This page has been archived and commenting is disabled.

A Furious Cyprus Begins Investigating Who Breached The Capital Controls

Tyler Durden's picture





 

On Monday we reported the very disturbing news that despite the ongoing liquidity blockade, capital controls and (somewhat) closed Cyprus banks, one particular group of people - the very same group targeted to prompt this whole ludicrous collapse of the island nation - Russian Oligrachs had found ways to bypass the ringfence and pull their money out quickly and quietly. We said that, if confirmed, "If we were Cypriots at this point we would be angry. Very, very angry." Turns out the Cypriots did become angry, and the questions are finally starting. As Spiegel reports, the Cypriot Parliament, which may or may not last too long once the banks reopen tomorrow and the people realize that in a fractional reserve banking system, those deposits you thought were there... they are gone, poof, has begun investigating the capital flight that may means the destruction of Cyprus has been for nothing. Sadly, it is now too little, too late.

From Spiegel:

Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank.

 

Panicos Demetriades looked dead tired as he opened the press conference on Tuesday afternoon on the fourth floor of the Central Bank of Cyprus. The questions and answers flew back and forth for 90 minutes, with Finance Minister Michalis Sarris doing his best to back up the central bank head. Outside, the mountains slowly receded from view behind into a haze, while inside journalists became increasingly restive. When the session ended, many were left wondering why Demetriades had invited them in the first place. He had virtually nothing new to say.

 

Many interpreted the press conference as a symbolic exercise. Central bank head Demetriades, they felt, sought to stage a show of strength to counter the pressure that has been heaped on his shoulders in recent days. For one, he announced earlier this week, without consulting the Cypriot government first, that small banks in the country would open their doors again on Tuesday, in contrast to the island-nation's two largest financial institutions Laiki and Bank of Cyprus. The result was a massive protest from the smaller banks and a reversal. The banks stayed closed. For the moment, the opening date is set for Thursday, and many fear that a flood of angry customers could overwhelm the sector.

 

Then, on Monday, the central bank announced that it was installing financial manager Dinos Christofides as a special consultant to the Bank of Cyprus as it prepares to take on assets from Laiki, which is to be liquidated. The deployment of Christofides is legitimate, but it triggered widespread concerns that the Bank of Cyprus too may soon be broken up. Demetriades was accused of not doing enough to explain the steps he was taking, thus intensifying investor anxiety.

 

Most of all, though, the central bank head has been harshly criticized due to the suspicious capital flight from Laiki and the Bank of Cyprus, the two institutions that have been hit hardest by the Cypriot banking crisis. There are indications that large sums flowed out of the two banks just before the first bailout package was signed in the early morning hours of March 16. At the end of January, some 40 percent of all savings held in Cypriot accounts were on the books of those two banks. Since then, however, much of it has been transferred elsewhere, despite orders from the central bank that accounts at the two institutions be frozen.

 

'Special Payments'

 

The central bank now stands accused of not doing enough to control the movement of capital. Transfers for humanitarian aid were permitted which, while certainly an acceptable exception, opened a loophole for abuse. Many are also furious that the bank allowed "special payments," the definition of which was never adequately established.

 

The Cypriot central bank has defended itself by saying that it was impossible to completely prevent all transactions, despite the account freeze. Much of the money was withdrawn from overseas, where Cyprus had no authority. Branches of Cypriot banks in non-euro-zone countries such as Russia and Britain do not answer to the European Central Bank. Their liquidity is controlled by central banks in those countries.

 

Such a defense is nothing less than a voluntary admission of impotence. Holders of smaller savings accounts have been unable to access much of their money for almost two weeks, companies have been unable to pay their suppliers and across the country people are concerned that their salaries will not arrive on schedule on the first of the month. Meanwhile, rich businesspeople and those with connections overseas have been able to transfer their money into foreign accounts.

In other words, the Cypriots are, indeed, getting very angry. And soon, they may just have a list of people on whom to take it out:

Lawmakers have demanded that the central bank assemble a list of those customers who withdrew large amounts of money prior to the closure of the country's financial institutions. In particular, parliamentarians want to know if central bank employees or members of the government received early warning and were able to quickly rescue their assets.

 

According to the Greek television station Mega Channel, the list has already found its way into the hands of Parliament President Yannakis Omirou. No one in parliament or in the central bank could be reached for comment on Tuesday evening. Still, the parliamentary investigation indicates just how great the mistrust is between lawmakers and the government -- and how acute the doubts are as to Panicos Demetriades' competence.

Only now is Panicos' competence being questioned? Well better late then never.

Perhaps, a better question is how much longer will the rule of law remain in Cyprus once full blown class warfare is unleashed, and the 99% are generously handed the list of the 1% who were "informed" enough to pull their money from the flaming sovereign equivalent of Bernie Madoff, while every other uninsured depositor is facing losses of up to 80%, and soon 100%?

And what happens if the realization dawns that despite all the promises even insured investors will eventually get impaired once the money runs out?

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 03/27/2013 - 08:26 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

More like who didn't?

 

There must be 50 ways to leave your lover...

http://www.youtube.com/watch?v=298nld4Yfds

Wed, 03/27/2013 - 08:26 | Link to Comment Super Broccoli
Super Broccoli's picture

be fair, who can say no to Boris waiting in a limo in front of the bank ?

Wed, 03/27/2013 - 08:31 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Something tells me that as furious Cypriots must be, they would never apply jumper cables to your testicles.

Wed, 03/27/2013 - 08:35 | Link to Comment Pladizow
Pladizow's picture

WTF is a defunkt Cypriot parliment going to do when the find Ex-KGB at the end of that trail?!?

Wed, 03/27/2013 - 08:41 | Link to Comment BaBaBouy
BaBaBouy's picture

Just Watch The Fireworks When .....

 

GOLD Cert Holders Try And Redeem At The LME Window ...

Wed, 03/27/2013 - 09:02 | Link to Comment Gmpx
Gmpx's picture

In this situation when you think maybe I better move money out of this bank you should act immediately. MAYBE=YES time.

Wed, 03/27/2013 - 09:25 | Link to Comment notbot
notbot's picture

I'm serious about this...I genuinely DESPISE Paul Krugman.

Europe's "Titanic entitlements" experiment is going down yet PK is determined to steer the U.S. on the exact same course.

Now, if you'll excuse me...I ate Panda Express last night and I have to go take a giant Krugman.

Wed, 03/27/2013 - 09:27 | Link to Comment Atlas_shrugging
Atlas_shrugging's picture

This is surreal.  Like imagining a tunnel connecting our Fed and J.P.Morgan

Wed, 03/27/2013 - 09:37 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

The tunnel is real alright. Whats surreal is that journalists don't ask Dudley and Bernanke about it...

Wed, 03/27/2013 - 09:45 | Link to Comment SafelyGraze
SafelyGraze's picture

this kind of story simply makes no sense

a nation's banking system is established to *help* the people of the host nation

not to bankrupt them

better go back and check your facts, mister durdenz

if that is your real name

 

Wed, 03/27/2013 - 09:57 | Link to Comment Joe Davola
Joe Davola's picture

First clue there was something up with the huminitarian transfers - many of the recipients were "The Human Fund"

Wed, 03/27/2013 - 10:06 | Link to Comment Thulsa Doom
Thulsa Doom's picture

"The Human Fund. Money for People."

Wed, 03/27/2013 - 10:13 | Link to Comment Joe Davola
Joe Davola's picture

There's people and then there are People.

Wed, 03/27/2013 - 10:40 | Link to Comment Spirit Of Truth
Spirit Of Truth's picture

PEOPLE!

http://www.youtube.com/watch?v=8Sp-VFBbjpE

Moscow has thought long and hard about how to bring down the Capitalist system.  This is likely just the beginning:

http://thespiritoftruth.blogspot.com/2013/02/dow-14000-world-war-three.html

Wed, 03/27/2013 - 14:40 | Link to Comment Joseph Jones
Joseph Jones's picture

I prefer to call the Capitalist System what it is, the Judaic Usury system. 

Wed, 03/27/2013 - 18:52 | Link to Comment macholatte
macholatte's picture

 

The Q&A

 

Senator: So tell us, Mr Corzine, what happened to all that money?

Corzine: I don't know.

Senator: OK. Good answer. You're excused and exonerated as well as all the members of the government.

What's for lunch?

Wed, 03/27/2013 - 18:14 | Link to Comment rich_wicks
rich_wicks's picture

WHAT capitalist system?

You believe the government borrowing money using tax payers as collateral to give to private firms is capitalism?  The same firms that if allowed to go bankrupt would decrease the price of housing and would severely impair the wealth of very very wealthy people with huge sums of cash?

The US government killed capitalism, sometime in the 1990s.  This isn't capitalism, this is corporatism.

If Moscow wants to bring down the capitalism system, they need to start in Russia, where it still exists.

Wed, 03/27/2013 - 20:29 | Link to Comment Bill D. Cat
Bill D. Cat's picture

Post more . ^ that was pure .

Wed, 03/27/2013 - 10:07 | Link to Comment redpill
redpill's picture

Every time I think I've seen it all, these folks manage to outdo themselves. I previously had no idea that such extreme levels of clusterfuckedness could exist.

Wed, 03/27/2013 - 18:53 | Link to Comment booboo
booboo's picture

Well you just wait till the trapez artist falls though the net and gets impaled on the feathered thingy that is on the head of the horse that the monkey is riding around on. They don't call it The Greatest Show on Earth for nuttin.

Three Ring Circus Bitchez

Wed, 03/27/2013 - 19:43 | Link to Comment Ms. Erable
Ms. Erable's picture

+1 for 'clusterfuckedness'.

Wed, 03/27/2013 - 09:45 | Link to Comment Rathmullan
Rathmullan's picture

Easy solution. Bring Russia into the zone. I'm sure LaGarde is working up that proposal as we speak.

Wed, 03/27/2013 - 10:04 | Link to Comment DeadFred
DeadFred's picture

I suspect Russia is planning on the change of zones going in the other direction. LaGarde is viewed less favorably in Moscow than in Brussels. Many in the Russian government remember Brussels as a minor waypoint for the Red Army on the planned path to Paris and old views have a way of persisting.

Wed, 03/27/2013 - 10:05 | Link to Comment redpill
redpill's picture

How does one say "go fuck yourself" in Russian?

Wed, 03/27/2013 - 10:23 | Link to Comment tiwimon
tiwimon's picture

"????????? ?? ??????? ?????? ????"

 

well copy and paste does now work, puts all ?'s so go here 

http://translation.babylon.com/english/to-russian/Go%20fuck%20yourself/

Wed, 03/27/2013 - 10:42 | Link to Comment Shitters_Full
Shitters_Full's picture

Polonium

Wed, 03/27/2013 - 11:35 | Link to Comment deKevelioc
deKevelioc's picture

In Russian? Whatever it is also comes with some very bad stuff.

Wed, 03/27/2013 - 12:00 | Link to Comment SilverRhino
SilverRhino's picture

"Yub tvaya mat" (Go fuck your mother) - works well enough to convey the warm sentiment 

"Ti takaya suka" (You are such a bitch)  - Turns a russian woman into even more of a screaming bitch that she was just before you called her that. (Russian has two words for bitches "Sterva - demanding woman", "Suka - female dog and a mortal insult to them"  

 

Wed, 03/27/2013 - 18:34 | Link to Comment Joe moneybags
Joe moneybags's picture

I prefer to wait for Boris Alotovcrap's translation.  The rest of you are just messing with us.

Wed, 03/27/2013 - 18:41 | Link to Comment Catflappo
Catflappo's picture

great - thanks ....    "Yub tvaya Bernanke"!!!

Wed, 03/27/2013 - 19:01 | Link to Comment booboo
booboo's picture

The Russians would just whack Legarde but they still don't know if it gets the female or male dose of polonium 210, it mght back fire and create a 6'-0" diameter money sucking Mangina.

Wed, 03/27/2013 - 19:02 | Link to Comment DirtyHowi
DirtyHowi's picture

phonetically since i lack a cyrrilic keyboard posho nohoy

Wed, 03/27/2013 - 10:37 | Link to Comment El Oregonian
El Oregonian's picture

Or that the tunnel is apparently a one-way tunnel.

Wed, 03/27/2013 - 09:51 | Link to Comment Whoa Dammit
Whoa Dammit's picture

I think any money found will have somehow wound up with JPM. Since it will be for legitimate margin calls, reimbursement of their Cyprus Entertainment expenses, and other such fictions, it will all be good and JPM can keep the money.

Wed, 03/27/2013 - 11:04 | Link to Comment mickeyman
mickeyman's picture

Did you see his speech where he told the Cypriots to "prepare for deep pain"?

Sounds like something his future cellmate will say to him!

Wed, 03/27/2013 - 19:31 | Link to Comment Antifaschistische
Antifaschistische's picture

Surreal indeed!!!

I am SHOCKED!!!   SHOCKED I tell you, that the 1% was actually taken care of ahead of the 99%!!! 

Who would have thought this would happen in todays world!!!

Wed, 03/27/2013 - 13:23 | Link to Comment The Phu
The Phu's picture

Great question?  Who tried to steal from whom?  So it's ok for Cyprus to FUBAR the Russkies, but when the Russkies "go all guerilla war on their asses" and withdraw the funds before they can be stolen, now it's a crime against the people? 

 

Let me get this straight.... It sounds like the Cypriot citizens feel, dare I say, "entitled" to levy/steal that Russian (or more broadly, the elites') money?  WTF is wrong with this picture.

 

I congratulate our Russian friends for not being Corzined.  Boris, he's a 100gm shot of vodka for you buddy.  Can you do this to JP Morgan next?  Pretty Please????  Pozhalsta??? 

Wed, 03/27/2013 - 08:35 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Just don't push it and make them double dog furious.

Wed, 03/27/2013 - 08:43 | Link to Comment unrulian
unrulian's picture

Sweet Jesus...not double dog furious...

Wed, 03/27/2013 - 08:53 | Link to Comment negative rates
negative rates's picture

Sure, double diamond dog furious, you know, he's the cousin of deputy dog. Bow wow, woof woof.

Wed, 03/27/2013 - 09:52 | Link to Comment Silver Bully
Silver Bully's picture

He's Triple Dog Furious!

(Oh no! Triple Dog Furious!)

Wed, 03/27/2013 - 10:16 | Link to Comment PathForward
PathForward's picture

Anybody know if the contents of safe deposit boxes located in Cyprus are also scheduled for a haircut? That would probably add significantly to the fury factor.

Wed, 03/27/2013 - 11:24 | Link to Comment TPTB_r_TBTF
TPTB_r_TBTF's picture

The Russians looted the safe deposit boxes on their way out.

Wed, 03/27/2013 - 11:53 | Link to Comment Debugas
Debugas's picture

safety deposit boxes should be (even in case of a bankruptcy of the bank) but authorities may ask you to prove the content was legitimately aquired (bought/inherited etc) and you had enough income to buy it

Wed, 03/27/2013 - 19:36 | Link to Comment Antifaschistische
Antifaschistische's picture

So, if you have 100k worth of gold in your safety deposit box.....and you don't have all the corresponding receipts......it may be subject to confiscation? 

This is only in the EU right?

 

Wed, 03/27/2013 - 08:38 | Link to Comment BaBaBouy
BaBaBouy's picture

...

Wed, 03/27/2013 - 08:43 | Link to Comment DblAjent
DblAjent's picture

they would never apply jumper cables to your testicles

The Cyps who would are probably among those who were able to withdraw or otherwise transfer their assets elsewhere.

Those with money have power. Those with power have money.

The rest of us are held accountable. I hope they fight the good fight but, really, what's the use?

Wed, 03/27/2013 - 09:07 | Link to Comment Going Loco
Going Loco's picture

I was doing a search to find details of the brutal tactics used by EOKA (and, to be fair, probably by us Brits) and this popped up on my screen:

Buy Massacres at Amazon

Low Prices on Massacres. Free UK Delivery on Amazon Orders

 

Buy now while stocks last.

I love the interweb.

Wed, 03/27/2013 - 18:42 | Link to Comment Umh
Umh's picture

Target.com is real good at trying to sell me things like mayhem and floods.

 

I miss the early years on the Internet when most of my search results were not attempts to sell me stuff I don't want.

Wed, 03/27/2013 - 11:46 | Link to Comment cherry picker
cherry picker's picture

The CIA is everywhere and I wouldn't be surprised if they use jumper cables on testicles in Cyprus.

Just like Iraq, now Cyprus has gas reserves, they crush the country.

 

Wed, 03/27/2013 - 18:18 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

@ ParkAveFlasher

Yeah!  Cyprus: "we are vewwy, vewwy angwy"

Wed, 03/27/2013 - 18:23 | Link to Comment Tiago
Tiago's picture

It will be finally clear to all of the cypriots that their "brothers" from Russia, operating with the stollen money from Russian, Ukrainina, Belorussian, Moldovian and Bulgarian, never really cared about Zypern. All they already did there is to use and abuse the banking system of Cyprus with the help of their fifth column there ;)

If Cypriots have someone to be angry at, it was not the European partners of Cyprus, but the crooks at their banking system who helped those russians to steal their money, while all transactions from Cypriot banks should have been already frozen. Well, one should always pay for his stupidity. No exceptions from this rule should be applied from now on. Fiscal paradises have no real future. Let's leave all those russians play with the stollen money in their own banks. They are not welcome in Europe anymore.

Wed, 03/27/2013 - 19:01 | Link to Comment autofixer
autofixer's picture

Eu amo Brasil!

Wed, 03/27/2013 - 08:52 | Link to Comment agent default
agent default's picture

The Russian response will not be swift or impressive at least at this stage.  The Russians grind slowly, but they grind thoroughly, very thoroughly.  I don't think it is Cyprus, it is the EU and particularly Germany that are in deep shit over this one.

Wed, 03/27/2013 - 09:01 | Link to Comment GhostfaceCracka
GhostfaceCracka's picture

Cypriots should save their anger for their real foes in Brussels and Washington.

Wed, 03/27/2013 - 09:17 | Link to Comment agent default
agent default's picture

But they are. 

And this is the interesting part.  You take a look at the map, and you see the obvious interest of Russia in  Eastern Mediterranean.  Then again,  The population of Greece and Cyprus are deep down definitely pro Western (for now), and at any rate, the Cold War era certainly instilled some loyalty and feeling of belonging to the West in them. So how do you affect deep political change?  You let them suffer for a while in the hands of "prestigious" Western institutions like the IMF, or complete jokes like the EU, and voila! Sentiment overturned.  Then when discontent reaches critical mass, you can go in with an offer they cannot refuse, which will be pretty cheap considering their position by that time, you slightly improve their situation, and there you have it, a total change of loyalties, deep down in society, across the political spectrum. Think of it as a large scale phycological operation from the Russians.

Wed, 03/27/2013 - 10:07 | Link to Comment Race Car Driver
Race Car Driver's picture

False dichotomies - the real goal here is controlled chaos.

Wed, 03/27/2013 - 11:08 | Link to Comment toys for tits
toys for tits's picture

Chaos by definition can't be controlled.

Wed, 03/27/2013 - 18:13 | Link to Comment willwork4food
willwork4food's picture

That is not true. It depends how large the chaos being controlled is. A cast- iron fireplace will contain a large fire and warm a room where no fire is present. Usually.

Nuclear reactors contain high chaotic volitility within the pools of water as long as another larger chaotic event does not occur which could compromise the pools.

A briefcase nuclear reactor that creates a small black hole within its structure would (theorectically) change time and space for the areas around it, allowing us to travel in time.

OK, maybe I read the last one online somewhere...

 

Wed, 03/27/2013 - 11:30 | Link to Comment ATM
ATM's picture

The real goal is to take advantage of the chaos and power vacuum that will ensue. 

Wed, 03/27/2013 - 19:07 | Link to Comment SmittyinLA
SmittyinLA's picture

I think at this point in time the Russians are more "pro-west" than the so-called "West" is with "west" being a euphamism for individual rights. 

Wed, 03/27/2013 - 11:16 | Link to Comment Anasteus
Anasteus's picture

In my honest opinion, the money outflow was silently prepared and arranged between Europe and Russians (ah, and Goldman, of course) behind the closed doors not to get Russians furious; after all, they need Russians to shift some power to as the US/EU block is going bust. The EU defacto deliberately sacrificed Cyprus.

Wed, 03/27/2013 - 11:06 | Link to Comment mickeyman
mickeyman's picture

The Russians can say "last time we only took half of Germany. Let's see how much we can take this time."

Wed, 03/27/2013 - 08:55 | Link to Comment Ghostdog
Ghostdog's picture

Yeltsin or Badenoff?

Wed, 03/27/2013 - 09:05 | Link to Comment resurger
resurger's picture

If cypriots can defeat Yuri Boyka, they will get their money back 100%

Wed, 03/27/2013 - 10:11 | Link to Comment mammoth mo
mammoth mo's picture

Boris - "Would you like to be shot in the foot or the hand?  You have one minute or I will shoot you in both.  Oh, thank you for my transaction and I will aim for the little toe.  Good decision."

Wed, 03/27/2013 - 19:13 | Link to Comment Buck Johnson
Buck Johnson's picture

To little, to late.  Also I think they are setting up to say that due to the Russians or  the ones over 100,000 that took their money out we have to tax your deposits under 100,000.

Wed, 03/27/2013 - 08:27 | Link to Comment BaBaBouy
BaBaBouy's picture

NOW YOU SEE IT... NOW YOU DON'T ...

Wed, 03/27/2013 - 08:30 | Link to Comment new game
new game's picture

BOE next - 38 B shortfall; next ass rape on deck, the full ankle reach-limber up...

Wed, 03/27/2013 - 08:44 | Link to Comment Alpo for Granny
Alpo for Granny's picture

Sorta like the Magic Man....

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

Wed, 03/27/2013 - 08:41 | Link to Comment espirit
espirit's picture

MeThinks finger pointing at Russian Oligarchs raises suspicion the ~ multinational corporations ~ might have moved assets also to safer banking locations.

Prolly never know...

Wed, 03/27/2013 - 08:43 | Link to Comment GeezerGeek
GeezerGeek's picture

On the subject of safer banking locations, I heard an advertisement this AM (first time I heard it) pushing Belize as a place to park assets because it has strong laws providing asset safety. This was on an AM radio station in Miami.

Aside from the fact that probably 98% of the world has no idea where Belize is, why didn't Simon Black tell us here on ZH about this place? Or did I just miss that post from him? 

Wed, 03/27/2013 - 08:47 | Link to Comment hapless
hapless's picture

"because it has strong laws providing asset safety"

Snort.

Wed, 03/27/2013 - 11:49 | Link to Comment LostAtSea
LostAtSea's picture

laws?  Laws? LAWS???  hehehe

Wed, 03/27/2013 - 08:57 | Link to Comment espirit
espirit's picture

Anyone with a chunk of change must be sweating bullets now that ~ banks are not to be trusted ~ and can sidestep lock-in on behalf of preferred clients.

Besides, there just isn't enough Gold phyzz to go around.  And who do you trust to guard it?

Places like Chernobyl or Fukushima come to mind...

Wed, 03/27/2013 - 12:01 | Link to Comment e-recep
e-recep's picture

nothing is secure at this point. tax haven islands will be the first ones to drop dead. cyprus was a good example i thought.

Wed, 03/27/2013 - 08:30 | Link to Comment eigenvalue
eigenvalue's picture

Today is the birthday of Jim Sinclair the shill and also the day when this snakeoil charlatan gets exposed. "Gold is ready to take out $2000" Wow, gold even can't break $1600 and silver has almost become arsewipe. Jim Sinclair, Jim Richards and John Embry are just three stooges of gold forecasting. My condolences to victims of these con men. In dollar we trust. We shall never see $29 silver again.

Wed, 03/27/2013 - 08:37 | Link to Comment sunnydays
sunnydays's picture

I love good comedy in the morning, eigenvalue.  Thanks for providing it. 

Wed, 03/27/2013 - 08:39 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Whatever that cat's getting paid.....it's not enough.

Wed, 03/27/2013 - 08:48 | Link to Comment willwork4food
willwork4food's picture

At least he takes pride in his work.

Wed, 03/27/2013 - 08:57 | Link to Comment toys for tits
toys for tits's picture

He must be in love with Sinclair, to know his birthday.

Wed, 03/27/2013 - 09:16 | Link to Comment Abraxas
Abraxas's picture

I agree about John Embry, the guy with squeeling voice recommending specific miners, which crushed like there's no tomorrow.

On the other hand, Jim S. and Jim R. have been more right than anybody I have ever listened to, so please don't lump them all together like that.

Wed, 03/27/2013 - 09:33 | Link to Comment Meat Hammer
Meat Hammer's picture

MDB's bastard cousin

Wed, 03/27/2013 - 09:43 | Link to Comment Abraxas
Abraxas's picture

I am in no relation to that beast.

Wed, 03/27/2013 - 12:07 | Link to Comment Richard Head
Richard Head's picture

I was thinking Robotard.

Wed, 03/27/2013 - 08:37 | Link to Comment Pladizow
Pladizow's picture

Yeah I want my money back for listening to those stooges 10 years ago about where the gold price would go!

Wed, 03/27/2013 - 08:45 | Link to Comment unrulian
unrulian's picture

i will enjoy wiping my ass with my silver...it has antimicrobial properties you know

Wed, 03/27/2013 - 10:05 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

<I would use TP with silver thread (antimicrobial properties) over brand X.   

<I would keep using brand X TP.

Wed, 03/27/2013 - 08:52 | Link to Comment DblAjent
DblAjent's picture

whilst u r wiping ur arse with ur fiat paper (please crinkle first), I'll be feeding me family by way of groceries purchased with silver coins.

Bless ur heart, dickwad

Wed, 03/27/2013 - 09:06 | Link to Comment Flagit
Flagit's picture

and ill be counting your, er, my, new silver coins after replanting my garden.

 

its not as dirty as mineshaft, and life seems intent on making me dig.

Wed, 03/27/2013 - 08:56 | Link to Comment swmnguy
swmnguy's picture

It all depends on your basis, doesn't it?  I dumped a windfall into AU at $624 and AG at $12.84.  So $1600 and $28.50 are just dandy by me.  Doing far better than my FRNs.  Or my home equity.  Or my IRA.

Wed, 03/27/2013 - 08:56 | Link to Comment agent default
agent default's picture

You are right.  Things keep going the way they are, you will not be able to find ANY silver for any $ value pretty soon.  The same way you cannot find silver at any Confederate Dollar value.  So no, down the line you will not see $29 on silver EVER.  I don't know how you will like it though.

Wed, 03/27/2013 - 08:58 | Link to Comment negative rates
negative rates's picture

It's in debt we trust, welcome to Cincinnatti Landing, home of the SUPERBANKER high rise con's. 

Wed, 03/27/2013 - 09:10 | Link to Comment paint it red ca...
paint it red call it hell's picture

Happy Birthday Jim. You have been making me money in gold and preserving my wealth since gold was 290$ an ounce.

Best Wishes!

Wed, 03/27/2013 - 09:23 | Link to Comment HyperinflatmyNutts
HyperinflatmyNutts's picture

What Asshole up voted this besides Yourself? This just might be the dumbest comment I have ever come across on ZH!!!  Holly shit... Trolls are name dropping... U must love KWN.. lmao

 

Wed, 03/27/2013 - 09:24 | Link to Comment GoldenGal
GoldenGal's picture

Yes eignvalue, I put all my faith in the US dollar and good ol US banks like Bank Of America.. Silly Europeans, this could NEVER happen here in America. We have Obama in office to  protect us! Hail Jesus!

Wed, 03/27/2013 - 09:28 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Dude, you are the funniest motherfucker on this site.  eigenvalue 3/27/2013: "We shall never see $29 silver again."  What do you think?  They're going to stop printing the funny money? LOL!

Wed, 03/27/2013 - 10:57 | Link to Comment Uber Vandal
Uber Vandal's picture

AAPL to $1,000 is not illogical

http://www.thestreet.com/story/11482689/1/cramers-mad-money-recap-apple-...

Don't take your money out of Bear Stearns. Don't move your money from Bear. Don't be Silly.

http://dealbreaker.com/2009/11/jim-cramers-bear-call-was-second-worst-pr...

https://www.youtube.com/watch?v=HPc16cuQJR0

Those are the words of a real shill and snake oil charlatan, who's first name is Jim, but last name is not Sinclair.

 

Wed, 03/27/2013 - 11:14 | Link to Comment FoeHammer
FoeHammer's picture

Pure lulz. Thanks for posting those clips

Wed, 03/27/2013 - 11:18 | Link to Comment e-recep
e-recep's picture

if gold is still $1600, it means the vaults of the NYFED are not empty yet. but be patient. that day will come.

Wed, 03/27/2013 - 08:37 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

Some of these big bad Russians should be looking over their shoulder, they aren't the only "tough people" out there.

Wed, 03/27/2013 - 08:56 | Link to Comment j0nx
j0nx's picture

Um assuming the guys coming after them aren't time travelling Spartans or Navy SEALS then I'm sure the Russians are sleeping pretty soundly at night after counting their money.

Wed, 03/27/2013 - 09:45 | Link to Comment Lebensphilosoph
Lebensphilosoph's picture

The power of mythos ... Russians lost more men in every year on the Eastern Front than the Germans lost in the entire war ... some tough guys.

Wed, 03/27/2013 - 10:20 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

...and then came stalin and made them even tougher by killing even more of them

Wed, 03/27/2013 - 09:15 | Link to Comment useless_fact
useless_fact's picture

The job of the queen is to lay eggs which the worker ants look after. Worker ants are sterile, they look for food, look after the young, and defend the nest from unwanted visitors.

Wed, 03/27/2013 - 09:49 | Link to Comment toys for tits
toys for tits's picture

Is this a euphemism for describing the banking system?

Wed, 03/27/2013 - 09:17 | Link to Comment ElvisDog
ElvisDog's picture

What a bunch of crap. This is part of the same "bad cop" Kabuki theatre that we are exposed to in the U.S. all the time after the oligarchs have stolen all the money. No different from when Sheila Bair goes on MSM and talks tough about the evil bankers and how bad they were. She laments that nothing was done to punish them and neglects to mention that she was one of the regulators when they were stealing the money.

Wed, 03/27/2013 - 09:46 | Link to Comment AnAnonymous
AnAnonymous's picture

Yeah, that is what makes America great. We have a right to arrest and the guns to back it up.

Signed: an American.

Wed, 03/27/2013 - 10:22 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

I sure hope nobody remembers how badly I was smacked down the last time I claimed US citizens could perform citizen's arrests and back it up with guns.

It would show me as a gluttoon for punishment.

Signed: AnAnonymous

Wed, 03/27/2013 - 09:21 | Link to Comment insanelysane
insanelysane's picture

One might suspect that the whole Russian bailout meetings were a stall tactic so the Ruskies could get their money out.  When word came down that the money was out of Cyprus, Ruskies said NYET! to the bailout.  NYET is Russian for "go fuck yourself."  Well played by the puppet masters pulling Putin's strings, well played.

Wed, 03/27/2013 - 09:32 | Link to Comment swani
swani's picture

Sounds exactly like MF Global.

Wed, 03/27/2013 - 08:27 | Link to Comment TeamDepends
TeamDepends's picture

We promise not to molest your money and swear we probably won't do it.

Wed, 03/27/2013 - 08:33 | Link to Comment CheapBastard
CheapBastard's picture

Is an "investigation" more effective then "a hearing?"

How about a "Committee" or a "Commission" to invesitgate?

Which of these is the best circus?

 

 

Wed, 03/27/2013 - 08:46 | Link to Comment Seasmoke
Seasmoke's picture

They need Carl Levin on the case.

Wed, 03/27/2013 - 08:57 | Link to Comment ghengis86
ghengis86's picture

+1

That rat fuck knows a shitty deal when he sees one

Wed, 03/27/2013 - 08:55 | Link to Comment TeamDepends
TeamDepends's picture

As long as they have the tiny giraffes we're in.

Wed, 03/27/2013 - 10:57 | Link to Comment insanelysane
insanelysane's picture

We'll have a report generated sometime in 2014 possibly later.

Wed, 03/27/2013 - 08:29 | Link to Comment RacerX
RacerX's picture

I knew the Ruskies wouldn't go quietly. Er, well they went quietly. But good for them. F-ing banks.

So I guess that means the <100,000 Euro accounts will need to pick up the slack now?

Wed, 03/27/2013 - 08:51 | Link to Comment hapless
hapless's picture

One can hope.

Wed, 03/27/2013 - 09:22 | Link to Comment TumblingDice
TumblingDice's picture

To do that I think it would have to go throgh parliament. And depending on how large the outflows of the oligarchs, the insured <100,000 accounts would have a haircut to "pick up the slack" that if voted for would leave the MP unelectable. Which means the only other options are 1) unconditional bailout by the EU or 2) bankruptcy. Both are euro negative.

Wed, 03/27/2013 - 09:37 | Link to Comment Meat Hammer
Meat Hammer's picture

There's no money left.  That was the plan.  

Wed, 03/27/2013 - 08:28 | Link to Comment 101 years and c...
101 years and counting's picture

this is awesome.  there is no money in the banks for the EU/ECB/IMF to steal to bail themselves out.  There will be no bailout.  Cyprus leaves the EUR and the games begin.  And, here's the best part, we'll be told to blame those damn Russians for taking THEIR money out.

Wed, 03/27/2013 - 08:39 | Link to Comment toys for tits
toys for tits's picture

+100

The beauty of that scenario is that the Russians might have actually saved them from decades of depression if they are able to save their banking industry under the new Cypriot pound.

 

Wed, 03/27/2013 - 09:27 | Link to Comment TumblingDice
TumblingDice's picture

To which the bankers and technocrats of the EU would reply that it just proves that democracy is superflous. You don't need to vote on whether to get bailed out or go bankrupt, the market will decide for you. 

Wed, 03/27/2013 - 08:28 | Link to Comment Irelevant
Irelevant's picture

Ergo: http://www.zerohedge.com/news/2013-03-18/sun-just-set-german-empire-cypr...

And this begs the question what other lawyers already know that the words of the Eurogroup are not "law" and will open the banks tomorrow for "selected" customers and make transfers possible for a 10% fee lets say that goes to banks. It would not be illegal, banks know this, I think they will do it.

Meanwhile the poor Cypriots will be protesting and tearing down flags infront of the German embassy resting assured that when the banks reopen they will only be "levied" for 10%.

Wed, 03/27/2013 - 08:29 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

very funny read:

"...What remains is a central bank head who has lost much of the trust confided in him. He has said that he does not intend to resign, and because his job enjoys constitutional protections, he cannot be fired.."

 

Spiegel, Suspicious Transactions: Cypriot Parliament Investigating Capital Flight

http://www.spiegel.de/international/europe/cypriot-parliament-investigat...

Wed, 03/27/2013 - 08:44 | Link to Comment Mordenkainen
Mordenkainen's picture

Too bad he doesn't enjoy constitutional protection from being garrotted.

Wed, 03/27/2013 - 09:35 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

"..Too bad he doesn't enjoy constitutional protection from being garrotted..."

"Fire at will!"

Panicos:"who's Will??


Wed, 03/27/2013 - 09:13 | Link to Comment Going Loco
Going Loco's picture

Even if they can't fire him, how they going to pay him? With what?

Wed, 03/27/2013 - 09:40 | Link to Comment DOT
DOT's picture

So burning at the stake is out ?  Maybe stoning would be OK.

Wed, 03/27/2013 - 08:30 | Link to Comment Whoa Dammit
Whoa Dammit's picture

It shouldn't be that hard to figure out since international wire transfers are all done on the SWIFT system and the banks have BIC identification numbers. But the Central Banks (Cyprus, Britiain, etal) will probably never be able to find out what happened to the money (because they don't want to). By the way, SWIFT is headquartered in, wait for it.....Brussels.

Wed, 03/27/2013 - 08:45 | Link to Comment machineh
machineh's picture

'Parliamentarians want to know if central bank employees or members of the government received early warning and were able to quickly rescue their assets.'

Are they allowed to say that? Here in the Land of the Free, such info is classified for national security reasons.

Only enemy combatants attack the state with such underhanded demands. /sarc

Wed, 03/27/2013 - 09:46 | Link to Comment GCT
GCT's picture

Whoa +1.  The London branches of the two banks and other Cyprus banks were open for business without capital controls.  The British bloggers were all over it.  Several Eastern European country's were doing the same thing and the bloggers there were all over it.  This was a dam scam to screw people of Cyprus and not those in the know.

If internet bloggers like ZH and many other sites in the country's that these banks had branches in can blog about it, the EU knew it.  They just ignored it.  Smart money always gets out.  I am sure they will point the finger at London and blame them but this happened in several country's.

I am sure most of the money left due to insider information with the bought off politicians in Europe leaking information to their friends that had money in Cyprus weeks before this happened.  Nothing new here and as usual ZH is spot on thanks for the great follow up Tyler's. 

Wed, 03/27/2013 - 11:52 | Link to Comment Sandmann
Sandmann's picture

The London banks are under UK supervision and registered as UK banks. That was done some time ago to avoid a repeat of Kauptring

Wed, 03/27/2013 - 11:52 | Link to Comment Sandmann
Sandmann's picture

The London banks are under UK supervision and registered as UK banks. That was done some time ago to avoid a repeat of Kauptring

Wed, 03/27/2013 - 10:21 | Link to Comment mammoth mo
mammoth mo's picture

In order to catch a thief you have to want to catch him.  The mouth is talking but the body ain't trying.

Wed, 03/27/2013 - 08:31 | Link to Comment Quinvarius
Quinvarius's picture

Well.  They are looting the banks that are still open now.  That is what they do just before they let you know they accidently tripped over the plug and knocked it out of the wall.

Wed, 03/27/2013 - 08:31 | Link to Comment Serfs Up
Serfs Up's picture

AND....it's gone.

 

"Move along,. this line is for customers with deposits only."

Wed, 03/27/2013 - 08:42 | Link to Comment Esso
Esso's picture

That never gets old, just insert the language du jour. Next up: Italy, England, what?

It's as good as ZHer's maritime misadventures.

Wed, 03/27/2013 - 09:05 | Link to Comment mendigo
mendigo's picture

Do over!

Wed, 03/27/2013 - 08:34 | Link to Comment spastic_colon
spastic_colon's picture

please.....the cyprus parliament was complicit in all of this....I am sometimes surprised at the level of naivete' in some of these story contributions, I commented over a week ago that this was happening.

Wed, 03/27/2013 - 08:32 | Link to Comment TheGermanGuy
TheGermanGuy's picture

"Vladimir, can we please have back the billions of $$$ that left the country last week to take it away from your citizens?"

Wed, 03/27/2013 - 08:56 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Ha ha.....nyet.

Wed, 03/27/2013 - 08:33 | Link to Comment rsnoble
rsnoble's picture

LMAO 'did the central bankers or gov't employees receive early warning'

Do we really have to ask?  And as if the russians pulled all that $ out without anyone knowing.  Truth be told the central bankers probably gota % of that for 'letting' them do it.

There is no mystery or mistake here imo, everyone except the filthy fucking rich got wiped out. Just like always.

Wed, 03/27/2013 - 09:51 | Link to Comment toys for tits
toys for tits's picture

All you needed for early warning is the ability to read the newspaper.  The bail-in plan was laid out in The Guardian in February:

According to reports, the so-called bail-in would involve investors and depositors providing up to €10bn to recapitalise Cyprus's banks, cutting a bill that Brussels estimates will reach €17bn.

http://www.guardian.co.uk/business/2013/feb/11/cyprus-banks-money-launde...

Wed, 03/27/2013 - 09:06 | Link to Comment SheepDog-One
SheepDog-One's picture

With any luck though, depositor general public will never return, maybe they learned a lesson....let the elites just bank their own money and try to rip each other off.

Wed, 03/27/2013 - 12:02 | Link to Comment Dangertime
Dangertime's picture

To be fair, only the rich were being targeted!

 

Can't make me feel sorry for a robbery victim getting away.  Good for whoever got their money out.  The problem is, people will now blame the rich instead of blaming the corrupt banking system.

Wed, 03/27/2013 - 08:32 | Link to Comment holdbuysell
holdbuysell's picture

A hypothetical?:

TPTB1: Can we lock down the banks for everyone in the jurisdiction but leave tiny backdoor wormholes for the elite to escape?

TBTB2: I don't know. But, we'll try it with tiny Cyprus and let you know how it works out before it becomes the TEMPLATE for a broader rollout.

Maybe that's not really what happened, but when nothing in politics happens by accident it sure feels like what happened.

Wed, 03/27/2013 - 08:34 | Link to Comment BandGap
BandGap's picture

Pitchforks are flying off the shelves. Torches, too. Gonna be a hot time in the old town tomorrow.

Wed, 03/27/2013 - 09:43 | Link to Comment Flagit
Flagit's picture

 "revolution sale". pitchfork and tiki torch combo at Home Despot. er, depot.

Do NOT follow this link or you will be banned from the site!