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Rampapalooza As Cyprus-Troika Reach Deal (Updates)
UPDATE: It appears the 'deal' to default/restructure the banks has been designed to bypass the need for parliamentary votes, since it is theoretically not a tax.
While we have little color on what kind of carnage the President of Cyprus had to accept to his fellow countrymen, the news is that :
- CYPRUS, TROIKA REACH AGREEMENT IN PRINCIPLE, EU OFFICIAL SAYS
- DEAL MADE AT DINNER WITH DRAGHI, LAGARDE, VAN ROMPUY, BARROSO
The terms, unsurprisingly what zee Germans wanted, are:
i) Laiki to be wound down;
ii) Bank of Cyprus to survive but with deposit haircuts of up to 40% for the uninsureds, and
iii) deal would see secured deposits in Laiki moved to Bank of Cyprus.
In other words, a deal far worse then the original on proposed by the Eurogroup last week - when the banks still existed. The key appears to be the 'saving' of the insured depositors (crucial to avoid a pan-European bank run) and the crushing of the 'whale' depositors.
A more granular breakdown of the deal's "accomplishments", but with the same result for large depositors, via Reuters:
- Laiki will be resolved immediately - with full contribution of equity shareholders, bond holders and uninsured depositors - based on a decision by the Central Bank of Cyprus, using the newly adopted Bank Resolution Framework.
- Laiki will be split into a good bank and a bad bank. The bad bank will be run down over time.
- The good bank will be folded into Bank of Cyprus (BoC), using the Bank Resolution Framework, after having heard the Boards of Directors of BoC and Laiki. It will take 9 billion Euros of ELA with it. Only uninsured deposits in BoC will remain frozen until recapitalization has been effected, and may subsequently be subject to appropriate conditions.
- The Governing Council of the ECB will provide liquidity to the BoC in line with applicable rules.
- BoC will be recapitalized through a deposit/equity conversion of uninsured deposits with full contribution of equity shareholders and bond holders.
- The conversion will be such that a capital ratio of 9 % is secured by the end of the program.
- All insured depositors in all banks will be fully protected in accordance with the relevant EU legislation.
- The program money (up to 10 billion Euros) will not be used to recapitalize Laiki and Bank of Cyprus.
As Bloomberg further clarifies, uninsured depositors, or those with over EUR100,000 in savings may be completely wiped out: "Deposits below the EU deposit-guarantee ceiling of 100,000 euros will be protected, and a loss of no more than 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two EU officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said."
Farewell Russian oligrach money. We hardly knew ye.
S&P 500 futures and EUR are surging, Gold is dropping modestly.
We await final confirmation of the final terms of the final deal once the Cypriot people wake up (and don't forget the ECB 'standard of living' rules).
The Cypriot Parliament still has to vote for this - and not one of them voted for it last week.
Filling the 'Cyprus' Gap
Treasuries sold off- 10Y back to 1.945% (+2bps) and 30Y 3.17% (+3bps)
This is far from over...
So let us get this straight, we have no further information on the actual terms of the deal than we did on Friday afternoon; the government (who rejected the deal last week) has no details of the deal yet; and the actual impairment for the depositors is far worse than last week's rejected deal; and the market is rallying...
It would appear the week was spent sorting through the names of bank accounts in each bank and the one with the most ending in '-ov' is to be wound down...Laiki
Step 1 appears to be 0500GMT Eurogroup Meeting (as per Holland's Diesel-Boom) agreement...
UPDATE: There is talk that there may be no need for the government to vote for this - since it is not a 'tax' but a bank restructuring. It seems they have kept it in the bankers... the ECB (in its independent way) tells the Cypriot NCB what it should do, the Cypriot central bank then restructures its bank how it sees fit - good/bad bank and haircuts where it sees fit - this then gets around need for vote from government AND any possibility of a European Union law (on taxation) being broken...
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This.^^^
Members of the ECB have ensured that their numbers in terms of actual living human beings will be culled.
Pissing off Putin and his fellow heavyweights virtually guarantees this will be dealt with via omerta (sp?)
Do people forget he was the head of the KGB?
My guess is after the second little Indian bites the dust, the eCB will come to Putin hat in hand giving him whatever he wants, "Anything. Anything, sir. Just call off the dogs."
Putin and other powerful Russians may have an axe to grind with some of the ex-pats and overseas oligarchs who are using Cypriot banks. He may be onboard with the tough love.
You're overthinking this.
Putin called the president of Cyprus. And gave him an earful. Putin probably never imagined he'd be on the phone with a country with a population the smaller than Washington, D.C.
Putin will get the deal he wants which will be 100 cents on the dollar no matter how many bankers have to be shot on the street. No suicides. He'll call for visible hits, so every central banker hears about it.
I also read somewhere that many Russian government transactions go through Cyprus for some reason. Putin doesn't take kindly to stick ups.
The big question is not what is the deal. It doesn't matter if it's 1% or 50%. The central question is does the average Euro depositor trust his bank any more? Fail that test and it's all over in Europe, the US, and maybe all over.
The only strength a bank offers is trust. If the bank guarantees my deposit is going to shrink whenever they are in the mood to do so, the bank has little to offer.
Hence, depositors become withdrawers, ergo, a bank run. Bank runs means banks close. Banks close means businesses will no longer accept checks. Since the depositors money is being held hostage in the bank, they don't have the necessary cash to keep their shelves stocked, etc.
An unsafe bank is a dead bank. Every bank could become unsafe by the time the bank runs are over and the economy could be in a complete shamble. Almost no one has the ability to transact money for goods.
".....French Finance Minister Pierre Moscovici rejected charges that the EU had brought Cypriots to their knees, saying it was the island's offshore business model that had failed.
"To all those who say that we are strangling an entire people ... Cyprus is a casino economy that was on the brink of bankruptcy," he told Canal Plus television....."
This guy is so full of shit I can smell him from clear across the pond.
Hey, Pierre, I've got a flash for ya: The entire modern banking/financial paradigm is a casino on the brink of bankruptcy. And when it finally crashes the under-classes will surely pay for it.You and the rest of the global-oligarchy-money-changers are parasites who feed off the economic flesh of the rest of us. You contribute absolutely NOTHING of value, and yet you have FIXED the system so that vast quantities of wealth are regularly and automatically transferred to the parasitic ruling-class...
Nice try, Sparky, but no cigar...
The Germans say Cyprus crapped out from a distorted economy due to too much banking industry.
If that's so, what about Luxembourg?
Lux? No, no. It's banking sector is only 37 times GDP. Nothing to see there.
So what now becomes of the Cypriot bankers? In other words, what's the Russian equivalent of a Colombian necktie?
I wouldn't want to be a Cypriot pol, crat or bankster that is even remotely identifiable to this mess. A guillotine would be a more merciful way to go than what is in store for these people. hujel
Just as most of us Americans don't identify with the US crooks and banksters who hide their money overseas, the great majority of Russians don't identify with the .1% of their countrymen who hide their money out of the country. It might be much more to Putin's advantage to align with the majority. And, not every Russian mobster has ruples in Cyprus. Surely many of those that don't are loving the screwing that some of their competitors are feeling.
Anybody still reading this reptitious thread? With my settings, I'm seeing nine pages of comments, without one new perspective on the Cyprus crisis.
With my settings, I see a bleating douchebag.
Go into your account and set it so that more comments appear per page. I have three pages.
https://petitions.whitehouse.gov/petition/protect-personal-accounts-conf...
we petition the obama administration to: Protect personal accounts from confiscation for bank bailoutsThey've found the most awful eligible woman for the IMF: Lagarde.
And Oli, ah! Oli. And Schäuble.
I've read the guardian's "second by second" report and I was thinking...
If those are the ones responsible for the Eurozone, this bunch of Torquemadas, then any european citizen should be joining a non-stop strike until each one of their States go back to their national currencies.
Otherwise, no complaints: if you don't react and let them go ahead with this shit... You deserve it.
Moral of the story, get your money into secured deposits and out of the "shadow banking" system, AKA money market accounts (as they probably are not paying anything anyways, less you just can't live without that .25% for deposits over 100k.
They sent a message to the Russian mafiosos being raped. The message was: lock and load.
The message to every other non-clueless human on earth is also clear: get all your savings out of fiat (currencies), out of paper (bonds, stocks, etc), and into real, physical wealth in your own grubby paws.
You know, I believe the long slow grind downward we are seeing is exactly that - people pulling fiat and selling out of markets. Trust is vastly depleted and currency wars are warming up. Gonna be a long hot summer.
Long tools and tractors, land and seed.
The currency wars are for banksters & governments.
The reality wars are for sane humans.
The currency wars are simply one form of fiction wars.
The reality wars are about converting everything into real, physical, intrinsically valuable forms of wealth. Not just gold, silver, platinum, palladium, lead, ammo, weapons, but even more so about physically productive assets like seeds, farming/gardening equipment and supplies, water wells, water purification systems, solar and wind power systems, and any other physical goods that let individuals produce any goods they need to survive, prosper, advance.
And finally, smart folks will invest their wealth into real, physical goods that do not feed the predators. Though a nice big farm sounds great, the fact is, the predators will steal you blind with massively increased property taxes in the coming years. Focus on real, physical [productive] assets you can hide.
Not only is the deal something that the Cypriot Paliament did not get to vote on, but the rest of the EU has not voted on it either - it's just a deal set jp by unelected officials and written on a napkin in a smoke filled room...
http://www.news-republic.com/Web/ArticleWeb.aspx?regionid=3&articleid=77...
MOODY'S: Even With The New Deal, Cyprus Could Still Default And Leave The Eurohttp://www.guardian.co.uk/business/2013/mar/24/eurozone-crisis-cyprus-ba...
Djisselbloem: ... also stresses that it is important to recognise that there has been no bank run.
Banks are closed for a week and there is no bank run. This can be the logic of a psychopath only.
Those guys are a fucking joke!
I'm looking forward to reading about the body count that will surely follow.
Is this going to take as long as it took Greece not to default (or maybe it did I still don't know after two years). If so then I quit reading posts about Cyprus. Learning about English law and subordinate bond holders, cram downs and all that was a bit much to handle. Although Cyprus it is a bit more interesting because we're talking about banksters stealing from Russian mafia and that is a lot more exciting.
Russian expats in Cyprus: I'm ashamed of Russia, they've just dropped us
http://m.guardian.co.uk/world/2013/mar/22/russians-flock-to-cyprus
Why is anyone surprised?
Really?
1913 - banksters take over USA, create the USSA.
1929 - banksters purposely destroy stock market.
1933 - all money (gold) stolen from americans.
1964 - banksters have Kennedy killed.
1968 - banksters goon Johnson socializes USSA.
1968 - banksters goon Johnson makes USSA "war nation".
1971 - banksters goon Nixon removes last link to gold.
2001 - predators-that-be create new "Pearl Harbor".
2001 - predators pass "patriot act" = overt slavery.
2008 - banksters crash world financial system.
2013 - banksters begin direct theft from bank accounts.
These are only a few lowlights. I'm sure the above misses a great many other important events. I'm not sure why humans think the current overt theft is somehow going over a line in the sand, though I'm glad recent fiasco is waking some people up [outside Cyprus]. As far as I'm concerned, they've been lightyears over the line since at least 1913, and probably since the 1860s (but my knowledge of history sucks).
The predators have decided to make planet earth an overt slave planet.
The vast majority of mankind are now sheeple, and have no idea what to think of what is happening around them, but their brains literally can no longer imagine any form of existence that is not overtly authoritarian.
The 0.1% of mankind who have been labeled "conspiracy nuts" are waiting for an apology from the other 99.9% of mankind. Not really --- they know an apology will never come, no matter how obvious it becomes that they were right all along.
Mankind is finished.
John Dillinger and Jesse James are heroes in this case.
the bank robbers were hero's in the thirties. Today they are the law.
So THIS is what the Rubicon looks like from this side...
So, the IMF (US dominated)-led farce is stealing from the Russian oligarchs.
This doesn't bode well for US bank account holders.
Only the wannabe oligarchs and maybe Berezovski. Cypriot politicians and real oligrachs got already out the weeks before.
I doubt the real movers in Russia lost a dime but Putin will squeal like a stuck pig because he won't waste the delicious opportunity to make some hay out of this. What is the ECB going to do, tell the truth and announce that all of the accounts held by the guys with power were made whole. Pooti Poot is looking at the deal of the century.
C'mon, mon, don't be a lacky. Get with the program. https://www.laiki.com/EN/Individuals/Deposits/Savings/Pages/SavingsAccou...
Just watch Gold and Silver go up tomorrow.
Laiki
Is that pronounced Lacky?
Was is supposed to rhyme?
Time to go find my metal, sell it, and put my money back in the market.
33% bank, 33% Treasury bonds, 33% S&P 500 index fund.
To the moon baby.
It's too bad Europe doesn't have the caliber of leadership we have here in the US.
Like Sheryl Sandberg, and her new book "Bend Over," or wait "Lean In" it's called. She's a Harvard graduate, who worked for the Word Bank. She was mentored by the brilliant Larry Summers, and is now a top exectutive at the leading social networking company Facebook.
Sorry Europe.
The RULES of EURO CLUB.
1st RULE: You do not talk about EURO EXIT.
2nd RULE: You DO NOT talk about EURO EXIT.
3rd RULE: If bank liquidiy goes limp, taps out the BAILOUT is on .
4th RULE: Only two guys to a bailout - TROIKA and the dumb euromember.
5th RULE: One bailout at a time - the eurocrats have too much on their hand already, thank you very much.
6th RULE: No haircuts to Goldman Sachs, no real assets to Russians.
7th RULE: Bailouts will go on as long as they have to.
8th RULE: If this is your first bailout at EURO CLUB, you HAVE to fold.
"The bulk of that money is now being raised by forcing losses on large bank deposit holders, with the remainder coming from tax increases and privatizations."
"The measures are likely to deepen the recession in Cyprus."
http://apnews.myway.com/article/20130325/DA57TUMG1.html
The way to prosperity is of course, taxation. Especially in an existing environment of high unemployment and stagnant wages.
Professorlocknload said:
"The way to prosperity is of course, taxation. Especially in an existing environment of high unemployment and stagnant wages."
Yes, precisely!
More taxes and confiscation of money on deposit so people will buy more things.
Break people's windows and they will consume more energy to heat and cool their homes.
Mandate 15 p.s.i. in all tires and SAE 50W oil in all engines to increase fuel consumption.
I'm certain there is a calculation that takes weight, heart rate, blood pressure, and blood oxygen content to tax each citizen for yearly Oxygen consumption - mandate it with Obama-care - report "Breathing Tax" each April 15th (confirmed by Doctor).
These Eurocrats are onto something!
Why, if they use eminent domain to "levy" everyone's property they could rent the property back to the former owners to make the banks and governments solvent. They could give everyone a job doing something needed and pay them in credits (after rent is taken out of course) for earning their property back over a 50 year period.
Cyprus parliament is sidetracked because who needs democracy when you are trying to build a totalitarian and authoritarian EU? All for the common good of course.
um, democracy IS how they build a totalitarian and authoritarian planet. Sheep walk into the slaughter house, they aren't carried.
You are right. If democracy really mattered then they would have abolished a long time ago. However, MPs did vote down the first bailout. Actually these MPs are lucky now because they are not forced to vote in favor of this bailout. Therefore they can maintain their 'image' of being there for the people while these same people will be enslaved.
Things such as democracy, political accountability, presidency, etc. are there to distract attention away of those who really are in power.
the EU did not just appear on the landscape one day, it was the result of a democracy. They made a deal with the devil and want a do over, it don't work that way. They chose poorly. We all choose poorly. When they promise other peoples shit to pay for your shit you will always end up being the other people eventually.
The European Community was the result of the wish of Europeans to have an end to the endless wars on the continent. The EU was the result of the desire to build an empire. But with so many different countries, cultures and attitudes one does not build an empire overnight. The Sovjets tried that and failed. Yugoslavia tried that and failed. Forced marriages don't work in the long run in whatever way.
geez...seems like a raw deal for Mother Russia. Somebody better tell the Germans their gas prices are about to go up....
NOTE TO CORPORATIONS
NOTE TO SEMI-RICH FOLKS
If you leave any money or any other paper assets in the hands of any bank or corporation, they will be stolen.
No longer can any business even keep funds in banks or financial organizations to pay weekly paychecks to employees.
Most of us naturally think about the consequences of recent events on individuals. But what executive of any business... of any size... will henceforth consider having millions of dollars in any account, of any type?
Whether they abandon fiat or not, any businessman with half a brain will return to the once-common practice of handing envelopes full of cash (or gold/silver bars/coins) to their employees every week.
Furthermore, any individual who keeps any wealth in any retirement account from this day forward is absolutely, completely, terminally insane. You have been told in no uncertain terms that your funds will be stolen. Not might be stolen. WILL BE stolen.
This line has already been crossed. It will not take long before predators everywhere start grabbing from every account of every type.
GET OUT WHILE YOU CAN. TIME IS SHORT.
I still don't get why it doesn't require a parlimentary vote?
The U.S. MSM/CNBS/CNN et al. is reporting that it doesnt require a vote because it's not a tax. Yet, the BBC is still very much calling it a tax:
"One key element of the deposit tax, demanded by the IMF, is that it not require a parliamentary vote."
Huh? Europe still thinks it's a tax, they are calling it a tax, it sure looks like a tax, everyone agreed the earlier deal was a tax, but yet the US and EU thinks it's legal because now it isn't a tax? I don't see how adjusting the tax to spare small depositors at the expense of the larger ones makes any legal difference at all.
The BBC is right: it is a tax!
Perhaps there is a bit of a legal snag brewing here. I'm sure there is an army of Russian-financed lawyers researching that very question as I type.
Bankers call it tax because they do not believe new reality. The bank is broke. And there are no taxpayers to save them. It is no tax!
For a bailout you need to tax people!
Cameron has said his people that he will compensate English depositors.
He is lying. He does not have the money and will tax others to pay it back.
Go and look on the internet English people were warned in advance (2011) for problems in Cyprus.
The UK is the only country that still believe it can go on with partying.
Seems to me the promised new tax increases will, in fact, need to be voted on. And certainly, privatizations would have to be at least discussed. And whom might we expect to purchase these public assets from the Cypriot people? Under the table? While the MP's are on vacation?
If it took Anastasiades resignation threat to move these political hacks, guess that exemplifies the fear present in that "negotiation" forum. Scared people do stupid things.
This is nothing short of an exercise in political obfuscation.
Merkel and company saw contagion spreading and told markets what they thought they wanted to hear, to buy another week or two, to get Cyprus from the front page above the fold, back closer to the editorial page, hoping Spain and Italy would go back to sleep.
I think it was Mish that inferred that one fine day, a populist leader of a large European economy is going to stand up and flat out default, ala Iceland, and it will be over.
The whole multi lingual multi cultural clusterfuck is doomed. Just that nobody wants to be the one history pegs with causing the ultimate collapse.They instead want to set the save up on a five year plan, during their four year terms.
Cyprus to Damascus in a jet, 10 minutes,think about it.
Imagine the FED taking 40% of everyone's money over $250,000 on deposit at Chase and Citibank, and anyone with any amount of money in Bank of America losing everything.
How would that be all you equivocating econometric dumbfucks?
It disgusts me to hear people say this is anything other than THEFT, ROBBERY, AND SKULLDUGGERY!!!
Hell, they are stealing it from ALL accounts right now, insured included, at the rate of inflation, what, real 6-8%? Won't take long for that to compound.
And the great 'Murican Public seems to like it! Redistribution from the have nots to the haves. Egalitarianism Corporatist Style.
The American public has been compromised. By debt, the loss of equity, the employment situation, tensions regarding every issue, and no clear answers other than a view of what a eutopian America could be like while we are simultaneously being told to march forward right off the cliff.
Oppression silences voices. It's up to the intellectuals, the wealthy who have a sense of right and wrong and who have foresight that comes from wisdom and not advisors with special interests.
But, how would they pull this off without blindsiding the American people? Lulled, drugged, burdened, fractured families, fractured communities, unhealthy, divided by mere topics to the point of stand stills and underhanded tactics to make a point when ~lives are being lost~. The middle class nowd overwhelmed with too much information, disaterous one minute, celebratory the next.
Distractions by the dozen. Manufactured in a board room meeting of the minds. ~Sales~. ~EZ Credit~ Orchestras and Circuses a click away, so much more must-known information nonstop day to day.... so a perfect picture follows and you are for a second just the way you wanted to be.
Well, it's a side show for the maestroes and I see amused faces, or is that the expression one has with newly found great wealth? as the victims of their heist squirm in a last attempt to get back on the road they were told to be on.
So, to see the middle class fight for their lives while the globalists strip them of a means to earn a living, watch as they are swept out to sea in the debris left over from their Wal-Mart inspired lives, while still many slept through the coup d etat (who hold responsibility for this, by the way) and now,,watch as the upper 1% smoothly sail into the sunset with the loot. It's the ends justifies the means. This is going to lead to such human suffering that I feel anything should be done to stop it from unfolding. ANYTHING Not only for us but for the future of mankind. There has to be a place to escape tyranny and the west has always offered that. That will change in this world which is as discriminatory as discimination can be when unelected officials decide the fate of nations. Fertile ground for events that leave a black cloud over an era in the history of mankind. We should do anything to stop it and anyone who disagrees is a fool is my firm belief. The insidiousness speaks for itself.
So, scholars, diplomats, men and women of great wealth and respected in their fields, I beg of you to stop for a second and consider the implications of a world without elections. What will it take to make you realize the race to the top of the world is a race to the end of world as we know it? Last man standing will be the one who will say as he succumbs to the wounds in retaliation of a business deal gone bad, the meek shall inherit the earth (his servants and slaves) afterall. It's a fantasy conjured up in the minds of men who have never mingled with a poor soul who has a heart worth gold. Where are all the heroes? That's what I'm asking. There surely is a better way to do this. For God's sake.
They didn't take the money, they simply did not make good on what was no longer there. They are not required to do so, just as any bank anywhere in the world is not required to make good depositors wiped out when bank assets go bad. The cash deposits were not just sitting idle in the banks' vaults, they were loaned out, or (badly) invested in Greek sovereign debt. The same result would have happened even if the euro was backed by gold and there was no fractional reserve banking.
The fault lies with the investment and risk management committees at the failed banks. They made bad credit decisions, made bad investments, and promised well above market rates of return in a ZIRP world. If JPM or Citi blows up so that its assets are worth a lot less than its liabilities, large depositors will lose everything above the insured amount. That was true yesterday, and it is still true today. We all know that, but sometimes we forget. Cyprus reminded us.
What sucks about this entire Cyprus episode is 1) the apparent decision to put large deposit holders in Bank of Cyprus on some sort of equal footing with bondholders. Bondholders should have been completely wiped out before the first erasers were made to uninsured depositors. Note that Laiki was handled as a traditional bankruptcy: equity-->gone, bondholders-->gone, uninsured deposits-->gone, and remaining good assets matched against insured depositors.....and 2) the mere mention in the initial stages of requiring insured depositors to take a hit, and that even before bondholders were wiped out. That nonsense will not be forgotten, even if in the end the wind down was mostly handled according to tradtional bankruptcy law.
" has been designed to bypass the need for parliamentary votes "
Completely outrageous! what are they frighten of another overwhelming NO vote?
Democracy has been suspended until it suits ok guys.
The fat lady hasn't had a chance to draw her money out yet.
~~~
Next, there will be an event to distract the euro populace from looking too close at what has occurred as to create nervious depositors in other EU countries...
..a diversion while the clean-up is attended to by the Troika. Keep the insolvent system off the radar.
Actually people. This is exactly what should happen to depositors when a bank fails. Of course, bondholders and shareholders should lose everything first. But your bank account is an investment in a bank, it isn't your money and when you make a bad investment, you lose it.
For the down voters... You don't like this? Then get your money the fuck out of the banks.
I agree. However this is no different then the forced takeover of bad banks in 2008. It leaves lots of room for moral hazzard. In reality both banks should be allowed to fail. This was all about preserving the banks by any means necessary. It's the troika's original tactics that leaves people upset. Not to mention Cyprus yielding to the EU at gunpoint.
I gave you +1 for a your very rational viewpoint.
http://www.youtube.com/watch?v=1lFjSGC5LsI&feature=player_embedded#!
The angry taxi driver laced with profanity, but this is his reaction to what you suggest is fair banking practices.
Compound interest is what has led to the ability to save, retire. Working for every cent you have is wear and tear; 40 years of that should be enough. 0 interest rates, a stock market that fluctuates like a fortune teller's fee. It's a dance of the deviants from the norm after tricking the entire world into falling for their gimmick. A gimmick. The system is designed to cheat people out of a life's worth of labor, what they require to survive. You must be madly sheltered from the view required to understand the situation. Simply put, it is a robbery. Politicians look fearful to you? Do not underestimate how much is devoted in order to reach a moment of contentment when madness rages in your mind, hysteria motivates, urgency leaves you little choice but to take their word.
It may or may not have been said by Ford. Nevertheless, it's apt....
And about fucking time too.
Yup! The illusion of protection is what enabled this whole kit and caboodle. And no, I + 1 'ed you, but yes, my money is coming out of the banks.
The Russians play very rough. The leaders of the IMF, ECB and related parties had better have truly excellent security details for themselves and their families if they start taking money out of Cyprus accounts.
can you teach a rock how to swim ?
We need to crush a few whales around here.
"Rampapalooza" (nice word!) has 3410 Google hits, all reposts i would reckon. Not bad!
The world reads ZH.
So essentially the central banks have figured out a plan to steal the people's money and presumably get away with it.
Initially, they called the planned theft a "tax", but since the local politicoes didn't go for it, they are now not calling it a tax, and just stealing the money outright.
Will the government stop them and protect the people?
Will they -or whoever we are talking about- also take the gold in the vaults from them -whoever-?
How do you invest in unexplained deaths and suicides?
How do you invest in unexplained deaths and suicides?