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The Russians Are Outtahere: "The Cypriots Killed Their Country In One Day"

Tyler Durden's picture





 

It appears the Cypriots (or more clearly the European leaders) do not appreciate the extent to which Russia has propped up the local economy. “When the Russians leave who is going to stay at the Four Seasons for $500 a night? Angela Merkel?” one wealthy Russian asks rhetorically, as The FT reports, they are receiving a deluge of overseas phone calls from helpful Swiss bankers looking to swoop up the deposit transfers. "The locals should understand: as soon as the money leaves, the people who go to restaurants, buy cars and buy property leave too. The Cypriots’ means of living will disappear," and there are signs that the locals are getting how drastic this situation is, as a large billboard has sprung up at Larnaca Airport with a Russian flag and the words "Brat’ya ne predaite nas!" - "Brothers, don’t betray us!" Many Russian businessmen appear to have one foot out of the door already and are considering whih jurisdiction to move to as they await to see if Medvedev follows through on his threat to dismantle the double tax treaty with Cyprus.

 

And now the rumors are that billionaire Russian tycoon Roman Abramovich, owner of Chelsea Football Club, has been arrested in the USA.

 

Via The FT,

...

 

One Cypriot lawyer with Russian clients said he had already been approached by half-a-dozen European banks in locales ranging from Latvia to Switzerland to Germany, some of them promising they could open new bank accounts for his clients in under an hour.

 

...

 

The Cypriots killed their country in one day,” says Mr Mikhin, referring to Friday March 15, when President Nicos Anastasides accepted the EU’s proposal to seize €5.8bn in emergency funds from Cyprus’s local and foreign depositors.

 

...

 

“The locals should understand: as soon as the money leaves, the people who go to restaurants, buy cars and buy property leave too. The Cypriots’ means of living will disappear,” he says.

 

“They are saying we laundered all the money, but they lived on that money for 10 years and forgot about it.”

 

...

 

Says another Nicosia-based lawyer: “I don’t understand why it is money laundering when it’s in Cyprus, when in London it’s a perfectly respectable company.”

 

...

 

If the double-taxation treaty is lifted there will be no reason for us to stay in Cyprus,” an oligarch’s Russian lawyer says bluntly.

 

Mr Mikhin complains that the Cypriots do not appreciate the extent to which Russia has propped up the local economy. “When the Russians leave who is going to stay at the Four Seasons for $500 a night? Angela Merkel?”

 

But there are signs that a growing number of locals realise how drastic a mass emigration of Russian business would be.

 

Over the past week, a new billboard has sprung up on the highway between Limassol, the palm-treed beach town favoured by the Russians, and Larnaca International Airport.

 

Drawing on Russia and Cyprus’s shared Orthodox faith and deep political ties dating back to the Soviet era, the advertisement displays a massive Russian flag, with a desperate plea in Russian underneath: “Brat’ya ne predaite nas!”

 

“Brothers, don’t betray us!”

 


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Mon, 03/25/2013 - 13:49 | Link to Comment Hippocratic Oaf
Hippocratic Oaf's picture

'Brothers don't BETRAY us'

???

Pot calling kettle black me thinks.

Mon, 03/25/2013 - 13:52 | Link to Comment redpill
redpill's picture

The Cypriots didn't do anything, they didn't get to vote on this one.

But they couldn't have bailed out those banks even if they wanted to, so it's a moot point.  This was inevitable once they invested in Greek bonds.

Mon, 03/25/2013 - 13:53 | Link to Comment RSBriggs
RSBriggs's picture

"This was inevitable once they WERE FORCED TO invest in Greek bonds."

There - fixed it for you.

Mon, 03/25/2013 - 13:56 | Link to Comment akarc
akarc's picture

This was inevitable once GS got done with Greece

Mon, 03/25/2013 - 16:01 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

"I don’t understand why it is money laundering when it’s in Cyprus, when in London it’s a perfectly respectable company.”

Because in London, dear chap, they do not do business with "oligarchs" and "mouthpieces".

And it's London's job, not yours.

S/

Mon, 03/25/2013 - 16:15 | Link to Comment walküre
walküre's picture

Oh but they do business with oligarchs and the Queen loves the company too!

Fuck the City. Pestilence and small pox on them.

Mon, 03/25/2013 - 21:59 | Link to Comment Youri Carma
Youri Carma's picture

London is criminal bankster city number one. But don't worry the pound and the UK are doing just fine with these great banksters ..ugh... ugh...

Mon, 03/25/2013 - 13:56 | Link to Comment James_Cole
James_Cole's picture
"The ECB Killed Cyprus In One Day."

Fixed.

Mon, 03/25/2013 - 13:57 | Link to Comment kliguy38
kliguy38's picture

"Malinvestment" bitchezzzzzzz......and the U.S. is LOADED with it......gl

Mon, 03/25/2013 - 14:01 | Link to Comment smlbizman
smlbizman's picture

yeah thats the line that makes me laugh most,...they bought that greek junk cause they wanted to....

Mon, 03/25/2013 - 14:25 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

"Brothers, don't betray us!"

Russia's response......

"Comrades, we haven't but you're still phucked!"

 

 

Mon, 03/25/2013 - 14:16 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Correct me if I'm wrong but Cyprus has plenty of natural gas, and therein lies the rub on Russia.  The world is moving as if LNG is the next cheap oil.

Island nation, English bases, fossil fuel reserves, wtf is this, the Falklands?

Mon, 03/25/2013 - 15:07 | Link to Comment Winston Churchill
Winston Churchill's picture

Most of the gas field is in Israeli/Palestinain waters.

Turkey disputes jurisdiction on the very small balance,

The reserves are totally unproven in any case.

Don't believe everything you read.

Mon, 03/25/2013 - 15:30 | Link to Comment taraxias
taraxias's picture

Horseshit.

The gas find has been confirmed by Noble and it's in the Cyprus AOZ.

Mon, 03/25/2013 - 18:10 | Link to Comment laomei
laomei's picture

There's more than one Cyprus however, and Cyprus has no money to actually exploit the gas anyways.

Tue, 03/26/2013 - 08:29 | Link to Comment nicxios
nicxios's picture

No there is not more than one Cyprus. There is Cyprus and an illegaly occupied part of the island only Turkey recognizes.

Mon, 03/25/2013 - 14:18 | Link to Comment Stock Tips Inve...
Stock Tips Investment's picture

Europeans really believe they are solving the Cyprus problem? Imagine what will happen in ste small country in the coming months? I would not be in place.

Mon, 03/25/2013 - 14:24 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

The Greeks must feel a lot better about themselves.    At least they're now just the second most screwed up EU partner. 

Mon, 03/25/2013 - 15:37 | Link to Comment asteroids
asteroids's picture

No, the Greeks are fucked. Cyprus will now be forced to liquidate all those bonds in order to make depositors whole. They should force the ECB to buy them at par. But, I suspect the ECB will offer them 30cent/euro.

Mon, 03/25/2013 - 13:56 | Link to Comment localsavage
localsavage's picture

Funny how there was never talk of the bank investors loosing all of their money or the bank repaying these confinscations with interest down the road.  If i were a banker, I would sleep with one eye open.

Mon, 03/25/2013 - 13:59 | Link to Comment earnyermoney
earnyermoney's picture

I'll bet the "choice" to invest in Greek bonds was at the point of a gun?

I might not remember correctly, but the purchase of Greek debt was spread around the EU members, correct?

Mon, 03/25/2013 - 14:02 | Link to Comment Dr. Engali
Dr. Engali's picture

When 61% of the Cypriots want to stay in the EU regardless of the actions that were taken , I would say they certainly did betray Russia.

Mon, 03/25/2013 - 15:14 | Link to Comment Arisu
Arisu's picture

Honestly, I think those opinion polls have to be taken with more than just one grain of salt:
"Tesa Arcilla reports that a poll of Cypriots found that 67% want to exit the euro zone and instead want closer ties with Russia."

In my opinion, those polls are never representative, despite what people claim, which is why they are used as a tool to sway public opinion, due to the anticipated effect of leaving the adherents of the unfavorable result with the feeling of being alone, or at least in the minority, even when they are in truth not.

Mon, 03/25/2013 - 14:14 | Link to Comment kito
kito's picture

@redpill...they couldve set a precedent and told Pig Merkel to fuck off.......leave the eu......revert to the cypriot pound...pay off the creditors....leave the large russian depositors broken but intact...the currency may not have been worth much...but at least it wouldve been SOMETHING.........the decision by cyprus to accept the blood money by Pig Merkel means the russian investors are left with NOTHING, cyprus continue their debt slavery and they sold out their largest clientele in the process.......

Mon, 03/25/2013 - 14:26 | Link to Comment bagehot99
bagehot99's picture

And they are still stuck with the fucking Euro. It's almost funny.

Almost.

Mon, 03/25/2013 - 19:43 | Link to Comment trader1
trader1's picture

who cares about the russians, anyways?

<<< for russians and their sympathizers to express themselves

Mon, 03/25/2013 - 14:17 | Link to Comment Lordflin
Lordflin's picture

You are correct... a bunch of poor folks just trying to raise families... cattle to the oligarchy... salt of the earth, I say. Time to break out the pikes.

Mon, 03/25/2013 - 14:19 | Link to Comment Jack Burton
Jack Burton's picture

Good point "redpill", only a madman, or someone sure of complete ECB money printing backing for them, would have bought Greek bonds!

My god damn cat is smart enough to not have touched anything Greek for at least the last 3 years!

Cyprus is now a ward of the EU. Russia has no need to help the economy or bailout the banks. Russia had a nice warm place to put their loot, there are other places. And a lot of this money is dirty, but as one person said above, if this is done in London, it is an honest business, if done in Cyprus, they call it money laundering.

London is and has been ground zero for every drug and terrorist dollar on earth. The London bankers and trader make a good living laundering money from drugs, sex slaves, blood diamonds, Russia coal mines, Russian prison camp labor, insurance fraud, Christ! You name it and the London banks are up to their lips in it. I would not doubt if Al-Qaeda has numerous accounts in London to clean up their heroin money, NOT to mention the government leaders of Afghanistan, they launder their opium money in London.

Canary Warf and The City are full of highly paid money launderers!

Mon, 03/25/2013 - 14:28 | Link to Comment bagehot99
bagehot99's picture

It's not money laundering if you wear a Gucci suit.

It's wealth management.

Mon, 03/25/2013 - 15:32 | Link to Comment Key-Rick
Key-Rick's picture

How does changing where you deposit your money constitute laundering?  If it's money obtained illegally, storing it out of the country doesn't make it clean, just out of reach of the owner's home country.

Money laundering is setting up a legitimate looking business and running ill-booten gotty money through it disguised as legitimate revenues.

Perhaps we're talking more along the lines of "hiding" ill-gotten gains, or avoidance of taxation on those gains.  That's a different story.  People have been hiding money they don't want people to find for whatever reason for centuries in.............Switzerland.  Swiss bankers are notorious for not asking where the money came from and not sharing information about the depositors with anyone.  What's the difference?

Mon, 03/25/2013 - 16:51 | Link to Comment BorisTheBlade
BorisTheBlade's picture

It's obviously not about money laundering being a problem, it's about the fact that Cyprus several steps lower in a food chain compared to other money laundering centres. Cyprus goes down, Luxembourg, London, Switzerland are to benefit. Cyprus was appointed a loser, that's the difference.

Mon, 03/25/2013 - 14:26 | Link to Comment kaiserhoff
kaiserhoff's picture

Leo always loved Greedy Greek bonds.

 

Poor, Leo.

Mon, 03/25/2013 - 14:34 | Link to Comment akak
akak's picture

No, deserving Leo.

Mon, 03/25/2013 - 15:24 | Link to Comment JPM Hater001
JPM Hater001's picture

"The Cypriots didn't do anything,"

 

WHOA!!!!

Someone spent the 13 billion and had one hellofa party r-p.

Mon, 03/25/2013 - 15:47 | Link to Comment MartyBee
MartyBee's picture

Everyone is an expert on Cyprus these days. Here's another article I came across and thought I would share it, and maybe get some discussion, comments on it's validity, lack thereof, or throw it in the dust bin of another conspiracy theory.
What's going on in Cyprus is more than just stealing money from the people and giving it to the banks. After all, they are only looking to raise a paltry $10 billion. The Fed prints the equivalent of that amount every 3 days! And they have given Greece hundreds of billions! Why would they 1. deny Cyprus chump change and 2. go about it the way they have by stealing from depositors and risking a run on the banks? The only reason I can come up with is, it was intended that way, the same as that which is at the root of every conflict. To protect any threat against the all mighty petro-dollar. They did it when Saddam wanted to trade oil for Euros. In the case of Cyprus, by destroying the reputation and any viability for the Euro. Now that the Euro has risen from 80cents/US dollar to 1.30/US dollar and most countries have stopped increasing their US dollar reserves in preference of the Euro. This is a threat. The Euro now makes up 25% of most countries reserves and was Iran's preferred currency for the sale of it's oil reserves. By destroying the Euro they will have destroyed Iran, North Korea, Cuba, etc, plus 25% of most countries reserves... all without having to fire a single bullet or declaration of war. They have done it before. In the 80s when oil prices were rising and so was Russia as a result, they had the Saudi's revise their reserves up and flood the market with oil. And so did every OPEC member. By that action they destroyed Russia's economy without firing a single shot. Ask yourself, why hasn't the UK joined the Euro? Could it be because they know the fate of the Euro? Why is Germany repatriating their gold? Could it be because they see it coming and want to possibly re-issue the Deutsch Mark? Ireland, Portugal, Spain, Italy, Greece, Cyprus and maybe even France will just be the casualties (the PIIGS that get slaughtered) for the protection and the reign supreme of the all mighty US dollar. The undisputed world currency.
These are very dark and powerful forces. The Fed, IMF, WTO, etc. The people behind these organizations will stop at nothing. They have even had presidents killed! Abraham Lincoln for introducing the green-back and JFK for executive order 11110 which allowed him to issue approx. $4 billion in currency, which was quietly and quickly removed after his assassination.
It is rumoured that the Fed has printed and loaned Europe another $1.2 trillion this January to fund it's banks. This money will have to be paid back, with interest! Europe will have to labour to pay back this money. And when they do, where will the interest owed come from? when the Fed only printed and loaned $1.2 trillion. The interest doesn't exist. The Fed/IMF/World Bank can then bankrupt Europe, as they have done to most 3rd world countries... Sending those European countries to 3rd World status. They may also allow those countries to settle those debts by giving up whatever they have left of their gold reserves. Because they have the power to print and issue money. They loan you the money. Then they call the loan. If you don't have it they will allow you to settle in hard assets. Sometimes for pennies on the dollar. Eventually they will control and rule the world. The Rothschild Family and the throne of England are at the top of the pyramid.
Anonymous

Mon, 03/25/2013 - 16:03 | Link to Comment billsykes
billsykes's picture

It's just so bizarre that reasonable intelligent individuals let this go on.

The question no one in the world in any mainstream media will ask: 

 

How exactly do banks lend the EU money based in Euro?

Who authorizes and makes the money, the EU or the bank? 

If your answer is the bank then the bank owns the EU.  

 

I find that pretty incredible that there is this powerful unpaid self reinforcing censorship. step back from it for a second, apply this to a bunch of different things- no one speaks out. Not 1 disgruntled blue collar worker fired working at a pink slime company, not 1 person at a monsanto or aspertime, not 1 teacher (recent), not 1 you name the shitty shit NGO, company, or anything. Fuck they had to hack the CO2 scammers to reveal that they were fudging data.

Either everyone is in on it forever and somehow gets a check, or there is something else as I have not gotten anything in my mailbox.   

 

Mon, 03/25/2013 - 17:52 | Link to Comment MartyBee
MartyBee's picture

Even the Fed have bosses.

US, Canada, New Zealand, Australia are NOT independent and belong to the Crown...

It’s a real eye opener to know that the Middle Inn of the Crown Temple has publicly acknowledged there were at least five Templar Bar Attornies, under solemn oath only to the Crown, who signed what was alleged to be an American Declaration of Independence. This simply means that both parties to the Declaration agreement were of the same origin, the Crown Temple. In case you don’t understand the importance of this, there is no international agreement or treaty that will ever be honored, or will ever have lawful effect, when the same party signs as both the first and second parties. It’s merely a worthless piece of paper with no lawful authority when both sides to any agreement are actually the same. In reality, the American Declaration of Independence was nothing more than an internal memo of the Crown Temple made among its private members.

More here: http://www.freedomwriter.com/issue27/am77.htm

Mon, 03/25/2013 - 17:24 | Link to Comment BlackVoid
BlackVoid's picture

Does not make sense sorry.

The FED wants a weak dollar and they are getting it. Yes, now there is a small bump, but that is not significant. They would not do this just to slow down dollar depreciation. 

The goal is one or both of these:

- to check if it works to confiscate bank accounts

- antagonize Russia and EU zone

Mon, 03/25/2013 - 18:49 | Link to Comment trader1
trader1's picture

i like the way you think, but what do repatriating gold and re-issuing the D-mark have even remotely in common? 

if history is any guide, the one is not implicit of the other.

 

Mon, 03/25/2013 - 15:47 | Link to Comment MartyBee
MartyBee's picture

Everyone is an expert on Cyprus these days. Here's another article I came across and thought I would share it, and maybe get some discussion, comments on it's validity, lack thereof, or throw it in the dust bin of another conspiracy theory.
What's going on in Cyprus is more than just stealing money from the people and giving it to the banks. After all, they are only looking to raise a paltry $10 billion. The Fed prints the equivalent of that amount every 3 days! And they have given Greece hundreds of billions! Why would they 1. deny Cyprus chump change and 2. go about it the way they have by stealing from depositors and risking a run on the banks? The only reason I can come up with is, it was intended that way, the same as that which is at the root of every conflict. To protect any threat against the all mighty petro-dollar. They did it when Saddam wanted to trade oil for Euros. In the case of Cyprus, by destroying the reputation and any viability for the Euro. Now that the Euro has risen from 80cents/US dollar to 1.30/US dollar and most countries have stopped increasing their US dollar reserves in preference of the Euro. This is a threat. The Euro now makes up 25% of most countries reserves and was Iran's preferred currency for the sale of it's oil reserves. By destroying the Euro they will have destroyed Iran, North Korea, Cuba, etc, plus 25% of most countries reserves... all without having to fire a single bullet or declaration of war. They have done it before. In the 80s when oil prices were rising and so was Russia as a result, they had the Saudi's revise their reserves up and flood the market with oil. And so did every OPEC member. By that action they destroyed Russia's economy without firing a single shot. Ask yourself, why hasn't the UK joined the Euro? Could it be because they know the fate of the Euro? Why is Germany repatriating their gold? Could it be because they see it coming and want to possibly re-issue the Deutsch Mark? Ireland, Portugal, Spain, Italy, Greece, Cyprus and maybe even France will just be the casualties (the PIIGS that get slaughtered) for the protection and the reign supreme of the all mighty US dollar. The undisputed world currency.
These are very dark and powerful forces. The Fed, IMF, WTO, etc. The people behind these organizations will stop at nothing. They have even had presidents killed! Abraham Lincoln for introducing the green-back and JFK for executive order 11110 which allowed him to issue approx. $4 billion in currency, which was quietly and quickly removed after his assassination.
It is rumoured that the Fed has printed and loaned Europe another $1.2 trillion this January to fund it's banks. This money will have to be paid back, with interest! Europe will have to labour to pay back this money. And when they do, where will the interest owed come from? when the Fed only printed and loaned $1.2 trillion. The interest doesn't exist. The Fed/IMF/World Bank can then bankrupt Europe, as they have done to most 3rd world countries... Sending those European countries to 3rd World status. They may also allow those countries to settle those debts by giving up whatever they have left of their gold reserves. Because they have the power to print and issue money. They loan you the money. Then they call the loan. If you don't have it they will allow you to settle in hard assets. Sometimes for pennies on the dollar. Eventually they will control and rule the world. The Rothschild Family and the throne of England are at the top of the pyramid.
Anonymous

Mon, 03/25/2013 - 16:21 | Link to Comment walküre
walküre's picture

makes sense

it's hard to get rid of weeds. they keep coming back and stronger.

Mon, 03/25/2013 - 13:49 | Link to Comment Tinky
Tinky's picture

Newest addition to the ABSOLUTE Vodka stable: ABSOLUTE IDIOCY

Mon, 03/25/2013 - 13:56 | Link to Comment ziggy59
ziggy59's picture

I think that Absolut is Sweden made..

Mon, 03/25/2013 - 14:05 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

Was... until the Swedish Absolut Idiots sold it.

Mon, 03/25/2013 - 14:17 | Link to Comment idea_hamster
idea_hamster's picture

The Swedes technically committed to join the Euro -- but did not agree to a specific date by which they would do so.

I think they get a style point for that one.

Mon, 03/25/2013 - 15:15 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

Don't get too excited as Swedes are as broke as everybody else.

 

3 out of 6 top-rated banks on this chart are Swedish, with the fourth TBTF ranking 15th. What an achievement, you might say. How does one get to be so successful? Easy - enact a national banking policy of 0% reserve requirements and convince all the debt slaves that they need not worry, the state will forever take care of them as long as they consume like there is no tomorrow; until times change and it doesn't. 

Once Sweden's RE bubble pops we'll all get to witness sceneries far worse than what we've already seen in Greece or Spain. 

Tue, 03/26/2013 - 09:21 | Link to Comment idea_hamster
idea_hamster's picture

Oh, I agree -- IIRC, Sweden has some EPIC level of exposure to the Eastern European countries that were expected to ride the wave of expanding industrial production (Ukr, Bel, etc.) and hold huge amounts of Euro- and CHF-denominated debt that cannot ever be re-paid.

But as far as savvy negotiating tactics, I think the "We promise to join!  (But we won't say when.)" move showed some prescience.

Mon, 03/25/2013 - 14:07 | Link to Comment Urban Redneck
Urban Redneck's picture

But it's owned by the French... (the liquor industry itself is an oligarchy despite the hundreds of major brands)

Mon, 03/25/2013 - 14:12 | Link to Comment WarHorse
WarHorse's picture

You buy the bottle for the same price but it's empty

Mon, 03/25/2013 - 14:39 | Link to Comment thisandthat
thisandthat's picture

It's just water, but you can't complain because that's what it says in the label (vodka=diminutive for water).

Mon, 03/25/2013 - 13:50 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Time for the people of Cyprus to roll those guillotines to the homes of their democratic "representatives" and their "trusted" bankers.  Go Cyprus, go Icelandic x1000!  The sooner you do, the sooner you recover.

Mon, 03/25/2013 - 13:52 | Link to Comment Bastiat
Bastiat's picture

And don't forget any GS people who conspired with the Greeks to hide their true situation, creating a false image of the risk.

Mon, 03/25/2013 - 14:31 | Link to Comment Professorlocknload
Professorlocknload's picture

GS using guided imagery techniques?

I posted this middle of the night last night, but here again, catch the first sentence under description, if the page even still loads!

http://www.laiki.com/EN/Individuals/Deposits/Savings/Pages/SavingsAccoun...

Could be BAC or Ally, or? OK, Countrywide?!

I got this here bridge------

Mon, 03/25/2013 - 14:43 | Link to Comment thisandthat
thisandthat's picture

 

The Savings Account provides us immediate access to your deposits and enables us to withdraw cash without giving notice.

There, fixed it a bit.

Mon, 03/25/2013 - 15:03 | Link to Comment JayKitsap
JayKitsap's picture

I looked elsewhere on the laiki site.  A big section on Private Banking including "Asset Allocation", "Offshore Banking", and "Portfolio Management"

I wonder if a 40% haircut was discussed in their "Asset Allocation" presentation.

So these banks lost their shirts investing in Greece.  But we were told that Greece was solved with their haircut.  Now those getting the Cyprus Cut will default on those loans that had the Cyprus money as collateral.

Didn't the French Banks have a huge stake in Greece.  Don't the British have a huge stake in Spain.  Soon the IMF will mean In search of More Funds.

 

 

Mon, 03/25/2013 - 13:50 | Link to Comment Bastiat
Bastiat's picture

Karrump! In its own footprint.

Mon, 03/25/2013 - 13:52 | Link to Comment Professorlocknload
Professorlocknload's picture

Killed their own economy in a day and sent a message to the smug throughout the world on the folly of the illusion of security.

Even FDIC ends in "Corporation."

Mon, 03/25/2013 - 14:25 | Link to Comment Professorlocknload
Professorlocknload's picture

But wait, there's more. Granted, it took Ed Bernays type snake oil salesmen to lead 'em into the bank in the first place, but they voluntarily opened their accounts.

Folks chided me for not joining the re-fi party back in 05.

They are most likely, if they have any means left, the ones who are jumping into equities and bonds about now. Though I asked one the other day if he was still in the markets. He answered "Markets are too risky. No, I'm in mutual funds now." What can I say?

There are folks out there that will sell you a two pack a day smoking habit, then turn right around and sell you a burial plot. Fooled twice?

http://www.prwatch.org/prwissues/1999Q2/bernays.html

 

 

 

Mon, 03/25/2013 - 13:51 | Link to Comment Cursive
Cursive's picture

Don't betray us?  OK, everything on your terms, then.  Every party in this Euro soap opera deserves what they get.  Then move it here to the States and get it over with already.

Mon, 03/25/2013 - 13:52 | Link to Comment Neethgie
Neethgie's picture

Cyprus deserves all it gets govt of traitors should have left the eu

Mon, 03/25/2013 - 13:52 | Link to Comment Ms. Erable
Ms. Erable's picture

Cypriots: The Russians haven't betrayed you. Look to London, Berlin, and Brussels for the culprits and act accordingly.

Mon, 03/25/2013 - 13:54 | Link to Comment ziggy59
ziggy59's picture

You left out U.S. Fed

Mon, 03/25/2013 - 14:32 | Link to Comment Hongcha
Hongcha's picture

The stroke of a pen

has pushed Cyprus back to fishing village status.

Mon, 03/25/2013 - 13:54 | Link to Comment financial apoca...
financial apocalyptic contagion's picture

Abramovich was not arrested

http://www.reuters.com/article/2013/03/25/us-abramovich-denial-idUSBRE92...

Go chelsea fc blue is the color

Mon, 03/25/2013 - 14:25 | Link to Comment Jack Burton
Jack Burton's picture

No! Arrest that swine Abramovich! I get sick of his ugly face sitting like a god overlooking the Chelsea FC.

Blue is the color. The color of Manchester City!  "The City is Ours"!!!

Mon, 03/25/2013 - 14:49 | Link to Comment thisandthat
thisandthat's picture

...If by Ours you mean His.

Mon, 03/25/2013 - 13:56 | Link to Comment Mordenkainen
Mordenkainen's picture

*Long tumbleweeds.

Mon, 03/25/2013 - 14:13 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Calling my broker to get me in Coyote Howls, asap, at any price.

Mon, 03/25/2013 - 13:56 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Here's a great and fitting quote, whose credit goes to Brett Johnson @ Santiago Capital (one of the ZH advertisers). In his latest presentation, (sent out today) he shows a slide with pics of Mahatma Ghandi and Paul Krugman and says:

"It is better to deserve honors and not have them, than to have them and not deserve them".

Mon, 03/25/2013 - 15:12 | Link to Comment StandardDeviant
StandardDeviant's picture

For instance, a Nobel Peace Prize.

Mon, 03/25/2013 - 13:56 | Link to Comment bluskyes
bluskyes's picture

Should have pulled an Iceland.

Mon, 03/25/2013 - 14:51 | Link to Comment HoaX
HoaX's picture

Sure, and no one would have gotten a single cent then, up or below 100k.

For all the slack Europe is getting they at least stand up for the "small" folk here, without Europe the entire country would have gone bankrupt and ALL deposits would´ve been whiped out. Plain and simple. The Cypriot banks were in deep doo-doo way before 2011, so the Greek bond story makes for a nice story, but doesn´t fly in this case.

Also funny how the old Cypriot Finance minister now works at the FED btw. Have fun with him you guys!

p.s. Want to buy a sunny, although slightly rocky, half of an Island? If anything you could turn it into a new Alcatraz, imagine the business opportunities!

Sat, 04/06/2013 - 16:16 | Link to Comment bluskyes
bluskyes's picture

The people might be poor, but they would bounce back. Plus they would have the satisfaction of seeing many of these banker bastards go to prison. It would also send a clear message to Europe, to not go about it's matters like a bull in a china shop.

Mon, 03/25/2013 - 13:57 | Link to Comment ziggy59
ziggy59's picture

Billboard : Brothers, can you spare us a Billion?

Mon, 03/25/2013 - 15:07 | Link to Comment ebear
ebear's picture

Don't short me, bro

Mon, 03/25/2013 - 13:57 | Link to Comment DutchR
DutchR's picture

Greed and history, there must be some parallel.

 

Mon, 03/25/2013 - 13:59 | Link to Comment valley chick
valley chick's picture

and once the money is gone...Cyprus = Detroit

Mon, 03/25/2013 - 14:09 | Link to Comment dynomutt
dynomutt's picture

A very sunny and warm Detroit.

 

Well, there are always rich Norwegians who can go visit, I guess.

Mon, 03/25/2013 - 14:01 | Link to Comment Bay of Pigs
Bay of Pigs's picture

“I don’t understand why it is money laundering when it’s in Cyprus, when in London it’s a perfectly respectable company.”

And what about the honest and fine city of New York and highly successful banks like JPM and Goldman Sachs?

 

Mon, 03/25/2013 - 14:01 | Link to Comment ziggy59
ziggy59's picture

I guess lunch is over, and the PPT is not celebrating Passover, yet.
Why hasnt there been any viruses that flip the algos or hack them?

Mon, 03/25/2013 - 14:17 | Link to Comment Disenchanted
Disenchanted's picture

Our 'Muslim' President Baruch Obama will be hosting a Passover Seder @ the White House tonight for the 5th year in a row.

Imagine that...

 

The seder this year will be held on Monday, the first night of Passover, days after Obama returns from his first trip to Israel as president. Obama referenced the seder during a speech he gave to Israeli students at the Jerusalem International Convention Center. “After enjoying Seders with family and friends in Chicago and on the campaign trail, I’m proud to have brought this tradition into the White House,” Obama said. “I did so because I wanted my daughters to experience the Haggadah, and the story at the center of Passover that makes this time of year so powerful." Israeli Prime Minister Benjamin Netanyahu’s wife Sara gave Michelle Obama a silver seder plate as a gift to use at the White House seder.

 

Also covered here:

Obama continues Passover tradition
Mon, 03/25/2013 - 15:41 | Link to Comment PrintemDano
PrintemDano's picture

Israeli Prime Minister Benjamin Netanyahu’s wife Sara gave Michelle Obama a silver seder plate as a gift to use at the White House seder.

 

 She'll probably put her used supersized maxi pads in it.

 

Mon, 03/25/2013 - 14:02 | Link to Comment Uncle Zuzu
Uncle Zuzu's picture

Cyprus willl give up on the Euro and go back to the Russian sphere.  They need Russia as a bulwark against Turkey which took over part of the island in the 1970s.  If you need a bad big brother to protect you, who would you choose, the EU or Russia?  Russia will bail out Cyprus in exchange for some ports.  But there is the pesky issue of the British air base in at Akrotiri.  Nothing is simple.

Mon, 03/25/2013 - 14:12 | Link to Comment IamtheREALmario
IamtheREALmario's picture

If only it could happen in Switzerland, The City of London, Tel Aviv and New York, all would be well in the world. We could have real elections to elect real leaders, get rid of the banker scum running the world and have free markets and productive economies (instead of the fraud financialized farce).

Gotta progagate that mathematically impossible growth paradigm in a world of rent seeking parasites, NOT! 

Mon, 03/25/2013 - 14:02 | Link to Comment Jon Steed
Jon Steed's picture

I know it may sound cruel but in reality they have to take ownership of what's going on in their own country. Your government sold you out . Do something about it. Leave the euro default on your loans start a fresh.

ATICA. ATICA

Mon, 03/25/2013 - 14:05 | Link to Comment orangegeek
orangegeek's picture

Bye Russians.  It was real. 

 

Try Canada's banking system - lots of rules, but no enforcement of the rules.

Mon, 03/25/2013 - 14:06 | Link to Comment dontgoforit
dontgoforit's picture

I'd be leaving, post-haste.

Mon, 03/25/2013 - 14:12 | Link to Comment Miss Expectations
Miss Expectations's picture

.

Mon, 03/25/2013 - 14:14 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

“I don’t understand why it is money laundering when it’s in Cyprus, when in London and New York it’s a perfectly respectable company.”

There, fixed it for you.

Or, to use a more 'common' expression in regards to getting ahead:  "It's not what you know, but who you know and who you blow."  Not exactly cocktail party material, but it's honest.

 

Mon, 03/25/2013 - 14:16 | Link to Comment IamtheREALmario
IamtheREALmario's picture

The all too painfully obvious answer is: "it all just matters about who owns the laws and the ability to have the laws enforced". Clearly it is not the people. Unfortunately, unwitting, ignorant, fearful and corrupted people do the bidding of the slimey parasites.

Mon, 03/25/2013 - 14:14 | Link to Comment YHC-FTSE
YHC-FTSE's picture

Had to laugh at the quote, "Brothers don't betray us". 

Brothers? The Cypriots are infamous for charging foreign residents (and visitors) of the their island excessive charges for everything: Discriminatory community taxes, different prices in shops and restaurants (like the Greeks), even utility charges are different for foreign residents, even for those who have lived there for years. I understand that the British expats get scalped the most, since they are always the last to complain about anything.

Another thing about the Russian angle. I only found out from RT yesterday that the largest inflows of money transfers are not from Russia at all, but from Britain (2010 figures), but they never mention black money from Britain do they? (BTW I am a Brit, and it's ridiculous to me to fling mud at Russia when we appear to be doing the same thing).

Tue, 03/26/2013 - 00:26 | Link to Comment Librarian
Librarian's picture

The ROC (Russian organized crime) meme is being brought back for some other purpose which has yet to be put into play.

Mon, 03/25/2013 - 14:17 | Link to Comment foodstampbarry
foodstampbarry's picture

Long on Russian blow torches and pliers.

Mon, 03/25/2013 - 14:15 | Link to Comment TumblingDice
TumblingDice's picture

It'd be interesting to see what Cyprus's pivate jet count is in a couple of weeks.

Mon, 03/25/2013 - 14:16 | Link to Comment No Euros please...
No Euros please we&#039;re British's picture

I love these ZH articles that are twice as long because everything is repeated  for anyone with short term memory loss.

 

Anyhooooo, Russian 2.5b € loan to be called in, in 3....2.....1......

Mon, 03/25/2013 - 14:20 | Link to Comment q99x2
q99x2's picture

The banksters are setting up the USA for a controlled nuclear exchange with Russia and or China so there will be no resistance to the banksters complete takeover of Europe and the United States of America.

If they are willing to kill millions of Arabs and lots of US military, Globalists won't have any problem with nuking a US city. The only morality they have is immorality.

It is a preposterous thought but believable. So for me I quit talking about it. I'm going back to doing my English essays and the writing of spiritual interpretations of experience. Things are good. A beautiful day for some SoCal jogging and honest work.

Mon, 03/25/2013 - 14:34 | Link to Comment JR
JR's picture

“Until you know who has lent what to whom, you know nothing whatever of politics, you know nothing whatever of history, you know nothing of international wrangles." - Ezra Pound (1885–1972)

The creation of the Federal Reserve System in 1913 enabled international banking families like the Rothschilds (JP Morgan was their US operative) to issue and control in secret the currency of the United States and to create the financial power for global oligarchs such as Roman Abramovich, Oleg Deripaska, Lloyd Blankfein, Vadim Rabinovich, George Soros and oil titan Mikhail Khodorkovsky, formerly the wealthiest man in Russia and one of the richest people in the world (ranked 16th) and now residing in prison. And Carl Icahn. 

All these titans listed are Jewish.

And make no mistake. Blankfein and Icahn are oligarchs. They are not American patriots. They are internationalists; they are beyond the law; they are beyond regulations; they are speculators with public monies backed by the Fed, i.e., the taxpayers of America and Europe. That’s what oligarchs do; they take over industries and finance to become State monopolists, such as Deripaska who has monopoly ownership of Russia’s aluminum producer United Co. Rusal and automaker OAO GAZ.

And the tacit reason given for these people’s instant rise from rags to riches is always that they are so smart they can turn water into money. But it doesn’t work that way. These financial titans, these so-called captains of industry in Russia and the captains of finance in America, are not capitalists advancing in a free market system of supply and demand at all; they are money manipulators taking advantage of special privilege and the resources of other countries for their worldwide empires, backed by the financial power of the Jewish bankers to create money out of thin air.

They are playing at being tyrants with other people’s money, only to become real tyrants.

Those pennies that the Cypriots contributed to the church?  The bankers took those pennies to the tune of 100 million euros. Did those pennies filter back to the Troika, back to the IMF, back to the taxpayers from whence the IMF and ECB monies come? No, they went straight back to the international bankers. That’s the reason for the eurzone.  

The contributions to the IMF from the American taxpayer to the IMF are contributions to world government, and the more money funneled to the IMF, the more U.S. sovereignty is reduced. There is no other interpretation of it.

In the end, you have one central bank, one single power structure for the world, one single currency, one police force, one army, one single decision. It has nothing to do with any ethnic differences, ancient discoveries and ideals, history, parliaments, congresses. All are immaterial. All that is necessary is the arm of the tyrant; he will decide who works; he will decide who gets paid and who prospers; he will decide who eats and whether they will live.

That is the undeniable end to this; that’s where we’re headed. You don’t take a nation’s treasure and give it to a third power that is “completely indifferent to the human victim, to the accumulated treasures of civilization, to the cultural heritage (Ezra Pound),” that is completely indifferent to freedom, and expect to remain free.

Mon, 03/25/2013 - 18:56 | Link to Comment trader1
trader1's picture

be mindful that - without jp morgan - you wouldn't be you, and the world wouldn't be what is.

Tue, 03/26/2013 - 05:07 | Link to Comment dreadnaught
dreadnaught's picture

they thought nothing of bringing down the WTC towers and the people inside

Mon, 03/25/2013 - 14:19 | Link to Comment pitz
pitz's picture

"Bank Accounts" are so archaic.  Who the heck would be so stupid as to put "money" in a "bank"? 

Mon, 03/25/2013 - 14:20 | Link to Comment Joebloinvestor
Joebloinvestor's picture

I so much enjoyed the declarations that the Cyprus deal was accepted, when they didn't even have the fucking guts to vote on it.

Europe is fucked and they still don't get it.

Mon, 03/25/2013 - 14:28 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Laundered money = cash money earned via illegal activities (Vice trade) and not taxed. From organized crime.

Gray/Grey  money = cash money earned via Legal activities but not taxed.  From entrepreneurs, small businesses.

Both forms of money is being 'banked' all over the world.  Not just in Cypriot or other 'notorious' offshore banks.  Once it's in the System, it ends up buying Sovereign Debt instruments, as well as corporate stocks and bonds.  In other words, it still makes the money life cycle, but w/o the usual "service tax" given to Sovereign governments. 

/Hey, what do you think happens to all that Afghan poppy-fields drug money?  Given to Afghan or American charities?  Or given to the maimed Afghans and American GI's? /s

Mon, 03/25/2013 - 14:30 | Link to Comment HoaX
HoaX's picture

As long as they don´t also take their awesome dashcam videos off of youtube in retaliation, who cares really?

http://www.youtube.com/watch?v=J5x5r1ykwW4

Mon, 03/25/2013 - 14:36 | Link to Comment j0nx
j0nx's picture

Haha those fools aint EVER getting ANY of their money back. That money is long gone, particularly when the bank runs get going. It's nice of the Swiss to offer but alas their help will not be needed.

Mon, 03/25/2013 - 14:38 | Link to Comment Wanton1
Wanton1's picture

Cypriots just got mandatory vaccination.

Mon, 03/25/2013 - 14:38 | Link to Comment raki_d
raki_d's picture

its better the russians wont withdraw their deposits & put into some other bank in some other country.

in that case, what will happen one fine sunday is they will lose another 40%( atleast ) on top of what they already lost in cyprus now

Mon, 03/25/2013 - 14:42 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

a lawyer that doesnt understand what double-standard is should be dis-bared

...-based lawyer: “I don’t understand why it is money laundering when it’s in Cyprus, when in London it’s a perfectly respectable company.”

Mon, 03/25/2013 - 14:47 | Link to Comment css1971
Mon, 03/25/2013 - 14:59 | Link to Comment Yellowhoard
Yellowhoard's picture

The Cypriots must feel like the staff of Hitlers Eagles Nest mansion after their boss shot himself.

"Sure, he was psychotic and killed bunches of human beings, but he was a great tipper!"

Mon, 03/25/2013 - 14:59 | Link to Comment 100pcDredge
100pcDredge's picture

Brothels! Eh... never mind.

Mon, 03/25/2013 - 15:05 | Link to Comment JayKitsap
JayKitsap's picture

I should be investing in Brothels.  At least I would enjoy getting screwed.

Mon, 03/25/2013 - 15:00 | Link to Comment TrustbutVerify
TrustbutVerify's picture

"...in one day?"  Not true.  The foolishness in Cyprus and most developed nations has been happening for decades.  

Mon, 03/25/2013 - 15:30 | Link to Comment billsbest
billsbest's picture

Isn't it curious that refugees from bankrupt countries aren't rushing to seek asylum with their money in America?! Immigration problem solved. Immigrants have found their money is not safe from the banks or government in America.

Mon, 03/25/2013 - 16:06 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Greece, Cyprus...Spain is up next for a review / haircut. Should take about 2 -3 weeks before the Spain banking stories hit the Big Data consolidation servers.

Mon, 03/25/2013 - 16:21 | Link to Comment allocater
allocater's picture

Next target: Liechtenstein

 

LET ZE PANZERS ROLL!

Tue, 03/26/2013 - 02:07 | Link to Comment serema
serema's picture

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