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ECB To Set "Fair" Cypriot Standard Of Living Via Capital Controls

Tyler Durden's picture




 

As Europe wakes up to what could be a tumultuous day, Handelsblatt reports that the ECB has decided that, due to the "great danger" of a bank run once they reopen next week, it will enforce capital controls independently of Cypriot (elected) officials. With perhaps a nod towards negotiating some ELA funding for Cypriot banks next week (if the government accepts this ECB-enforced 'program'), the rather stunning restrictions on people's private property include:

  • Freezing Savings - no time-frame (it's not your money anymore)
  • Make bank transfers dependent on Central Bank approval (a money tzar?)
  • Lower ATM withdrawal limits (spend it how we say?)

The capital controls will be designed "so that citizens have access to sufficient cash to go about their lives." So, there it is, a European Union imposed decision on just how much money each Cypriot can spend per day. Wasn't it just last week, we were told Europe is fixed?

 

Handelsblatt cites unidentified central bank sources so we wonder whether this is yet another strawman shot across the bow as the Cypriot government heads in for an early start of discussions at 10am (GMT)

 

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Fri, 03/22/2013 - 01:04 | 3360789 Cult_of_Reason
Cult_of_Reason's picture

While Cypriot banks are set to remain closed until Tuesday, orders have been placed to withdraw billions of euros as soon as business reopens, the source said.

http://www.globalpost.com/dispatch/news/afp/130321/eu-calls-cyprus-set-capital-controls-source

The EU source said withdrawals of seven billion euros were rumoured with fears the cash bleeding could be even more severe.

 

 

Fri, 03/22/2013 - 01:05 | 3360798 wee-weed up
wee-weed up's picture

Here, here's a few coins... just enough to buy yourself a nice bowl of gruel.

Fri, 03/22/2013 - 01:13 | 3360817 Boris Alatovkrap
Boris Alatovkrap's picture

In contest for stupid, ECB is win. Tough competition for Bernanke, Geithner, and Barry, but in end ECB more massively stupid.

Boris is get popcorn and soda (Golubchy and Vodka) and is sit ready for show - should be bloody, sure to be sequel cast in other Euro states!

Fri, 03/22/2013 - 01:26 | 3360850 Pool Shark
Pool Shark's picture

 

 

Your mind is totally controlled
It has been stuffed into my mold
And you will do as you are told
Until the rights to you are sold

- Uncle Frank (Zappa)

 

Fri, 03/22/2013 - 01:29 | 3360855 otto skorzeny
otto skorzeny's picture

frank was CIA so he would know about mind control

Fri, 03/22/2013 - 01:41 | 3360867 CrashisOptimistic
CrashisOptimistic's picture

This shit is astonishing.  They are really going to dictate bank policy in a sovereign country, explicitly and overtly.

And the ZH mantra continues:

Nothing will change until bullets go into brains.

Fri, 03/22/2013 - 01:53 | 3360891 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is large Frank Zappa fan! Still is has bootleg 8-Track of Garage of Joe.

"This is central scrutinizer!"

Fri, 03/22/2013 - 03:00 | 3360959 fockewulf190
fockewulf190's picture

The twentieth century started off in chaos and mass death, resulting into one twisted man's rant; "Mein Kampf". Tens of millions would later die because of that ideology.

The twenty first century is also starting off with chaos and mass death, but the new rant soon to be written will be named "Mein Geld".

What kind of fiscal future will a Fourth Reich bring? How twisted will the fiscal ideology be? And how many hundreds of millions will be sacrificed this time around?

Fri, 03/22/2013 - 03:32 | 3361001 mick_richfield
mick_richfield's picture

Aber hier ist das Vierten Reich ja schon.

Unser festung Europa mit Wände aus Geld, das wird für tausend Jahre stehen.

Fri, 03/22/2013 - 03:53 | 3361031 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Unser festung Europa mit Wände aus Geld, das wird für tausend Jahre stehen.

...or until one of those "highly improbable" once-in-a-thousand-year economic events occurs, which lately have been happening at least once every two or three years.

Fri, 03/22/2013 - 04:15 | 3361056 AldousHuxley
AldousHuxley's picture

HALF of deposits are from non-residents.

And #1 export was banking and loans to Greece....

 

they deserve a hair cut and more.

 

do an iceland and they will be able to earn an honest living through tourism.

 

 

Fri, 03/22/2013 - 05:48 | 3361138 sadmamapatriot
sadmamapatriot's picture

The Russians told them to take a hike so now they are saying "America (has an) obligation to assist"! Just like a freaking drug addict desperate for his next fix.

http://famagusta-gazette.com/coordinated-effort-of-hellenes-undertakes-a...

BTW, I 100% agree with you.

Fri, 03/22/2013 - 06:15 | 3361150 negative rates
negative rates's picture

Rental units in walking distance of ATM's just went up.

Fri, 03/22/2013 - 06:39 | 3361168 JohnnyBriefcase
JohnnyBriefcase's picture

I can't wait until today around 3:30-4:00pm. Then well get the real announcement!

 

WOOOOOOOO!!!

Fri, 03/22/2013 - 06:46 | 3361178 GetZeeGold
GetZeeGold's picture

 

 

 

Welcome to the Hotel Cyprus, you can checkout anytime you'd like....but your money can never leave.

Fri, 03/22/2013 - 07:35 | 3361279 clymer
clymer's picture

 

When American corporate heads want access to natural resources, they coordinate with the controlled military and media industrial complex, use paid for politicians and stage a false flag event to rally the sheeple into supporting invasion.

 

When Euro corpo-crats want access to natural resources, they introduce the IMF riot to set the stage for tear down and reconstruction. This tiny island nation and its' off shore oil and gas fields will now be divvied up between European and Russian corporates

 

Fri, 03/22/2013 - 07:38 | 3361290 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Those ECB douches can stop individual account holders from withdrawing money. It will be the counterparties that will kill the bank any ways. Counterparties will freeze any and all transactions with the banks and poof!, liquidity will vanish. Night night banks.

Fri, 03/22/2013 - 06:41 | 3361172 nmewn
nmewn's picture

And...apparently multiple ID's are now a must-have when banking on Cyprus...or electronically banking anywhere these days.

I can see the guys on the security camera now..."Saaay...wasn't this "citizen" just here at the ATM five minutes ago?" 

So don't forget your black spray paint for the camera lens, Cypri-bitchez ;-)

Fri, 03/22/2013 - 07:18 | 3361236 XitSam
XitSam's picture

Long Caterpillar D9s. The ATM freedom tool.

Fri, 03/22/2013 - 07:20 | 3361242 Bobbyrib
Bobbyrib's picture

They could just do what our banks do and restrict how much you are allowed to withdraw from the ATM on a business day.

Fri, 03/22/2013 - 09:08 | 3361538 ATM
ATM's picture

I'm  rich!

 

Fri, 03/22/2013 - 11:01 | 3362093 BooMushroom
BooMushroom's picture

Or they would, if anybody could get to their money to pay it!

Catch-22, bitchez!

Fri, 03/22/2013 - 09:38 | 3361633 Opinionated Ass
Opinionated Ass's picture

I think you are referring to the Golden Rule, ja?

He who has the gold makes the rules. Which isn't all bad is it? I decide to fire either Home Depot or Lowes when I ponder where to buy a new power tool with my money. A rich German businessman will build his factory in Romania or Bulgaria, depending on who has the right capital control rules.

Fri, 03/22/2013 - 02:52 | 3360964 Richard Chesler
Richard Chesler's picture

He begins to feel depressed now. He knows the end is near. He has realized at last that imaginary economies and imaginary recoveries exist only in the mind of The Imaginer ...and ... ultimately, who gives a fuck anyway...

Fri, 03/22/2013 - 11:27 | 3362161 thisandthat
thisandthat's picture

The Central "Scarutinizer"

 

Act I

PRELUDE

Desperate nerds in high offices all over the world have been known to enact the most disgusting pieces of legislation in order to win votes (or, in places where they don't get to vote, to control unwanted forms of mass behavior).
Environmental laws were not passed to protect our air and water... they were passed to get votes. Seasonal anti-smut campaigns are not conducted to rid our communities of moral rot... they are conducted to give an aura of saintliness to the office-seekers who demand them. If a few key phrases are thrown into any speech (as the expert advisors explain to these various heads of state) votes will roll in, bucks will roll in, and, most importantly, power will be maintained by the groovy guy (or gal) who gets the most media coverage for his sleaze. Naturally, his friends in various businesses will do okay too.
All governments perpetuate themselves through the daily commission of act which a rational person might find to be stupid or dangerous (or both). Naturally, our government is no exception... for instance, if the President (any one of them) went on TV and sat there with the flag in the background (or maybe a rustic scene on a little backdrop, plus the flag) and stared sincerely into the camera and told everybody that all energy problems and all inflationary problems had been traced to and could be solved by the abolition of MUSIC, chances are that most people would believe him and think that the illegalization of this obnoxious form of noise pollution would be a small price to pay for the chance to buy gas like the good ol' days. No way? Never happen? Records are made out of oil. All those big rock shows go from town to town in fuel-gobbling 45 foot trucks... and when they get there, they use up enormous amounts of electrical energy with their lights, their amplifiers, their PA systems... their smoke machines. And all those synthesizers... look at all the plastic they got in 'em... and the guitar picks...you name it...
JOE'S GARAGE is a stupid story about how the government is going to try to do away with music (a prime cause of unwanted mass behavior! It's sort of like a really cheap kind of high school play...the way it might have been done 20 years ago, with all the sets made out of cardboard boxes and poster paint. It's also like those lectures that local narks used to give (where they show you a display of all the different ways you can get wasted, with the pills leading to the weed leading to the needle, etc., etc.).
If the plot of the story seems just a little bit preposterous, and if the idea of The Central Scrutinizer enforcing laws that haven't been passed yet makes you giggle, just be glad you don't live in one of the cheerful little countries where, at this very moment, music is either severely restricted... or, as it is in Iran, totally illegal.

SCENE ONE
ENTRANCE OF THE CENTRAL SCRUTINIZER

Sometimes when you're not looking he just sneaks up on you. He looks like a cheap sort of flying saucer about five feet across with a snout-like megaphone apparatus in the front with two big eyes mounted like Appletons with miniature motorized frowning chrome eyebrows over them. Along the side of his disc-like body are several sets of stupid looking headers and exhaust hoses which apparently propel him and punctuate his dialogue with horrible smelling smoke rings. In the middle of his head we can see an airport wind sock and constantly twirling anemometer. The bottom of him has a landing light and three spoked wheels. In spite of all this, it is obvious that the way he really gets around is by being dangled from place to place by a union guy with a dark green shirt up in the roof who is eating a sandwich (pieces of which drop off every once in a while and lodge themselves near the hole where they put the oil in that makes the cheap smoke). He hovers into view and speaks to us thusly...

CENTRAL SCRUTINIZER:
This is the CENTRAL SCRUTINIZER... it is my responsibility to enforce all the laws that haven't been passed yet. It is also my responsibility to alert each and every one of you to the potential consequences of various ordinary everyday activities you might be performing which could eventually lead to The Death Penalty (or affect your parents' credit rating). Our criminal institutions are full of little creeps like you who do wrong things... and many of them were driven to these crimes by a horrible force called MUSIC! Our studies have shown that this horrible force is so dangerous to society at large that laws are being drawn up at this very moment to stop it forever! Cruel and inhuman punishments are being carefully described in tiny paragraphs so they won't conflict with the Constitution (which, itself, is being modified in order to accommodate THE FUTURE).
I bring you now a special presentation to show what can happen to you if you choose a career in MUSIC . . . The WHITE ZONE is for loading and unloading only. . . if you have to load or unload, go to the WHITE ZONE... you'll love it... it's a way of life . . .
This is the CENTRAL SCRUTINIZER...The WHITE ZONE is for loading and unloading only... (etc.)

Fri, 03/22/2013 - 01:53 | 3360868 Supernova Born
Supernova Born's picture

Putin was/is KGB and 67% of Cypriots (according to RT) want to leave the euro and align with Russia.

Russia will not respond well to dumping the "hot potato" of Cyprus in its lap. Europe better get ready to catch the as yet unknown hot potato Russia chucks back Europe's way.

This is starting to look like the type of black swan event that changes the course of world history.

Fri, 03/22/2013 - 02:35 | 3360943 Non Passaran
Non Passaran's picture

I don't think so but I hope so.
Got gold?

Fri, 03/22/2013 - 03:32 | 3360998 Supernova Born
Supernova Born's picture

Assrash Lady (sp?), "Chief Global" something at City Index just said on Bloomberg that gold is going under $1500.

I trust Assrash and would buy Gold Bond Powder before I'd buy Au.

Fri, 03/22/2013 - 05:59 | 3361125 Supernova Born
Supernova Born's picture

Just saw a German MP of Merkel's party on Bloomberg.

It seems clear to me Germany wants to see Cyprus "resign" from the euro or force Cyprus to endure a bare butt caning in the middle of the "euro schoolyard" EVEN IF Cyprus agrees to the all the ECB/German terms.

Little Cyprus, the runt of the euro, will be made an EXAMPLE regardless of what choice they make.

Cyprus is being made an example, not because Cyprus matters, but because Greece, Italy etc. seem to be increasingly resistant to ECB/German austerity demands.

Cyprus will be SAVAGELY punished even if they agree OR they will be forced to leave the euro.

Germany doesn't care about Cyprus, they mean to instill FEAR in the PIIGS and instill confidence in the German electorate that there is a very harsh penalty to be paid if ECB/German authority is not respected.

Problem is...the rest of the euro is watching and the unintended consequences of this are exceedingly virulent.

Fri, 03/22/2013 - 09:15 | 3361559 20-20 Hindsight
20-20 Hindsight's picture

If that's the plan, Supernova, then it's going to backfire... at least, I sure as hell hope it will.  I can't see how any (so-called) sovereign nation would put up with this crap.  

What is this fucking Eurozone anyway?  It was an ill-fated project from the get-go. 

Fuck the banksters, fuck the eurocrats and fuck the horse they rode on.

 

Fri, 03/22/2013 - 11:49 | 3362327 Theosebes Goodfellow
Theosebes Goodfellow's picture

~"...67% of Cypriots (according to RT) want to leave the euro and align with Russia."~

And that's living proof the Cypriots are Cypri-idiots, (or at least 67% of them). It's bad enough owing money to the EU, but think for a minute, do you really want to owe money to Russian mobsters? And all the Russians want is the oil & gas exploration rights, da? You know that you are truly screwed when your first statement begins, "Our friends, the Russians..."

Fri, 03/22/2013 - 03:56 | 3361024 xtop23
xtop23's picture

You are the slime. ( Zappa was a god. Dweezil is actually a damn nice guy as well )

On topic; I don't care what capital controls they put on. They're not going to plug this leak. Confidence, once lost, is like becoming a virgin again. Ain't happening.

Fri, 03/22/2013 - 04:55 | 3361100 Treason Season
Treason Season's picture

Just saying.

 

  • Francis Zappa (father) was, in case you were wondering, a chemical warfare specialist assigned to – where else? – the Edgewood Arsenal. Edgewood is, of course, the longtime home of America’s chemical warfare program, as well as a facility frequently cited as being deeply enmeshed in MK-ULTRA operations.
  • Zappa’s manager, by the way, is a shadowy character by the name of Herb Cohen, who had come out to L.A. from the Bronx with his brother Mutt just before the music and club scene began heating up. Cohen, a former U.S. Marine, had spent a few years traveling the world before his arrival on the Laurel Canyon scene. Those travels, curiously, had taken him to the Congo in 1961, at the very time that leftist Prime Minister Patrice Lumumba was being tortured and killed by our very own CIA.
  • Gail Zappa (wife), known formerly as Adelaide Sloatman. Gail hails from a long line of career Naval officers, including her father, who spent his life working on classified nuclear weapons research for the U.S. Navy.
  • Gail had attended a Naval kindergarten with “Mr. Mojo Risin’” himself, Jim Morrison
  •  
Fri, 03/22/2013 - 07:00 | 3361198 Random
Random's picture

"Laurel Canyon" + 1000, Jim Morrison + 1000 (Golf of Tonkin grin)

Fri, 03/22/2013 - 08:35 | 3361415 Zwelgje
Zwelgje's picture

Great, another bubble popped.

Fri, 03/22/2013 - 09:16 | 3361562 SheepDog-One
SheepDog-One's picture

They can manipulate and patch up fake indexes, but once the confidence is lost they can't get that back.

Fri, 03/22/2013 - 11:41 | 3362293 Theosebes Goodfellow
Theosebes Goodfellow's picture

Inside The LC: The Strange but Mostly True Story of Laurel Canyon and the Birth of the Hippie Generation

http://www.davesweb.cnchost.com/nwsltr93.html

So strange you just couldn't make this shit up. Absolutely fascinating reading. The website is laid out funky, so click the "Home" link at the bottom of the page to go to the next part. Certainly a "holy crap" moment when you get to wonder how deep the rabbit hole goes...

Fri, 03/22/2013 - 04:08 | 3361045 TheFourthStooge-ing
TheFourthStooge-ing's picture

Handelsblatt cites unidentified central banks sources:

"We are millions and millions,
we're coming to get ya.
We're protected by unions
so don't let it upset ya.
Can't escape the conclusion
it's probably God's will
that civilization
will grind to a standstill.
And we are the people
who will make it all happen,
while your children are sleeping,
your puppy is crappin'."

Fri, 03/22/2013 - 07:22 | 3361250 sunnydays
sunnydays's picture

They should require to be able to get however much the EU commissioners spend each day for their standard of living and what they would allow themselves.  Oh, but wait that is probably more than what each person has in the bank in full.   So the 'elite' will dictate to the lowly servants how much they are allowed per day?   Besides that, what if someone wants to take a vacation?  What if someone wants to buy someone else a gift?  What about the normal things that pop up constantly for houses etc?  This shows what they think of their slaves and what they really think of the people of the world.   

Fri, 03/22/2013 - 09:21 | 3361570 mickeyman
mickeyman's picture

That is the essence of the progressive mindset.

Fri, 03/22/2013 - 01:25 | 3360849 imbtween
imbtween's picture

never before has a boy wanted more!

Fri, 03/22/2013 - 02:36 | 3360944 wee-weed up
wee-weed up's picture

Don't tell them what's in the gruel...

boiled frog

Fri, 03/22/2013 - 07:10 | 3361214 Go Tribe
Go Tribe's picture

"Please sir, I want some more."

 

Who'da guessed it would be the bankers, not the government, telling us what we can consume and what we cannot? Well, at least we'll have fixed targets.

Fri, 03/22/2013 - 10:11 | 3361823 ElvisDog
ElvisDog's picture

If you are a Euro and you have more than 1000 Euros in any European bank then you are an idiot who deserves to lose his money (or more accurately have his money kidnapped). There is no upside to keeping money in a bank with zero percent interest rates, and short of air raid sirens going off the potential risks are being demonstrated in Cyprus about as loud as possible.

Fri, 03/22/2013 - 01:11 | 3360801 otto skorzeny
otto skorzeny's picture

are there seriously that many paper euros out there or is it all 1s and 0s?

Fri, 03/22/2013 - 01:15 | 3360823 Boris Alatovkrap
Boris Alatovkrap's picture

Many many zeros in Europe.

Fri, 03/22/2013 - 01:26 | 3360845 sunaJ
sunaJ's picture

Cash is King in Cyprus, currently.

I am not one that believes that the 2008 crisis was engineered.  The squeeze of LB was probably intentional, but their arrogance did not lead them to see that it would nearly arrest the entire system.  That was my belief then, it is my belief now. 

 

Again, we are entering what seems to me to be at least as momentous an event as LB of 2008.  Again, we probably have, by a bunch of eurocrats, a squeeze on what they thought was an easy target (small country with large foreign deposits).  In their arrogance, they thought they could get their way again and here we are. 

 

They will repeat this because they are insane with power and blind from their ignorance.  They will try to control and get their way even as each attempt  represents only more force and less control.  The Law of Unintended Consequences is kryptonite to central power.  But don't expect them to recognize their insanity (by definition).

Fri, 03/22/2013 - 01:26 | 3360853 otto skorzeny
otto skorzeny's picture

but CNBC told me what happens in europe stays in europe-even though the US is propping their banks up

Fri, 03/22/2013 - 01:56 | 3360896 Boris Alatovkrap
Boris Alatovkrap's picture

Well, if CNBC is say, is must be true! (laugh as vodka exudes through Boris' sinus feature)

Fri, 03/22/2013 - 03:18 | 3360992 StychoKiller
StychoKiller's picture

BOHICA!!  Need we say anything more?

Fri, 03/22/2013 - 07:09 | 3361213 machineh
machineh's picture

The EU's plan to allow Cypriots 'enough cash to go about their lives' resembles Israel's policy of 'putting the Gazans on a diet without starving them.'

Fri, 03/22/2013 - 10:04 | 3361784 MSimon
MSimon's picture

Why can't they get food through Egypt?

 

Just askin'.

Fri, 03/22/2013 - 07:11 | 3361217 Go Tribe
Go Tribe's picture

Becky Quickie is paid millions a year to do...what?

Fri, 03/22/2013 - 11:11 | 3362144 FeralSerf
FeralSerf's picture

http://www.motherjones.com/kevin-drum/2012/06/europes-creditanstalt-mome...

"This paragraph from Martin Wolf has been much quoted over the past day:

Before now, I had never really understood how the 1930s could happen. Now I do. All one needs are fragile economies, a rigid monetary regime, intense debate over what must be done, widespread belief that suffering is good, myopic politicians, an inability to co-operate and failure to stay ahead of events. Perhaps the panic will vanish. But investors who are buying bonds at current rates are indicating a deep aversion to the downside risks. Policy makers must eliminate this panic, not stoke it.

This describes my own reaction to events of the past year or so perfectly. Still, I think this paragraph from the same piece might be more important:

It is often forgotten that the failure of Austria’s Creditanstalt in 1931 led to a wave of bank failures across the continent. That turned out to be the beginning of the end of the gold standard and caused a second downward leg of the Great Depression itself. The fear must now be that a wave of banking and sovereign failures might cause a similar meltdown inside the eurozone, the closest thing the world now has to the old gold standard. The failure of the eurozone would, in turn, generate further massive disruption in the European and even global financial systems, possibly even knocking over the walls now containing the depression.

To the extent that I continue to hold out a shred of optimism, this is why. European policymakers may be in nearly terminal denial, but I still think that when they finally and fully stare into the abyss and understand that it's staring back at them — when their Creditanstalt moment comes — they'll act. They won't want to, and they'll wait until the 59th minute of the 11th hour to do so. But when the big hand on the clock is finally just seconds away from ticking past midnight, they'll do what needs to be done.

This is the worst of all solutions except for the one in which they don't act at all. But it will prevent a rerun of the 1930s. I hope."

 

I'm not nearly as optimistic as he is.  Ego is a powerful emotion.  It has cause the death of nations.

Fri, 03/22/2013 - 01:51 | 3360885 lewy14
lewy14's picture

@sunaJ,

Agreed that the 2008 crisis was not engineered.

I do believe the "fix is in" on this one.

Why?

Unlike 2008, the Troika have their bazooka at the ready, and loaded. They don't need to send some emo-boi like Paulson to go to Pelosi on bended knee with any three page term sheet.

Shit hits the fan, they just act, inject liquidity, buy bonds, sell Euro, stop money, move money. Like a boss. 

If Cyprus leaves the Euro and the world is left standing - and it will be - then Cyprus will suffer the chaos alone and be an example for the rest of the PIIGS. Pour encourager les autres. The power of the Troika over sovereign institutions will have been demonstrated.

If Cyprus stays, it will be under horrendously repressive conditions. Those conditions are, as of this hour, TBD but they can't be other than horrendously repressive - the logic of bank runs dictates this. The power of the Troika over sovereign institutions will have been demonstrated.

So either way, the power of the Troika over sovereign institutions will have been demonstrated. This is the objective.

The exact path remains to be chosen and is probably a random variable beyond the scope of any one actor to determine at this point.

But the Troika has already won.

Fri, 03/22/2013 - 01:57 | 3360897 otto skorzeny
otto skorzeny's picture

why-because men never deviate from a path that their "superiors" have chosen for them? the fickleness of humans has been underestimated time and time again.

Fri, 03/22/2013 - 02:09 | 3360902 sunaJ
sunaJ's picture

It could be, they are certainly more ready with scenarios for this crisis, I'm sure; however, that is my only real point: the more scenarios they have, the more they think they can control it, which is once again their downfall to unintended consequences: their arrogance about what they think they can control. 

Trust, or the lack thereof, does not cooperate with "ring fencing," or even free liquidity once people see that the picture on your dollars may as well be of Mickey Mouse.

I smell panic in the air, and it's not coming from depositors. 

 

 

Fri, 03/22/2013 - 02:09 | 3360913 lewy14
lewy14's picture

Well, fair point, they are arrogant about what they think they can control. 

On the other hand I estimate that their arrogance is well founded.

Akin, perhaps, to a power with nuclear weapons facing a tribe of spear chuckers. A power willing to use that nuke.

There's nothing to like about this scenario and if the blaze goes out of control and burns down All Of Finance I'll be wrong but I won't be sad. I detest the predicament that the ECB et al have placed Cyprus in.

But I don't smell panic in EU institutions. More like the impatience of a master waiting for the novice to make their last few mistakes.

Again, I'd welcome being wrong.

Fri, 03/22/2013 - 07:13 | 3361216 anonnn
anonnn's picture

   Mis-estimation will bring a Black Swan.

Premise 1: The rich-and-powerful families/dynasties are unaware of their suicidal nature.

Premise 2.: The rich-and-powerful will fight any change to their status/privileges [they are reactionary as robots; any action causes automatic reaction] .  

 

 

 

 

 

 

Premise 3. The rich-and-powerful will risk and threaten nuclear war as part of their robotic strategy to maintain their status/privileges.

Conclusion: The rich-and-powerful will never surrender their status. Their reactionary mindset ensures successive steps of more risk to ensure their status until, by mis-estimation, nuclear war begins for all of us.

Removal of the excess privileges that permit them to escape fairness can change this situation.

Fri, 03/22/2013 - 01:10 | 3360806 ACP
ACP's picture

Wow, so now those folks will be given an "allowance" that they can spend each week, from their own bank accounts, with money they made. Do they have to do chores too? Like washing banker dishes and taking out their trash?

The first glimpse of the future here on the other side of the pond.

Fri, 03/22/2013 - 01:18 | 3360830 Boris Alatovkrap
Boris Alatovkrap's picture

Of off topic, but Boris is once fish in neighbor pond. Catch is very large sturgeon. Boris is think to sell egg for caviar but day later wife teeth is get loose. Life in Chernobyl is sucks!

Fri, 03/22/2013 - 01:21 | 3360841 ACP
ACP's picture

Yes, similarly, the Cypriots may have to downgrade their rug purchases to cat skins, instead of other game animals...

http://www.weather.com/video/cat-rug-sold-35746

 

Fri, 03/22/2013 - 02:03 | 3360903 Boris Alatovkrap
Boris Alatovkrap's picture

Boris is also once eat neighbor cat. While take nap (actually is stone pass out), Boris is see neighbor cat on balcony and wife is not yet at residence, but Boris is not yet go to butcher shop. So is get cleaver and lop off cat head. (Actually is miss and take off paw, but now cat is move to slow:).

Boris is make cat filet and put on hibachi before wife is return. Boris is tell family is chicken. But family is not epicurean pleasure of dinner because Boris is not skin cat. Skin is thin like chicken, and crispy, but hairy. Boris is learn to first shave pussy.

Fri, 03/22/2013 - 02:22 | 3360931 Rogue Trooper
Rogue Trooper's picture

+1,000 LOL!

More comrade!

Fri, 03/22/2013 - 03:23 | 3360997 StychoKiller
StychoKiller's picture

Bwahahaha!  Man, you crack me up!

Fri, 03/22/2013 - 04:18 | 3361060 TheFourthStooge-ing
TheFourthStooge-ing's picture

Boris does having eminent qualifications for employment as chef with JKC* Chinese citizenism fastfood franchise.

 

*Just Killed Cat

Fri, 03/22/2013 - 07:51 | 3361327 Sudden Debt
Sudden Debt's picture

:)

Fri, 03/22/2013 - 08:37 | 3361422 in-Credible Banker
in-Credible Banker's picture

+1 million.  Dude - you are truly the best.  

 

MDB and Dr. Krugman are right up there but you are truly the best.

 

Well played!!!!

 

LOL!

Fri, 03/22/2013 - 01:22 | 3360843 Ineverslice
Ineverslice's picture

 

Camp Fema...we will have atms for u there...

Fri, 03/22/2013 - 01:10 | 3360808 Renewable Life
Renewable Life's picture

THERE..........that should fix everything!

Everyone in Spain and Italy and Greece can calm down now! Problem fixed, see how easy that was, when a bunch of bankers sit in a room and decide the fates of millions!

Ops, one problem, we dont actually have 7 billion euros printed in any bank or vault in Cyprus! Now what??? 

Fri, 03/22/2013 - 01:49 | 3360882 The Heart
The Heart's picture

"The EU source said withdrawals of seven billion euros were rumoured with fears the cash bleeding could be even more severe."

Do you think it is possible this has anything to do with it?

"A Ministry of Foreign Affairs (MFA) “urgent bulletin” being sent to Embassies around the world today is advising both Russian citizens and companies to begin divesting their assets from Western banking and financial institutions “immediately” as Kremlin fears grow that both the European Union and United States are preparing for the largest theft of private wealth in modern history."

http://www.eutimes.net/2013/03/russian-leader-warns-get-all-money-out-of...

Fri, 03/22/2013 - 02:03 | 3360909 Supernova Born
Supernova Born's picture

...and look how the linked article mentions Zero Hedge: "The highly respected Zero Hedge financial newsletter".

ZH is all over this one.

Fri, 03/22/2013 - 04:11 | 3361051 xtop23
xtop23's picture

Good thing ZH relocated off shore or they'd have a room full of Iowa farm boys toting AR's probably entering the office lobby any time now. All in the interest of national security of course.

Fri, 03/22/2013 - 02:10 | 3360914 SHRAGS
SHRAGS's picture

Russia today, China tomorrow...

Fri, 03/22/2013 - 03:53 | 3361030 PhysicalRealm
PhysicalRealm's picture

Regarding the eutimes.net article posted by The Heart, it's a great story, but appears to be by Sorcha Faal, who's a known disinfo agent.  In the fifth paragraph there's a link to another article of his/hers.  Google Sorcha Faal.

 

Fri, 03/22/2013 - 04:10 | 3361049 Kiwi Pete
Kiwi Pete's picture

Lets face it. Most of the money deposited in Cyprus banks is hot Russian Mafia money. That's why the EU won't bail them out without a hair-cut. For the Russian govt to be telling their citizens & companies to pull their money from Western banks is a bit rich. Where are they going to put it? Back in Russia from whence it was stolen? Ha! good luck with that. Putin must be laughing his socks off at the delicious irony of it!

Fri, 03/22/2013 - 04:31 | 3361079 toys for tits
toys for tits's picture

Where are you getting that info from? The MSM. Der Spiegel has been playing that for all it's worth recently talking about private jet flights, etc.

Fri, 03/22/2013 - 04:14 | 3361053 Buck Johnson
Buck Johnson's picture

Do you guys realize what the EU is attempting to do and what it truly means.  They are going to stop any money being wired from out of Cyprus even if Cyprus govt. agrees or disagrees.  Essentially making an economic blockade around the country in order to keep the BANKS not the people solvent.  This means that they can't allow Cyprus banks and economy to fall because it would trigger the credit default swaps and other financial instruments and since the rest of the system is to levereaged and/or doesn't have the money to pay out even a percent of the swaps, that means it would start a cascade effect of soverign defaults and bank defaults. 

The EU is lying, Cyprus is important.  And if you don't believe me, think about this.  What country or it's banks wouldn't want the money that is coming out of Cyprus to land in their banks?  Their afraid of the tens if not hundred of billions in CDS's that where taken out for Cyprus alone.  Which if they default it woiuld be a credit event and the person or institutions who bought those bonds would have to be made whole by the insurance that was paid for on the bonds or the banks that sold it.  Those handful of banks don't have the money and the insurance company they used to insure the bonds don't have the money, what does that mean?  It means that if AIG (the insurance company that insured many of the worlds bonds and derivative contracts) can't make good on those bonds and such, then all the other insured that may or may not be in trouble around the planet may be suspect and not protected and it would sinkt he whole hundreds of trillions in derivative market.

That is what they are afraid of and if that goes down it takes the western banking system and economies with it.

Fri, 03/22/2013 - 04:38 | 3361086 toys for tits
toys for tits's picture

We have been getting quite a bit of disinformation about how unimportant Cyprus is and what you say also figures into the reason that the Troika bypassed the bondholders so as to not trigger the resulting insurance claims.

In a post further down from this one, a news article is linked that claims that John Kerry phoned the Cyprus finance minister and offered to bail in exchange for the gas reserves.  This would be doubly devastating to Cyprus because of (1) losing the reserves and (2) the US would have control over its banking industry off shore haven.

Fri, 03/22/2013 - 09:30 | 3361606 20-20 Hindsight
20-20 Hindsight's picture

Access to those gas reserves is not a shoo-in, toys.  Turkey also has a claim on these reserves, so it's not that simple. 

Fri, 03/22/2013 - 11:25 | 3362207 FeralSerf
FeralSerf's picture

The road kill hasn't even been run over yet and the Zionist mouthpiece, Kerry, is picking at the victim.

Israel plans on being the winner here, but typically, it plans on getting a bargain.  Just another Jewish pawn shop transaction.

Fri, 03/22/2013 - 07:57 | 3361336 shovelhead
shovelhead's picture

There will be no credit events...ever.

Because there can't be. So there will not be.

 

But there will be anyway.

Fri, 03/22/2013 - 09:28 | 3361593 Hulk
Hulk's picture

KABOOM BITCHEZ !!!

GOT GOLD ???

Fri, 03/22/2013 - 06:39 | 3361170 insanelysane
insanelysane's picture

Bloomberg has a guest on that will not asked to be back on.  They ask him about EU guaranteeing deposits.

He says well the EU has a mandate to protect deposits under 100,000 euros.

But it has no funding for the mandate and the same EU agreed to tax accounts with less than 100,000 euros in Cyprus.

Sarah and Mr. Bowtie, mouths agape.

Throw it back to Scarlet and she'll do a blurb about the finances of online dating.

Fri, 03/22/2013 - 01:03 | 3360790 jonjon831983
jonjon831983's picture

Wtf... I`ve said this for long time... why allow your culture, identity, and destiny be taken by some random people in Brussels.

Fri, 03/22/2013 - 01:16 | 3360825 philipat
philipat's picture

Random UNELECTED people in Brussels. Isn't Nation State democracy a wonderful thing??

Fri, 03/22/2013 - 01:19 | 3360835 Boris Alatovkrap
Boris Alatovkrap's picture

Not is random! Very carefully select is candidate by Rothschild family!

Fri, 03/22/2013 - 01:53 | 3360884 hmmmstrange
hmmmstrange's picture

The oligarchs in Brussels are either very stupid or have huge balls to take on the Russian mafia's cash.

 

Note to ECB\IMF members: You may want to collect some dna now so your family members can identify body parts received in the mail.

Fri, 03/22/2013 - 02:47 | 3360956 Non Passaran
Non Passaran's picture

Are the mailing addresses available?
Inquiring Russian and Cypriotic minds want to know...

Fri, 03/22/2013 - 07:06 | 3361207 Random
Random's picture

Yeah, coz elections count - when was the last time your interests were in line with the elected officials' and when was it the last time that the farm animals' interests coincided with the farmer's?

I thought so...

Fri, 03/22/2013 - 01:08 | 3360791 otto skorzeny
otto skorzeny's picture

what's the over/under on when the first molotov cocktail is thrown? also thanks to ZH because the cocksuckers in the MSM sure won't talk cover it.

Fri, 03/22/2013 - 01:11 | 3360812 localsavage
localsavage's picture

They will be flying this weekend when work gets out and everyone gets a few drinks in them.

Fri, 03/22/2013 - 01:14 | 3360820 otto skorzeny
otto skorzeny's picture

if they're like like most of the eurozone nobody has a job anyway

Fri, 03/22/2013 - 01:21 | 3360839 wee-weed up
wee-weed up's picture

Molotov cocktails might be rather tame compared to the anger the Cypriots will be feeling...

I'm thinking bombs and bulldozers!

Fri, 03/22/2013 - 01:25 | 3360848 otto skorzeny
otto skorzeny's picture

maybe you can take time out from blowing nety-yo-yo in israel and run over and flash your nobel pp to settle them down

Fri, 03/22/2013 - 01:04 | 3360793 Beam Me Up Scotty
Beam Me Up Scotty's picture

Shits starting to get real!!

Fri, 03/22/2013 - 01:21 | 3360838 Boris Alatovkrap
Boris Alatovkrap's picture

If is measure by BitCoin, sh¡t is get virtual!

Fri, 03/22/2013 - 01:09 | 3360795 Muppet Pimp
Muppet Pimp's picture

The liberals should applaud this decision.  They are all about redistribution, so let them have it!  This is a big win for those who think TPTB should "spread it around".  Well it is about to be spread around, just maybe not the way they had thought. 

What?  You mean to tell me that redistribution is only ok for liberals when one is on the receiving end!  Say it ain't so!

 

Fri, 03/22/2013 - 01:05 | 3360799 CunnyFunt
CunnyFunt's picture

Run? Try sprint. Should be as entertaining as Usain Bolt.

Fri, 03/22/2013 - 01:06 | 3360800 Missiondweller
Missiondweller's picture

At some point the bank runs are going run accross Europe.

This will get much worse before its resolved.

If the folks in Greece still have any money in banks they are frickin nuts.

Fri, 03/22/2013 - 01:14 | 3360818 Renewable Life
Renewable Life's picture

If you have ANY money in ANY EU bank righ now, your nuts!! At some point some Eurocrat will come up with the great idea, that if its good for one Euro Country, that it should be implemented across the zone, hows that for equality!  This is where this is going! These are some dumb motherfuckers over there, they really believe they can control the Universe!

Fri, 03/22/2013 - 01:16 | 3360827 Thomas Jefferson
Thomas Jefferson's picture

What about New Zealand?   So many people were saying they are moving there when the sh_tstorm arrives. 

Time to move back sheep shaggers.

Fri, 03/22/2013 - 01:19 | 3360834 otto skorzeny
otto skorzeny's picture

kimdotcom raid by FBI proved NZ is part of NWO

Fri, 03/22/2013 - 01:57 | 3360898 seek
seek's picture

As does the ANZUS treaty, but the handling of Dotcom after the raid shows a whole crapload of members of the NZ government didn't get the NWO memo. On that alone I can see the appeal of NZ as an escape.

But, like the little boy in the Matrix said about spoons, one needs to realize that there is no escape, only slavery or revolution.

Fri, 03/22/2013 - 02:08 | 3360912 otto skorzeny
otto skorzeny's picture

if the FBI wanted to pull the same shit in NZ tomorrow they could do it- as much as I hate to say it.

Fri, 03/22/2013 - 02:41 | 3360950 sadmamapatriot
sadmamapatriot's picture

Dude, didn't you hear that New Zealand is inspired by Cyprus and they are up next? I hope James Cameron in his sheep ranch bunker/retreat takes it up the a$$.

http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-st...

Fri, 03/22/2013 - 01:10 | 3360809 madddmaxxx
madddmaxxx's picture

I might leave money in a German bank, but the rest of the Euro country's seem like a bad bet. Might be good news for the UK though.

Fri, 03/22/2013 - 01:13 | 3360816 otto skorzeny
otto skorzeny's picture

the pound loses like 1% a day in value vs $-so I would say no.

Fri, 03/22/2013 - 02:50 | 3360960 Non Passaran
Non Passaran's picture

I might leave some cash in hand. But the rest is being "metalized".
How's that?

Fri, 03/22/2013 - 01:10 | 3360810 HD
HD's picture

Slow bleed is a good as a run.  I'm sure everyone in the PIIGS will think twice about keeping money in a bank from now on.

Fri, 03/22/2013 - 01:23 | 3360844 PontifexMaximus
PontifexMaximus's picture

They don't, too much complacency. No lines in major Italian cities.

Fri, 03/22/2013 - 01:50 | 3360864 HD
HD's picture

It doesn't have to be a panic - people may simply hold on to more cash and not keep large sums in the bank. Anyone buying metals is likely already doing this to some degree.

Fri, 03/22/2013 - 02:03 | 3360908 seek
seek's picture

Bank panics are stealth now.

In late 2008 the banking system was collapsing at warp speed -- and the Fed could barely keep up -- until the announced the espansion of FDIC limits. There were barely any lines then. Moving funds doesn't require a bank visit, nor does wiring them to a PM dealer.

The only way we'll know for sure something is happening is when they repetitively deny it in order to stop it, followed by intervention, just like what Cyprus has experienced.

Fri, 03/22/2013 - 07:08 | 3361212 therover
therover's picture

Yup...I have begun to slow bleed a few of my bank accounts already. Covert is the word. 

Fri, 03/22/2013 - 07:31 | 3361269 CaptainObvious
CaptainObvious's picture

I yanked my funds out of the bank first thing on Monday, and told them exactly why I was doing it.  The reactions ranged from "that will never happen here!" to "but your money is insured by the FDIC!"  I said "Cyprus thought it would never happen there, and their money is supposed to be insured, too" and walked out with my money to purchase gold, silver, lead, and food.  Fucking sheep.  It can happen here, and it will happen here, and I'll have resources when it does.

Fri, 03/22/2013 - 01:12 | 3360813 Thomas Jefferson
Thomas Jefferson's picture

Bob Chapman said this would happen years ago.  If only he were alive to see it.  RIP buddy.

Fri, 03/22/2013 - 01:52 | 3360890 The Heart
The Heart's picture

The Force.

Grace and bless.

What makes you think he is NOT here?

 

Fri, 03/22/2013 - 01:12 | 3360814 chump666
chump666's picture

There you go Cyprus you f*cking weak idiots, you just imposed a ECB 'order' by a rogue non voted governing entity.  KICK YOUR LAZY ASSES OUT OF THE EU! 

Fri, 03/22/2013 - 01:46 | 3360874 Ineverslice
Ineverslice's picture

 

still the Euro doesn't budge.

They have control of the vertical and horizontal...

Fri, 03/22/2013 - 04:35 | 3361084 new game
new game's picture

just like the boars in the forest-ring fenced for free corn.

now they will be ham sandwiches for technocrats.

they get what they deserve-they are the shit sandwich.

spending more than what comes in.

how fucking hard is it to make law that budgets will float with tax revenues.

spending will be adjusted accordingly.  tax laws would be set to encourage savings, therefor when the econ goes through

a NORMAL downturn and the government is least equiped to help you, you can help yourselves.

it is a mindset that is prevasive in humans, set by power fucks bent on controling other dumber humans.

and of course other dumber humans are  not smart eneough to be their own masters and control their destiney.

some things never change. in nature the dumb fucks are whats for diner.  maybe ina guelsih way that is the future...

Fri, 03/22/2013 - 01:12 | 3360815 Burnbright
Burnbright's picture

Better get your PMs before Europeans realize bitcoins are worthless. 

Fri, 03/22/2013 - 02:53 | 3360969 Non Passaran
Non Passaran's picture

Idiot, if you're right then there is no need to worry because since BTC is worthless they won't be able to buy anything with it...

Fri, 03/22/2013 - 07:06 | 3361208 Alpha Monkey
Alpha Monkey's picture

So worthless the US Gov wants to regulate them... http://www.zerohedge.com/news/2013-03-21/us-begins-regulating-bitcoin-wi...

Gives it a little more validity in my opinion.

Fri, 03/22/2013 - 01:14 | 3360819 Thomas Jefferson
Thomas Jefferson's picture

They are deliberately starting a bank run in order to collapse the system.  Get ready for the new currency system.  Gold is going to the moon for sure.

Fri, 03/22/2013 - 01:45 | 3360870 Critical Path
Critical Path's picture

With how ridiculous and poorly managed this whole process has been I am almost considering agreeing with you that something was (is) planned for this.

Fri, 03/22/2013 - 07:21 | 3361245 overmedicatedun...
overmedicatedundersexed's picture

and on this side of the pond, big sis, refused to explain the need for billions of bullets and arms, to you or NYT, NO to congress..hls is not subject to congress  i guess, much like that other independent the FED..very hard to say rule of law has any meaning at all.

Fri, 03/22/2013 - 01:15 | 3360821 At120
At120's picture

Sure you have your money.  You have account statements that state that you have XXXX euros in our bank...  It's just that... we... uh... won't let you withdraw any more than a few euros a day until... you know ... things settle down.  It's all "temporary."

 

Fri, 03/22/2013 - 01:18 | 3360831 larry david
larry david's picture

Cyprus is contained. Move along. They are the size of Green Bay Wisc. Housing has bottomed according to Diana Olick. Stay tuned to Bob Pisani with some news on the latest IPO to hit the big board. Gold does not earn interest and sits idle and useless. -CNBS

Fri, 03/22/2013 - 02:53 | 3360968 Bunga Bunga
Bunga Bunga's picture

... and subprime was tiny and easily contained by the way.

Fri, 03/22/2013 - 01:21 | 3360832 TomGa
TomGa's picture

Can the EU possibly throw any more gasoline on the woodpile before the match is lit?  Just the sheer arrogance of the ECB is really going to piss everyone off.

Fri, 03/22/2013 - 01:25 | 3360847 MsCreant
MsCreant's picture

How do you walk towards the door while not upsetting the rest of the herd?

 

  • Quietly
  • Circuitously
  • With nerves of steel
  • Tell a good story as you are leaving
  • Thank everyone for the good time as you go

Or you just run like crazy and hope you are the earliest/smartest/strongest/luckiest.

There is no fixing this.

There is nothing they can do.

They should open the gates wide and embrace the suck.

Fri, 03/22/2013 - 01:31 | 3360859 Ineverslice
Ineverslice's picture

 

haaa!....first is the British way, and the latter is the "fuck dat" american version.

Fri, 03/22/2013 - 03:45 | 3361015 mick_richfield
mick_richfield's picture

Couldn't we put a screen at the front of the room and show some kind of entertainment on it?  (What do the cattle like to watch?)  Then we can walk out any time.

Oh, also, you give the job of Cattle Boss to a new guy who's ambitious and stupid, then you walk out of the room. 

And chain the doors.

Fri, 03/22/2013 - 04:01 | 3361034 toys for tits
toys for tits's picture

Temple Grandin is an austic women who has become one of the top scientists in the humane livestock handling industry.  She designed cattle chutes that the cows just love to go into since it eliminated distractions for the cows.

Sounds like TPTB just took her designs and applied them to us and instead of eliminating, gave us more distractions so we couldn't see reality.

Fri, 03/22/2013 - 05:38 | 3361126 mvsjcl
mvsjcl's picture

Tip-toeing toward the door whilst wearing tap shoes in a silent room, the picture in my mind.

Fri, 03/22/2013 - 06:27 | 3361159 jmcadg
jmcadg's picture

First option has been working fine for most of us (I think).

Second option is about to begin ;)

Fri, 03/22/2013 - 09:32 | 3361610 Hulk
Hulk's picture

Embrace the suck Bitchez !!!

MsC, you had better get the rights on "embrace the suck" 

Well done Lady !!!

Fri, 03/22/2013 - 01:26 | 3360851 cherry picker
cherry picker's picture

Soumds like something Uncle Sam would dream up.  Uncle Sam used to be a tough, fair and free minded thinker, but since he got old, he allows his care givers to handle his household while he smacks his lips in his dementia.

Fri, 03/22/2013 - 01:31 | 3360860 otto skorzeny
otto skorzeny's picture

are these caregivers hebrew?

Fri, 03/22/2013 - 01:29 | 3360856 Bazza McKenzie
Bazza McKenzie's picture

That should produce a few sighs of relief in the Cyprus parliament.  The ECB has now put its own directors and officials, instead of the Cypriot parliamentarians, in the sights of a large number of enraged Russians.

Being a bureaucratic master of the universe may turn out to have a bit more downside than they were assuming.

Fri, 03/22/2013 - 01:41 | 3360865 Critical Path
Critical Path's picture

The whole strategy since 2008 has been: Discover yourself in a hole, dig hole deeper.... this new strategy sounds about right.

Fri, 03/22/2013 - 01:58 | 3360899 HD
HD's picture

"Discover yourself in a hole, dig hole deeper...."

 This also describes the midget porn the "hard working" folks at the SEC were watching.

Fri, 03/22/2013 - 01:55 | 3360886 Artful Dodger
Artful Dodger's picture

Jesus Christ. This is basically what people have been writing about on ZH for years. The never-ending encroachment of government. It's not a prophetic vision of doom or a conspiracy theory. It's here and now. It's happening, and we are being subjected to this slow motion "boiling frog" effect, just as has also been suggested would happen.

Do you notice what nobody talks about any more? Nobody even says "the money will be going to these specific entities for this specific purpose". Nobody explains what is being bailed out - provides even a limited technical rationale for it - much less raises moral objection to it.  "Bailout" has become a word without meaning, just as they want it. We've been trained. All the minor "capitalists" and "individualists" on Wall Street are enablers of this by continuing to the play the game. Sitting around putting credit ratings on the next Hitler, on the immoral. Writing cute reports about what the upcoming pogrom will do to corporate earnings.

Western society is basically dead, nothing but an appearance, enabled by fictitious money flows standing in place of an "economy" and government showing up in every underwear drawer in the nation.  There is no place that government isn't, rigging normal capital allocation and helping the elite skim cream.  I am absolutely sickened; I only withdraw more every day, wondering how to protect myself, my savings, and those I know, none of whom ever got off on "favors" and "who you know". Eventually, citizens everywhere will understand that war is being waged. On them.

(I dint used ta write like this, lol.)

Fri, 03/22/2013 - 02:02 | 3360904 otto skorzeny
otto skorzeny's picture

i withdraw and try to protect myself and my family but my greatest fear is they will simply call a do over and benny bucks will be as worthless as US confederate money

Fri, 03/22/2013 - 03:33 | 3361003 StychoKiller
StychoKiller's picture

Aurum, Argentum!  Get you sum...

Fri, 03/22/2013 - 09:35 | 3361619 Hulk
Hulk's picture

EMBRACE THE SUCK !!!

(copywrite, 2013, MsC)

Fri, 03/22/2013 - 20:06 | 3364437 MsCreant
MsCreant's picture

Kisses ya big lug!!

Fri, 03/22/2013 - 01:51 | 3360889 One of We
One of We's picture

Does anyone really think the rooskies didn't get a tip to pull their loot before the holiday? And if any of them missed it is there anyone who can imagine a scenario where the Russian mobsters errr "oligarchs" didn't make the Cypriots an offer they couldn't refuse?

Fri, 03/22/2013 - 02:02 | 3360907 Critical Path
Critical Path's picture

Nikkei looking like it has a decent shot at shitting the bed right now.

Fri, 03/22/2013 - 02:21 | 3360929 Peter Pan
Peter Pan's picture

What happens if one has three different account at three different banks? Can you draw the daily maximum three times?

What happens if you had 200,000 in the bank and you were due to settle on a property purchase but the government wants to cull your account by 10%. Can you get out of the contract?

Will they also cull company bank accounts? If doing so makes a company insolvent what then?

Has Cyprus been seriously screwed or is it my imagination?

Has Europe slashed its own wrists?

 

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