watch?v=xhhaTxILfk0
@knuck
~~~
If it pleases you & others... I'm holding out for ANTIDISESTABLISHMENTARIANDISINTERMEDIATION...
Useful and positive offer to help with the emotional turmoil everyone is going through. To libertate the minds and encourage a degree of honesty when questioning various politician, bankers and economic experts. I will offer my services and, at no additional capital cost, will supply cheap pliers and a blow torch.
The silent scream,,,,,,,,,,,,,,,,,,,,,,,,,
'Rendition' for them ALL Bitchez....
/Irony tag...GRRRRR
ANTIDISESTABLISHMENTARIANDISINTERMEDIATION
You want to do business directly with the Queen?
Here's another parody.
https://www.youtube.com/watch?v=K5R2JyU_MKg
Back to the future, knuks. I think the Dutch had the prettiest currency, or maybe it was the chicks.
I remember that if you handled enough different currencies, pretty soon it all looked fake. WTF?
It was the hash...
There might be some truth in that.
I remember two Dudes in Amsterdam, passing a pretty girl in and out of a bar window, again and again, for no apparent reason, but they were all giggling. Ah, the simple pleasures.
They had issues with Tulips.. Some politicos have issues with 2 lips..all depends where theyre both planted
"When I was overseas about 3 centuries ago"
Wow. Gotta ask - what multi vitamin are you taking?
Go easy, Knucks was, you know abducted by Aliens while trying to get into Area 51 to expose the conspiracy. The did stuff to him, you know sexually, he still has 'issues'.
Apologies Knucks /sarc hat on!
>Accept their sincere apologies for their psychotic behavior?
>Get 'medieval' on their 'collective' arses?
Spot poll on how the collective hive of the, politicians, bankers, economic apologist and central planners should be treated post SHTF?
Me too. This could never happen in Montana.
But it sure could in New York or California.
Wh couldn't it?
Lurch walks into a bar...
There, fixed it for you.
"John Kerry walks into a bar. The waiter asks: "Why the long face?"
Because shit runs when heated up.
I have a recurring dream that I bought a boat and fucked off for five years, when I came back my homeland is burning, I was in a dilema, do I dock or sail on. This is the point I wake up: Fucking frustrating.
In reality I know the answer. There is nothing to come home to.
Sail on sailor...
~~~
http://www.youtube.com/watch?v=RuXOCHQxoSg
Good tune F~S. Prelude to a boating accident on this one and I know you once had a sloop yourself.
http://www.youtube.com/watch?v=09dQmeB_NgU
It only gets BITTER from here...
I voted for the long face before I voted against it...
Why Kerry's long face?
He's a socialist liberal ass, of course!
His most intelligent reply...
Hee-haw... Hee-haw...
Economic warfare is the most subtle yet effective way to destroy a country's sovereignty.
- POLICY FAILURES
3- CRISIS OF TRUST
4- AUTHORITARIAN ACCEPTANCE
gg, well played .. next time l2p
Subsection b, down to paragraph 33, bottom line on fourth panel over, in between pictures above, see short sentence sayiing:
"Economic warfare is the most subtle yet effective way to destroy a country's sovereignty."
@lolmao500:
Merkel wears boots????????????????? Jackboots???????????????
Well at least the Europeans do not have Hope & Change which is even worse. Chicago muslim Indonesian wealth creation with mu*zies and the Chicago?euro/Is/Vegas bagel boys.
Hey F you Operation Mocking Bird O shills here who will junk me - Come on! Is that the best you can do?
Freddie, you get junked because you are so focused on the chaff you miss the real target almost every single time.
Obama is a simple lackey who is in the pseudo control seat with a fake steering wheel.
You are like an attack dog who goes for the decoy.
Every time.
And yeah, I junked you. Because your posts are junk. Every single comment on anything is crammed through your little O shaped hole on the board.
Think about who gave you the board with the O shaped hole in it.
pods
"Every single comment on anything is crammed through your little O shaped hole on the board. Think about who gave you the board with the O shaped hole in it."
+1 I used to get spanked by a board with O's in it. Some things never change...
Yes and print all the money the heard is demanding.
"Yes and print all the money the heard is demanding."
Do you think the fed "herd" you?
hay, doent bee sew hawrd awn d_taco
BIS - Bank for International Settlements : Basel Committee issues consultative document on recognising the cost of credit protection purchased
dl your 25 page copy
http://www.bis.org/publ/bcbs245.htm
Nice, but still receiving comments. They will end of watering it down before it ever becomes law. That is if any of Basel is actually law or just suggestions.
IMF has gone into deftones.
http://blog-imfdirect.imf.org/
Be Quiet And Drive (Far Away)
http://www.dailymail.co.uk/news/article-2297383/Cyprus-bailout-President...
I got newz for all you middle class and working class peons, the money in the bank is not yours. There's a reason every frickin person that wrote and signed the constitution fought the idea of a private central bank like we have now.
http://webofdebt.wordpress.com/2013/03/21/a-safe-and-a-shotgun-or-public...
Most people would be surprised to learn that they are legally considered “creditors” of their banks rather than customers who have trusted the bank with their money for safekeeping, but that seems to be the case. According to Wikipedia:
In most legal systems, . . . the funds deposited are no longer the property of the customer. The funds become the property of the bank, and the customer in turn receives an asset called a deposit account (a checking or savings account). That deposit account is a liability of the bank on the bank’s books and on its balance sheet. Because the bank is authorized by law to make loans up to a multiple of its reserves, the bank’s reserves on hand to satisfy payment of deposit liabilities amounts to only a fraction of the total which the bank is obligated to pay in satisfaction of its demand deposits.
"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."
That's why the bankers are all for democracy. In a democratic milieu bankers run wild and free. Politicians can be bought and sold at will.
Finally, the beginning of the end. Been waiting for ages.
Yeah a country with $25 billion of GDP will collapse the whole world economy. Please.
Cyprus banks hold more than $800B in hot money from criminals from all over world and specifically from Russian's oligarchy.
As it was for the last thousands years, physical gold in your own hands is the real security.
As for a government trying to confiscate your gold, well they tried to imposed a 55 miles/h speed limit, booze prohibition, guns control, dope use, etc., Well, there are always suckers who trust Clinton, Bush, Obama. There is lots of this garbage in America.
Good luck with gold confiscation. This will be another government failure.
$800B? Bullshit. $80B is more like it.
I find it amazing that since Cyprus has criminal money, it is okay to steal it. I for one do not know anything about them or their dealings. Just because the news spews it out doesn't make it either correct or right.
Yep. Not to mention they ignore all the dirty money in Lichtenstein, Luxembourg, Switzerland and London...
...and bermuda...and caymans...and bahamas...and anywhere else they can.
if we were all about justice and all, then that would have been the first place the authorities would go and clean out.
Thats why i think the best thing is to just let it all collapse. After it collapses let the price of an oz of gold equal a loaf of bread.
No one should be able to escape it. Time to start over on even footing.
I dont even call it dirty money.
Fucking drug money is cleaner than the $85 billion conjured up per month by the FED.
At least drug money involves farmers, processors. Actual labor.
The FED involves a couple keystrokes and pledged labor of a slave class until the end of time.
At least drug dealers put THEIR lives on the line.
pods
eh, i think a little mustard flew off your hyperbole dog there...
"Thats why i think the best thing is to just let it all collapse. After it collapses let the price of an oz of gold equal a loaf of bread."
You and many others. If the basic infrastructures of all the countries can be kept intact, most of everything can be rebuilt to an American 50's type of prosperity for everyone world-wide. It is possible. It can be redone in about five years. Many good hands, and many good ideas still. All the world has to do is stop all the war for the few bankster profiteers and all the ilk under them in the pyramid of the war economy, let justice have her way, learn to share and trade with each other in all peaceful ways, and it could be a done deal. There is plenty to share and lots of room to do it in. There's oil-oligarch held secret technologies to save on the usage of fossil fuels, if not completely get rid of them altogether. Cold fusion is possible. The concept of free energy for everyone is not beyond this matrix. It is possible. Take the antiquated 3-D phoney-baloney al-cia-duh war on terrorism out of the equation and bring all the troops home. Let george poppy bush guard his own poppy fields and oil pipeline. He has the money stashed off shore to do that. So does cheney. Let them pay for the war on terror they started. The People of the United States of America did not want or start a war, the Babylonian bankster govt did. Shut all the bases down, and plant flowers instead of depleted uranium. It is possible. America can rebuild, and so can the rest of the world. Simply stop the profiteers of death and destruction, and it would all change.
It is a race between the forces of more war to confound and cover up the crashing euro, or an awakening world that may want to try something different than the same old cycles of world war, and profits from millions of deaths and the destruction involved. It is possible. There are other ways to go as one world, individual, yet one and able to get along just fine WITHOUT the evil banksters that profit from the suffering of the innocent peoples. it has to end. The law of cycles demands it.
Till that high-hopes-day in la la land comes, here is something that was well gleaned from a Telegraph story commentary. It is being copied here because it sort of made good sense and worthy of sharing?
teezee
Yesterday 04:58 PM
"Central Bank of Cyprus needs to print Cyprus Pounds over the weekend and next few weeks. Every Cypriot resident to exchange Euros for Cyprus Pounds (Approx. €27bn in the bank, billions more in circulation). Exchange rate is in the articles of joining Euro €1.71 = CYP 1. All Euros available on the island to be given to Foreign depositors so that they can withdraw their cash in Euros from the island.
From Tuesday onwards Cypriot residents change over to use of Cyprus Pounds only. Foreign investors issued with bonds for any shortfall in cash. As assets are disposed of/torists exchange currency, Euros are exchanged for bonds.
Local Banks recapitalised with Cyprus Pounds.
This is a complete reverse operation to the joining of the Euro on 1 January 2008."
Apologies to the commenter for the plagiarization of your interesting ideas.
Oh great - the Star Trek fantasy future. If the government is involved, it will be rebuilt in the same fucked up way it is now.
Well, that's the whole problem in a nutshell right there. People deposited $800 billion, but they only have the $80 Billion.
Exactly Matt, and what is worse, that is the exact same situation almost everywhere.
My favorite is the EU speaking about solvency and banks.
pods
Sinclair guesstimated 5 trillion oligarch $s
I dunno
"Lichtenstein, Luxembourg, Switzerland and London..."
~~~
Too much jew money there... Therefore ~ last on the list until it becomes jew vs. jew...
And last on your list will be the last. Specifically City of London.
That is the where the power is. All the world leverage that blows the fucking place sky high is centered there.
pods
The plot to Goldeneye was to detonate an EMP over London to wipe out the world financial system if they didn't pay a ransom, or something like that. At the time, it seemed odd to me to chose London over New York.
Hey now! You're supposed to put on your tin foil hat before you start reading otherwise you come to conclusions like this.
And a 30 x 10 iceberg can sink the titanic, good one!
It was the 'Olympic' that sank...
I must be missing the reference. Thought that the Olympic was the only one that didn't sink. It went to the breaking yard.
Switched at dry dock... The Olympic was basically totalled by virtue of two accidents, so they painted it with TITANIC markings, scuttled it, & collected on the insurance money rather than having the WHITE STAR LINE go bankrupt [&, of course, JP Morgan losing a lot of money]...
How big was Lehman?
700 billion.
Their net exposure on their CDS was only 8 bil.
So you see how well derivatives net out.
I don't know where you get your figures, but they're off by a degree of magnitude.
unless it's a problem if long and short scale. Lehman peaked at USD 50 billion.
I don't think so littleguy. This will be off the front pages by Monday. A distant memory (certainly not to the people there) by the end of next week.
Maybe, maybe not. Depends on if the sheep in Spain and Italy start Baaaaing or not. If people were smart in those countries or the rest of the Eurozone, they would be taking their money out before capital controls come to their countries. I think it might be time to stop my direct deposit on my pay check and just start cashing it.
agreed, however for the life of me I don't know what the hell they are waiting for. Especially Italy. This whole thing gives Beppe a big boost. However That will be the same boost that will cause their yields to spike and send a bank spiraling off into space and they will be in the same boat.
Trust me when Italy goes the dow will only be good for a hundred or so points to the upside per week from then on out. Not the usual thousand.
I hope the sheep in the PIIGS are as slow and stupid as the cypriots. i havn't converted all my fiat into metals yet and am looking for even better prices
Most of the sheep in the PIIGS already coughed up their metals to try to make it this far.
That is a big part of the gameplan. By the time the metals are ready to fly many of us will have had to cash em in just to make ends meet.
there's the rub.
debt ceiling, fiscal cliff, sequestration.................these bastards are good at sweeping this crap 'under the rug'
oh well
Russia is out. Troika is out. Cyprus is on its own.
EOM
Actually I think it is the opposite
The real deal on Cyprus is likely being set behind the scenes, in the off-the-radar but important meeting in Moscow between Vladimir Putin and EU Commission President José Manuel Barroso (the real key figure in the EU with the most direct connections to all the 'shadow powers' in and behind the EU governments).
At this point Cyprus is in most ways a passenger, and very likely simply carrying out the role that Russia is recommending to them ...
Whatever happens regarding Cyprus, whether in or out of the euro-zone or the EU itself, Putin and Barroso have likely okayed the deal ... even if that means Russia raising gas prices to Europe to cover whatever gets lost to Russian companies with a Cyprus 'plan' or default.
More on the Putin-Barroso meeting, in some of the English-language Russian press:
http://english.ruvr.ru/2013_03_22/Putin-and-Barroso-discuss-future-relat...
interesting points -- here's more on the meditteranan gas field jockeying that is also arguably a part of this:
http://us2.campaign-archive1.com/?u=ed58b19f2b88e4a743b950765&id=d7db20c...
If the Russians don't come out of this with a naval base, they are utter morons. Something they've wanted forever was handed to them on a platter, for next to nothing.
It seems likely that the Russians will get more than a naval base. The silence from Moscow is deafening. It could be that the Russians are hoping for contagion... at which point much of Southeasterrn Europe may come begging food from the Russian bear.
Exactly - they are the dog that didn't bark...
And an even bigger monopoly on nat gas
I wonder if Cyprus is a trade for giving up Syria.
couple things stood out for me this week.
Putin being very quiet about Cyprus and Russian officials saying pretty much "no" to any proposal from Finance Minister Saris who tried to abandon the ship earlier. Saris went home w/o a deal.
CDS on Russian paper going up as a Cyprus default has consequences to Russian cash and cash flow
Turkey and Turkish Cyprus being completely invisible
All that and I had New Mexico in the final four. sons of bitches....
You're right, time to lighten up a bit. It's been a shitty week. Let's enjoy the weekend as long as we can. Monday could be too late.
Come hell or high water... I was going to take a #14 against a #3 in this years brackets... When I first glanced & saw New Mexico as a #3, I said 'FUCK NEW MEXICO' and was ready to take whoever they were slotted against... Turse out they were slotted against Harvard... The 'FUCK YOU HARVARD' chemicals ousted the 'FUCK NEW MEXICO' chemicals...
So ~ I decided to take DAVIDSON against MARQUETTE [which was the next choice, because the 'FUCK THE JESUITS' chemicals kicked in...
Fucking Marquette hits a layup with one second left [after closing a 9 point defecit in the last 5 minutes]...
Moral of the story?
FUCK ME
I got worked over on Kansas State and NC State - guess I don't have to watch tournament anymore.
Sucks eh?
~~~
In any case ~ Now all of you know how the science of 'Bracketology' works in the House of Sawyer... [Here's a tidbit I bet most of you didn't know: The character in 'Stripes' was actually named Francis Soyer]...
What's this I sometimes read about Russia using gas as a political leverage? Seriously? What? Gas is usually bought by national energy suppliers in the form of long term fixed price contracts. These prices are negotiated on the basis of global market spot and future assumptions. There is a global market out there that has pretty much turned into a gas glut. The only bottleneck in the access to American shale gas, is transport. Should Russia ever only hint at the possibility of using gas for political leverage, Europe's respectable shale gas WILL be tapped and all environmental objections will be dropped like a hot coal. In any event, there have been massive pipeline investments made by both sides to supply Europe. No one is doing anybody a favour here. This is simply business.
Europe is an important customer, Russia is an important supplier. Anything else is just tinfoil hat crap.
Agreed. I think Russia's bigger problem is a contraction in China on top of the gas glut. Russia is short on cash imo. They're not going to piss off one of their best customers over billions in "black" money that oligarchs are hiding in Cyprus. The oligarchs don't want to be found out and there's going to be some pain. But even a 10% haircut on that money is a deal if they get it cleaned. In other deals I've heard the Russians are willing to accept 25% or better to get their money out and clean.
Wait a minute Walkure. Normally you are on the ball but I am not so sure about Russia being short of cash. I'm not saying you are wrong but I am curious how you came to that conclusion? Let me know and I will check it out. Peace.
Then why isn't Russia helping err buying Cyprus out.
Are they such savy businessmen to wait until the collapse so they can buy Cyprus for pennies on the dollar? I think they don't have the money.
Russia is probably spending too much money on the green graphics on RT.
Liquefaction, condensation, and regasification are distinct bottlenecks from transportation. Energy infrastructure planning, financing, and construction doesn't turn on a dime, and the hand to back the EU bluff can't be constructed overnight or even before next winter. A solution AT BEST 18-30 months away is not a winning hand even if the insolvent EU banks announced that would immediatley loan tens of billions of EUR to the necessarey E&C firms, and the EU would implement a blanket suspension of property rights and the rule of law, and the E&C firms conveniently decided to dump their existing order books, and every other tinfoil-hatter-pipedream that must be realized in to build enough infrastructure to provide a viable alternative to Gazprom even two winters from now...
By the way- Gazprom bank is about the only potential buyer of the two most insolvent Cypriot banks that could actually mitigate the need for capital controls, even though they have been doing the full court press denial all week. The Troika guranteed a bank run by their actions and contagion to the continent. As has been going on for centuries, since even before Drake was born- the Ottomans/Turks are neck deep in a bunch of behind the scenes monkey business to control energy production and transport. South Stream or Nabucco -- Russia or Turkey, this isn't just business it's geopolitics, albeit with a desire to profit in the process.
Recognizing an arbitrage opportunity in the situation, Blackrock Advisors is now offering Cypriots loans against their deposits to be paid back with their future daily withdrawal limits. At a 47% loan to value ratio, Blackrock expects an annualized yield of over 300% on the average transaction, which it hopes to securitize and flip to a pension fund once enough individual deals are signed. Commenting on the situation, Blackrock President, Larry Fink told reporters, “I’m glad we can help the people of Cyprus through this tough situation. I was sooo wrong before; Cyprus does matter, at least for another month or two.”
I guess JG Wentworth is a little late to the game.
J.G. Wentworth is the nation’s oldest, largest and most respected buyer of deferred payments for illiquid financial assets such as structured settlements, capital controlled bank accounts, annuities and life insurance policies.
It's my money, and I want it now!
Lol tremendous.
here ya go
http://www.youtube.com/watch?v=HX0fIi3H-es
Excellent Fonz.
Very appropriate to the occasion. .
'it's your money. use it when you need it!'...is it really?! i dont think the money is ours when everyone seems to think they can take it at will.
'Blackrock'. Is that the Anglo branch/version of (the German) 'Schwartzstein'?
Shut up and take my money!!!
We control your capital, any questions?
It truly is an Outer Limits episode..
They control the vertical
They control the horizontal...
Yes, sir.
Why couldn't the U.S. Congress be shoehorned into a room that size?
Central banking = fiat printing = fixed prices = control economy = fascist state
Central banking = fiat printing = fixed prices = control economy = fascist state
Central banking = fiat printing = fixed prices = control economy = fascist state
Central banking = fiat printing = fixed prices = control economy = fascist state
Central banking = fiat printing = fixed prices = control economy = fascist state
Central banking = fiat printing = fixed prices = control economy = fascist state
Central banking = fiat printing = fixed prices = control economy = fascist state
Central banking = fiat printing = fixed prices = control economy = fascist state
I wonder how many fascists are vying for control of this state?
Try to hold out, it's not time to freak out yet.
Crisis averted. Now back to your usual programming.
Maybe but maybe not.
http://www.cnbc.com/id/100578167
They are goin after Dimon.
It seems to me he's refused to resign, hence ...........
There's definitely some clean-up going on. Not sure yet if this is the new SEC mandate. Wouldn't be surprised to see Corzine being dragged into the streets finally.
Corzine maybe, Dimon? You don't get those cufflinks unless you know where the bodies are buried.
pods
All your capital are belong to us
All your daughter are belong to us tomorrow
The banks will still die from the "death of a thousand cuts!!!" 300 euros those bastards to death guys.