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"A Brief History Of Money In Cyprus" As Gasoline "Runs" Are About To Be Unleashed

Tyler Durden's picture




 

With money, or the lack thereof, a popular topic of discussion in Cyprus currently, we go straight to the source, the Central Bank of Cyprus, where in prose that can only be described as the definition of unintentionally prophetic irony, we read the following:

The historical development of money in Cyprus has followed the sometimes stormy and turbulent course of the island’s political history. The various conquerors that ruled Cyprus throughout its history introduced their own monetary unit to the island. Hence, among other monetary units, the stater, the obol, Roman and Byzantine coins, the gross, the dinar, the cartzi, the para, the piastre and the pound have been used as the island’s currency.

And now the Euro, although perhaps for not much longer.

One thing is certain: the Cypriot "conquerors" are not going down without a fight. First: the gasoline is about to be taken away from the people who dared to make Angela Merxes angry. Let's see how everyone likes walking for a change. From CyprusMail:

SOME petrol stations may have to close down as they do not have enough cash to pay for fuel shipments, the head of the stations’ owners said yesterday.

 

“We may have to temporarily close some petrol stations because they have run out of cash. This creates great concerns to those in this profession,” said the head of the petrol station owners' association, Stefanos Stefanou.

 

“Petrol stations pay for their fuel shipment only with cash and cash is running out,” Stefanou added.

 

“There are some petrol stations that are still accepting credit cards today, but tomorrow no petrol station will do so,” he said, asking consumers to take cash with them to carry out transactions.

 

Small shopkeepers’ union, POVEK, issued an announcement yesterday saying that because fuel companies only supplied petrol stations on cash payments, customers also needed to pay with cash at their end.

 

“Unfortunately there is no other solution for petrol station owners,” POVEK said.

And just to assure there is not only a bank run (when/if the banks reopen) but a gas station run too, we get the following carefully coded line:

There is no reason for people to rush to petrol stations to fill their tanks,” POVEK said asking consumers to “show understanding so we can all get through this hard time together”.

Naturally, there is nothing that will make a near-hysterical, cashless population scramble to the nearest gas station than being told "there is no reason to rush to fill their tanks."

Gasoline, of course, is just the beginning. Because if that fails to be the required incentive, the malevolent Cypriot "conquerors" will "turn off" the heat, electricity, food, and finally water, until the Cypriot slaves come begging the Troika to take their deposits just to put everything back as it was, no matter if it only lasts for a few more weeks or months before everything comes tumbling down.

 

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Sat, 03/23/2013 - 14:26 | 3366138 machineh
machineh's picture

"there is no reason to rush to fill their tanks."

Just as there was no rush to withdraw deposits ....

Sat, 03/23/2013 - 14:37 | 3366177 ihedgemyhedges
ihedgemyhedges's picture

I am getting BOMBARDED by UkraineDate.com ads on ZH.  Whether mobile or laptop, they are EVERYWHERE. Started just after Cyprus SHTF.  Not that I'm complaining.  I have been married nearly 19 years you know.....

Sat, 03/23/2013 - 14:46 | 3366204 Stackers
Stackers's picture

Hope Cyprus isnt like a lot of America and living off their credit cards right now ....... oops

Sat, 03/23/2013 - 15:09 | 3366294 Bicycle Repairman
Bicycle Repairman's picture

LOL.  Closing down gas stations.  That'll teach those Russian Oligarchs a thing or two.

Sat, 03/23/2013 - 16:32 | 3366536 BC6
BC6's picture

Man O man.

I'm going to go out on a limb and say that food and water and essential items are next.

Sun, 03/24/2013 - 13:32 | 3368821 Old Poor Richard
Old Poor Richard's picture

Nope, TPTB don't want Cyprus to go into a state of insurrection.  They want to crush and damage the economy until the politicians capitulate on asset seizure to make the banksters whole.  The hoi polloi will mostly continue to be fed.   What I don't get is why or how the charge card payments back to merchants have been shut down.  Does Angela the Horrible actually own the Cypriot credit card banks or the credit card processors?

 

Oh, and how do I sign up for those UkraineDate ads?  All I get are ads from Batman supervillian Harry Dent predicting the Dow will drop to 3300.

 

Sat, 03/23/2013 - 21:19 | 3367373 Buck Johnson
Buck Johnson's picture

Cyprus people where exactly like America using credit to buy and build things, now with things shut off it's going to get nasty.

Sat, 03/23/2013 - 14:48 | 3366218 Grimbert
Grimbert's picture

The ads you get reflect your search history. I love when people make such revelations and I don't let on the ads I get. 

Sat, 03/23/2013 - 14:53 | 3366233 Scro
Scro's picture

No always true. It can also reflect the location of your IP address.

Sat, 03/23/2013 - 17:52 | 3366804 pods
pods's picture

I read on the internet that Google can now read your mind and that is how the ads are placed.

Dwarf tossing, Tijuana Donkey shows, and anarchists anonymous, good times.

pods

Sat, 03/23/2013 - 14:53 | 3366234 ihedgemyhedges
ihedgemyhedges's picture

As I said, I've been married nearly 19 years.......

Sat, 03/23/2013 - 15:18 | 3366318 e-recep
e-recep's picture

yeah, i hear you buddy, women don't age well.

Sat, 03/23/2013 - 18:16 | 3366878 Clycntct
Clycntct's picture

What broser? May be time for a change and adblock.

Sat, 03/23/2013 - 15:12 | 3366301 Rattling Bones
Rattling Bones's picture

Expains all those annoying pop-ups (pun intended) from Magnum condoms.

Sat, 03/23/2013 - 16:13 | 3366480 PeakOil
Sat, 03/23/2013 - 17:33 | 3366729 Freewheelin Franklin
Freewheelin Franklin's picture

...and Ad Blocker Plus and Do Not Track Me. Both available for Chrome and Firefox.

 

Also, check out SRWare Iron browser. Same as Chrome but no Google trackers. 

 

https://www.srware.net/en/software_srware_iron.php 

Sat, 03/23/2013 - 16:39 | 3366560 nicoacademia
nicoacademia's picture

statistics show that those married 19 years are more likely to...

 

well how did "they" know?

Sat, 03/23/2013 - 16:44 | 3366577 zipit
zipit's picture

It's the behavioral tracking cookies and associated algorithms. Google (or whoever is serving the ads) knows where you have been and/or they know what you want  even before you do.  Go ahead, click the link, signup, and see what happens.

Sun, 03/24/2013 - 01:36 | 3367700 mbarido
mbarido's picture

To ihedgemyhedges

I am an American currently in China.  I am being bombarded with ChineseLoveLinks.com.  I miss SnorgTees.com ads, but the ChineseLoveLink ad has its beautiful merits.

Sat, 03/23/2013 - 14:37 | 3366179 Freewheelin Franklin
Freewheelin Franklin's picture

 

Remain calm. All is well.

 https://www.youtube.com/watch?v=zDAmPIq29ro

Sat, 03/23/2013 - 15:25 | 3366342 disabledvet
disabledvet's picture

Looks like new management on the way: http://www.youtube.com/watch?v=ZPtjyqgZAUk

Sat, 03/23/2013 - 15:12 | 3366302 Theosebes Goodfellow
Theosebes Goodfellow's picture

If those of you in the USA don't think what is happening in Cyprus is coming your way, guess again. What is happening in Cyprus is a marvelous, (if the word can be used in this way), tutorial for what will happen here and elsewhere. Banking asset confiscation is in the cards and no one will be exempt. The very idea that somehow the bank you use will shelter your money from government confiscation is ludicrous. The reality is that the bank you use will use the government to make sure they get paid for debts you didn't directly incur. What do you think the TARP bailout was all about? Prepare accordingly.

Sat, 03/23/2013 - 16:40 | 3366563 nicoacademia
nicoacademia's picture

There's no Merxes in America when you have Bernankez

Sat, 03/23/2013 - 19:30 | 3367106 rodocostarica
rodocostarica's picture

The various conquerors that ruled Cyprus throughout its history introduced their own monetary unit to the island. Hence, among other monetary units, the stater, the obol, Roman and Byzantine coins, the gross, the dinar, the cartzi, the para, the piastre and the pound have been used as the island’s currency.

I would hazard to guess that all of these monetary units in the past were actual silver/gold coinage or backed by them. Maybe not the pound.

I say Cypriots... return to the GOLD BACKED GROSS!!! You will be famous!!

Sat, 03/23/2013 - 19:12 | 3367061 ATM
ATM's picture

It wil be differnt in the US because our bureaucrats own a printing press. 

In Cyprus no one will have any money to buy things. In the USA we will have all the money in the world but shopkeepers, gasoline stations and all the rest won't sell us anything for our paper.

Sat, 03/23/2013 - 19:47 | 3367149 robertocarlos
robertocarlos's picture

They are forced to sell in order to pay the taxes. Or they could be forced to sell at gunpoint. Forced to sell at gunpoint doesn't sound like a normal sale.

Sat, 03/23/2013 - 23:32 | 3367565 Professorlocknload
Professorlocknload's picture

If it comes down to what's going on in Cyprus, here, I have a feeling Sturm Ruger is going to make it a bit more dramatic. If gas sales are shut off over there, it will be targeted at Moltov Cocktail assembly, and maybe retaliation as a secondary consideration.

Those poor folks have no voice with nothing to back them up.

 

Sat, 03/23/2013 - 15:15 | 3366310 e-recep
e-recep's picture

"there is no reason to rush to fill their tanks."

so the real message is "fill up your tanks NOW".

Sat, 03/23/2013 - 19:07 | 3367050 akak
akak's picture

No, the REAL message is "You should have filled up your tanks, and extra jerry cans, last week."

Sat, 03/23/2013 - 15:27 | 3366352 He_Who Carried ...
He_Who Carried The Sun's picture

Why Gasoline? Where are they going to be driving?

Its an island you know...

Sailing, I'd get that, but driving...?

Funny "ideas" as usual, ZeroHedge ....

Sat, 03/23/2013 - 15:49 | 3366404 earleflorida
earleflorida's picture

what good is a bentley if you can't take out on a saturday nite?

Sat, 03/23/2013 - 16:20 | 3366499 Osmium
Osmium's picture

Cyprus is only 500 square miles smaller that Hawaii.  There are A LOT of cars on the big Island.

Sat, 03/23/2013 - 16:57 | 3366616 akak
akak's picture

As anyone who has ever tried to drive in and around Kailua, or even down to Captain Cook, during the afternoon rush hour would have to agree.

Sat, 03/23/2013 - 20:44 | 3367287 He_Who Carried ...
He_Who Carried The Sun's picture

WtF cares about f*n islands...?

Your car won't get you off it...  :-0 lol

Sat, 03/23/2013 - 16:45 | 3366582 Cthonic
Cthonic's picture

It's 3500 square miles of island.  Delivery lorries, freight ships, and ferries will need it as well.

Sat, 03/23/2013 - 17:37 | 3366744 Cap Matifou
Cap Matifou's picture

No ferries (or passenger ship) connection to the troubled southern side.

Sat, 03/23/2013 - 19:13 | 3367064 ATM
ATM's picture

I'm going to buy futures contracts on Cypriot donkeys.

Sat, 03/23/2013 - 14:27 | 3366141 DoChenRollingBearing
DoChenRollingBearing's picture

Been nice knowing ya, Cyprus...  But, as in MANY other clusterfucks, there is plenty of blame to go around (Cyprus, Russia / Russian Oligarchs, EU, general corruption, etc.).

Sat, 03/23/2013 - 14:53 | 3366232 knukles
knukles's picture

Don't forget that all might not be lost.
The big deposits are owned by the oligarchs torn from the hands of the Russian peasantry
Vlad PU-tin is a bud of many of such..,. well, best put you'd better be a bud of PU's
So there's something of an incentive to not let the EU and Global Banksters take that hard stolen money

Russia has always wanted a warm water port... in the Med!
Whoopee!
Maybe that's what's taking so long...
Give the Ruskies a Med Base and the Ruskies use Russain Federation (people's, LOL, as in ha ha, people's money my ass) money to bail out the oligarchs.

Ponzi Complete!

Sat, 03/23/2013 - 14:27 | 3366142 Dr. No
Dr. No's picture

What, gas stations wont accept digital money (credit cards) and only cash?!?  That is downright terroristic of them!

Sat, 03/23/2013 - 15:12 | 3366303 ronaldawg
ronaldawg's picture

The UN will define it as TORTURE soon.

Sat, 03/23/2013 - 14:28 | 3366143 IMA5U
IMA5U's picture

who crares

 

market is going to rip     another faux crisis if u r not a russian mobster

Sat, 03/23/2013 - 14:31 | 3366145 hampsterwheel
hampsterwheel's picture

This too is Bullish - but again, the Feb dines on baked black swans.... in the end this won't be news by Tuesday, it will all be worked out. Iceland won't allowed to be repeated, banks won't be allowed to fail - its remain calm and print on -

I am growing weary of waiting for the end - so until I read a ZH head line where there is actual blood running in the streets Cairo style - its simply one big yawn - the Western man will bend over and take it for another three to four years, wake me when it really starts getting real - this isn't it....

Sat, 03/23/2013 - 18:08 | 3366860 MsCreant
MsCreant's picture

This may not be "it" but this won't be done by Tuesday. I would want all my money out even if they worked out a wonderful solution. With capital controls in place, everyone is going to be scampering around trying to survive and get their money out. 

Bank run is a done deal.

Sat, 03/23/2013 - 18:39 | 3366963 nmewn
nmewn's picture

I look at it like a three legged chair MsC.

And you know whats odd?...for currency systems founded on nothing but debt, credit & faith, they sure are going out of their way lately to chop three of those legs away, leaving only one leg, the debt leg.

Something has dramatically changed when accusation equals guilt...when seizure/confiscation by government for its own necessity is even considered, let alone having to be voted on & rejected.

I'm in complete agreement.

Take it out, I already have here, everything but my 401k...and I'm trying to figure a way to do that without getting fingered for not being a "team player" within the new Father Land complex ;-)

Sat, 03/23/2013 - 14:28 | 3366147 oklaboy
oklaboy's picture

Merkel to the rescue in 3.....2......1.....

Sat, 03/23/2013 - 14:29 | 3366150 Winston Churchill
Winston Churchill's picture

Just as well they use petrol instead of gas, I'm sure they will have shortage of that.

Sat, 03/23/2013 - 14:33 | 3366160 machineh
machineh's picture

So the peasants have no petrol?

Let them burn ethanol!

Sat, 03/23/2013 - 14:54 | 3366238 knukles
knukles's picture

Corney solution to a leaden problem if you ask me.

Sat, 03/23/2013 - 15:49 | 3366406 Crash Overide
Crash Overide's picture

I am long moonshine cars in Cyprus?

Sat, 03/23/2013 - 17:05 | 3366623 akak
akak's picture

You have drilled down to the very bedrock of the problem, and added fuel to the discussion.

Unfortunately, the answer lies hidden in a maize.

Sat, 03/23/2013 - 23:37 | 3367568 Professorlocknload
Professorlocknload's picture

+ E-85

Sat, 03/23/2013 - 14:31 | 3366154 PontifexMaximus
PontifexMaximus's picture

As I said before, very quiet in Cyprus, there is is still nothing to worry about and the asshats in Brussels are confirmed in their policy and live experiment. The standard of living in Europe is still so high, that people do not have to worry at all. No fights, no deads.....business as usual. Move on, everything limit up. QED.

Sat, 03/23/2013 - 14:31 | 3366157 blindman
blindman's picture

Bonnie Bassler: How bacteria “talk”
http://www.ted.com/talks/bonnie_bassler_on_how_bacteria_communicate.html
.
http://www.youtube.com/watch?v=rAL_AMdMXqY
GMO Ticking Time Bomb - Gary Null - Part 1
.
http://www.youtube.com/watch?v=sx4Dud0othY&NR=1&feature=endscreen
.
consider these two bits of information / presentations
side by side ,
then you may vomit some but
at least you will know why
you vomit.
.
p
bukowski on people
http://www.youtube.com/watch?v=MHRcKjvX1xE
.
Tom Waits - God's Away On Business
http://www.youtube.com/watch?v=OsFyZwFcFHw
.
" She drove a big ol' Lincoln with suicide doors
And a sewing machine in the back
And a light bulb that looked like an alligator egg
Was mounted up front on the hood

And she had an Easter bonnet that had been signed by Tennessee Ernie Ford
And she always had saw dust in her hair
And she cut two holes in the back of her dress
and she had these scapular wings
That were covered with feathers and electrical tape
And when she got good and drunk
She would sing about Elkheart, Indiana
Where the wind is strong and folks mind their own business

And she had at least a hundred old baseballs that she'd taken from kids
And she collected bones of all kinds
And she lived in a trailer under a bridge
And she made her own whiskey and gave cigarettes to kids
And she'd been struck by lightning seven or eight times
And she hated the mention of rain

And she made up her own language
And she wore rubber boots
And she could fix anything with string
And her lips were like cherries
And she was stronger than any man
And she smelled like gasoline and Rootbeer Fizz
And she put mud on a bee sting I got at the creek
And she gave me my very first kiss
And she gave me my very first kiss

Talking 'bout my little Kathleen
She's just a fine young thing
Someday she'll wear my ring
My little Kathleen" t.w.

Sat, 03/23/2013 - 14:51 | 3366228 Croesus
Croesus's picture

@ Blindman:

Thanks for posting the Gary Null GMO links! EVERYONE HERE SHOULD SEE THOSE TWO VIDEOS, if you haven't already!

 

Sat, 03/23/2013 - 15:09 | 3366290 blindman
blindman's picture

you are welcome. he did a great radio interview with
a researcher who did studies on gmo, a study that lasted
more than 30 days, and showed disease in rats. plenty.
I have to find that interview and study. of course it is
ignored by the public and the fda.

Sat, 03/23/2013 - 15:19 | 3366323 Croesus
Croesus's picture

Of course it's ignored.......Profit Uber Alles.....

I saw one recently about HFCS and rats.....surprise, surprise, the one with the diet of HFCS looked like a tub, and could barely move.

 

 

Sat, 03/23/2013 - 15:33 | 3366362 blindman
blindman's picture

The Gary Null Show – 03/04/13
March 4, 2013 |

http://prn.fm/category/archives/the-gary-null-show/#ixzz2OOPfWqO3

.
"..Dr Arpad Pusztai, a renowned biochemist and plant geneticist from the famous Rowlett Institute noted that rats fed GM potatoes developed precancerous cells in the GI tract, had atrophied livers, enlarged pancreas, regressed brain, liver and testicle development, and damage to the immune system. Dr. Pusztai, a major scientist opposing all bioengineered crops and plants, argues that this damage is not caused by the insecticide but rather the genetic engineering process itself.
.
Seeds of Destruction: Genetic Engineering Gone Wrong By: Gary Null
March 4, 2013

http://prn.fm/2013/03/04/seeds-of-destruction-gmo-gary-null/#axzz2OOMDFX8r

Sat, 03/23/2013 - 18:52 | 3367013 Croesus
Croesus's picture

Awesome!! Thank You!!

Sat, 03/23/2013 - 14:32 | 3366158 q99x2
q99x2's picture

What a great incentive for a politician to inspire nataionalism and a break from the EU.

Probably already have a few BitCoin ATMs headed out of silicon valley to Cyprus right now.

Sat, 03/23/2013 - 14:33 | 3366162 Ourrulersknowbest
Ourrulersknowbest's picture

Germany/eu have engineered this situation to bring Cyprus to its knees.then they will give a bailout on harsh and lengthy term.then they will take a photo and show it to other nations they want to control...simple plan that will work untill people in Europe recognise what is going on.
Germany tried twice before and got bitch slapped.(and a lot of people died.)
This time they are going for the slow burn.
I didn't use to be so nationalistic in my views but with all I have seen these last few years,from an Irish perspective ,I am coming fast to the conclusion that these fuckers need to be stood up to.

Sat, 03/23/2013 - 14:42 | 3366187 PontifexMaximus
PontifexMaximus's picture

Forget it!

Sat, 03/23/2013 - 14:45 | 3366197 Belrev
Belrev's picture

Spoken like a true zionist jew. This is how they wipped up Europeans into WWI and WWII, by inciting interethnic hatred. Who do think controls German government? Same jewish bankers that are telling us how we need to stand up to Germany.

Sat, 03/23/2013 - 15:37 | 3366371 DonutBoy
DonutBoy's picture

Hmmm.  Let me see if I follow.  The Jooz pushed Europe into WW2 so that they could be systematically exterminated.  That's your point?

Sat, 03/23/2013 - 15:45 | 3366395 little buddy bu...
little buddy buys the dips's picture

bankers did the pushing, as usual. all wars are banker's wars, and they don't give a shit about who gets exterminated, systematically or otherwise, as long as it's not them or their inbred families. some were likely zionists, some may have been 'jooz'. that's irrelevant. what is relevant is..

 

...they are bankers. they'll make for strange fruit in the trees.

 

 

Sat, 03/23/2013 - 19:51 | 3367163 FeralSerf
FeralSerf's picture

Jooz and Zionists are not the same thing.  The Zionists needed the non-Zionist Jews to undergo an extermination attempt so the Zionists could "save them", i.e. build a new nation.  The Nazis were only too happy to help.

Sat, 03/23/2013 - 14:49 | 3366220 frenchie
frenchie's picture

you forget taht "Germany" was used a proxy by... you know... long noses

Sat, 03/23/2013 - 20:14 | 3367214 Imminent Crucible
Imminent Crucible's picture

long noses> Pinocchio> Stromboli> ...Italians?

Sat, 03/23/2013 - 14:37 | 3366164 Peter Pan
Peter Pan's picture

The manner and speed with which Cyprus is crumbling is an abject lesson for all societies that function on credit, trust and leverage.

Germany may be philosophically right in what it is doing, but from a practical point of view it is unleashing some demons that it will not be able to bring under control.

Sat, 03/23/2013 - 15:11 | 3366298 ThirdWorldDude
ThirdWorldDude's picture

A good lesson on what happens when you give away your sovereignty to a bunch of white collar criminals and then refuse to obey their orders...

 

"Those who would give up essential liberty to purchase a little temporary safety deserve neither."  -  B. Franklin

Sat, 03/23/2013 - 14:35 | 3366169 Belrev
Belrev's picture

And from that list it looks like whoever tried to impose their currency on Cyprus ended up badly.

Sat, 03/23/2013 - 14:44 | 3366194 blindman
blindman's picture

the bankers are crying out to be spanked!
and making sure that no one has any faith or trust
in them whether they have tight or loose policies,
they will steal the money coming and going and
anyway they can.
which suggests the question, why do we listen to them
at all?

Sat, 03/23/2013 - 15:46 | 3366400 little buddy bu...
little buddy buys the dips's picture

+1

Sat, 03/23/2013 - 14:45 | 3366198 blindman
blindman's picture

The Black Swan is on the Wing
https://www.youtube.com/watch?v=o1HhQejLoSA

Sat, 03/23/2013 - 16:36 | 3366549 Radical Marijuana
Radical Marijuana's picture

That video is what I regard as another classic work by a "reactionary revolutionary." Good enough analysis of the problems, followed by ridiculous bullshit "solutions." The basic reasons are way more profound than what is almost anywhere, anytime, presented, namely, the chronic political problems, inherent to the nature of life, which are resolved by the evolution of ecologies which manifest dynamic equilibria.

IT IS NO WHO THE BANKSTERS ARE,  BUT WHAT THEY DO, THAT MATTERS. Furthermore, who they are depends on what they evolved to do, or the niche they filled within the larger systems. Blaming the banksters for the niche they fill in the systems is doubly wrong, and dangerously useless and misleading. However, that is pretty well the almost universally silly and superficial view presented by the "Black Sheep."

Sure, the banksters are Vicious Wolves, who act as the predatory parasites upon the vast majority of their prey, which are the Zombie Sheeple. Between those two metaphorical extremes are the relatively more domesticated Dogs, that work for the Vicious Wolves, and the various Black Sheep, who denounce the social facts regarding the predatory parasites, that prey upon most of the other Sheep, BUT, who never admit any of the larger ecological facts, within which those social facts evolved.

This video about "The Black Swan is on the Wing" is another example of the work of Black Sheep. Some of the typical characteristics of that are an emphasis on shallow psychology, without any greater appreciate of the evolutionary ecology selection pressures, which made and maintained that psychology. It blames the particular evils of a some people, as if they could make a free choice to change the overall systems in which they, and their ancestors, evolved.

The Black Sheep tend to blame the Vicious Wolves, and those Dogs that work for the Vicious Wolves, for everything. That is a dead end approach, which fails to understand the deeper problems WHY the Vicious Wolves and the Dogs evolved within the human ecology systems to fill the niches that they do.

Of course, for a long time, the relative success of the Vicious Wolves, in being the best at being dishonest, and backing that up with violence, enabled them to make and maintain the social pyramid systems that surround us. The Vicious Wolves were the people that were the best at deceits, and destruction, and therefore, went through the phases of being the War Kings, and then the Fraud Kings. While their systems were growing in more stable ways, the Vicious Wolves were able to dominate the school systems, and mass media, and therefore, able to brainwash both their Dogs, as well as most of the Zombie Sheeple, that were their primary prey.

However, those few who were not adequately brainwashed were primarily the Black Sheep. They are what I call the reactionary revolutionaries. They still believe in the same old false fundamental dichotomies, and related impossible ideals. They tend to deliberately refuse to understand WHY there evolved the overall human ecology and political economy systems. Therefore, they have nothing to actually offer but the same old bullshit solutions, which will surely backfire again, as they always have, since impossible ideals always make the opposite happen in the real world.

Of course, the global system is now run by the Fraud Kings, using the powers of the War Kings, to impose force backed frauds upon people. Of course, the runaway triumph of that fundamentally fraudulent financial accounting system eventually generates problems which are impossible to resolve within that frame of reference.

However, to blame the banksters for the existence of that overall system is gravely mistaken. The ruling classes merely have a set of expedient solutions for the chronic political problems, which favour them, and enable them to continue to exercise their power to control others. There ARE chronic political problems, which necessarily exist, and must be resolved somehow, due to innate nature of life. Any genuine sets of solutions have to provide alternative systems of resolving those chronic political problems.

The mainstream view is the propaganda promoted by the banksters, through the school systems and mass media that they have been able to get into positive feedback loops of controlling, in ways that advance their social power over the Zombie Sheeple. Around those established mainstream systems are varieties of Black Sheep, who are the fringe, and the fringe of that fringe ...

The radical center is the overall human ecology systems, which exist due to the inherent nature of life, which comes with a package of innate political problems, which must be resolved, in one way or another, and actually do tend to be resolved in the most expedient ways by the ruling classes. Those ruling classes today tend to be the international banksters.

However, this kind of grossly superficial video about those problems typifies why we get only more bullshit, rather than genuine solutions, from the Black Sheep. Those Black Sheep have no sympathy for the Vicious Wolves, and therefore, do not provide ways to be better Wolves.

The deeper radical truth about the radical center of the human ecology problems is something which the overwhelming vast majority of people do not want to understand. The ruling classes may sort of understand it, in their own ways, but those tend to be keyhole perceptions too. The Dogs that work for the ruling classes are also way too successfully brainwashed to want to understand what they are really doing. As well, those who are ruled over tend to have been way too brainwashed to want to understand, and that mostly includes almost all of the range of Black Sheep.

The radical truth, which goes to the radical center of the human ecology, within which operates the political economy, is that money is always backed by murder. Human realities are always organized lies, operating organized robberies. The debt controls always depend on the death controls. Human civilizations are energy systems, which follow the principles of all energy systems. In the human context that effectively means that civilizations are operated through applying the methods of organized crime. The path of least resistance in human terms is the path of least morality. The banksters are those who were the best at operating the organized systems of lies and robberies. The vast majority of other people fit into the overall human ecology and political economy systems by being either the Vicious Wolves, towards the top of those social pyramid systems, or the Dogs a little lower down, or the vast majority of the people who act like Zombie Sheeple, within those social pyramid systems.

By and large, the overwhelming vast majority of those who denounce the social pyramid systems are Black Sheep, who do not want to understand the overall systems enough to appreciate the roles that the banksters play. The Black Sheep tend to deliberately ignore the deeper problems, by blaming the banksters for everything. For instance, many of the Black Sheep tend to regard the Malthusian Dilemma as being solely an idea advanced by the elites, which otherwise has no deeper scientific basis. Overall, the Black Sheep are still Sheep, that believe in the same basic bullshit that the other Sheep did.

Of course, Zero Hedge tends to be a hang out for lots of those kinds of Black Sheep. They tend to offer good criticisms of the overall systems set up by the Vicious Wolves, and operated by the Dogs. However, almost always they go through their processes of providing good historical analysis of those social facts, only to them collapse back to the same old bullshit when proposing their solutions. Although I like Zero Hedge, because it is way more honest and insightful than the mainstream mass media, by and large I have almost never found any other significant presence of any deeper understanding, with any associated deeper set of solutions here, nor anywhere else.

There is no doubt that the transnational banksters are collectively a group of trillionaire mass murderers, who are destroying the future of children, and so on and so forth ... However, the only genuine solutions to that situation are to operate better murder systems, doing better death controls. There is no other way that there could ever actually be a better money system, operating better debt controls.

As the established social pyramid systems, such as the current attempts to build the Euro, as the financial force to drive the European Union, begins to have significant problems, due to its unsustainable scale of runaway triumphant financial frauds, not being able to be enforced with sufficient coherence, starts to fray at the edges, the entire house of cards of that social pyramid system is being called into question.

However, the deeper questions that we should be asking are about human ecology, industrial ecology and natural ecology. ... (Of course, in that bigger context, it is entirely possible that while civilization gets crazier, nature will also be going nuts. Therefore, as the financial numbers are become increasingly NUTS, and therefore driving NUTTIER sets of solutions, the bigger contexts are perhaps nature trumping all of that, by going doing something also way outside of all our previous expectations, during what we now know of as "human history.")

Anyway, blindman, I have used that video as another whipping boy for my kind of criticism of the Black Sheep approach to these kinds of problems, such as are cropping up in Europe, and all around the world, as Neolithic civilization is amplified by technologies which are trillions of times bigger than anything that previously existed in known human history.

My view is that this kind of video linked above is profoundly stupid, in that it blames the banksters for everything, instead of seeing that the banksters are providing their kinds of expedient solutions, which benefit them, to chronic political problems which are much deeper, and which must be resolved in some way.  The only genuine solutions are to do what the banksters do better than they do. The only genuine THEORETICAL solutions are to evolve a Translithic Civilization, which is an integrated set of alternatives, in which the alternative murder systems, doing alternative death controls, are the keystones to that that arch of alternatives, or the lynch pins that hold those together. In other words, better overall ecologies, not no ecology. Better Banksters, Not No Banksters.

Sat, 03/23/2013 - 17:45 | 3366779 blindman
blindman's picture

utility banking. period. we do not need any kind of banksters.
we do not need a better murder system to collect on reckless
granting of credit and leverage either. the link raises many questions
and I thought was provocative if nothing else.
.
the niche you refer to, that the banksters fill, is not a
niche in an ecology, it is a niche in the market that they
create as market makers and the nature of that market is stealing
everything, including that which is nailed down, ....
it is the banksters paradigm, entirely artificial capricious.
a "man"(bankster man) made illusion designed to appear as an
ecology or some inhuman interpretation of Darwin's natural selection.
they are parasites on an ecology by choice, personal choice,
and while they know not what they do they know exactly what they
do and so should anyone else who is observing the world around us.
.
culling populations by forcing people into poverty to satisfy the
financial wishes of criminal multi-billionaires is the perfect
bankster solution to the ills of the world, it is their solution.
if you don't like it go argue with them, if it satisfies you then
there is nothing to talk about. they will be happy to know you forgive
them for fulfilling an essential niche of their own making, one that
renders other human beings fertilizer and makes them financial gods.
.
it is not about people eating people in the wild, it is about a
segment of the population with a disease of the mind that tells them
it is not enough to have 10 billion dollars while my neighbor has
11 and if I need to arrange for or ignore the destruction of a village here
and an outbreak of disease there to make that extra billions then so be it.
they will always tolerate another war for profit and I think if there is one
thing man has mastered it is the better stealth murder meme!
the institutions and systemic structure are there to facilitate this
approach of "wealth" accumulation. it is all fiat except the dying.
as with everything it is more complicated and simpler than that
and "we will see."
.
we have a distribution problem, manufactured scarcity and dependence
along side astronomic abundance and hording and the murder system is
more advanced than anytime in history.
.

Sat, 03/23/2013 - 19:41 | 3367136 Radical Marijuana
Radical Marijuana's picture

"the murder system is more advanced than anytime in history"

That is certainly true with respect to the weapons, but not with respect to the purposes. The mass destruction weapons are trillions of times more powerful, while the comprehension of why there is warfare, and how the death controls could be done differently, is practically non-existent, since it is totally buried under triumphant bullshit.

Basically, blindman, you are blind to everything that I have pointed out. But then, that is what I expected. Endless exponential growth has to be stopped, one way or another, sooner or later, and the death controls, by definition, are what will do that. Since the Black Sheep propose nothing but that there should not be any death controls, we always default to allowing the banksters to actually do what they do, through deceits, which is why they are the most powerful people in the social pyramid systems today.

Sat, 03/23/2013 - 21:58 | 3367447 blindman
blindman's picture

or you are wrong and I am not blind to everything you point out
but disagree with a number or your assertions and the implications
associated with your conclusions. perhaps.
what is so easy to forget , we are just one person among
some 7 billion, most of whom we will never know, even superficially.
when the greater system has had enough of us we will be gone and
that will solve all the problems, I don't need a billionaire to kill
off strangers so I don't have to worry about their well being.
blindman

Sat, 03/23/2013 - 23:01 | 3367535 Radical Marijuana
Radical Marijuana's picture

I certainly agree that, from a practical point of view, the established systems are run with the participation of astronomically large numbers of people, and that overwhelming reality will not respond much to a few attempting to understand it better ...

MEANWHILE, we are stuck muddling through the madness of a society controlled by professional liars and immaculate hypocrites, in which it is normal and accepted to deliberately deny and ignore the basic issues of human ecology, as well as all other ecologies, because the REAL ways that those things ARE done is through the maximum possible deceits. Thus, we have banksters operating the world through triumphant frauds, while those who criticize them also get away with proposing "solutions" which are based on deliberately ignoring the basic social facts, and actual dilemmas that we are faced with.

Hence, over and over again, we have the opening grand canyon between advancing technologies, along side, or within, a social system based on being able to deny the most obvious of its own parameters, and thus, able to continue to deny the real problems, while resolving those real problems through being deceitful and hypocritical about those problems, and the ways that those problems will actually be "resolved," namely through even MORE deceits about everything!

The banksters are on the trajectory of triumphant militaries based on deceits, leading towards triumphant financial frauds, which are actually controlling our civilization! Therefore, having anything remotely close to a sane discussion of human ecology is practically a non-starter. From a practical point of view, I expect things to only get way, way, way more insane. The banksters will continue to press forward their real agenda. The vast majority of the Zombie Sheeple will likely never wake up to that. Meanwhile, the Black Sheep will continue to spout their kind of bullshit "solutions," which are based on deliberately ignoring the basic problems just about as effectively as the banksters do, (only less successfully at their kind of frauds, and making less profits from that.)

The most important issue continues to be that science and technology is PUMPING UP a social pyramid system based on deception, along with deliberate ignorance, with respect to almost everything it is really doing. Therefore, we are literately becoming trillions of times more able to use power and information, and yet, all of that capacity is still channelled through social systems which are based on deceits and deliberate ignorance, by BOTH sides of that, from the top, to the bottom, of the social pyramid systems.

We ARE trillions of times more able to kill each other, but nowhere remotely close to understanding why, and so, totally impervious to thinking about doing that in ways which are truly better, rather than simply doing the same old stupid things, but with technologies which are trillions of times more powerful. Personally, I expect that the ONLY way that human beings can adapt to the science and technologies that they have developed is for those things to almost totally destroy themselves ... and then, maybe, learning the hard way about that, due to the future wild roller coaster ride of whatever our future history might become.

The European Union, which relatively recently advanced the Euro, was another layer of the basically fraudulent financial systems that were already dominating the world, and which were being designed to have that triumphant fraud become more regional, and then finally more globalized. However, it was all based on those force backed frauds somehow not being basically insane, and therefore, self-destructive.

That house of cards now has some of its peripheral cards looking more and more wobbly, and threatening to trigger the processes that will lead to the whole house of cards collapsing. Meanwhile, there is practically zero chance of changing anything in ways which admit and address the bigger real problems ... Since the ruling classes deny the problems, while their vocal opposition mostly does the same thing, except in the opposite direction.

It continues to be awesomely insane that we manage to operate a civilization based on triumphant frauds, in which the basic social facts are pretty well universally denied by almost everyone living inside of those systems, and that includes most of those Black Sheep, as well as the ruling Wolves. It is almost impossible to imagine how absurd it is to have people worried about their energy supplies, (running out of gas) when they live inside of a society which deliberately denies and suppresses understanding itself as an energy system!

Sat, 03/23/2013 - 23:44 | 3367582 blindman
blindman's picture

your comments and analysis is always much appreciated,
thank you for offering an alternative to deceits and fraud
in your assertions. you are saying that deceit and fraud
constitute a doomed paradigm with no viable future,
correct? I mean you state that, but then seem to suggest
that it is the quality of the fraud and deceit that is flawed?
there you confuse me.
blindman.
there is a logical problem with untenable implications in
one of the interpretations above. I can see that.

Sun, 03/24/2013 - 16:25 | 3369349 Radical Marijuana
Radical Marijuana's picture

Human realities are ALWAYS organized lies, operating organized robberies. The only things that ever happen are evolutions of the dynamic equalibria between the different systems of lies and robbery. There are no fundamental dichotomies between people. The banksters are not special, except in degree. WHAT I AM SAYING IS PARADOXICAL! What dooms the banksters' systems is too much success, at being able to get away with too much fraud. Their final failure will be due to that paradox of too much success.

The only things we can do is muddle through the madness that society is controlled by lies, backed by violence. It can never be anything else. The best we can do is organized better systems of resistance, to change what the paths of least resistance are.

The best we can do is have systems of checks and balances, to stop the systems of organized lies and robberies from becoming too unbalanced. The problem is that that has broken down. The banksters are now getting away with more and more, faster and faster, while there is practically nothing anymore left to stop them, since they have  become way too triumphant in taking control over governments.

WHAT I AM SAYING IS THAT WE SHOULD APPROACH THESE PROBLEMS USING UNITARY MECHANISMS, INSTEAD OF THE OLD-FASHIONED FALSE FUNDAMENTAL DICHOTOMIES, AND THEIR RELATED IMPOSSIBLE IDEALS.

Of course, that seems paradoxical to someone who presumes that their way of dichotomizing the world is basically correct.

One of the applications of that way of thinking results in my views of the monetary system, and the banksters. It is all the same energy, flowing through energy systems. There are no groups of human beings who are fundamentally different. It is always only a question of degree. TO REPEAT: human realities are organized lies, operating organized robberies. A better civilization will have better checks and balances to prevent that becoming too insane and self-destructive. However, our current systems have practically already destroyed their checks and balances, primarily due to the positive feedback between the funding of the political processes, and the resulting runaway triumphs of political corruption. What I am talking about is the evolution of possible new human ecologies, which will provide better checks and balances. To do that more scientifically, we should stop relying on impossible ideals. We all need to become better Wolves, not better Sheep, because human beings are basically energy systems, within an overall ecology that is evolving.

That is WHY I may confuse you. ... YES, what I saying is that the banksters' systems of force backed frauds are doomed, because they have become too successful, and thus madly unbalanced and therefore, self-destructive in the longer term. However, the REALITY of better balancing those systems must still be other systems of organized lies, operating organized robberies, able to better compete with the banksters. Right now, that looks practically impossible. However, when the excessive triumphs of the banksters' frauds start to more significantly play through, then some opportunities for new systems may open up ??? (IF "we" survive enough through that.)

Sun, 03/24/2013 - 19:23 | 3369996 blindman
blindman's picture

m.m./dr.g.
you may not believe it but I am comprehending what you
have written. not to be a prick but let me ask you,
is what you have just written a lie or do you assert that
there is some truth to it> and
are all analogies and metaphors lies or are there elements
or even full truths to be found in them?
.
I know of a link or two that deal with this subject matter.
.
are you claiming the death of empiricism?
.
I can understand perfectly well if you choose to let those
question go back into the ether from where they came, I don't
mean to use up your time on semantic, rhetorical or philosophical
expositions here.
thanks for the con-verse-ation.

Sat, 03/23/2013 - 14:45 | 3366202 Grimbert
Grimbert's picture

I like that their currency was base 9 for a while. (There were 9 Piastres in a shilling) There was a 4 1/2 piastre coin, and 9, 18, 45. 

Here's a 45 piastre coin:

http://www.ebay.com/itm/Cyprus-1928-45-Piastres-Silver-Coin-/151013836884?pt=US_World_Coins

Was banking a good idea for such people?

 

Sat, 03/23/2013 - 16:09 | 3366466 Legolas
Legolas's picture

"Was banking a good idea for such people?"

ROFL !  My vote for funniest post of the day.

Sat, 03/23/2013 - 16:22 | 3366509 ozzzo
ozzzo's picture

When you say "such people" I think you mean human beings, and no, banking is not a good idea for human beings.

Sat, 03/23/2013 - 16:56 | 3366615 css1971
css1971's picture

Fractions are easier to do in your head than decimals. e.g.

1/2, 1/3, 4/9ths and so on are easier to deal with accurately than decimals when you don't have a computer doing it for you; 4/9 is easier and more importantly, more accurately manipulated than 0.4444444444...

It's why all the old pre ISO standardisation and decimalisation measurements are like this. Multiplication and division of fractions.

Sat, 03/23/2013 - 14:51 | 3366227 gwar5
gwar5's picture

This is a live Kraken demonstration by TPTB. This one's just for show.

 

 

Sat, 03/23/2013 - 14:59 | 3366253 blindman
blindman's picture

From Detroit to Cyprus, Banksters in Search of Prey
By Glen Ford

Global Research, March 22, 2013

"“Detroit and the people of Cyprus share the same enemy.” The Lords of Capital, who are preparing to snatch chunks of cash straight out of ordinary people’s accounts in Cyprus, to pay for a bank bailout, are the same class that has “devalued the franchise of the 49 percent of Michigan’s Black population that live in municipalities and school districts under the thumb of outside financial managers.”

“Either we liquidate the banksters, or Wall Street will liquidate us.”

From Nicosia, Cyprus, to Detroit, Michigan, the global financial octopus is squeezing the life out of society, stripping away public and individual assets in a vain attempt to fend off its own, inevitable collapse. The bankers “troika” that effectively rules Europe prepares to reach into the individual accounts of ordinary depositors on the island nation of Cyprus to fund the bailout of their local banking brethren. Across the Atlantic, a corporate henchman makes arrangements to seize the assets and abolish the political rights of a Black metropolis. The local colorations may vary, but the crisis is the same: massed capital is devouring its social and natural environment. Either we liquidate the banksters, or Wall Street will liquidate us.
"...g.f.
http://www.globalresearch.ca/from-detroit-to-cyprus-banksters-in-search-...

Sat, 03/23/2013 - 15:25 | 3366341 Carl Spackler
Carl Spackler's picture

Detroit is nothing like Cypress.  Detroit is a hell hole, which makes Beirut look livable.

This Glen Ford is a clown, who has propbably never traveled outside of Detroit.

 

 

 

Sat, 03/23/2013 - 15:29 | 3366357 blindman
blindman's picture

it is about banking.

Sun, 03/24/2013 - 04:52 | 3367788 Mark Urbo
Mark Urbo's picture

Sometimes its also about lazy ass people...

Sun, 03/24/2013 - 08:57 | 3367966 blindman
blindman's picture

we will see how long it takes for the people in Cyprus,
without money, gasoline or an economy, to become "lazy" people.
I know well that lazy people are a pain but I also know they
are trained to be that way to a significant extent, that result
is not accidental is my suspicion. the training is insidious and
includes co-dependence, enabling and exploitation. but in the end
regardless of the losses and suffering some ones makes a killing.

Sun, 03/24/2013 - 04:51 | 3367787 Mark Urbo
Mark Urbo's picture

LMFAO ! ..at your comment because I was going to write the same.  Detroit was taken down by leftist politics, unions and corrupt politicians.  The people who make up Detroit are much more at fault then the people of Cyprus - not even close...

Sat, 03/23/2013 - 15:25 | 3366347 Montgomery Burns
Montgomery Burns's picture

Across the Atlantic, a corporate henchman makes arrangements to seize the assets and abolish the political rights of a Black metropolis.

 

I guess so, if you consider welfare checks, EBT cards and meals provided at school an "asset". "Political right" to vote ourselves more free shit you mean.

"Black metropolis"  BWHAAAAAHAAAAHAA!

Sat, 03/23/2013 - 15:40 | 3366380 blindman
blindman's picture

"vote ourselves more free shit". who owns the shit?
who votes, or has their votes counted and who writes
the laws and for whom?
you are right, "vote ourselves more free shit" is the
thing that destroys but who is doing the destroying?
hell, bankers don't have to vote for free shit for themselves,
it is the financial system itself, it is the law and is the
systemically essential primary concern of the survival of
the economy and government itself. ie that they, the bankers,
get all the free shit they want, when they want and for as long
as they want or else. and you blame the poor, the victims of
the system? is that right?

Sun, 03/24/2013 - 00:01 | 3367605 Professorlocknload
Professorlocknload's picture

Yeah... the root cause;

"Ninety-eight percent of the adults in this country are decent, hard-working, honest Americans. It's the other lousy two percent that get all the publicity. But then--we elected them."

Lily Tomlin

Sat, 03/23/2013 - 14:59 | 3366254 Anglo Hondo
Anglo Hondo's picture

The Cypriots are selling their money on EBay?  I thought I had seen it all, but this sale is from Cyprus!

Sat, 03/23/2013 - 15:45 | 3366390 Grimbert
Grimbert's picture

It's a collector's item, like a silver dollar, or more accurately a silver crown for that is what it was worth. It'll weigh an ounce (28g) and be made of 50% silver. I hope the seller gets his cash.

Sat, 03/23/2013 - 15:05 | 3366270 blindman
blindman's picture

Global Capitalism - Feb 2013 - Richard D Wolff
http://www.youtube.com/watch?v=rog4U_EwZ_g
.

Sat, 03/23/2013 - 15:16 | 3366314 WmMcK
WmMcK's picture

Just when I spent the last piastre I could borrow - Steely Dan

Sun, 03/24/2013 - 08:33 | 3367934 dynomutt
dynomutt's picture

Oh, off to Musswellbrook with you, Dr. Wu.  Feed some Kangaroos.

Sat, 03/23/2013 - 15:28 | 3366354 Jason T
Jason T's picture

shit, iceland lost their last mcdonalds....losing gasoline is really gonna suck.

Sat, 03/23/2013 - 15:47 | 3366402 Waterfallsparkles
Waterfallsparkles's picture

Way to funny.  If they warned here that is exactly what I would do is to get every 5 gallon gas can I could and load up.

Boy, sure makes you want a substancial amount of Cash on hand.  What about the people who cannot draw enough cash to buy extra fuel.

Sun, 03/24/2013 - 03:50 | 3367760 Parrotile
Parrotile's picture

Gasoline (petrol) doesn't store too well, even 6 months will result in a change in composition, and "year old" petrol will be almost useless - with a large proportion of the more volatile components having departed http://modernsurvivalblog.com/preps/the-best-way-to-store-fuel/

Diesel is far more durable, but ensure the final containers are clean - you don't want microbial growth (which leads to filter / injector problems). For long term (> 1year) diesel storage, keep it cool, and consider adding a small amount of dewatering fluid. Also, fill the containers completely - as little airspace as practicable.

Sat, 03/23/2013 - 15:56 | 3366424 Crash Overide
Crash Overide's picture

EXCUSE ME! Have you forgotten about us, what happened? Look over here, hey look over here...!

 

Sincerely,

Greece

Sat, 03/23/2013 - 16:06 | 3366448 Navymugsy
Navymugsy's picture

So here's the funny thing, I told everyone at work of the possibilities of fuel shortages and more and they looked at me like I was fucking nuts. I think most of my prophecies are starting to come true. I may be a cynic but why does everyone else think that blowing sunshine up everone else's ass is going to make things better?

Sat, 03/23/2013 - 16:44 | 3366579 css1971
css1971's picture

Been there, looked like a nut.

There's no point warning people, you just come across as one of these "the end is nigh" placard wielding nut cases. Just keep your mouth shut, smile, make money off them and make the preparations that you want to and then quietly tiptoe to the exits while everyone is looking at each other stunned when tshtf.

Sat, 03/23/2013 - 16:06 | 3366450 lolmao500
lolmao500's picture

Next up : big pharma will stop sending drugs... then no more blood... then no more food...

All hail the EU, bringing such prosperity!

Sat, 03/23/2013 - 16:36 | 3366552 css1971
css1971's picture

Hey, this is like a test run for the apocalypse.

 

1. Gas. Or better, Diesel, it doesn't "go off" the same way gasoline does over time.

...

Sat, 03/23/2013 - 17:54 | 3366817 jonjon831983
jonjon831983's picture

Now would be a good time for some entity eyeing post-EUR gas concessions to show some goodwill.

Sat, 03/23/2013 - 19:41 | 3367137 robertocarlos
robertocarlos's picture

"There is no reason to rush for gasoline". They just gave the reason, gasoline can only be bought with cash and there is not enough cash or the gas station owners would have bought some gas and not closed the station. So two runs are going to happen. Cash and then gas, then maybe ass.

Sun, 03/24/2013 - 06:22 | 3367830 resurger
resurger's picture

Wake me up when they start barter town very soon

Sun, 03/24/2013 - 06:42 | 3367841 LongSilverJohn
LongSilverJohn's picture

I highly recommend readin "Trade-Off: Financial System Supply-Chain Cross-Contagion: A Study in Global Systemic Collapse." It was posted on ZeroHedge last year and can be found on the web.

The author, David Krowicz, does a fantastic job of mapping out the complex interdepedencies in the global economy, and tracks a disruption in the banking system through to the payments system, to the supply-chain of food and other essential services... 

What's happening in Cyprus right now, and the future implications, are all mapped out in this terrific piece of analysis... The result is total collapse.

Sun, 03/24/2013 - 10:16 | 3368239 blindman
blindman's picture

http://www.feasta.org/wp-content/uploads/2012/06/Trade-Off1.pdf
.
Trade-Off
Financial System Supply-Chain Cross-Contagion:
a study in global systemic collapse.
David Korowicz
.
p 42 ish.

" ...In such a context, sovereign risk can only increase. Eurobonds, further leverage of the
European Financial Stability Facility (EFSF), and waves of European Central Bank
43
liquidity add debt but do not address insolvency. Indeed, new waves of central bank
liquidity seem to be suffering from declining marginal returns, and worse, as we shall soon
see.
Interrelated with sovereign debt is the instability of much of the global banking system.
Our financial system is especially vulnerable to severe instability because of its intrinsic
structure. The first reason is that in a fractional reserve banking system, core capital and
shareholder equity is only a tiny fraction, 2%-9%, of assets. Thus leverage of 26 times core
capital in the Eurozone banking system could mean an asset loss of just 4% would wipe out
the banks. This would leave the banks unable to cover their liabilities to the public,
businesses, and other financial institutions.
In reality, leverage throughout the shadow financial system is far higher via complex
securitization, and off-balance sheet liabilities. Financial assets are the leveraged collateral
for further financial assets which have been further collateralized and leveraged. The use of
repos, collateral re-hypothetication and an array of derivatives are the shadow banking
system's equivalent of fractional reserve credit expansion, but without the transparency
that the 'normal' banking system is expected to pay some heed to. Because of this huge
leverage, once a 'run' on such financial assets occurs, it can vaporize massive levels of
virtual wealth. Because of the complexity and opacity of how and where such assets are
held, in a crisis banks would be unsure whether counter-party banks or even their own
balance sheet is safe from one moment to the next.
The Bank of International Settlements shows that over-the-counter derivatives
outstanding rose by $100 Trillion to some $700 Trillion between 2010 and 2011, over ten
times global GDP43. While these values are regarded as 'notional', they represent a web of
obligations that may not be redeemable. For example, US treasury secretary Timothy
Geithner's refusal to support a 'hair-cut' of Irish bondholders was in the context of US
banks holding Credit Default Swaps on Eurozone debt 44. The implication being that US
banks may not be able to pay out if called upon to cover a 'credit event', with cascading
implications. Yes, the haircut on Greek debt did not cause a CDS crisis as some feared it
would, however, the coverage was small, the parties had time to prepare, and general
confidence remained.
A further intrinsic vulnerability is reliance upon short-term funding. Ninety banks in The
European Banking Authority's stress tests in mid-2011 have to re-finance €5,400 billion,
equivalent to 45% of EU GDP in the following two years45. If there is already far too much
debt in the financial system and thus on bank balance sheets, and economic contraction
due to debt deflation is likely, then the affordability of re-financing such sums would
naturally decline further.
Authorities can help systemically important banks 'hide' possible insolvency, but they can
only play such games if their bluff is not called. For example, there is concern that the US
banking system may be holding huge unacknowledged losses that are being obscured by
the suspension of the 'mark to market' rule in 200846. The bluff calling can come from a
run on banks, a collapse in bond values, a frozen inter-bank market, a margin call, or a
forced asset sale.
It was mentioned that actions by Central Banks and political authorities are adding to
44
systemic risk. This is firstly due to draining confidence. There are only so many meetings of
European or G20 finance ministers offering their latest doomed fix, however well
intentioned, before their lack of control or remedy becomes an article of faith prompting
fear and derision in equal measure. At that point a stampede out of a mountain of financial
assets into a molehill of ‘suspect’ cash and hard assets becomes a growing possibility.
But real decisions designed to shore up an immediate crisis are increasing systemic risk.
Ambrose Evans-Pritchard points to one salient example47. In early 2012, the inter-bank
market was moving closer to a credit crunch that would have dwarfed the post-Lehman
one. In response the ECB introduced its 1€ Trillion Long-Term Refinancing Operation
(LTRO). Spanish and Italian banks parked this very cheap money in sovereign debt, where
they potentially could make significant returns and the ECB could support heavily
indebted countries by proxy. The money was ‘parked’ until it was needed to roll-over
existing debt. Those banks are among those European banks that have to re-finance €600
billion over the rest of the year.
But by April, Spanish and Italian bond yields had risen significantly, meaning a large loss
on the capital value of the bonds. Were they to rise much further, and all the evidence
heretofore suggests this is possible, the losses could trigger a margin call on collateral. So,
already weak banks are being pushed deeper into the mire with a risk that they will be
forced to sell assets into an increasingly fearful market. That’s not all. Because the ECB
demands seniority on its bonds, any default pushes other bond holders down the chain
increasing their loss ratio if either country defaults, so increasing private sector risk and
corresponding risk premium.
Thus the ECB, which alone has an infinite balance sheet (it can print indefinitely at any
scale), is by its actions further destabilising the financial system by pushing risk it can
absorb onto parts of the system that cannot. It is also making itself indispensable to
further refinancing operations as those risks spread and it crowds out private capital.
Of course, the ECB is itself in a bind. The consequences of a disorderly default are huge as
we shall see, so it must keep intervening. But endless monetisation brings also brings huge
risks, social, economic, and monetary.
The incongruity of national governments with distinct pressures and diverse interests, tied
into a single currency; the ECB with one set of tools that cannot serve the diversity of those
interests; an array of understandings and misunderstandings as to the nature of the crisis;
the innate complexity of the situation; and the growing anger and nationalism of citizens
add to the feeling that the mostly likely response to the growing risks or the response to a
crisis breaking will be paralysis." .....

Sun, 03/24/2013 - 10:30 | 3368282 blindman
blindman's picture

"..IV. 1 Credit over-expansion and imbalances
The response to the financial crisis in 2007/8 staved off a full banking crisis and avoided
tipping the economy into a new great depression. It did not solve the massive disparity
between debt and income; it displaced immediate risks onto sovereigns via bank
guarantees and unsustainable deficits. We responded to too much debt with more debt, yet
our ability to service that debt is even more questionable than four years ago. In many
cases, through direct and indirect means, we are borrowing additional principal to service
existing debt-the very definition of Ponzi borrowing. This situation was always untenable.
But the displacement of immediate risk has further increased the potential for catastrophic
systemic failure by removing potential buffers in the financial system and undermining
further the confidence in the institutional and political actors that would be required to
manage a crisis." ....

Sun, 03/24/2013 - 10:01 | 3368197 myptofvu
myptofvu's picture

Gasprom will just bide its time until Cyprus caves into their demands for the Nat Gas reserves and then things will return to a state of some sort of normallcy of course that will be after everyone is wiped out of every penny they own.

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