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Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?
Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.
Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.
The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.
As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.
From Reuters:
While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.
No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.
So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates?
Just brilliant.
And if there was any doubt that the entire process of destroying one entire nation was simply to punish Cyprus, it can be completely cleared away now:
ECB officials contacted Latvia, another EU country that has received large Russian deposits, to warn authorities against taking in Russian money fleeing Cyprus, two sources familiar with the contacts said.
"It was made clear to our Latvian friends that if they want to join the euro, they should not provide a haven for Russian money exiting Cyprus," a euro zone central banker said.
If one thinks there is any material Russian cash therefore left in Cyprus with this epic loophole in place, we urge them to make a deposit in the insolvent nation. One person who certainly will not be allocating any of his money into Bank of Cyprus is German FinMin Schaeuble:
German Finance Minister Wolfgang Schaeuble said the bank closure had limited capital flight but that the ECB was looking closely at the issue. He declined to provide figures.
Perhaps because if he did, it would become clear that the only entities truly punished by this weekend's actions are not evil Russian billionaires, but small and medium domestic companies, and other moderately wealthy individuals, hardly any of them from the former "Evil Empire."
Companies that had to meet margin calls to avoid defaulting on deals were granted funds. Transfers for trade in humanitarian products, medicines and jet fuel were allowed.
The stealth withdrawals by Russians of course means that the two megabanks are now utterly drained of capital, and that the haircuts on those who still have unsecured deposits with the two banks will be so big it will likely mean a complete wipeout of all deposits. As in 0% recovery on your deposits!
In other words, by now any big Russian funds in Cyprus are long gone, and the only damage accrues to the locals: for one reason because their money over the critical EUR100K threshold has been "vaporized", and for another because the marginal driving force and loan demand creator in Cyprus, the Russians, are gone and are never coming back again.
This is what passes for monetary real-politik in the New Normal - an entire nation becomes collateral when pursuing a wealthy group of people. And the "wealthy group" is victorious in the end despite everything...
If we were Cypriots at this point we would be angry. Very, very angry.
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War aginst electronic paper money by the electronic paper money war mongers. Is that why Zibnew said TECHNOCRATIC because it's like "THIS BEAT IS TECHNOCRATIC"?
There has never been a moment in the history of mankind where the wealthy gets hosed for the sake of the common peasantry. I thought this was the case....but guess I was an idiot.
The common peasantry will get their insured deposits, but there won't be much to do with them now that the Cypriot economy will be plunging into an abyss of depression for the next decade at least.
You just can't make this shit up...
Oh wait..., maybe you can...
ROFLMAO
LOL! Take that! Oh wait.....
Job well done. Bonuses for everyone!
Apparently, the toughest thing the Russians had to do was to remember their pin code.
Me thinks Dijsselblom's template needs to be fixed... the next time the EU tries this, they better not leave the back door open. Oh, those crazy Russkies!!!! Sneaky little bastards.
Does this all assume that the 100% haircut for the remaining cypriot bank accounts will be enough? And if the 100% haircut happens, wont it mean riots in the streets like nobody's business? I mean-- isn't "collapse" pretty much certain? Economic or social? Or both?
The amount of stupidty involved with this mess is truly mind-boggling. Each time you think they've reached the limit they go further.
FORWARD!
just got back from Russian Oligarchs meeting
boy are they mad
had planned to deposit billions in latvia, but ..
nixsky on that!
they are asking what to do with billions and billions
can't park it in a bank
can't park it in bit coin
where oh where to park it
if only there were a way
Lest there be any doubt that the entire global fractional reserve fiat (whatever fiat, so long as it's conjured & distributed by a central Modern Money "Mechanic/Creature") financial system is a giant criminal racketeering enterprise:
I was never supportive of this whole destructive exercise in idiocy that was ostensibly implemented to "save" Cyprus from the moment it was spoken of (in whatever variation of confiscation schemes that it was). The claims about "hot Russian money" and Cyprus being some tax haven island nearly singularly floated on pillars of dirty laundry seemed to be blown massively out of proportion by the Main Stream Proxy Mouthpiece Media from the start, and rightfully warranted a very healthy dose of skepticism all along (which the actual data now shows was a justified skepticism).
This was all another case (in a long history and volume of such cases) of a blood letting of average citizens in a nation that claims to be an allegedly sovereign one (but which clearly has a deeply captured political and regulatory structure), on the altar of the global banksters, after all, just as many initially surmised.
Continental Europeans will see the Cypriotic Treatment, in all types of variations on the basic scam. Unless someone could prove that this isn't and hasn't been some intentional knocking over of dominos, cascade now beginning, that should be any rational person's presumption.
As a brilliant, truth-y philosopher, observer of "the system," & comedian once said:
Told ya....that Russians are plotting the destruction of world Capitalism. The Kremlin's malintent never changed with the supposed end of the Cold War and seeming collapse of Communism:
http://thespiritoftruth.blogspot.com/2010/03/quick-review-of-history.html
http://thespiritoftruth.blogspot.com/2009/05/russias-secret-war-plans.html
http://thespiritoftruth.blogspot.com/2011/01/historical-epiphany-russias...
Wouldn't be surprised if using Cyprus as the initial falling domino of the worldwide Ponzi scheme of high finance is part of their grand strategy.
@Truth- Thanks for that. Good views on things. Carlin would agree.
"It was made clear to our Latvian friends that if they want to join the euro, they should not provide a haven..."
Who the hell would "want" to join the EU at this point?
Not so sure everyone can handle the truth or stay focused on it: That the Brits had even MORE money in Cyprus banks than the 'Oligarchs'. How did the Bail-In/Get-Out work out for the Brits?
I can see it now: Bond and Miss Onatop do a midnight raid. Bond did what Bond does: A quick in & out, get the job done. She gets the media flash, he gets the stash. For Queen & Country, eh James?
While Bond does Onatop, MI-6 does Berezovsky. Both killer deals.
Hell of an accusation, that last one. What is your evidence, Mr. "handle the truth"?
Who TF keeps billions in a bank?
Well, when the warehouse is overflowing with banknotes, you gotta put them somewhere....
http://www.freerepublic.com/focus/f-news/888963/posts
Not Walter White, that's for damn sure:
http://www.stockme.fr/img93418ca6f1/BB.jpg
To keep the entertainment rolling, the Russian oligarchs could purchase a few silver futures contracts and then stand for delivery...
Stupidity? I'm not so sure. If I were a Cypriot bankster, I'd prefer to make a hole available for the Russians Oligarchs through which they could remove their monies. It sure beats the alternative - a 6 foot deep hole for me in which to take a dirt nap.
I think your on to something$
I bet the Cyprus bank officials were more than happy to move that Oligarch money for the right "fee", even thought the banks were supposed to be closed. The first deal was stealing 10%. The final deal was stealing 40% up to 70%. Something tells me the Cyprus bank officials would be happy with 10%, and probably the Russians too. 10% of 40B Euro (supposed held by depositers over 100,000E) can buy you out of a lot of trouble. So what if they are breaking a few laws. The rule of law doesn't exist for bankers anyway.
Yep, and maybe family members too. Whereas gold in a safety deposit box is the alternative.
You'll know that the Russians got their money out if (IMF Chief) Christine Lagarde is still above ground in 30 days.
Oh I'm sure our current crop of economic lever pullers will redefine world-class stupidity when it's their turn.
Especially when the Nobel Prizewinners opinions are included.
Well, these are, in the end, government officials, correct?
Did your eally expect a different result in the end?
Nyet!
Due to the flight of Russian capital from the banks in Cyprus, all Cypriot small and medium-sized depositors will therefore now be forced to take a 150% haircut on their accounts --- that's right, folks, they will have to PAY for the privilege of having lost their life savings! That is simply justice, bankster-style.
Akak they made it clear insured deposits were to be left alone. That was their whole stupid theme today. How can tomorrow's theme be "insured deposits to be confiscated to make up for uninsured deposits having transferred out"?
You're assuming there has to be some kind of coherency and historical continuity in the story Fonz, in which case your point would be valid. But as the media and politicos show time and again, they have absolutely no problem changing today's story without ever referencing or even considering whether it contradicts yesterday's story. They refuse to acknowledge the issue, so from the media's perspective it doesn't exist. 'We've always been at war with Eastasia'.
true enough. if they end up taking insured deposits after all I just hope it shakes people up. But it won't.
I think the Russkies got the week so they could pull this off. Rather than it being a big, fat, OOPS, it was part of the plan, all along.
No, we have always been at war with Eurasia.
/sarc
"Winston Smith works as a clerk in the Records Department of the Ministry of Truth, where his job is to rewrite historical documents so they match the constantly changing current party line. This involves revising newspaper articles and doctoring photographs—mostly to remove "unpersons," people who have fallen foul of the party. Because of his proximity to the mechanics of rewriting history, Winston Smith nurses doubts about the Party and its monopoly on truth."
another terrorist?
DjizzBoom diplomacy. I like the sound of it.
akak said:
Your comment, in addition to being an exemplary example of cynical cynicenism, might prove to be more prescient than you realize.
Due to the Russian capital floating away from Cyprus like the smoke from dozens of burning pallets of €100 notes, the real underlying problem (as opposed to the official problem, which the drastic "solution" of seizing bank deposits was supposed to resolve) remains unaddressed.
Quite possibly, someone within this clusteurofuck is shitting gold-plated tungsten bricks because the problem they intended to paper over with the stolen loot remains unpapered.
The next time another bizarre "template" is proposed, keep an eye out for unraveling in unexpected places.
Blah- the smart, dirty money was gone from Cyprus a month ago- what do you think started all this in the first place?
Well they may have withdrawn quietly but I have a feeling they'll return with a Big Bang.
I wonder if the oligarchs had no better idea than to leave their money on savings accounts...I suppose Cyprus bank worked as intermediaries and the money traveled on to God knows where!
The bank manager with a gun held to his childs head: "Yes sir, no pin neccessary. How much did you need transferring?.. certainly".
BTW Tyler just gave you the comment of the day award!
https://twitter.com/zerohedge/status/316305602739597312
This explains a lot. The fact that certain wealthy Russians were able to get their money out before taking a haircut explains why there is not a large pile of Cypriot bureaucrats in the street in front of the bank.
digitized banking, baby
And just as tough, simply mention that oil and gas supplies to the EU could be on holiday as well. Perhaps, indefinitely?
This drama is better than any episode of As The World Turns...
LOL
Yes, a cold winter could have been unfortunate, but now all is good.
Chekhov tell me that he still doesn't bank in Cyprus, ever since his ancestor Ollie Garkov lost his shirt there. Kirk out.
No wonder there has been silence from Russia and they did not make a deal with Cyprus. They were already moving all their money.
I would loved to have seen the faces of the EUC when they found out the Russian money was gone.
Classic!
So this is why Putin wasn't so upset today. . . . . .
Now this story makes a lot more sense. The idea that billionaire money - - - and especially mafia and KGB money would be grabbed just didnt add up.
I wonder if this aspect of the rape story (the burden is all on them) is ever mentioned in Cypriot newspapers ? Do they read ZeroHedge ?
YEAH!!!!
A BILLION FOR THE BOSS, A PENNY FOR EVERYBODY ELSE!!!
EU assholes bureaucrats want to create European Soviet Union.
Shit, these Russians had this shit for almost 70 years. So, they know how to play this game.
So someone finally gets to say to a banker, "... and its gone."
lol
By the way..., the EU owes me a new keyboard..., and a new contact lense (I think).
It's all fun n' games, till someone loses an eye.
An interesting article from Der Spiegel:
The verdict of Russian state television on Europe's effort to save Cyprus was damning. The last week "will enter the history books of the EU as a destructive one," said Dmitry Kiselev, the presenter of the popular news program Vesti Nedili on the Rossiya channel.
Kiselev heaped criticism on the forced levy to be imposed on bank deposits in Cyprus. He said the last time a Western European government proceeded so recklessly was when Adolf Hitler expropriated the Jews.
Nazi propaganda at the time described the money held by Jewish people as "dirty," said Kiselev. That was precisely how Europe was talking about Russian assets deposited in Cyprus, he added.
...
In the meantime it has emerged that the Kremlin might be willing to provide Cyprus with financial assistance after all. President Vladimir Putin ordered his government to support the efforts of the Euro Group, made up of euro-zone finance ministers, said Kremlin spokesman Dmitry Peskov. Russia plans to extend the terms of the €2.5 billion loan Moscow granted to Cyprus in 2011.
"President Putin considers it possible that the efforts of the Cypriot president and of the European Commission could be supported," said Peskov. Last Friday, Moscow declared that negotiations with Cypriot Finance Minister Michalis Sarris had been concluded without an agreement.
http://www.spiegel.de/international/europe/russia-criticizes-eu-over-cyp...
well, this would explain why the russkies were cool calm and didn't give a shit, except for some theatrics for good show of what was expected...
they will be back for some real bargains, they laughed first and will have the last laugh.
we're talking about people that play chess versus people that play with twitter.
It would also explain why the levy rapidly shot to 40%
I think this was the plan all along.
The Dijsel crew got played like children.
Kiselev is a well known presstitute so i would not take a word of his seriously
So the "bail in" will end up being contributions from a few people who were not in the big club? The small money got protected and the big money got out....that leaves who?
What was the point of all this again?
To destroy an industry in a country that had low tax rates.
It sure seems that way.
Looks like the middle class gets hosed again....
at least they're always thinking of us
Do you want progress or not?
Well the IMF's global reputation is still intact, I see..
And when it comes to one 'shooting oneself in the foot'..
The ECB surely showed the way...
destroy an industry profiting outside NATO-EU
and,
as has been contended here at ZH,
to curb Russian influence (and military bases) in Cyprus,
by debt enslaving the Cypriots (and their potential fossil energy reserves) to the EU Troika cabal.
It was a deliberate wipeout attempt of the Cyprus and Russian middle classes. And Legarde et al., knew it.
On March 18, Reuters wrote: Big Russian Money Out of Cyprus.
"Sources in the wealth management, advisory and banking industry in Nicosia say Russia depositors are typically smaller savers and entrepreneurs. Fiona Mullen, a British economist in Cyprus, said Russians she encounters tend to be buying 300,000-euro homes, not the palaces favored by oligarchs in London.
"'There is a lot of Russian business done through Cyprus,' she said. 'It's so difficult to do business in Russia, you've got to bribe so many people, that it's easier to do it through Limassol. It's kind of the back office for Russia.'
"A business adviser said of his Russian customers: 'Clients would be well off, but not the private jet kind.' Most did not use Cypriot banks to keep money but as a conduit for funds.
"Cyprus charges foreigners no tax on dividend income and capital gains. A double taxation treaty with Russia provides attractive incentives for Russians to use Cypriot banks..."
http://www.reuters.com/article/2013/03/22/us-cyprus-russia-money-idUSBRE92L0PI20130322
I guess they paid the bribe in the end anyway...
The joke's on us, because ...
even after several blogs here, where (1) others pointed out that the Brits have/had even bigger deposits than the Russians, and (2) after I told you several times that most Russians (by number, not total deposit) were in fact small business guys (job-creating entrepreneurs) who were depositing gray money (legally earned but not declared), the media and ZH bloggers are STILL talking mostly about the "Oligarchs".
/Tell me the MSM propaganda isn't working. Even on ZH'ers. /s Sheesh!
Take a step back and look at the bigger picture.
The Eurocrats can't be all of them so stupid to let this happen accidentally. So the Cypriot PM provided time for the Russian's to pull their money last week, while the Eurocrats were watching.
So the intent could have been to reduce the financial connections between Europe and Russia. Now who do you think could have an interest in that, after all the moves to the contrary (so increasing connectedness) for the last years such as fxswaps between the Fed and Euromember central banks?
I get the feeling that someone is starting to put the pieces in place for the next cold war chess game, if not for more than that.
The insured deposits were going to be paid on the assumption that all the Russian money was going to be confiscated. That's the problem.
The cost to the Troika went way the hell up and have been shown as chumps. What is Merkel going to do, run to the Russian Embassy and yell "YOU CHEATED!". Crips.
It's dawning on the ECB and everyone else for that matters, that there is no financial controls and when things get serious, everyone looks out for themselves. You think Russia give a flying you know what about ECB "Rules". Nyet
Why would Merkel run to the Russians? The banks were open in London as per the article. They should be yelling at London...except London was probably leaving those banks open to make sure they were off the people to kill list.
So again...if the big money (Russia) was allowed to leave....and the little money is insured...whose deposits are getting clipped...and what the hell was the whole point of this?
Or there was an express agreement with the russians... Do you really think they're going to just sit there and take it in the ass? All wars are proxy wars for the major powers... a shit ass bank run in BFE skanky europe is no different...
Apparently the ECB blinked on that one...
Well if Merkel was fake mad at Cyprus I can't wait to see how fake mad she is at London for allowing this minor oversight...
What the fuck did the wizard do when toto pulled the curtain? Not a goddamn thing... he's a fucking mortal that was about to get gang raped... albeit by a cowardly lion, but his fate was the same even against that ragtag group.
its.all.theatrics.for.the.spinning.plates
"dead on"
More importantly, if all the big money is gone what is even left to be clipped? This whole plan was never about recapitalizing the banks in the first place (it was nowhere near enough money, right?) so what the hell was the play here? The average middle class shmoe with 110k will lose it all?
Yes, this explains the 4% haircut for the insured accounts...it was the only money remaining to tax.
It seems the Russians are very careful and made sure they had a rip cord exit setup which could be executed at any time necessary 24/7.
Makes sense...and more sense as we find out the details.
Crickets.
Its a "test run" for US actions, our federal reserve backstopped this "deal", if they didn't have explicit Executive authorization they* could be criminally prosecuted under the Foreign Corrupt Practices Act, bribing a foreign government to rip off its citizens is last time I checked a criminal act (bribery, theft) as well as , unless you have "sovereign immunity" which only comes with explicit permission.
*they being whoever put up the X billion in exchange for the ripoff, that is a bribe.
Where is the Congressional investigation of US financial foreign policy?
Or are we all OK with federal Reserved sponsored theft and public foreign policy?
"Where is the Congressional investigation of US financial foreign policy?"
Ha! Where is the congressional investigation of Fed's elimination of free market exchanges in the US through its perverted use of monetary tools? Where is the congressional investigation of the Fed's debasement of the national currency and its destructive consequences...at home and abroad? Where is the congressional investigation of the interference in free markets by the presidential working group on financial markets which effectively chooses winners and losers among market participants as well as obliterates any effective use by market participants of various financial products? Where are congressional representatives of the people as opposed to the lobbyists, cronies, special interest corporates and banksters?
You can be sure a lot of money stayed in/went to the City
No problem. Start negotiations on Bailout II of Cyprus.
It was penciled in for next year, but now needs to be moved up to next month.
Greece needed two bailouts. Cyprus probably will require three.
Ponzi event horizon!!!
Greece has needed two bail-outs so far.
Just look how well their economy has "recovered". The employment figures are the envy of the Western World!!
There'll be a lot of competition for EU Bailouts in the coming months and years - just hope everyone in the Eurozone will be happy to have their bank accounts "trimmed" to provide "assistance to the poor", or will we finally see a trend towards the traditional "savings under the bed" approach - with zero Bank deposit interest, at least you KNOW where your cash stash is located.
We're going to need a bigger bucket.
That's what I was thinking after hearing this. Everthing depended on the big whales aka Russian billionaires still having their money in those banks to be taken. And therefore there would be no cuts to the populace. With that gone (which I can't believe the ECB was so stupid but then again they did start this hair brained scheme in the first place), I guarantee that there isn't enough money of unsecured cyprus people that can cover those bilions and if so, it will destroy what is left of their economy and they will be in a depression real soon. Especially since people will have a run on the bank and take their money out which increases the need for more money to bailout the country.
"The common peasantry will get their insured deposits, but there won't be much to do with them now that the Cypriot economy will be plunging into an abyss of depression for the next decade at least."
and
"looks like the middle class gets hosed again"
My hope would be that the U.S. common peasantry would take a good look a this because the same damn money shuffle is happening here. Everyone is throwing heat at the EU and the Ruskies (niether of which I am a fan of) but the gig is, the cypriots got comfy and complacent and allowed their rulers and banks free reign. Sound familiar? Like maybe who caused the fucking economic problems we still suffer from here? And is playing the same game but at a faster clip?
But then that would be my hope. Unfortunately there be a whole heap of people out there never heard of Cyprus.
Been watching all these threads and see very few postings on how all this will/is impacting us.
Zero Hedge has posted numerous articles re the wealthy getting wealthier and the crooks/bankster (U.S.) getting more brazzen w/ their crimes and only place I see any real anger is on this site. In the streets there still blaming it on blacks and illegal immigrants.
Our time is coming and unfortunately for the most part our citizenry is incapable of comprehending or accepting or doing anything about reality.
Yo Cognitive Dissonance I need some freaking meds!
"cypriots got comfy and complacent and allowed their rulers and banks free reign."
does one really allow a ruler free reign (or rein)? what does being a ruler mean?
as carlin noted: you have owners. they own you.
http://www.youtube.com/watch?v=4jQT7_rVxAE
"The common peasantry will get their ILLUSION OF insured deposits AWHILE LONGER"
TFTFY.
Their deposits don't exist, so they can't get them.
The Debt Money Tyranny music is winding down and the sadistic criminal oligarchs are swooping in to kick granny out of the chair so they can sit down on 10 of them each.
BTW, there is maybe 1 chair for 100 people.
99/100 are going to have very little when this is over.
http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=77
Sergei, speak to them softly but get my fuckings moneys
In any case, I don't think Putin is unhappy.
His mouth piece Medvedev said, "the stealing of what has been stolen continues." Crocodile tears?
The Russians getting hit, to the extent that there are any, are the rich expats, mostly those who had a run-in with Putin.
They have cash and the connections in Russia to give the Dictatorship trouble. I think this does 10 years of dirty work for the Russian Regime. Wheels within wheels.
"There has never been a moment in the history of mankind where the wealthy gets hosed for the sake of the common peasantry."
Look up what happened during the French Revolution.
Look up what happened to the peasantry when Robespierre got going (until he in turn was eaten by his own revolution).
Yes, let us look what happen during the French Revolution, Robespierre and his cohorts took over, lived in luxury, started lopping off the heads of anyone they thought were a threat to their elightened ways.
Repeat after me, "Governments are fucking evil and they all grow towards despotism"
Yes. That certainly was Orwell's contention.
If I was in charge I would be different. Promise.
and napoleon was different from the bourbon monarchy. he invaded russia with a citizen army, captured moscow and began his great retreat in mud season. oops.
obama is different from bush. darker, with a better jump shot, perhaps not as good with a chain saw.
Jeff , the great army was not a citizens army, second Moscow was abandoned not captured, there was no other time to retreat they would of starved! There is no oops, what he tried was impossible. You think your mighty empire could hold Moscow? Who is paying? You are broke!
You have no clue on French history , alors silence!
“ In questions of power, let no more be heard of confidence in man, but bind him down from mischief by the chains of the Constitution.”
~Thomas Jefferson
"Power corrupts. Absolute power corrupts absolutely"
~Lord Acton
Debt Money Tyranny - the world enslaved by 3rd grade math (reality is much stranger than fiction)
http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=...
Share the link far and wide... Can't stop the signal of prima facia establishment fraud - the whole stinking thing for 100+ years that they kept silence in the face of a fraudulent monetary system.
American Revolution, French Revolution, Russian Revolution, ... even going back 5,000 years, check out NOVA's "Iceman Murder Mystery."
In fact, "revolution" seems to be mostly used when the status quo and wealthy/entrenched are the losers.
I didn't give the down arrow, but I think there are plenty of counterpoint historical examples. What we see today has been the cyclical nature of humans since the beginning of time.
The wealthy will continue to try to consolidate power, amass fortunes, and pass them on to offspring untaxed until their drive is so oppressive that they lose it all in the backlash. This is the way it has always been and why the happiest people are rarely the very rich or the very poor.
Templates exist on both sides.
That Dutch Fin Min spoke the truest words ever spoken today. This will be the template going forward. The most important part of the template being that certain depositors will absolutely be able to get their money out during the bank holiday.
Yeah the banking system is not a totally fraudulent rigged mess. Yes let's trust it with our life savings....
Hosed... maybe not... guillotined though...
Bond, James Bond...
Haircuts now to 70%
"There has never NEVER been a moment in the history of mankind where the wealthy gets hosed for the sake of the common peasantry. I thought this was the case....but guess I was an idiot."
There, fixed it, we knew what you meant to say
all i want to do is to reduce the dominance of rentiers in this society. otherwise wealthy i want to protect. i also still hope for restoration of the relatively free price discovery in the markets, ie all markets ;)
I don't know why you ever thought it was all about hosing the wealthy for the sake of the common peasantry. Where in the world did you ever get that idea? It was simply one group of wealthy elites trying to confiscate the property of another set of wealthy elites. The peasantry were going to get proper f*cked regardless of how it worked out.
The comic farce this has become is ridiculous. However, I do find it endlessly amusing to see the banksters (IMF et al) getting bankstered by the Russians.
The headline of this story may be why Russia doesn't seem overly upset about the course of events. The one week window given to them was probably part of the deal.
I thought they where flushed out early?
Good I hope they did. Especially since Russia got rid of much of it's private bank and made it public. Something that spits in the face of the Eurocrats, Rothschilds, Rockefuckers and other western central bank scum.
Epic Fail
My new beverage will be titled: "Fepic Ale".
I like it!
How about "Expropriation Stout" or "Levy Lager"?
cloudy club soda?
"chickens last stand" blond ?
DieselBoom Spritzer, with a Fibonacci Swirl ! Lights out after one of these.
The guy in the picture is Croatian. Has the money split for Split? ;-)
more than a month ago.
almost all of it.
Who couldn't have seen this coming?
Schaeuble - both his intellect and his integrity are as crippled as his body.
Sitting in his wheelie chair gloved hand rising, screaming about an "Island Gap"
Well this puts "Russian mob" in front of bondholders, taxpayers, investors, and depositors, but we knew that already.
Now, who goes in front of "Russian mob"?
I would say the "War on Drugs" mob who just goes straight to UBS and other banks to launder their money.
If you end up in front of the "Russian mob" Its called a firing squad
Now, who goes in front of "Russian mob"?
Cypriot politicians, who signed this deal.
On their knees head bowed, pistol at the back of their heads.
Boom,...............payback!
Who goes in front of the "Russian Mob"? A: The London Mob with even more money in there... London Calling
http://www.youtube.com/watch?v=EfK-WX2pa8c
<sarc on>The troika are real geniuses.<sacr off>
Thanks for the sarc guidance
This is only what they know about so far.
Put a tent over this circus!!
So the good ole City of London kindly turned a blind eye...nice
"So the good ole City of London kindly turned a blind eye...nice"
Indeed, and done with the aplombe and tact of real finacial masters crooks....who have done swindle 101 at Eaton and Harrow....oh yes, and the London Poly....
Now we see why the British politicos didn't want to restrict the bankers' bonuses there. Their guys are genuises.
I find it fascinating that this secret was kept for a week.
What can be created with a click of a button can moved with that same button.
Fiat. Hoisted upon its own petard>
When youre a bank exec, how else will you keep yourself and your family off a Russian hit list?
Incredible. Now ZH publishes articles about what might have happened. Enquiring minds want to know.
Feel free to ask the bankers for the account details. Or the oligarchs themselves.
I think it's probably safe to assume that such a gaping loophole was exploited over the course of the week it was left open. Particularly by people who presumably aren't balancing their own checkbooks.
ECB leaning on Latvia... More stench...
Well, that explains why the Russians were relatively calm through all of this. Putin must be pissing in his pants laughing.
Call me cynical, but could it be that the bulk of the deposits were long gone due to fraud, illegal reinvestment, risk loss and banker profligacy? I think that there is so much fraud, the books were seriously cooked. It would explain why the banks would leave subsidiaries in other countries open, so they can say, "They took it all. See? Look at these [fake] transactions."
I'm sure there was much capital flight ex-post facto, but the Cyprus banks may have intentionally left the spigots open as cover to the funds already misappropriated or otherewise gone. I know it's hard to imagine that our illustrious financiers would ever think of running a second set of books as it became serious.
The EZ told the Cypriots that Greek bonds were safe, so one bank bought 3 billion euros worth. After the Greek haircuts they're worth 700 million.
This is just one example and shows that the Troika is doing nothing to stop the contagion but instead just keeps passing it from one jurisdiction to another.
its standard practice...look at the$600m transfer from lehmans europe to lehman bros in the US, on the fateful september weekend that they failed, via JP Morgan of course..but we won't hear anything more about that, particualrly since it was the europeans that lost the money and the US that gained.
A little like passing gold amongst each other in underground vaults. Audit it all at once (fantasyland, I know) and they would have difficulty showing piles of tungsten in many places at once, just as they would be unable to do with unhypothecated customer funny money.
yep...in the bank of england, there has only ever been one gold bar "audited" by the 5,000 different owners?