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Buchheit On Cyprus: "The Situation Is Spiralling Down", And Why A Second Bailout May Be Needed
When the world's leading expert on Sovereign debt restructurings believes that the endgame for Cyprus might be another round of restructuring, adding that "I'm not sure this is over," it is important to listen. With the calmness in Cyprus today more reflective of paralysis than confidence, Lee Buchheit senses that the parameters of how much money will be needed to recapitalize the banks have changed. He tells Bloomberg TV's Lee Pacchia in this brief clip, "the situation is spiraling down... they'll need more money because the economy is worse, tax collections less, deposits will flow out when they can flow out." As for which European nation will be next in need of assistance with its sovereign debt burdens? Buchheit agrees with us that while many are looking to Slovenia, he sees real economic and political problems in both Italy and Spain remaining especially since the EU "have certainly changed the rules of the game."
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This is like the dominoes for "Communism", except this is for another reason. "Stateism" maybe? "Bankism"? "Corporatism"?
Duh: "DEBTism"
I say corporatism. We need a new symbol - for Cyprus SemiCONducers. The whole banking system is a Con inducing savers to run for the gold.
The Situation Is Spiralling Down?
No kidding genius!
It's always amazing to watch these dumbfuck central planners pretend that output will stay the same after they castrate an economy.
lol. You made me think of a new term:
cyprustrated - when your savings sack is suddenly and violently cut off.
for chrissake.. where do these bozos come from?
Worse, Congress prats constantly that our economy is based on consumer spending so their "solution" is skyrocketing health care costs, new investment taxes, higher gas and food prices and less disposable income. I'm not quite sure how this helps an economy powered by spending unless you're biggest invesment is debt. Oh wait...
Curious how French Bonds rose in price (falling yields) now that Cyprus is whimpering in the corner with a bloody nose...
corporatism is another name for fascism
at least, if you take mussolini's word for it.
You know you are in trouble when you have to bail out what you just bailed in.
Maybe they should just stop bailing altogether?
I think the depositors should bail.
Those who have been in-bailed will now be taxed to bailout their banks. Get in the circle, jerks!
It looks like Italy is heading toward new elections. Beppe needs to run one ad:
EU controls and raids savings account. Cyprus 1st, Italy next?
Over and over and over.
I was thinking something catchier:
The EU thinks its their money. I think its yours.
Keeping their dirty hands out of YOUR POCKETS.
Beppe
It's neither. Deposits are investment in a bank.
If you want to save get yourself a safe deposit box otherwise you are an investor in a bank, thats why the bank pays interest for the use of your money, and when it goes tits up you lose your investment just like any other supplier of goods and services.
What's happening in Cyprus is absolutely right, when a bank goes tits the investors lose their investment. The travesty is that people still think of their investment as savings, and that banks can still get away with calling it that, but once their true position finally becomes clear 'savers' will move to something less risky, like gold. Maybe one day they may even insist it be used again as money...
For obvious reasons.
I have bought a large safe and built a room around it. The man at our local bank said he was not sure that in case of an "emergency" (defined in Patriot Act somehow) that anyone would be allowed access to their personal lockbox since ownership "temporarily" is passed to "someone". As vague as that was, it was clear enough for me - invest at your own risk. The old meaning of banking - where folks place their money safely with interest, get a loan and secure credit - has vanished.
Collapse takes time
Exhibit A: Building 7
...and so it goes
~~~
It starts with 'Diesel Boom'... & disintegrates to [Buchheit] 'bullshit'...
And don't forget the other two -- all three collapsing at free-fall speed and leaving behind little more than dust particles -- utterly impossible to explain in terms of the official story:
http://www.youtube.com/watch?feature=player_embedded&v=OQgVCj7q49o
Never mind, of course, as America can't handle the truth and will not be bothered by it until it's way too late.
To the four (so far) downers -- who are surely too much in denial to watch the video -- you are but further proof that Americans can't handle the truth.
Good luck when the truth finally has its way with what the state -- i.e., government and those who control it -- has done to our country. You're gonna need a whole lot of it if you expect to land on your feet after the shit has finally hit the fan.
As always, the state can kiss my ass.
Silverstein, is that you? 'Cause we are good and drunk and ready to go.
indeed....the collapse of the euro experiment will take 500+ years - no sarc
Not a credit event either.
Demographic collapse is happening NOW. That underlies the crises over there. The pensions and free stuff cannot be delivered. Only France is close to replacement, but that's replacement by north African immigrants kids, for whom the word Francis is an insult. We do owe them for the spectacular carbeques though. Socialist. Heh. Wattaagonnado.
yes, and destitution of a society can persist for extraordinary periods of time while TPTB remain unscathed. The most successful operations of change have been either mass well supported uprisings from within, or a gutting of the current value systems (ala Constantine et. Al.) none of which happened overnight.
People don't understand how long collapse takes. I mean, the USSR was a basket case for 70 years where folks quietly starved to death and waded through grungy, desperate lives by staying drunk. Yet it survived long past any logical timeframe. The incredible thing is that they never knew the true price of any good or service since it was all centrally planned. And of course they were unable to compete in the world - zero exports unless one counts cavier and weapons.
Only if the toilet clogs
"Spiraling down" is a nice way to say 'shit flush.'
Apathy: It seems to be contagious
I wouldn't worry about it.
Why worry about your mother, why worry about your brother, when the century city just had to be comminng.
some people don't recall early tom petty.....early meaning old, which is why i recall
Even the losers get lucky sometime, Man.
me neither...can't do anything bout it
What? Me worry...
I don't care
This is gonna make the collapse in the Ussr look like a popcorn fart
"You got your apathy in my ignorance! Mmmmmmm, it's delicious!" - Joe 6-Pack
Ah, to be low information. Maybe in a next life.
No it is contiguous. Every person in line is infected and thinks he's fine.
Q: What is the difference between ignorance and apathy?
A: I don't know and I don't care.
What else could it do except "spiral down?"
Quick, expand the Ponzi.
I want to see them do to the Pope and the Sicilians what they just pulled in Cyprus.
Now that will be a dog and pony show.
"dog and pony show." ... is that on Food Network?
A-OOO-Gah
Way to tie in stories. you get a +1.
@kaiserhoff
MeThinks you might have that twisted around, as the authority is chasing ill-gotten/greedy gains.
Times are changing, the boss is back in town.
"The EU certainly has changed the rules of the game" Understatement of the year. Unfortunately, most of the 6 billion people across the globe have not been told of the rules change, especially the 'saving class'. Let's see if the Spanish and Italians catch on quickly and start yanking their shit out of their accounts.
Anybody know if any of these Cypriot banks passed an EU administered "stress test" recently?
They all passed in 2011.
Hilarious. Wonder how the fuck that happened, eh?
Apparently stealing from depositors was not part of the stress test. Time to revise the test to include EU Frack ups
Yes, the whole interview was like that, correct but understated ... spoken like a white-shoe firm partner
And anyone reading ZeroHedge the last 10 days knew almost everything he said already
Yes, that is the elephant in the room, as you said in your comment « ... if the Spanish and Italians catch on quickly and start yanking their sh*t out of their accounts ... »
Buchheit didn't really confront that head on ... this big question as to when there will be a run on the € 2 trillion plus in uninsured deposits in Spain and italy and the other Med countries
Buchheit said the EU would survive (likely), but wasn't asked the bigger more volatile question, when countries would start to leave the euro (rather than the EU)
Kept on waiting for him to just explode and say, "This shite is going to all BLOW UP soon! It will be OUT OF CONTROL!" Ha!
The funniest thing about this is that $1 deposit withdrawl impairs what $10-20 of loans. So for every billion pulled out it's $10-20B is impaired? I've already done my share and am working on some more. If $1T gets pulled this impairs 10-20T - then it's done. This won't be allowed to happen. No way, no how.
What is fascinating though is the idea that if they put 'capital controls' in place to stem the flows of money they basically are impairing the $1T of what was free cash that might move and buy things (rather than being stuffed in mattresses) vs. just sitting in banks and backing up depreciating non-performing assets.
To me it's pretty simple. If the banks arn't going to give me 'any' return on my money then there is no real reason to let them keep my money. The special hot sauce that should light a fire under anyones ass is when bankers suggest they can 'dip' into those savings to save the same banks. That alone is such a hot potato 'we the people' really NEED to let it land in the hands of the bankers.
Personally I think this has all been orchistrated to create the very crisis those in power are claiming to avoid. WHY? To have the power to change a human into 'this' (a battery). Pure out and out power seeking more power. Same as it ever was. The only thing that has changed is there is no where for people to run (no new worlds anymore) and technology to watch and control EVERYTHING, EVERYWHERE.
Ever get the feeling we are being herded like sheep into the shearing corral and there is not a bloody thing we can do about it?!
Love the 'uninsured deposits' bit!! You are taking the piss,aren't you??
Max Keiser says major crisis in April, I tend to agree.
Damn... I hope Dave Matthews gives refunds.
Thank goodness I'll be in Cyprus shopping for steeply discounted beach front.
me too, if for different reasons.
new moon on 10th April, few days before, and a week after, strong signals of unexpected *change of plans* - lots of tension building in the "war sign" of Aries, new moon, and then Pluto going retrograde - 8th to about 15th April good for *shocks* 'n' surprises. . .
Oh that's just great. My moon and Venus in Aries thanks you for that! I certainly need more turbulence in my life! ;-)
Miffed;-)
I don't know the degrees of your Aries planets - this matters, as we're currently dealing with a spread of about 5-15dg, based on 1-30 degrees per sign - but if they're at about 10-15dg, you'll be feeling it going forward. . .
two signs associated with the "feminine" in the masculine archetype sign - no wonder your professed preference for the company of men, heh!
((for all you lurkers, this is happening in everyone's chart, somewhere - including the charts of nationstates. . . Aries is a strong square to amrka's Cancer ("Mom, apple pie, Home-land (in)securities" all cancer memes) planets - 4 planets in Cancer out of a possible 10, so a heavy archetype is being tested))
Okay. You sucked me in! Moon 8 deg Aries and Venus in 28deg Aries.
What the Hell. I'll just give you the rest of my chart. Of course you will now use it to twist me on a hot stake like my mother did by knowing what buttons to push.
Rising 8 deg Taurus
Sun 26 deg Pisces
Moon 8 deg Aries
Mercury 29deg Aquarius
Venus 28 deg Aries
Mars 7 deg cancer
Jupiter 00 deg Aquarius
Saturn 27 deg Capricorn
Uranus 22 deg Leo
Neptune 11 deg Scorpio
Pluto 6 deg Virgo
N. node 6 deg Virgo
Here's my email if you wish to comment without the angry consternation of onlookers: zhmiffed@gmail.com
Miffed;-)
wow, that's an eye-full - and your plate's full about now!
while in truth I care ZERO about folks whining when I occasionally trail off into astrology posts, I'll save you being "outed" here, lol - occasional sidetracks are one thing, but I can give you some perhaps pointers on dealing with the rising anger/frustration you must be feeling this past year or two, and certainly going forward!
in a few days, via email then.
Just got a call from a friend who tells me that the rumor he's hearing is there's going to be a world wide bank holiday starting tomorrow.
Hopefully nothing more than a rumor but I should point out that he's never hit me with something like this in all the years I've known him.
Now if you'll excuse me I have to go make a withdrawl.
Mmmmmm....The Withdrawal Method.
<homer simpson voice>
Anyone got any recent coin shop stories regarding premiums on gold? i almost couldn't believe the quote i got yesterday, but then again, sorta..
I was quoted $95 over spot at the coin store yesterday.
Cypriot Orthodox Church is Sueing to end the EU/Cypriot agreement!. The Church owns a big chunk of The Bank Of Cyprus and it is against Cypriot law to take (wipeout stock value) assets of the Church !
It's too late in the day to be kicking the money changers out of the temple.
the church and banksters unholy alliance is as new as the hills. not to mention that rothschilds also bear the title “guardians of the vatican treasury”… i wonder how that's going to work out when vatican finds out that the hofjuden also corzined the vatican treasure
Go, God, Go!!
Church gets a well deserved kick in the nuts.
Pens with chains at St.Peters Gift Shop coming soon.
Domenic Go Friscum just got frisked.
Excellent interview
I actually understood some of that.
Amazing how articulate one can be when one actualy speaks truths.
Sadly I'm not expecting this truth contagion to spread.
That'd be silly.
Notice to everyone storing their gold at home.
Please take part in our survey and send the address where the gold is located and the quantity to henryhub@aol.com. This information will be used for scientific purposes only and will be kept in strictest confidence. Thanks in advance for you cooperation.
Mine is upstream, Henry, upstream.
I don't own any gold. Or silver. Or food or ammo.
Baaaa Baaaaa
We seem to have some dogmeat in our currency. Let's mix it with, let's say, depositorsmeat.
the real Soylent Green
And guess what's in the 2013 Canadian federal budget??? A Cyprus-type of ``bail-in`` if any Canadian bank gets in trouble!!
Check Page 144 and 145.
Funny how he admits that the equity holders and subordinated debtholders were wiped out but DID NOT MENTION the senior debtholders at all...
MSM must be losing its mojo--not seeing headlines of record S&P around... apparently, however, Kim Kardashian wears tight pants... I thought there were supposed to be fireworks, skywriting, the Empire State Building lit green...
Depends on how tight the pants are....
Regardless of the hits that keep coming the market reaction remains relatively benign. The collective apathy will remain...until it doesn't. When it doesn't watch out. Furthermore the Russians will not take this lying down.
they love taking it in all positions since Gorbatchev/Elstine/putin days.
Its called the soul of slavic nations. They can take pain. Big hearts in the people and bigger scum bags at the top.
The Russians I am sure can counterfeit the value of their loss in any currency they like. In any case Putin has been warning them for over a decade to bring their money home because the day would arrive when they would not be able to get their money out of western banks.
Same goes for the unfortunate depositors. They fell in love with paper and abandoned gold. Everything has a price, including stupidity.
still beating the drum on a 10 billion economy like its the navel of Eurozone????
They built a casino model it went belly up. Tuff shit Cyprus. You get 10 billion from EU now roll up your sleeves.
There are bigger problems in the world.
Why is US media getting a hard on on Ron Draper's pants and Cyprus's scam and bankruptcy pangs?
The ultimate casino model has got to be the USA but Cyprus nevertheless is important because small holes can sink big ships.
It also sends out a message that if Europe cannot limit the damage with small countries WTF will it be able to do when a Spain, Italy or France start to crumble.
the damage in Cyprus beyond 10 B is not Euro problem. EZ has made this clear.
Any spill over is russia's problem, its their oligarchy that has invested 30 B + there way beyond Cyprus's GDP.
Bottom line your move Putin and don't forget it stays Nato base...
I like the gold tie. he's signaling somthing.
A bank holiday is an inconvenience but bankers going on holiday permanently would be a blessing.
My guess is that at some point governments and central banks might actually allow the free market some free rein and when things get back to normal after a period of upheavel they will then proclaim themselves as geniuses.
Just as a fractal spirals, accelerating at its end, so the fiat system draws closer to the drain.
What a great voice Booshit has. He should have changed his name to match.
This popped up on the bitcoin forums (please check the link out first, haters!) https://bitcointalk.org/index.php?topic=160292
Small IT business in Cyprus loses 85% of their operational funds in a single event, so they have to shut down.
Repeat this for god knows how many businesses.
Cyprus is fucked.
Systemic impoverishment and destruction of the educated class outside the bureaucracy of the party, reminds me of something... Can't put my finger on it though.
I looked at the link, seek ... REPEAT THAT even for, say, one of the relatively best off countries, Canada, where the Federal government has recently proposed an explicit means to put Canadians through similar Cyprustration.
http://economicsfortherestofus1.blogspot.ca/2013/03/canada-plans-for-it-own-cyprus-scenario.html
The fact that Canada plans for its own Cyprus scenario shows the degree of global coordination by the transnational banksters. The way that the political party that currently forms the government of Canada has more money than all the other political parties combined also demonstrates how god damn difficult, and practically impossible to fix, these kinds of problems are! The government of Canada was able to give away more than 100 billion dollars to the biggest Canadian banks during the 2008 related global crises, while the mass media in Canada barely mentioned that that had happened. (For plenty of links to that story, skim through this forum thread on Some Monetary System articles.) Despite immediately adding more than 50 billion dollars to a growing public debt, directly due to that, the next elections did not raise those issues. Generally speaking, between the puppet politicians who work for the transnational banksters having by far the most money, while the mass media systematically lies by omission, and thus help the government to look good, while the government actually behaves in outrageously evil ways, there is no reasonable hope for the foreseeable future.
Even AFTER one figures out what is theoretically wrong, there are no practical political solutions, since the established systems have every advantage, in terms of their puppet politicians having way more money, while the mass media put on puppet shows starring those puppets, and their controlled opposition puppets, while nobody else is allowed to appear in those mass media political puppet shows. Therefore, everything important actually gets worse, faster! AND, MEANWHILE, it also looks like nature going nuts is going to trump our civilization getting crazier ???
That IT business in Cyprus being wiped out by having it funds frozen, through no fault of its own, but still, being wiped out, is the kind of social storm that destroys people's lives in ways that they could do nothing to prepare for, nor prevent. Since everything appears to be mysteriously interconnected, I tend to believe that the whole world is winding itself up for some set of combined natural and cultural storms beyond our ability to imagine at the present time ...
& I can not put my finger on it that well either, noless ...
By definition, the energy systems operating through the top carnivores in the human ecology EXIST. Those energies may be what we could regard as being "multi-deminsional demons pulling the strings." I repeat that every living thing is surrounded and interpenetrated by energy fields they resonate with, and so, of course, the ruling classes, the banksters, who fill the niches of the top carnivores inside the human ecology, DO TO. There is nothing totally special or unique about that. Every living entity has its own corresponding spirits. However, from a metaphorical perspective, the ruling classes appear as mad demons, who appear getting ready to go on the rampage, while, simultaneously, natural events look like they are also getting wound up for their own correlated events ...
Bailout II, bItCHeZ.
As in Greece, so in Cyprus.
Let's repeat it again for the slow learners: UNTIL YOU LEAVE THE EURO, YOU JUST KEEP BLEEDING.
For fuck sake...
Still talking about Cyprus? That was last fucking week.
I get it. They got fucked. They deserved it. One of them spent everyones money on toxic Greek bonds. Eat shit dickheads.
Maybe next time they will pay attention? Too late now.
I hope you can still talk tough when the charade in the USA, Japan and UK also comes to an end.
Fuck you Pan. You and all your Never Never shitheads.
Go home markets, you're drunk.
LOL, did you post in the wrong thread?
((sorry, it was such a great line. . .+1, of course!))
That was bite one of the shit sandwich.
LOL...people like you are exactly why 9/11 was hilarious... :-)
B.M. your comment leaves a bitter taste in the either.
Others misfortune ignored or dismissed shows a lack of compassion and in the end ignorance.
"Next time they will pay attention"? How sore is your own asshole? We have all been brutally raped by our masters. The pain has not yet made it to your small, small brain.
There but for the grace of G-D go I, should be your mantra, instead you blame those who had no part in their own financial immoliation.
Remember your callous comment as the pain from your own shattered sphincter consumes you.
Don't think it will happen to me anytime soon. I'm not prone to eating spoonfuls of crusty shit.
Ignorance is not an alibi. These chumps gave their money to two organisations that were eating bucket loads of Greek shit. They guaranteed those organisations with their own tax liabilities.
They lived inside the eurozone.
What did they expect to happen?
If you sleep on the tracks, then expect to be killed.
"If you sleep on the tracks, then expect to be killed."
Yes, exactly! Just like the people jumping off the WTC on 9/11, who thought America's raping of the Middle East would never touch them. And just like the tattooed soldier monkeys from Jesusland who flew over to Iraq and Afghanistan to serve as corporate thugs and hitmen, but who ended up complaining bitterly when they got their arms and legs blown off because someone sold them a bill of goods about "protecting our freedoms." LOL...you may be annoyed by the Cypriots' complaints, but those people appear stoic as hell when you look at all the wailing and teeth-gnashing that went on here in the U.S. after a drop-in-the-bucket 3,000 Americans were killed on 9/11...
On another Birinyi says he always worries about things he doesn't understand.
When will the sex slave masters start feeding on the young Cypriot women?
The Bastards in charge must pay for this tragic situation. The sex slave trade is one of the worst crimes against humanity, but its historic track record can never be argued. As in the old days, the daughters of the men in charge are the first to be delivered to the men with the money.
To be politically correct, the young boys will be used too and the old will suffer and die. The hell those bastards have created.
Nurse!!
So I'm pretty crazy right, i like zombie movies and post/apocalyptic fiction/scifi, (just saw the post man, sorta corny, but still ok), silent hill(horror, separate genre); the nurses that are darkness activated, they remind me of things that happen during socialist and communist revolutions(gang mentality leadership structure), but yeah, besides the point obviously. The movie Serenity also gets it.
For most of my life
Just sayin is all. When reality finally grabs you by the collar, it's good to be mentally prepared.
Tldr: nothing important.
Why should we listen to Richard Nixon's head?
because it is true.
Guy i know has been to Cyprus and told me it was full of young Russian women who end up as sex slaves in brothels......
Not only russians as the bastards starting feeding on young russian and east european babes after the Soviet Union collapsed. Once started the trade dies slowly. As I write this I notice the ad for "Meet Ukrainian Singles". Some Ukrainian girl may find utopia, but most will be abused.
I researched the sex trade and step-fathers' risk to the mothers' girls from prior marriage. The step father stastitic surprised me as it was higher than I had ever considered.
"I researched the sex trade"
You goddam pervert. You make me sick.
Fuck you Nixon.
I did it because I was helping abused east european mom and daughters who had been abused by sick people and were raped again by a sick american injustice system. I could not believe the number of sick bastards like you and the fact our justice system and enforcement institutions do so little to put the paedophiles in jail. Most people believe this sickness does not exist in americaand hide in their white castles.
People like you who play the Sargent Schulze role are a big part of the problem. Wake up Blackey and open your eyes to the evil that surrounds you and do something.
Evil surrounds my white castle?
Queen to Queen Rook 4.
Take that pindick.
You can call my dick what you want since you swallowed the load last night so well. Your mom taught you well!
Cyprus better stock up on guns and ammo. They just got moved to the back of the 'bailout bus'...
Portugal, Spain, Italy, and a few post Soviet States, might have something to say about Cyprus hitting the punch bowl twice. The slow motion train wreck has begun. We have entered an era that not even POMO or the Fed. can tackle. Central Bank intervention has evolved into the disease, as opposed to the cure.
The bubble is bigger and more vulnerable than ever.
Exactly right...and the more printing, the larger explosion of debt, the larger and less affordable the debt burden, the bigger the bailout required, the more printing required...vicious circle created. And the excess liquidity created out of thin air, which cannot solve insolvency, running into and driving bubbles to boot.
The Debt Polly Monster wants a cracker!
SQUUUUUAAAAAK. NAAAAAHHHHOOOOOOWWWW!
SQUAAAAAAK.
There simply isn't enough producing assets to sustain the debt monster anymore - so of course rather than die it like anything else starts to consume itself.
This is exactly what is starting to occur.
It's not legal to own guns or ammo in Cyprus. That's why they can get fucked like that with impunity and no fear of consequences....
and exactly how fukt is amrka?
350 million assault weapons and 50 billion rounds of ammo less so than Cyprus, would be my guess...
and yet, still.
Difficult to say. The middle class is being systematically and deliberately destroyed as the liberal government currently in power attempts to turn our country from being a republic of disparate states into a single, centrally planned and controlled, socialist nation - quite similar to what is taking place in Europe. Rather than outright theft, our money is being stolen via devaluation, our chief export to the world is probably inflation, and the government pushes race and class warfare as a mechanism to control and prevent the population from uniting and introducing them to guillotines.
The educational system in America has been dismantled and replaced by an Orwellian indoctrination system which produces dependant, emotionally unstable "victims", rather than educated, critical thinking, healthy young adults. Growing up, I studied Latin, Spanish and French in middle school. These days most students leave high school as unruly illiterates - not even able to read English, much less three other languages. "Education" has been reduced to the lowest possible common denominator so that no one is "better" than anyone else - the modern product of our educational system is a uniform, liberally indoctrinated and uneducated sheep - modern day slaves to the state without even being able to realize it. Nearly two entire generations have been indoctrinated and lost this way now. One more, and that's about the end of the USA.
This does not bode well for the future, but at least at present the "makers" and the "takers" are about 50/50, and there still exists a significant fraction of the population that will not stand for having their rights and freedoms being trampled. There are still "red lines" that the government knows it can not cross abruptly without triggering an armed revolution, so they have to resort to a "boiled frog" approach, using a captive media to manufacture propoganda, creating crises and mass-murders, then using those incidents to threaten to confiscate arms, falling back to settling for "just registering" them - until the next manufactured crisis when a few more rights disappear, then a few more, and more, repeating until eventually the frog is boiled and the population cotrolled and enslaved.
So... I forecast at least several more years ahead of a slow grinding down process until we reach the point where the middle class has been reduced to poverty and our "educational" system turns out enough uneducated and immoral sheep and student loan "debt slaves" with low expectations, that feel no need for any privacy, don't mind government intruding into every area of their lives and controlling everything they do and even think, sheep, completely ignorant of history that don't notice the rights missing that they essentially never experienced or learned about; until eventually there are so many illegal immigrants and uneducated sheep in this country so completely dependant on the government that a critical mass is reached, and the USA finally and irrevociably becomes the USSA.
It's not here yet, but things are headed that direction. There are, fortunately, still enough sheepdogs left guarding the flock to prevent this from happening today. I don't know how much longer that will continue to be true. The government is doing its best to convince the sheep that the sheepdogs are really wolves, and that they, the actual wolves, are really the protectors that the sheep want and need, instead. A civil war is still possible. If it happens, it will be unlike anything this planet has ever seen or experienced in all of recorded history - with a death toll reaching well over 10 million the first 30-60 days as the cities burn, and a probable total of over 100 million direct and indirect casualties overall just here in the USA.
Given the currently ruling government's mentality, it is quite possible that they would resort to using nukes against the civilian population if such a conflict took place and it appeared that they were losing - after all, those "fly over" states that would be rebelling don't produce much of anything except a majority of the food that the planet consumes. In that case the outlook would be rather grim for much of the population on planet Earth...
But hey, it will be football season soon enough, and some things, like the Superbowl, or the World Cup, or where King Barack Hussein Obama will take his next bi-monthly vacation at the taxpayers expense, or play his daily round of golf, or what talk show he will appear on next, are REALLY important, so why even worry about things like this?
lol the CBs have always been the disease!
The cure is a good smack of pms in the face. lol
THE SUUUUUuuuuuuPER BUBBLE - coming to an air pocket near you.
Got AIR. Better get some FAST! GASP!
quick ... multiply the withdrawal limit !!!
... by one-third.
My time....it is coming.
Time to invest in that most precious of all metals LEAD.
Comes in various sizes too.
.22LR, .38 Special / .357, .44 Mag, .30-06, .308 etc.
32 gold crowns, well not really.
Good luck buying some. I bought the last two 50 round boxes of .223 ammo the gun shop got in - nearly three months ago - and they haven't had any since then... It's like what happens to prices in hyperinflation - they go up and up, then suddenly there is none to be had at any price.
The FFL behind the counter said he's "on the list", but below DHS, so he has no idea when he might have more. I'm not completely certain he was joking. (Sure do love to walk into a store where everyone is open carrying :)
This does not seem like people prepping or people buying because of a possible ban. This is more like a society preparing for war...
Damn. Dropped the ammo overboard during the boat ride home - along with the gold coins I bought from the coin shop next door - when the boat tipped. Anyone know of a metal detector that works in really deep water?
Cyprus=nobrainer of the century
If you're going to be limited in withdrawals, you need to go down to the bank every day and take out your 300 euros. And until they actually allow you access to all your money again, you're taking a temporary haircut.
There is no such thing as a "temporary haircut". It either gets cut or not
On the other hand, I do get one every three weeks. You may be on to something.
The Bernanke needs to buy up all the Greek bonds, problem solved! Merkel can provide a liquidity guarantee in exchange for a promise of a few more tons of gold being returned in 10 - 15 years.
Better yet, he should skip a couple of POMO days, and just buy Cyprus outright. It could be the 58th state...
An EU wide deposit insurance and banking system.
The new world order is one step closer.
And the band plays on.
The eur/usd Fibi Extension from 2003 suggests 1.03-1.05 eur/usd over the next 2 years.
(better take the red pill and get printing Super Mario.)
Euro (EUR) vs US Dollar (USD) - 10-years - Currency Chart
Hey once the YEN trades at 100 to the dollar the Euro 1:1, CDN 1:1, etc. then it will be time for the 'globo' the indestructable undeflatable currency.
<sarc>When you need safe money, you want the 'Globo'. Enter hot chick with the new Globos in her hands. (hot chicks half nude on the front and half nude guys on the back)
Every 100 Globo comes with it's own cell phone, and GPS so you can know where your money is every second of the day.
The Globo powering you and your childrens safety, front to back!
Sponsored by the open market committee, and the friends of Central Banks.</sarc>
Good interview. I have no problem with the creditors losing when a bank fails.
Problem is, the depositors are not knowingly creditors, and they are totally lied to about the condition of their banks. How are they supposed to know?
The ECB is passing failing banks with 'stress tests' to falsely boost confidence and they pressure the ratings agencies to lie about the fucked up sovereign bond assets which the banks are holding. Eurogroup can't hold depositors responsible for EU lies like that.
And you wonder why the russians didn't step in? When has one bailout ever solved anything in this fucking mess--what's greece on, bailout 13? And it's fucking tiny. Spain, Italy, anybody eyeing the door now? There's going to be every fucking Euro country stuck int the exit door jam as soon as any makes a move. Butt fucking ugly.
A number of take aways for me from this interview.
First: this guy (who is touted as the leading expert on sovereign debt (and one presumes sovereign debt problems)) was "surprised" by how the EU has handled this and the options they have now made available for other actions...so I would assume that he at least publicly did not have a clue they were going to do an Argentina. Additionally, he seems behind the curve on the EU's strategies and mentality at this point. IE - he is out of the loop. So, that means someone else is running the show, and I would suggest they are not getting very good advise.
Second: there were two times in the interview where the interviewer specificly asked him (basicly) if there was going to be a disintegrating crisis (such as the second question which was regarding the survival of the Euro). Both times Buchheit gulped, lowered his head, and widened his eyes as if trying to avoid looking at something really horrible. His answers were entirely smooth and assuring to both questions, but his body language made entirely opposite messages.
Third, the video seemed to be edited by a ham fisted hamster. A real hack job. But that makes me wonder what was chopped out of the interview, and why. And why did they do such a poor job of the edits. Rushed job? Someone trying to quickly get a soothing, smooth sounding expert out there to reassure the herd?
All in all this re-enforces my perception that we have between 2 weeks and a month to tiddy up any sums and assets to be held outside the "system" before the whole shooting match goes up in smoke...
... and noticing that Canadian Parliment just passed a law enpowering the Canadian gobermint to be able to "confiscate banks"...
... cause, ya know, hey, you could, maybe, need to do that if an asteroid was incoming, right?...
Sure
OK...mis-informed. The relevent verbage is authorization from the Canadian House of Commons 2013 Economic "Action Plan" pages 144/145. Specificly there states they want to "coordinate and harmonize with other nations" (understand that this "bail-in" shit is seen as a global "solution" by multiple G20 nations...) in having "a robust set of options" to include "bail-in" used to recapitalize "systemicly important" banks...
http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf
gettin' rather hard to refute the argument that banks own whole nationstates, isn't it.
thanks for both your posts, love it when someone watches body language vs. listens to memes.
Banks/Governments two heads same elites, different modus, different faces. A bank couldn't really by force confiscate deposits, so governments are used as the strong arm here. IMO there are three or four institutional aparratii which form the tenticales of TPTB. Each tentacle has its specific function/use/role. Each is compromised it its own way for use by people in power who you or me probably will never know. The faces of these institutions are intermediaries and pawns of the real authorities.
The interview was "telling" from a number of different angles.
The Canadian document reveals there is a cabal of executers who have a plan to "deal with the problem". However, one thing they have not counted on is that people en masse will choose to turn away from them and their institutions and solutions, and re-form their way of life in such as way as to exclude them and their construct.
I suppose that will suck from their point of view. But will be very liberating from most people's point of view.
I agree with you that there are layers of authority being implemented - and perhaps these layers aren't fully aware of other, competing "authorities" - the whole need to know, circle within circle notion.
one thing that certainly interests me is this apparently new idea of banks with-holding the monies people believe they have stored there. the average depositor most likely believes every bit of fiat they're credited with having, sits in a vault somewhere, available when requested. I doubt many realise that it's "first come, first served" going forward, until the fiat dries up.
of course, if one is paying attention. . .
A name like Buchheit - sounds European for bullsh*t.