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This Is How A Country Ends: Not With A Bang, But A Bailout
Curious how in the New Normal a nation is brought to its untimely end without a single shot being fired? Dimos Dimosthenous, who has worked at the Bank of Cyprus for over 30 years, explains:
"That will be the end. Our jobs, our rights, our welfare funds will be lost and Cyprus will be destroyed."
In short: not with a bang, but a bailout.
... But at least it still has the symbol for all that is wrong with the broke(n) status quo: the €
First, however, much more pain, because as Cyprus' FinMin Sarris said a short while ago, uninsured depositors in the second largest bank Laiki which is now pending lqiuidation, may lose 80% (read 100%... or more), and wait up to seven years for a payout. Of course, with the majority of the "evil, tax-evading Russians" long gone having used the chaos and assorted loopholes in the past week to get out of Dodge, the only people punished are assorted local hard workers, and domestic businesses, now set to liquidate as soon as they can afford the bankruptcy filing fee.
Finally, speaking of getting out of Dodge, it is surprising that while professing its love for all man-made bubbles and going all in stocks no matter the fundemantls, the firm that is the shadow overlord of Wall Street, BlackRock, is doing just that. From the WSJ:
BlackRock Inc. the world's largest money manager, has cut holdings of Italy and Spain government bonds over the past three months. The firm may shed more if the euro-zone's growth outlook deteriorates.
"We have been less enthusiastic about euro-zone sovereign debt compared to three to six months ago," said Rick Rieder, chief investment officer of fundamental fixed income and co-head of Americas fixed income at BlackRock. "If growth continues to deteriorate in the euro zone, due in large measure to weak private-sector lending from a deleveraging banking sector, we would further reduce our positions in the euro zone, such as in Italy and Spain."
Speaking in a phone interview with The Wall Street Journal on Tuesday, Mr. Rieder said for the moment, BlackRock still holds an overweight position on Italy and Spain, though the position is now more moderate after the recent reduction in the Spanish and Italian holdings.
The company, with more than $3.7 trillion in assets under management, was among global investors scooping up sovereign bonds, especially in Italy, after European Central Bank President Mario Draghi last summer pledged to do "whatever it takes" to preserve the euro.
Wait... did Blackrock just comprehend that contrary to prior lies bank creditors, all bank creditors and not just depositors, are suddenly expendable?
Funny how one's "investment risk tolerance" changes when the local money printer's promises that nobody will ever suffer losses are openly refuted when reality intrudes.
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Ben.
Bernanke. Everything corrupt, disingenuous, fucked up, slimy, economically impossible, chaotic, and morally bankrupt ends up with Bernanke. So, his notes are secured by C- notes. So then, what does that say about his notes? Not worth a shit I am guessing.
My money is on the Bernanke.
I have a little news for Dimos: Cyprus was going to be destroyed with our without a bailout. And if the Cypriots want to blame someone they can look at themselves in the mirror!! This is payback for years of wasteful spending and borrowing. The Euro party sure was fun while it lasted, wasn't it?
That's not 100% true [or at best, it's a cop out]
~~~
This is what I take exception to:
The Euro party sure was fun while it lasted, wasn't it?
That's like the whole football team coming over you your house on a Friday Night when your folks are out of town, trashing the joint, breaking furniture, vases, puking all over the carpet, putting cigarettes out on the rug, cherry bombing the toilet, leaving toilet paper in the trees, & then when they leave, it's all your fault because you invited them over and had a beer during the affair...
I'm so sick of the arrogant belief by bankers that the happy 'muddling along nicely' attitude by some cultures needs to be CURED by fast money...
That's depressing
OT - But end of the world is often the topic here.
16,000 pigs and 1,000 dead ducks have now been found floating in China's rivers.
That's worse than it sounds. The latest theory about why really awful flu bugs start in Asia, is that there is a multiple species crossover involving humans, swine, and ducks. The virus changes just enough while in a different species to be invisible to previously acquired immunity. Only in Asia do you still have traditional farming methods that make the cross species contagion relatively common. Swine/Quack Flu. Just what we needed.
Somebody push the History Eraser Button already, please.
That's where nature gets it's revenge in the end... Oh yes, the ERASE button will be pushed, but not until you've spent sufficient time suffering in all the bullshit that you created...
~~~
& from my perspective, there's still a long way to go... Even on ZH ~ denial is alive and well...
Dup
Bitchez!
Given the ZERO government oversight, what a perfect place to do low-tech biowarfare games for Al-CIA-da. One way to bring down China.
I had a little bird, its name was Enza
I opened the window, and in-flu-enza
American children's rhyme, 1918.
Children's nursery rhyme circa 1880.
oh, that's just fucking great! "crossover involving humans, swine, and ducks"! we're going to have to worry about flying fucking pigs, with the face of paul krugman, quacking about the property?! jeez.....
From Genewurx:
The most widespread Pandemic Influenza H1N1 clade is actively inheriting virulence factors from the most dangerous sub-clade (Upsilon with a minimum 5% Fatality Rate).
Friday’s genetic sequences from Spain confirmed our predictions of further spread from the highest fatality sub-clade onto the widest circulating strain.
This batch of sequences also shows significant inclusion of antigen donations at the nucleotide level from recent H5N1 Avian Influenza.
http://pf11.blogspot.com/2013/03/high-cfr-clade1upsilon-markers-cross-to...
The good news is that an injection of the river water they died in acts like a flu shot. Spread the word!!!
Depressing yes, especially because the Bank of Cyprus and the other lame bank were closed to the peasants (except for ATM) but open to whales who could request large withdrawals for humanitarian reasons. The peasants also have humanitarian needs (medical emergencies, etc) for larger withdrawals than ATM. In fact, if anyone needs emergency funds for humanitarian needs for basic necessities it is the peasants caught in a suddenly cash economy. Another injustice to the Cypriot people is that the two banks were open to the humanitarian needs of the whales but not of the peasants.
Depressing yes. THe Banksters outa be shot yes. But the just as U.S. citizens could care less, the Cypriots were not vigiilent and allowed their banks to become safe havens for criminals. My suspicion, our banks are more criminal than theirs. Our complacency will have consequences worse than theirs.
Everyday we read about another cheating, stealing, insider trading, drug laundering American Bank, as if our continued tax payer bailouts are not enough.
Who goes to jail? Whats the incentive to stop? Most U.S. citizens I would wager aren't even aware of it?
Vigilance, accountability and retribution. Without such constraints the kleptocrats will nevr stopp and we will continue to pay for their bonuses.
well ~ you sure went about sanitizing it there...
Somewhere in German an old lady is smiling.
A Stuka pilots' daughter ?
I don't think they'll ever see a dime of their money returned in a hundred years.
What do you mean, their money? This little episode should hopefully teach everyone that if you don't physically hold it, it doesn't belong to you.
You're right. Old habits die hard. My bad.
somewhere in Cyprus are a few old timers who kept their stash under their nose this whole time. right now they are either very glad they kept their mouths shut about it or are really regretting not having done so.
I really do feel shitty for the people there. It'll get bad, and it doesn't help that it's a damn island. It's like a slow motion horror movie.
You don't think thats a co incidence do you ?
Smallish population on an island with hostile cohabitors,foreign military
bases ,and UN peacekeeper on the ground.
Poor bastards never had a chance.
Now when they try this on mainland Europe its going to be a hell of a lot harder I hope.
But even the old timers who kept their stash safe, are going to be living in near mad-max country after this is all said and done. They will need to leave their ruined country or they will get sucked down into the descending chaos.
Time to go Grandpa Style and get that second passport he lined up.
http://youtu.be/QK8mJJJvaes
The Blue Planet will implode before they,and any others that fail to heed the warning, see anything returned.
They also need to 'Get Outa Dodge'
'merica FUCK Yeah...... Take our Money!!!! Yes We CAN </sarc>
Can we FINALLY Burn this shit down and Start over ~ Please!?
"If its Blackrock, its bullshit"
Not with a bang, but with the plundering of the citizens.
Q: Are you an assasin?
A: I'm a soldier.
Q: You're an errand boy. Sent by grocery clerks to collect the bill.
This man should be ashamed of himself for setting up Cyprus for the fall years ago.
Stop blaming others, look at yourself. Be grateful that you even get spared from a complete wipeout, at neuro expense. And if you think this isn't the cheaper way out of the problems you created, why didn't you step out of the euro last weekend?
That Cyprus president should be run out of country on a rail, he sold his people down the river.
The Cypriot parliament is decidely mute.
..run over by rail...
Do you want this guy being recycled into running someones elses parliment, or country?
The bail-in was supposed to be needed as part of the original deal. What are they going to do when they find out nearly all of the bail-in money is gone?
Tonight, in dutch parliament, Dijsselbloem said the money that escaped did so illegally breaking the terms of the bailout.
Spiegel says the Cypriot parliament does no longer trust their CB director Panicos Demetriades after the capital flight got confirmed.
Cyprus will have to face the consequences themselves if they let money escape.
Given D-Boom's recent double-talk, I could easily see Cyprus not get any money even after they collapse their banks and economy. The Troika loves to keep adding new conditions before actually handing over any cash.
too late, the financial planet is over ! they'll announce a cyprus-style legislation for europe friday and banks from all over the place will rush to get bailled-in due to "cypriots and greek loses"
21st century warfare between Western Sovereign nations.
MOAR dozers.
How do you create a two tier currency? How can the same currency pay different amounts for the same unit of productivity? For instance, because Germany is solvent, they pay a worker 15 Euro per hour but because Spain is not, they pay 7 Euro for the same unit of work? However, because of trade agreements, food costs the same in both places - at the level of Germany. This experiment cannot work! It is ridiculous on its face and doomed to failure.
You can with a digital currency that has country id codes and is backed by hard assets. The global value is the value of all the currency and all the assets in the system. Then on a sovereign level the currency allocated to the particular country i.e. through country ide codes has a seperate value determined only by the assets backing them held by the particular country. It doesn't work with hard currency that has a face value that can't fluctuate regionally. You can iterate value fairly when you set up the currency in this manner. The currency valuation used depends on level that the transactions are taking place, for example for a global value that can applied to all transactions over the internet with a single tax rate that divied up equally to all countries participating in the currency scheme. The sovereign values can be used for trade between countries. The currency as it changes ownership depending upon the type of transaction changes id codes and as such the regional valuations change accordingly while the global stays the same.
Once they get rid of guns in the hands of citizens (yes, the same ones the police and military carry) this will be the new war of the future; partially here but not fully enacted.
States, nations, continents of people turned into indentured serfs with no recourse to defend their savings, their property, their rights, their life.
They are replacing the rifle and tank with the gavel and ledger.
Goon squads to do their dirty work beating, macing, pepper spraying, or just shooting people with signs and umbrellas.
Obama will have to burn this country down to get the guns....
He has no idea...
I think the sheriff's opposed count is now something on the order of 400, with 15 state associations going on record as opposed to any more gun control.
Yeah, I don't think the feds can count on this being a walk in the park.
My guess is as things start to go down, there will be some more high profile events, be it mass shooting or sniper incidents, and we'll see something to Feinstein's liking pass in DC, but it'll be too late do have any real impact and just fan the flames, and gun ownership will be an act of federal civil disobedience and largely ignored at the state/local level, outside of a handful of eastern states and California.
Armed SWAT teams going door-to-door couldn't get all the guns in this country, and they wouldn't be at it long if they tried that.
+1 What Obama should be focusing on is one of his other wet dreams...Obamacare, because that is going to be a complete train wreck from the get go.
Even his own party is starting to distance themselves from it...Obama will go down as a complete failure
Gun owners have been compromising for eighty years, and that doesn't include innumerable executive orders, state and local laws, and other government actions that have infringed on the rights of gun owners.
1934 - National Firearms Act
1968 - The Gun Control Act
1986 - Firearms Owners Protection Act
1993 - Brady Handgun Violence Act
1994 - "Assault Weapons" Ban
1995 - Gun Free School Zones Act
Gun owners have repeatedly knuckled under and obeyed the law, relying on peaceful protest, peaceful working within the legislative process, and peaceful court challenges to oppose gun control. But, the gun-grabbers keep coming back demanding even more "compromise."
This time, the gun-grabbers are letting the veil slip, and exposing their ultimate goal - total confiscation of civilian firearms. We see it explicitly stated in gun confiscation bills introduced in several state legislatures. We hear it from the gun grabbers themselves in less guarded moments (thankfully, virtually everybody now has video capability, and have captured those less guarded moments on video - those statements cannot later be denied).
This latest gun control push is not going to be a passing fad that burns itself out in a few weeks or months. Like the Stockton School Yard massacre in 1989, which resulted in passage of numerous state gun control laws, the "assault weapon" import ban, the Brady Law, and the "Assault Weapons" Ban, this gun control push is not going to go away any time soon. (Arguably, the only thing that stopped the last gun control push was 1994 mid-term Congressional elections, where a lot of Democrats who voted for the 1994 "Assault Weapons" Ban were voted out of office.)
For the past year, the gun-grabbers have been trying to exploit a tragedy to restart their gun control push. They finally got traction with Sandy Hook. Back on the table is a reenactment of the "assault weapons" ban - this time more inclusive and permanent. The gun-grabbers also want mandatory registration of "assault weapons," and a "universal background check" law to close the "gun show loophole" (I believe these records would be retained, and become the foundation of a future firearms registration database.) More fringe proposals include background checks for all ammunition purchases. (Again, records of these transactions would feed into a firearms registration database.)
Many gun owners are now aware of the gun-grabbers' ultimate goals. Obama's thuggish behavior over the past four years directed at other disfavored segments of the citizenry have put gun owners and others in a defensive posture. And, many gun owners are well aware of the historical precedence of gun registration leading to gun confiscation and tyranny.
Gun owners are voting with their wallets. The inventory of firearms and ammunition has been decimated. A trip to any gun store, any other store that sells firearms or ammunition, or a gun show, illustrates this. Guns with tactical utility are gone. Ammunition is sold out everywhere. Firearms and ammunition manufacturers are operating their factories at full capacity. Nobody knows when there will be more inventory.
Like someone else recently observed, "This isn't a society stocking up on certain guns because they fear they may be banned. This is a society preparing for war." (http://www.bob-owens.com/2012/12/something-funny-happened-on-the-way-to-...) Yes, there will be civil disobedience, and we will be lucky if that is all that happens.
Easy access to ammunition for the proles is now only a memory. It isn't coming back. What you have is all you'll ever get.
Cabella's says I'll get my 9mm in May.
Yesterday I saw a charcoal matte-gray dodge viper/stealth parked next to me, with pro 2nd Amendment stickers on it, including Molon Labe and some quote from Hitler about disarming a nation first. I put a note on his windshield, complimenting him and suggesting he check out ZH.
I was also impressed the obvious lengths he went to (including the pop-up headlights), to minimize laser radar detection, i.e. scatter and absorb as much as possible, to avoid getting picked off at long range.
Nice work Captain! At face value a small gesture but in the great scheme this is the key to the resistance gaining stength. More of the so-called sheeply are asking questions and subconsciously perceive that what they are being told is not making sense. Many on ZH cannot see this has it is in fact impossible to gauge and the MSM will certainly not acknowledge this even if this was occurring. A vital act sir!
All he has to do is squeeze...slowly. People will continue to line up for government handouts regardless of how meager. The guns will only come into play if if goes with a pop, rather than a hiss. Cyprus will stay in the EU. The EU is the only source of fake money. If they leave they would have to print their own and everyone will call it fake and have none of it. The central government, like the central bank IS god. Cyprus is currently feeling the rath of god and will soon repent of their sins and beg forgiveness to be it their god's good graces. Hissssssss
Churches are holding back the public from realizing the serious of this situation. Mormons, Jehovah Witnesses are in with the Agenda 21 crowd and they have millions of members who think this is a good thing (globalization).
Remember the rain forests (lungs of the earth) and the half century fight to stop the deforestation? Agenda 21 does not say much about that nor do they have much to say about a nuclear accident that could wipe out the planet as we know it.
Misinformation through propaganda campaign is working. They count on the people who follow orders (from their godlike ministers) to push this agenda through.
You obviously don't know a fucking thing about Mormons, you dipshit troll...
@bunny
when was the last time you heard an antiwar sermon?
1) It is utterly impossible and improbable that 100+ million guns be taken away by force.
2) Millions of police and military would have to be engaged and CONVINCED it's right. This is impossible. None of those guys would give up the guns or force people to give up the guns.
3) Each state in USA can and most of them will oppose and have the constitutional right to oppose.
4) Gun industry would collapse, employment would skyrocket.
It is all propaganda, hoping the democrats can get votes. It may backfire very badly. What food stamps and high oil prices didn't do, war against guns will do. Americans will get enraged.
This is said by somebody who never owned a gun and lives in Toronto, Canada. However, if I am to live in a place where everybody has a gun and it takes the police more then 3 minutes to show up, I would really badly want to have a gun.
+1 actually it's 316M guns and counting fast
VS.....
1m LEO + 3M Military
A gun without any ammunition is only a club. A baseball bat is better.
You cowards with your GUNS N AMMO would do jack shit if someone tried to take them
Just like you do JACK SHIT when bernank takes your money with his ZIRP policy.
If you were real men instead of cowards sitting behind key boards you would do something now.
don't bait me bro.....haha
+100 Bingfa... LOL the idiot is running sacred and you are playing with his state of mind has he is being driven out of his comfort zone has reality hits home. He can see the writing is on the wall and this could get real ugly. He is in suburbia, never owned a gun or even a machette and if SHTF he is pissing his pants. Denial and ad-hominem attacks using a keyboard (irony) are to defend his own sanity and counter the right side of his brain which is telling him get ready and that his belief system is all fucked up.
Cognitive dissonance a bitch for the weak mind.
http://blip.tv/greshamcollege/timeforachange_olepeters2-6474835
pretty much what I've been thinking feeling experiencing.
never get off the boat, unless your going all the way
All bank creditors except, apparently, the ECB which is/has been perpetuating continued overindebtedness. I think Draghi still working for Goldman...overindebt then crash them...so banks that aren't broke can pick up assets pennies on dollar. Removing the discipline of bond and currency markets feeds the gluttony of debilitating debt in what seems to be a neverending party of good times...until the rug gets pulled and the payment hangover sets in.
except that at this point, debt is no longer an asset...just ask the ECB.
...and if they had guns..
Oh wait.. now we know why they want ours.
So long suckers!
Not sure what the German word for "sucker" is--maybe schnitzel?
ausnutzen more or less...
Cyprus got Euraped.
From the Reuters story:
Maria Benaki, who runs a family silverware business on Nicosia's biggest shopping street, said she had not had a customer in days.
I mean, WTF?
Are you surprised by the lack of business, or that Bernanke's wife has a shop in Nicosia?
You need food to use fine silverware, no?
Can ZH produce a graph or map of credit ratings pre and post crisis?
Furthermore credit ratings per country on a world map?
It would be interesting.
From: "The Waterfall Of Reality": A Visual History Of Cyprus' Credit Rating
It was May in 2010 that Greece suffered its first bailout by its Eurozone peers. At that moment it effectively went bankrupt, however it took nearly three years for reality to set in. Yet it wasn't until months later that Greece's smaller (as we are constantly reminded) neighbor was first downgraded from its legacy "pristine" status, by the jokes that are the "Big 3" credit rating agencies. That downgrade unleashed an "waterfall of reality", shown exquisitely on the chart below culminating with yesterday's S&P cut of the island nation to CCC from CCC+, which is only comparable to the boom to bust ratings of CDS issued in early 2007 only to see full loss a few months later. How long until one or more agencies push the country to the dreaded "D" line?
HAHA!
AA- WTF?!?!
Russian Roulette had blanks?
Blackrock is looking for the next sucker to sell their crap to. Jim Cramer answered the phone.
Blackrock needed the loses so they could jack up their fees for doing quality research into Spanish Debt.
Its Alright Ma (Im Only Bleeding)
http://www.youtube.com/watch?v=brNby5IFDnA
.
Darkness at the break of noon
Shadows even the silver spoon
The handmade blade, the child’s balloon
Eclipses both the sun and moon
To understand you know too soon
There is no sense in trying
Pointed threats, they bluff with scorn
Suicide remarks are torn
From the fool’s gold mouthpiece the hollow horn
Plays wasted words, proves to warn
That he not busy being born is busy dying
Temptation’s page flies out the door
You follow, find yourself at war
Watch waterfalls of pity roar
You feel to moan but unlike before
You discover that you’d just be one more
Person crying
So don’t fear if you hear
A foreign sound to your ear
It’s alright, Ma, I’m only sighing
As some warn victory, some downfall
Private reasons great or small
Can be seen in the eyes of those that call
To make all that should be killed to crawl
While others say don’t hate nothing at all
Except hatred
Disillusioned words like bullets bark
As human gods aim for their mark
Make everything from toy guns that spark
To flesh-colored Christs that glow in the dark
It’s easy to see without looking too far
That not much is really sacred
While preachers preach of evil fates
Teachers teach that knowledge waits
Can lead to hundred-dollar plates
Goodness hides behind its gates
But even the president of the United States
Sometimes must have to stand naked
An’ though the rules of the road have been lodged
It’s only people’s games that you got to dodge
And it’s alright, Ma, I can make it
Advertising signs they con
You into thinking you’re the one
That can do what’s never been done
That can win what’s never been won
Meantime life outside goes on
All around you
You lose yourself, you reappear
You suddenly find you got nothing to fear
Alone you stand with nobody near
When a trembling distant voice, unclear
Startles your sleeping ears to hear
That somebody thinks they really found you
A question in your eyes is lit
Yet you know there is no answer fit
To satisfy, insure you not to quit
To keep it in your mind and not forget
That it is not he or she or them or it
That you belong to
Although the masters make the rules
For the wise men and the fools
I got nothing, Ma, to live up to
For them that must bow down to authority
That they do not respect in any degree
Who despise their jobs, their destinies
Speak jealously of them that are free
Cultivate what they do to be
Nothing more than something they invest in
While some on principles baptized
To strict party platform ties
Social clubs in drag disguise
Outsiders they can freely criticize
Tell nothing except who to idolize
And then say God bless him
While one who sings with his tongue on fire
Gargles in the rat race choir
Bent out of shape from society’s pliers
Cares not to come up any higher
But rather get you down in the hole
That he’s in
But I mean no harm nor put fault
living in a vault
But it’s alright, Ma, if I can’t please him
Old lady judges watch people in pairs
Limited in sex, they dare
To tell fake morals, insult and stare
While money doesn’t talk, it swears
Obscenity, who really cares
Propaganda, all is phony
While them that defend what they cannot see
With a killer’s pride, security
It blows the minds most bitterly
For them that think death’s honesty
Won’t fall upon them naturally
Life sometimes must get lonely
My eyes collide head-on with stuffed
Graveyards, false goals, I scuff
At pettiness which plays so rough
Walk upside-down inside handcuffs
Kick my legs to crash it off
Say alright, I have had enough, what else can you show me?
And if my thought-dreams could be seen
They’d probably put my head in a guillotine
But it’s alright, Ma, it’s life, and life only
.
bob Dylan
.
Read more: http://www.bobdylan.com/us/songs/its-alright-ma-im-only-bleeding#ixzz2Og...
"Speaking in a phone interview with The Wall Street Journal on Tuesday, Mr. Rieder said for the moment, BlackRock still holds an overweight position on Italy and Spain, though the position is now more moderate after the recent reduction in the Spanish and Italian holdings."
Translated:
We still have an over weight position until we can get the rest of our shit outa there at which time we will have a "touch that shit are you crazy" positiion. Please don't anybody do anything before then!
+100 for the Translation
Now that is a video I could get into! Wait.............
Ok, this is no joke...I just logged into my Bitcoin account to see how much my 1/2 BTC is worth and it literally says "$Infinity". I'm not kidding. Does anybody know what the Bernanke is going on? Did the Feds finally hack it?
I have no idea but that is funny !
how does one price anything anymore?
crimes , the degree of a crime, is sometimes
based on the cost or price involved. destroy
the pricing mechanism and there is no way to establish the
degree of the crime or if there was a crime at all.
.
perhaps bc will price in quantity of grain or oil or pms,
not benny type bucks?
Who knows? What a crazy, fucked up world this is.
Did the Feds finally hack it?
Very likely, if you have your Bitcoins in a web account. Just transfer it to a privte address where only you have the secret key.
You can always go further back than one single point, but this country took the great leap into the Abyss with Abraham Lincoln. Yes, slavery is wrong, but the plantation system was failing in the South and changes were already afoot. Lincoln was a despot, trampling on states' rights and individual liberties ostensibly to free the very people that he would (and did) ship back to Africa. Later, we got the Murder's Row of Teddy Roosevelt, Woodrow Wilson and then FDR. It's a wonder Amerika is even still here.
America is not here. Read John Locke's Two Treatises of Government.
I am paraphrasing, but basically you cannot grant to a government powers that you yourself do not possess.
Just as you cannot seize the wealth of others without their consent, you cannot pass such a power on to your government.
Delay is the name of the game, and considering how bad the situation is, the PTB are doing damn well at the delaying.
The delaying tactic will not change, every world leader of any substance is completely on board.
I've been reading that collapse of the world financial system by central bankers is imminent (1!11!) since 2003.
Timing is everything. Saying it will all crash is easy and obvious, anybody and everybody has been saying that for years. You can be right about that and still lose your ass while you wait. Knowing when it will crash is how you build and/or preserve wealth.
I knew about when real estate in the USA would crash, and that worked out. I knew about when mineral rights in Texas would take off (a friend of my family invented the horizontal drill bit) so that worked out as well.
I can't tell when the financial system will crash so I have prepared and I'm staying mostly risk off. This has cost me some profits, but so be it.
Good luck to everyone, you are going to need it.
Everyone is pretty much in the same boat as you. We all know it will crash, but we don't know if it will be next month or next decade. The only people who could really know when it will crash is those who have the power to decide the moment of implosion. My best guess is that Obama will crash the system in late summer of 2014 so he can blame the Republicans for the crash and their guaranteed refusal to pass any more bailouts after it crashes. His objective is winning the Midterm Election for his party in contravention of all historical trends, so he has to do something really big to accomplish this. Also, Bernanke will be gone by then, and we know (?) he won't let it crash on his watch.
Of course, Bernanke is not omnipotent, and there are other actors and deciders in the world who could crash the system, or keep it from crashing.
The root of the problem is that Cyprus bankers like Dimos Dimosthenous made a bunch of bad loans and now the money is gone. Cyprus banking was a ponzi scheme that enriched the bankers and now the entire population will pay.
I wonder whether Cyprus will do an Iceland as soon as it gets the bailout money.
That's what I'd do - an Iceland. That's the only thing that could give the Cypriots a fighting chance.
Only if they get rid of their president who agreed to this deal and maybe even their entire parliament (I'm assuming their "no" vote was staged).
http://www.youtube.com/watch?v=ksarU3a_FG4&list=PLUdmMccuxH2HJ3JxoKJb8ZD...
0:20
From subject of Oil Peak
very good analysis
http://www.energywatchgroup.org/fileadmin/global/pdf/EWG-update2013_long...
Energy Watch Group = Green Party propaganda arm. As such, their perspective is pro-nature, anti-human, and therefore worthless if you happen to be a human.
"That will be the end. Our jobs, our rights, our welfare funds will be lost and Cyprus will be destroyed."
OR
one person, bank, country always has an option NOT to take others money.
It is simple as that.
No debt no problems. It is only up to them.
Be thankful that you still have your sovereignty. If this were to happen in the beginning of the previous century you would have lost your territory.
They have been players in a well KNOWN game. There should no be sorrow for the people WILLINGLY playing along, without questioning about the good times.
Wealth is never build with borrowed money (unless of course you have the power not to return it, witch is, by the way, termed theft), it is a hard lesson, one should learn as early in ones live as possible.
Regrettably in such a mess, the weakest will be most abused as has happened so many times under the watchful eye of the Sun in our small corner of the immense Universe.
I don't see how Cyprus can recover from here either. I would image local property prices will now be decimated,
homeowners will be left with significant negative equity and, quite possibly, without the means to ever pay their
mortgages on underwater houses. A significant minority probably won't even be able to afford to rent property.
I have no idea of the level of social housing in Cyprus but imagine demand will far outstrip supply and a collapsed
local economy will mean a collapsed tax base, etc. Whatever Cypriot banks are left will end up owning foreclosed
houses and taking massive losses on them.
Regardless of cause and on simply a human level, Greek Cypriots have my sympathy this evening.
If Cyprus leaves the EU I can see investment money flowing back in once they sort out the banking situation and system. Once this shit plays out as long as they stay in the EU and under the Euro they are nothing than a 3rd world vacation destination now like Jamaica if even that.
I don't know how it will play out really. I know the Greeks have a massive psychological attachment to being in the EU,
which appears to be a cultural, so I expect the Greek Cypriots are the same. Having said that, it appears as though
Cyprus was essentially a tax haven\tourism\expat retiree economy with most of the wealth of the country coming
from the first sector. Whether the EU attempts to shut this down or not remains to be seen. Whether Cyrpus can
exist without it remains to be seen too. Hell, they have enough problems now anyway without giving up on that side.
They may be forced to leave the EU simply to remain as a tax haven.
From Gordon Gekko’s seachange article, “It’s Time to Collapse the System” (03/20/2013):
‘I’m furious with myself,’ he said. ‘I had so many opportunities to move my money abroad but was taken in by all the promises that any attempt to raid my savings was a red line not to be crossed. Experts said it was against the law. Now, I’ve lost several thousand euros. As someone who is retired, the money in my account is all I have to live on for the rest of my life.
‘What’s really upset people is that they’ve been lied to. They were told that their money was safe and that they shouldn’t move it and then they announce this. Everyone’s accounts are frozen and the ATMs have no money. Some people are struggling to get enough cash together to buy food and water...[people] just feel that they’ve been robbed by the Government.’ --Chris Drake (Former BBC Middle East correspondent, retired to Cyprus) via dailymail.co.uk
http://www.zerohedge.com/contributed/2013-03-20/it%E2%80%99s-time-collapse-system
EASY FIND GOD AND START LIVING A MORAL LIFE WITH BEING A SLAVE TO DEBT
Look EU peoples. You got a choice, exit the EU, dissolve the failed crony experiment and you'll 100% blow wall street apart, Brussels, Frankfurt and Paris. But, you'll have to face a devaluation pain i,e your pensions will be worth 0%
The agony of life.
I imagine Cypriots more closely identfity with: "We must kill them. We must incinerate them. Pig after pig. Cow after cow......They lie. They lie, and we have to be merciful, for those who lie. Those nabobs. I hate them. I do hate them."
For the rest of Europe, hell, throw in the US as well, we identify with: "I watched a snail crawl along the edge of a straight razor. That's my dream. That's my nightmare. Crawling, slithering, along the edge of a straight razor … and surviving."
Good does not always triumph.
One of the greatest films of all time. The single greatest book adaptation of all time.
yeah. woulda been even better if brando had bothered to read it. ..... and speaking of that krugman clone- did he just call me a 'tax base'?
When is what the banksters are doing classified as a physical war? Is it when they shorten your lifespan or when they create an environment where the desperate attack you. When you die from starvation. When will people rise up and bring to justice this crimminal element among us?
Why don't we end this crap now? Why hasn't any IT guys out there who work for one of these fucked up institutions just install a virus in the server and watch this go BOOM?
Two years or three years ago a guy working stock loan with me opened an email that contained a virus. His email immediately started sending bogus emails containing the virus to everyone on his contact list. The entire department was out of commission for about 2 hours and stock loan guys at ICAP, Janney, and Raymond James got hit also. If i'm not mistaken it even made the news because pretty mcuh everyone on the street got it.
It can be done. We could stop it all today.
No serious company uses Windows on servers => No viruses.
"What is certain is that an EU country, facing a crisis in its financial system, is now weighing whether to pay for that crisis by seizing depositors' money. And with that, the Europeans have broken a barrier that has been in place since the 1930s. They didn't do that casually and they didn't do that because they wanted to. But they did it."
George fucking Friedman. Stratfor, bitchez.
Wikileak this, muthafuckahs
new normal. now i'm scared.
the eu and the u.s. have both found their own
special way of sacrificing the rule of law to fiat,
mere entry in a column in an accounting and virtual file,
compete in the race to the bottom of the (hording)currency
war. London and japan, how to compete with that?
I sympathize with it all, the bottom is the shit.
.
You Get Nothing!
http://www.youtube.com/watch?v=M5QGkOGZubQ
.
the destruction of justice by lawmakers just greased
the shoot for the slide to the bottom, no one will
really miss any prior structure or law or reason or
logic when it is all flushed. in one beat, pump, of
the inhuman heart , the heart of the heartless bastard/s.
.
Heartless Bastards - Searching for the Ghost
http://www.youtube.com/watch?v=mQtAWWV0F-w
.
""Searching For The Ghost"
Hotel rooms and highway signs
And other books to pass the time
Empty cans and bottles lying
This room is almost like a shrine
To an idea and a place
We've all been looking for
Been searching now forever
And it's right behind the door
And now I've been searching
Searching for the ghost
I saw an apparition once
A long, long time ago
Been searching now forever
And I've found it here today
And it's changed its meaning
But it still feels the same
Along the way we hit some bumps
Got cuts and bruises on our hearts
Always knowing where we wanna go
But still get lost in every part
Nothing's ever easy
Easy for me
That's the way it's always been
The way it seems to me
And now I've been searching
Searching for the ghost
I saw an apparition once
A long, long time ago
Been searching now forever
And I've found it here today
And it's changed its meaning
But it still feels the same
And now I've been searching
Searching for the ghost
I saw an apparition once
A long, long time ago
Been searching now forever
And I've found it here today
And it's changed its meaning
But it still feels the same "
Erica (h.b.)
.
now I have to go cheer up again.
....
..
.
It looks like WW3 is not going to be nations fighting other nations, but where citizens of a nation will be slaughtering each other in their own country.
It will get hard for us, because we're unarmed (more or less). In this case the US really are better of. I propose starting training. The obvious target are drones. So use your free days for hunting drones...
here an image.
.
.in the new normal
.those not accustomed
.to the old normal will be
. the fuel
. of the prosperity
. pledged and promised.
Its only happening on television. It isnt real.
It wont affect us here, dont worry so much. Have a beer, watch some basketball.
What about them Kardashians, eh?
AARRGGHH
That is the most logical statement made tonight.
What is going to drive me nuts, is that after the inevitable flush, main stream media will trumpet everyday:
NOBODY SAW THIS COMING, NOBODY.
NPR's top national security "correspondent" (AKA Judaic ass licker/scum bag) Tom Gelton said last week, with a totally straight voice, that Barry's drone program "meets all legal and ethical requirements" whether Barrry runs it from the CIA (where they can lawfully state drone strikes don't exist) or the military. He said it haughtily and with a mocking, laughing voice at anyone who might disagree, you know, like the 16 year old US citizen the "Christian" (AKA Judaic) Barry incinerated.
iF NOONE WATCHES DOES IT REALLY OCCUR OR CAN THEY TALK WHEN THEY ARE RUNNING FOR THEIR LIVES SCREAMING THIS IS A GUN FREE ZONE
JUST SAYIN BITCHEZZZ
Krugman, I've asked before and I will ask again. What have you contributed to macro-economics? Your Nobel prize is in trade economics, not macro. Your expertise is in trade economics, not macro. Why on earth should anyone listen a fucking thing you have to say? nevermind your glaring inconsistencies, hypocrisies, hubris, and general fuckery.
You champion keynesian bullshit but most real mainstream economic work, if one would care to go that far, is produced by neo-classical, austrians, and new monetarists. New monetarists, lately, have taken quite delight at destroying keynesian bullshit.
Well he's part of the system and so relevant....
Meanwhile....
China, Brazil sign trade, currency deal ahead of BRICS summit26 Mar, 2013, 05.45PM IST, Reuters
DURBAN: BRICS members China and Brazil agreed on Tuesday to trade in their own currencies the equivalent of up to $30 billion per year, moving to take almost half of their trade exchanges out of the US dollar zone.
The agreement, due to last three years and signed hours before the start of a BRICS summit in Durban, South Africa, marked a step by the two largest economies of the emerging powers group to make real changes to global trade flows long dominated by the United States and Europe.
http://economictimes.indiatimes.com/news/international-business/china-br...
'Did Blackrock just comprehend that contrary to prior lies bank creditors, all bank creditors and not just depositors, are suddenly expendable?'
Probably that is precisely why BlackRock is holding sovereign debt -- to avoid being a bank creditor.
The rhetorical question in italics is a non sequitur.
It is very sequitur when one thinks for a minute and realizes that this means that the link between sovereign and banking sector, which Draghi so valiantly tried to sever, is not only still there, but closer than ever.
Money is not the end in and of itself. Money is the mechanism that those behind the banking sector use to exert power. Money is a tool to be used as a hammer and the whole world, including every government, looks like a nail. Find a way to eliminate the power for anyone to create fiat and you save the world from psychpathic parasites. There can be no free market and hence no freedom for the world's people as long as those entities that control the creation of fiat use their power to control others and direct their efforts.
Does Blackrock have power? Yes, because they have control over a lot of money. However, Blackrock is just one very large hammer that just looks like a nail to those who create money out of thin air. Anyone who cannot create fiat is a slave to those who can. That is a 2nd lesson and just as important as the "there is no free lunch" lesson from the Cypriot exercise.
The lesson for Cyprus, the rest of the European countries and even the US states is: "There is no such thing as a free lunch".
Eventually, those nice people who seem to want to give you seemingly free money will come back expecting to be paid with interest. From the day they give you money, THEY OWN YOU and own your future. You can never again do anything without their approval.
Short-term gain for LONG-TERM PAIN.
The best advice for anyone is to send the money lenders packing when they show up at your door. Keep your free will and peace of mind. You might not have growth, the way that those who become enslaved by debt, but you will be free. And that is priceless.
as for austerity, I agree in its present form is pain for the sake of pain. These countries are barely even doing it but worst of all they are not fixing the underlying problems.
decreasing the size of governments has to happen...it will happen..as someone once said - what cannot go on forever will stop.
but these european countries that you like to claim are doing austerity are not doing the correct and/or neccessary reforms to taxes and regulations that must coincide. And, of course, they are not shedding themselves of the banker problem (the euro). How is business supposed to grow and improve with those suffocating aspects still in place? how is it supposed to grow with suffocating welfare programs still in place? it is half ass at best.
but you love to build strawman and knock them down. So please continue.
Joseph Jones' "austerity" program: less frequent sharpenning of guilotine blade for lovers of usury and politicians.
Dear Mr Krugman: the Soviet Union could not set, even, the price of bread correctly.
Yet you claim that the Federal Reserve can set the price of money, AKA interest rate, correctly.
You must be very smart, since you won a Nobel prize, therefore you must be a liar.
....in trade economics. He hasn't contributed fuck all to macro-economics except cover for politicians.
double post
Krugman was given a Noble Prize for Economics to write for the banksters.
Just as Obama was given the Nobel Peace Prize to continue the wars and the torture.
They work for their masters- the Banksters who are now appropriating money from accounts that do no belong to them.
Make others poor so that they become richer and control the people through food and energy as slaves
if he had a conscience at all, he'd give it to hudson or keen.....
"Good boys" followed by a pat on the head, "now run along and play".
I'm looking for a nice place to rent in Bridgehampton for the summer. Any suggestions are appreciated.
Holiday in cyprus instead, they could do with your support
Interesting hidden theme here Tyler,"Apocalypse Now" being loosely based on Conrads' book about a fellow who goes up river ("Heart of darkness?") and peels away the skins of civilization,one by one,sorta like peeling an onion. As the myths and illusions fall away he feels renewed,a primitive noble savage type. Edgar Rice Burroughs was into this stuff too,Tarzan,etc.
Now,boys and girls,your assignment for today is to write an essay comparing what the ECB has done to Cyprus,with the above theme. Extra points awarded for predicting how the Russians react to the folks in Brussels.
Also,for all you trivia types,the spaceship in Aliens,"Nostromo",is also a reference to Conrad.
well....the brickless brick layer of third station comes to mind.
The theme outlined illustrates the fundamental truth that it is savagery that outstrips civilization in all cases. This is in opposition to the widely held notion that civilization overtakes wilderness. Sometimes madness is the product of the inner conflict between the outwardly civilized person and the inner savage.
The comparison is apt in the case of Cyprus as this episode symbolizes the relationship between savagery, civilization and madness, whose consequence is frequently violent conflict.
The Russian reaction may be to foment civil unrest on the island and mire the EZ in internecine conflict.
My favorite scene from Apoclaypse Now...
http://www.youtube.com/watch?v=JInEj95yoUQ
Methinks the Russians will have two reactions to Brussels. Publicly they are officially angry. Privately Putin is pleased that the Troika has driven oligarch money out of Cyprus where he stands a better chance of getting his hands on it. And he has probably been reassured by Barroso when he visited that when the time is right, Russia will be invited to join the EU, after Turkey. The new EUSSR Empire will then be almost complete with only a few remaining stragglers to bring in out of the cold.
"Reality intrudes"
Anybody sensing a trend?
I submit that we are still a long way from any revolt against the system. The comment section (and the writing) at this blog is heavy with people who aren't at all happy (even angry), and have identified the problem and the culprits.
But since this is a worldwide system, it's a bit difficult to rise up against, no?
So far we seem quite content to comment the situation to death.
I am guilty as well. But I'm doing OK in the USA.
For now.
Simple Solution - issue new money @ 1 new for 100 old
As I recall that Asian financial shitstorm was caused by corruption in the Thai real estate banking sector. A bank failed and suddenly everyone found out how interconnected things really are. Japan,South Korea,Indonesia,everywhere contagion. I feel the ECB has made a massive mistake over Cyprus. They would not risk everything unless they were severely overleveraged. This is disturbing. I mentioned earlier that I wondered why gold had not gone ballistic and attracted some negative comments. To clarify,I was only trying to spotlight how much manipulation is going on in PM's. I own very little of anything,but have enjoyed the show for the last few years. As for Bernanke and his crowd. As my late Granma used to say "shrouds don't have no pockets". Perhaps we can set up guillotines in all the NFL stadiums. Works for me.
she even made a film on that theme "shrouds, no pockets" and it was a scream! Good movie.
Un linceul n'a pas de poches - film 1974 - AlloCiné