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Cyprus - The Answer Is Uniastrum

Tyler Durden's picture




 

Submitted by Mark J. Grant, author of Out of the Box,

And the Answer is Uniastrum
 
It's funny how things are done in Europe. Nothing is as it seems. Then everything is orchestrated to try to get you to believe what they want you to believe. The Cyprus fiasco is one good example. The Dutch Finance Minister and Chairman of the Eurogroup broke ranks and spoke the truth; there is now a template in Europe for financial bail-outs which include losses for bond holders and depositors. The ECB had almost all of its members deny that there was any template. Then Spain denied, Portugal was on the tape so many times yesterday denying that you thought it was the newest Cadillac commercial and then virtually every other country in Europe had somebody in the Press with their own denials. "One-off" was the word of the day and the giant European propaganda machine worked well into the night.
 
The problem is the way these things work. The reporters, from any news agency, are handed out stuff from the government. They have to publish it. There is no choice. So it appears as official jargon that they hope we will all believe. Then the members of the Press cannot be too critical or say too much or they will be shut off and ostracized by Brussels or Berlin or wherever they reside. Consequently much of what we read in or from the European Press is less than forthcoming. Not lies necessarily; but not exactly all of the truth. I do not fault the Press one iota here because there is nothing else they can do but I caution you not to believe too much of what you read. America has much more, significantly more, freedom of the Press than Europe allows.
 
So let us then turn back to Cyprus and see why the Russians are not quite so upset as they were at the beginning of the crisis. The answer to this question is Uniastrum bank which is headquartered in Moscow. Eighty percent (80%) is owned by the Bank of Cyprus. After the crisis began and right up until the capital controls were implemented the bank was open for business with no restrictions upon withdrawals. So the crisis began, was all over the Press and the Russian depositors walked into the local bank and withdrew their money from Uniastrum, the Bank of Cyprus, or had it wired in from the other local Cyprus banks and it was then withdrawn. Problem solved!

At the same time Laiki bank and the Bank of Cyprus had operating branches in London. There were no restrictions there either so people could walk into those banks and withdraw their money as well. No restrictions at all right up until the time of the Capital Controls. In the meantime, in Cyprus, people and institutions could not get at their money so the Russians and many British took out their money, closed their accounts while the people in Cyprus were left high and dry.
 
Then the EU and the ECB took a fresh look at the deposits in the Cyprus banks and went ballistic. A huge chunk of the money that was thought to be in the banks was now gone. The amount the depositors were supposed to cover of the European loan was now not what anyone thought or was lead to believe when they were having their late night summit on Cyprus in Brussels. The EU could not reconvene and look like idiots. The CEO and the entire Board of Directors at the Bank of Cyprus was fired and the European Union flew into a tizzy, announced nothing, and had the ECB cover up the disaster. The Cyprus Parliament will be investigating all of this we are told but in the meantime; the money is gone. How much is anyone's guess but I would bet that a significant portion, billions and billions, is nowhere to be found. The EU will make the loan as described, the ECB will provide the rest of the money that can no longer come from the depositors and the cover-up is locked down. That is my assessment of what has happened.
 
In the short term the Europeans were stupid but in the medium and longer term they were really, really stupid. For a paltry amount of money they ruined Cyprus and it will be in worse shape than Greece in the not too distant future. Cyprus has also played the game badly based upon the fear of leaving the EU and they will suffer dramatically for their poor judgment. The fallout from Cyprus is that the Russians, other Europeans, the British have now been shown exactly what can and did happen when the European Union needs to bail-out some country or another. I predict you will see major capital outflows from Luxembourg, Malta and anywhere else that was once deemed a safe haven.
 
Goodbye and thanks for all the fish!
 
Europe, in their flight to pass the burden of bail-outs from the taxpayers so as to lessen their own political fallout has just ruined not only Cyprus, who will require more money certainly, but also the nations of Luxembourg and Malta who may also now be forced to turn to the EU for help. Then we have Slovenia on the brink and the much larger Italy and Spain that are standing there with them. Trouble in River City and BIG trouble in my opinion will be coming to a theatre near you shortly.
 
The imposition of Capital Controls will also cause further contagion. Quite obviously if it can be done in Cyprus it can be done anywhere the EU so chooses. The definition of a mattress is being re-defined in Europe. Some money may flow to the German banks but more, in my opinion, will flow to the American and Asian banks when that is a possibility. I would suggest that over the next few months that what money that can be moved out of European banks will do so and that the collective amounts will not be small. Europe has pulled out its German luger and shot itself in the foot or maybe the groin. Not dead perhaps but seriously wounded is going to be the result here and the markets, slow to catch on perhaps, will begin to get this joke which will cause all sorts of problems for the European bond and equity markets. Wider spreads, higher yields, more trouble funding and so on. If the Europeans wanted to find a way to cause the Euro to fall against the other major currencies they have done so but the cost will be significantly more than the gain.
 
When playing with revolvers it is a good idea to make sure the gun is not loaded. The Europeans obviously forgot to check!

 

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Thu, 03/28/2013 - 09:25 | 3385007 eigenvalue
eigenvalue's picture

Poor silverbugs. Despite yesterday's deadcat rebound, silver is enjoying its erectile dysfunction again. Even $29 has become a level too far. Millions of silverbugs are now weeping and moaning. What a tragedy!

Thu, 03/28/2013 - 09:29 | 3385016 RSBriggs
RSBriggs's picture

Not weeping one little bit, dipshit.   Most of my 1,000 ounces were accumulated at under $10 / oz.  If it drops to under $20 / ounce, I'll gladly average my cost up with another 1,000 ounces...

Thu, 03/28/2013 - 09:35 | 3385036 fx
fx's picture

Mr Grant, you are writing a lot, but every piece is similarly clueless. For alle the silly moves in this fiasco by europe, the ONE that isn't silly is the major one: Dont continue to pump money into a black-hole like country, who's 'business model' and hence entire economy has ceased to function long ago.

Thu, 03/28/2013 - 09:45 | 3385087 Bastiat
Bastiat's picture

Isn't that exactly what they are doing?

Thu, 03/28/2013 - 09:59 | 3385112 hedgeless_horseman
hedgeless_horseman's picture

 

 

Print their own currency?  They can't do that AND stay in the EU.  Only the UK, Switzerland, Russia, Norway, Sweden, and Denmark can do that!

 

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Thu, 03/28/2013 - 09:59 | 3385131 Bastiat
Bastiat's picture

I know that.  I meant " they" ie Europe is pumping money into Cypriot banks-much more than they planned because it looks line most of the big deposits they hoped to tap went out the back door.  

Thu, 03/28/2013 - 10:07 | 3385147 hedgeless_horseman
hedgeless_horseman's picture

 

 

I wasn't banging on you, Sir.  And I believe that Switzerland, Russia and Norway were really smart and stayed out of the EU, as well as the EMU, right?

Yes, the ECB will pump even MOAR Euros into Cyprus than, "expected." 

When your only tool is a printing press, every problem is deflationary.

Thu, 03/28/2013 - 10:41 | 3385305 Bastiat
Bastiat's picture

NP' HH.  

Thu, 03/28/2013 - 10:07 | 3385164 AlaricBalth
AlaricBalth's picture

"At the same time Laiki bank and the Bank of Cyprus had operating branches in London. There were no restrictions there either so people could walk into those banks and withdraw their money as well."

Thanks Mark, for telling us that which we already knew 2 days ago.

"The London branches of Laiki and Bank of Cyprus never closed. If fact they allowed unlimited withdrawals during the bank holiday."   http://www.zerohedge.com/comment/reply/471940/3377940

"This is on the front page of the Bank of Cyprus UK website:There is no effect on deposits with Bank of Cyprus UK Limited which is a UK bank."   http://www.zerohedge.com/news/2013-03-26/russian-withdrawals-quantified-...

Thu, 03/28/2013 - 10:09 | 3385181 hedgeless_horseman
hedgeless_horseman's picture

 

 

I believe that SocGen's Cyprus bank may also have had branches open for business in France during the bank holiday.  N'est pas?

Thu, 03/28/2013 - 10:29 | 3385259 DeadFred
DeadFred's picture

After "Boris the Blade" visited their homes did you expect the bank CEOs to close ALL the branches? This means my polonium 210 futures are going to take a big hit.

Fri, 03/29/2013 - 11:50 | 3388578 BorisTheBlade
BorisTheBlade's picture

Polonium is way too sophisticated and expensive, with recent budget cuts more cost efficient ways to handle situation are employed. Here's the template: http://www.youtube.com/watch?v=uuciVppucTI . As for investment advice: go long machetes, hand guns and ammo and don't owe Russians any money.

Thu, 03/28/2013 - 11:05 | 3385391 SubjectivObject
SubjectivObject's picture

Mr. Grant:  It strains credulity to imply that the ECB regime members would not anticipate that Cypriot banks would have foreign branches, and that if preventing capital flight were the priority, that controls must be placed on these also and publicized.

The fact that such controls were not implemented, or the discrete conduit publicized, speaks volumes to the covert interaction between the large Russian interests and the ECB ... Pulitburo.

You have nothing authentic or substantive to offer, Mr. Grant, and after reading a few of your blogs, i have to accept that you are either clueless or a con man shill for the criminal bankster oligarchy.  Guess which of those I think is really the case for you?  In eithr case, I will not subject myself to your ... peculiar ... disinfo any more, and will suggest others do likewise.

Thu, 03/28/2013 - 12:41 | 3385747 macholatte
macholatte's picture

 

I do not fault the Press one iota here because there is nothing else they can do....

 

Horseshit!

 

Thu, 03/28/2013 - 15:07 | 3386271 Umh
Umh's picture

Have you ever really tried to talk sense into a bureaucrat?

Thu, 03/28/2013 - 11:16 | 3385419 Miss anthrope
Miss anthrope's picture

WOW HH.... zero hedge never disappoints and you sir are part of the reason why!

 

                       THANK YOU!!

Thu, 03/28/2013 - 12:16 | 3385638 Handful of Dust
Handful of Dust's picture

HH, Norway Sweden Denmark...probably why traffice jams increasing heading up there from the south...cars loaded with savings removed from harm's way....from the banks in the weaker countries in the south. There is no need form them to drive all the way to Asian or America to protect their wealth.

Sat, 03/30/2013 - 06:18 | 3390985 Postkey
Postkey's picture

Cyprus should be treated similarly to Ireland?

 

 

"The end-December figures from the Central Bank revealed that, while the amount that the Irish banks had borrowed from the ECB fell by €4.4bn to €132bn in the final month of 2010, this was more than offset by a €6.4bn increase to €51bn in the amount that they had borrowed from the Irish Central Bank.

With the ECB confirming that it is the Irish Central Bank that is creating this money and that the money is not being borrowed from the ECB, what is now happening is that the Central Bank is printing its own money. This money is then being lent to the Irish banks to plug the holes opening up in their balance sheets as nervous depositors continue to withdraw their money."

http://www.independent.ie/business/irish/were-printing-billions-just-to-save-the-banks-2507432.html

Thu, 03/28/2013 - 09:46 | 3385094 MillionDollarBonus_
MillionDollarBonus_'s picture

The bank levy needs to be enacted on a global level, with NO exceptions. I won't stand for russian oligarchs escaping a haircut, when average Cypriots are making tought but necessary sacrifices to save their economy.

Thu, 03/28/2013 - 09:58 | 3385126 mayhem_korner
mayhem_korner's picture

 

 

MDB...try this riddle: what happens if the levy rate is greater than the reserve rate?  Because the only possible outcome is total depletion of available fiat, either by depositors or the statist governments.

But as long as "banks" excludes my backyard, I'll sit back and pop some corn.

Thu, 03/28/2013 - 10:11 | 3385193 agent default
agent default's picture

Stop asking MDB these questions, you are making his happy tinny brain hurt.

Thu, 03/28/2013 - 10:15 | 3385208 mayhem_korner
mayhem_korner's picture

 

 

MDB is a nothing but a traffic-generator.  I just like to springboard random things off of his sarcasm.

Thu, 03/28/2013 - 13:15 | 3385848 General Decline
General Decline's picture

I wouldn't be surprised if MBD were one of the Tylers.  That would be brilliant.

Thu, 03/28/2013 - 09:58 | 3385129 Doubleguns
Doubleguns's picture

Cypriots are making tought but necessary sacrifices to save their BANKS!!

 

Fixed it.

Thu, 03/28/2013 - 14:15 | 3386054 Matt
Matt's picture

The banks do not have the assets to pay out all their depositors. This means it is not possible for everyone to get all of their money. Anyone with over 100,000 Euros in their account who did not even try to go to a bank in another country and withdraw their money, well they don't exactly deserve their losses, but still, they should have made the effort. 

Thu, 03/28/2013 - 10:02 | 3385140 old naughty
old naughty's picture

I guess British was saying to Diesel Bomb: "Up yours."
How do you say in Russian?

Thu, 03/28/2013 - 12:49 | 3385766 mkkby
mkkby's picture

Mark Grant, don't be silly.  The UK branches were left open PRECISELY TO LOOT THE BANKS in this manner.  Bank managers, Cyprus politicians/elite and Russians all got out scott free.

And good for them.  Fucking the EU/Germany is the entire business model of these socialist states.  And they deserve to be screwed because they were stupid enough to fund their socialist trash "cousins" for all these years. 

I'm guessing they'll be stupid for a lot longer because they have Spain, Italy and France doing the same thing.  Think decades... then the fireworks can begin in the UK, Japan and finally the US.

Thu, 03/28/2013 - 10:01 | 3385142 Bastiat
Bastiat's picture

You won't stand for it?  I suggest you track one down and kick him in the shins.

Thu, 03/28/2013 - 10:11 | 3385188 W74
W74's picture

I can't tell anymore whether this guy is a sarcastic troll playing devil's advocate, a paid Hasbara agent, or just a sheep who hasn't woken up.

Thu, 03/28/2013 - 11:12 | 3385414 Blano
Blano's picture

ZH's finest troll, I just wish he'd quit disappearing so much.

Thu, 03/28/2013 - 10:11 | 3385190 Ratscam
Ratscam's picture

starting today I will upvote MDB for his sarcasm

Thu, 03/28/2013 - 15:03 | 3386251 L G Butz PhD
L G Butz PhD's picture

what took you so long?

Thu, 03/28/2013 - 10:12 | 3385197 glenlloyd
glenlloyd's picture

Sometimes your idiocy can amaze....really

Thu, 03/28/2013 - 11:11 | 3385410 Blano
Blano's picture

How's the Herbalife revenue stream these days?

Thu, 03/28/2013 - 13:00 | 3385796 Rustysilver
Rustysilver's picture

MDB,

Who gives a shit what you will or will not stand for.

Thu, 03/28/2013 - 10:10 | 3385184 El Oregonian
El Oregonian's picture

"Not lies necessarily; but not exactly all of the truth. I do not fault the Press one iota here because there is nothing else they can do but I caution you not to believe too much of what you read. America has much more, significantly more, freedom of the Press than Europe allows."

 

So, your telling me not to blame the poor little reporters in any of this because they only can report the lies they are told? Seriously? What the hell good are they then?

And our press has significantly more freedom, but still chooses to lie as an acceptable form of reporting?

I call BULLSHIT to your thesis there.

One, eventually leads to the other because the lying presstitutes failed to hold their participants in their storylines accountable. Therefore, they failed to hold themselves accountable to their readers, thereby leaving their readers the responsibility to find the truth hidden somewhere in their printed lies?

What a bunch of BULLSHIT and is a very sad state of affairs and a damning indictment on our George Orwell'esque media...

Damn them!

 

Thu, 03/28/2013 - 15:15 | 3386295 Umh
Umh's picture

Well he is telling a bit of truth. The media in many countries is more controlled than the media in the U.S.A. and yes it is "a very sad state of affairs and a damning indictment on our George Orwell'esque" governments.

Thu, 03/28/2013 - 15:23 | 3386246 Radical Marijuana
Radical Marijuana's picture

To reply to fx:

I appreciate Grant's research into named details, which are informative. The editorial comments upon that are worthwhile too, although, only that. Personally, I used to believe that there was more "stupidity." Certainly, the political puppets appear to be incompetent. However, these days I tend to believe more in ulterior purposes and deliberately malicious designs of the puppet masters.

The more deeply I attempted to understand what was going on, the less able I was to still believe in simply stupidity and incompetence (although those who were the public face of that appeared to be so.) Instead, the more I tended to believe there was a much more nasty overall design, driven by the covert political puppet masters.

I do NOT believe that those puppet masters are sane. Rather, I think that they are utterly irrational, and quite runaway insane. However, I also believe that thousands of years of history have delivered backroom covert control to a shadow government, who had a long history of being  extremely dishonest, and being willing to back that up with violence, and who have insane plans to continue their kinds of social habits.

I regard everything that happens as manifesting through basic toroidal vortices, as series of events that loop back upon each other, through and through. Therefore, these days, I tend to believe that the main reality is an OUROBOROS OF INCORPORATED ROBBERIES. There are thoroughly ouroboric aspects to the ways that the sovereign powers of the people have been effectively privatized more than 99%. Although the ownership of the economy spreads out, and out, and interacts with enormous numbers of people, through government mandated funds, etc., there is still a very, very tiny group which covertly controls.

There are overall systems, with many millions of participants, all of which have their small shares of the organized lies, operating organized robberies, which we call the "economy." However, by definition, the components which exert the most control over those systems as a whole are the most labile components, which tend to be the shadow government actors, who arose from the history of being the most dishonest and violent. Those are the puppet masters, jerking the strings of the political puppets. Therefore, those puppets appear to be quite stupid and incompetent. However, their puppet masters are more malicious than is possible to imagine. Therefore, these things, I believe, are NOT happening due to mistakes, but rather, are aspects of an insane overall plan.

It is misleading to emphasize "black hole countries" because the sovereign powers of those countries were long ago almost totally privatized. The banksters which were able to control governments, to legalize private banks counterfeiting money out of nothing as debts, are THE BLACK HOLE.  They are the center of gravity of the system. However, they are mostly invisible, and have to be inferred from the behaviour of the systems that surround them. Those covert players with most influence over the history of making and maintaining that system are the puppet masters, pulling the strings of the political puppets which the public sees.

It is misleading to focus on any country, or any other kind of label, as being the central players in these financial games. Of course, it is important NOT to have any linear conception of those "BLACK HOLES Of POWER."  The basic theory of how such financial systems work is still up in the air, and open to radical debate about how it might work. Furthermore, the paradoxes abound that the OUROBOROS OF INCORPORATED ROBBERIES are toroidal vortices, and their full power comes from the combined sovereign powers of the nation states. But nevertheless, the central social fact is that the most important of all sovereign powers was given away to private banks, by those countries, in ways which appear to be insane, and irrational, because giving away the power to make money out of nothing to private banks appears to have been the single stupidest and incompetent thing that the political puppets could have done ... HOWEVER, THE REAL HISTORY HAS BEEN THAT!

Therefore, in this utterly irrational and insane triumph of organized crime, controlling governments, and which has driven larger units of those governing powers to serve the puppet masters, of mad, malicious central bankers, the background central social fact is that MONEY WAS BACKED BY MURDER. Therefore, the "black hole countries" revolve around bigger, and mostly invisible, bigger black holes.

The operations of the ouroboros of incorporated robberies have become directed by more than 99% privatized power. Therefore, the so-called sovereign countries have become manifest absurdities, which appear to be controlled by political puppets whose degree of apparent incompetence goes off the scale of intelligibility. 99% of the superficial ownership of the established systems APPEAR to be distributed to the citizens, and other relative stakeholders of these economic systems. However, the ways that those systems actually operate have a long history of the triumphs of the methods of organized crime being able to take over control of the governments, and to build larger units, via treaties, etc., whereby the sovereign powers to rob and to kill are effectively directed by extremely tiny groups of maliciously insane people, who are the current puppet masters, who come from the history of the previous puppet masters who were able to create the established systems where more than 99% of the sovereign powers have been privatized out of the control of the 99% of the people who superficially appear like they should be able to control things, and which, on paper, appear to be the owners and citizens of these systems as a whole.

In order to understand these financial "black hole countries," one should understand the far greater BLACK HOLE of the about 99% privatization of those countries' sovereign powers to private banks, which was done through the methods of organized crime, for a long, long time, and so, resulted in almost all the public political puppets appearing to be stupid and incompetent.

Since more than 99% of the public act like Zombie Sheeple, who refuse to face the fact that money must be backed by murder, and that the economy must be some system of organized robberies, they end up being fleeced, and set up to be slaughtered. The original power that everyone has to rob and to kill was assembled into sovereign states, and then channelled into private banks. One should not try to understand this Ouroboros of Incorporated Robbery by looking at the superficial social facts about various countries, and various public political puppets. One should look at the transnational banksters, as the puppet masters within those systems.

Thu, 03/28/2013 - 09:35 | 3385045 negative rates
negative rates's picture

BK, sure that aint you disquised as a mark?

Thu, 03/28/2013 - 09:37 | 3385050 I Am Not a Copp...
I Am Not a Copper Top's picture

Most importantly, it is still 1,000 ounces, same as it was yesterday

Thu, 03/28/2013 - 10:07 | 3385177 W74
W74's picture

I'd say my dollar cost average is around $21, although at this point who really gives a shit?  It's just fiat bucks I'm tossing away in exchange for real wealth.

I only wish that I could be paid in ounces of silver, the only thing that's diminished over the years is the price of my labor when factored against real world commodities.

Thu, 03/28/2013 - 10:14 | 3385201 Stud Duck
Stud Duck's picture

RS, I aquired mine at $3 and a lot of it. Nice to know the profit margin on it, but will probably make bullets out of the silver! You never know when some vampire or ghost will need shooting!

Thu, 03/28/2013 - 10:53 | 3385360 PiratePawpaw
PiratePawpaw's picture

+1  I agree. I dont quite have 1000 oz YET, but most of mine was bought back at $6-9. I have and will continue to buy slowly whenever I can find it below $30. My average cost is still under $10.

 I dont consider it much of a risk that I will EVER see silver below $10 again, and the odds of it going up...............:)

Thu, 03/28/2013 - 09:28 | 3385020 ArgentoFisico
ArgentoFisico's picture

Well, actualy I'm praying they will slam it under 20! :D ... mmmmm gnammy!

Thu, 03/28/2013 - 09:31 | 3385023 ArgentoFisico
ArgentoFisico's picture

Ah! I remember when i was saying to myself :"fuck! i'm crazy to buy this Lunar series (I) silver ounces for 15-18 euro  each!" .....

Thu, 03/28/2013 - 09:33 | 3385027 mayhem_korner
mayhem_korner's picture

 

 

Silver bugs don't watch the ETF price.  We just stack and add to our still single digit wtd average cost of accumulation

Thu, 03/28/2013 - 10:51 | 3385348 savagegoose
savagegoose's picture

true man, tks to the etf price we have low metals prices, keep it up stooges, the lower it goes the more we gget.

Thu, 03/28/2013 - 09:35 | 3385041 StychoKiller
StychoKiller's picture

Yo Eurocrats, don't move or else!

Thu, 03/28/2013 - 09:38 | 3385052 Lets_Eat_Ben
Lets_Eat_Ben's picture

short SLV use profit to buy phyzz. easy day...u fag

Thu, 03/28/2013 - 09:39 | 3385053 homersimpson
homersimpson's picture

eigenvalue must mean "dumbass-fiat lover" in some language no one gives a damn about

Thu, 03/28/2013 - 09:38 | 3385054 Melin
Melin's picture

The "weeping and moaning" when their favorite item goes on sale is of a different nature than you imagine.

Thu, 03/28/2013 - 09:42 | 3385058 agent default
agent default's picture

You know, I don't mind the snide remarks from you on the issue.  What really pisses me off is that when SHTF for real, and smartasses like you end up totally fleeced, it will be your kind demanding that the government do something and redistribute all that wealth accumulated by the silver and goldbugs you make fun of right now.  And the worst part of it is that there will be sympathy for your ilk instead of letting you deal by yourself with the consequences of your decisions.  I can assure you that if gold and silver crash no goldbug will ever ask for a bailout.  Sadly, know it alls like you, always ask for sympathy when they discover they know jack after all.

Thu, 03/28/2013 - 10:52 | 3385353 King_Julian
King_Julian's picture

Hence, a lead and brass hedge is also required.

Thu, 03/28/2013 - 11:18 | 3385425 PiratePawpaw
PiratePawpaw's picture

Now THAT I have well over 1000 ounces of. :)

Thu, 03/28/2013 - 09:43 | 3385076 TeamDepends
TeamDepends's picture

Not nearly as bad as the ass pummelling you will endure when confidence in paper is lost for good.

Thu, 03/28/2013 - 09:46 | 3385092 Tinky
Tinky's picture

You may be one of the most predictable and boring trolls evah.

Thu, 03/28/2013 - 10:32 | 3385276 SAT 800
SAT 800's picture

Been short the June Eur/Usd contract since 1.3163; enjoying the on going downtrend in the Euro; Everyday I get a little more money. The CME contract looks to me like it's very Bearish; but it's never easy to determine. Be nice if it went all the way back to 1.22. The main thing is not to day trade, or think like a day trader; today for instance, the EUR is "firmer to higher"; at 1.28 ! It's still firmly in the down channel printed on the chart. Day trading is a very stressful way to go broke.

Thu, 03/28/2013 - 10:33 | 3385283 Lordflin
Lordflin's picture

I am curious eigen...do you stay high all of the time or are you really that stupid? Seriously fellow, I am embarrassed for you.

Thu, 03/28/2013 - 10:33 | 3385286 angel_of_joy
angel_of_joy's picture

GFYS... please !

Thu, 03/28/2013 - 11:09 | 3385401 SubjectivObject
SubjectivObject's picture

Poor eigenvalue, soo desperate for attention, his ministrations work, until they don't.  And we all should wait for that with him.

Thu, 03/28/2013 - 11:22 | 3385444 jmcadg
jmcadg's picture

Every time you post, you look more stupid. Not knowing the difference between paper and physical is your tragedy.

I pity you.

Thu, 03/28/2013 - 09:40 | 3385062 AcidRastaHead
AcidRastaHead's picture

He must be getting lonely in prison.  Now he is starting to roll on the complicit enablers.  Jealous they still live a life full of coke and hookers while he hammers away at licence plates.

Thu, 03/28/2013 - 12:21 | 3385668 BigJim
BigJim's picture

I suspect he will have an 'untimely' demise if he doesn't keep his mouth shut.

Thu, 03/28/2013 - 09:27 | 3385013 RSBriggs
RSBriggs's picture

Or, alternatively, they drew first and attempted to shoot the "bad guys", then discovered their gun wasn't loaded.

Thu, 03/28/2013 - 09:31 | 3385024 TumblingDice
TumblingDice's picture

The more you have, the more pull you have, the less you pay.

Thu, 03/28/2013 - 09:31 | 3385025 justinius1969
justinius1969's picture

Thanks. Good article. History in the making no doubt..

http://www.bbc.co.uk/news/business-21963462

BBC repoerter in Nicosia. What was happening at the other bank?

 

 

Thu, 03/28/2013 - 09:56 | 3385120 SmallerGovNow2
SmallerGovNow2's picture

From the article... 

"stability of financial markets and the banking system in Cyprus constitutes a matter of overriding public interest". 

Wonder how many times this will be used in the coming months?

Thu, 03/28/2013 - 09:32 | 3385026 kushmere
kushmere's picture

This is the best Europe can do for leadership. This is the culmination of 60 years of post WW2 European Democracy. Fucking Idiots.

 

http://Bestbitcoinsites.wordpress.com

Thu, 03/28/2013 - 09:48 | 3385101 plaspotje
plaspotje's picture

smart move on europe's side, get that euro 1 to 1 to the dollar or lower ,, export export and export ,,   cheap oil from iran and fuck the american jews who started this financial crap,,, think money ,europe think export bombs  fighter planes  think airbus think  import iran oil .. break lose from fucking  jews/american control   dooooooo iiiiiiiiittttttt nowwwwww.   get that euro down and peg peg the fucker noooooowwwwwww .   jooooooobbbbbsssss and moooorrrre  jooobss

now that feels good better than wacking my self  :-)

Thu, 03/28/2013 - 09:36 | 3385028 MsCreant
MsCreant's picture

Some folks knew and got out early. Some folks got out because they left the barn doors open on the side and back. We are really supposed to just believe this was an "error?"

Some Cypriots might have hope. They need to stop and deal with this. Defaulting would have them out of debt. This crap has them in the same fix and in debt.

There is no win except to tear those fuckers apart.

Thu, 03/28/2013 - 09:49 | 3385102 Bastiat
Bastiat's picture

I like the theory that the bank managers put some value on their lives and those of their families.

Thu, 03/28/2013 - 13:55 | 3385989 Ropingdown
Ropingdown's picture

Peoplle with very large deposits in banks have a habit of having other paid people look into the strength of the bank, the nature of its assets and the reliability of its backstop.  Small and medium account holders don't bother.  It would only be a pathetic inheritor Russian who would not have begun moving his/her assets out of Cypriot banks once the status of Greek bonds became clear.  Russia, Putin, has no reason to favor the washing of Russian money through round-tripping.  Most of the rubbish I hear from the EC and ECB is just endless attempts to reduce the fury of ordinary voters and small business people.  They aren't in control of the big guys, and they know it.  And the big guys know it.

Thu, 03/28/2013 - 09:35 | 3385030 Downtoolong
Downtoolong's picture

Portugal was on the tape so many times yesterday denying that you thought it was the newest Cadillac commercial,and then virtually every other country in Europe had somebody in the Press with their own denials.

Too funny and sad. So, let's just stop calling it Europe and label it the state of denial.

 

Thu, 03/28/2013 - 09:35 | 3385033 Treason Season
Treason Season's picture

""One-off" was the word of the day" 

As cheesy as saying "You're so special." 

Thu, 03/28/2013 - 09:35 | 3385037 savagegoose
savagegoose's picture

ill sell my silver for bit coins, 1 BTC per gram of silver.  thats real silver mate not some  fraud. 1 oz coin would = 30 BTC email me  for   my wallet

Thu, 03/28/2013 - 10:12 | 3385199 granolageek
granolageek's picture

Coinabul.com will sell you a one ounce silver eagle, maple leaf, philharmoniker or kookaburra for 0.3993BTC. He also has junk coins for .275/$1 face.

Thu, 03/28/2013 - 09:35 | 3385039 francis_sawyer
francis_sawyer's picture

Thanks for all the fish!

~~~

- If you give a man a fish, you feed him for a day; if you give a man a machine that makes fish, teach him to operate it, and enslave him, you feed yourself for a lifetime

- Teach a man to fish, and though he's fed for life, he'll call you a miser for not giving him your fish

- Give a man some fire, and he'll be warm for a day. Set a man on fire, and he'll be warm for the rest of his life

- Give a man a fish and he will eat for a day. Give a man religion and he will starve to death praying for a fish

 

Thu, 03/28/2013 - 09:43 | 3385077 I Am Not a Copp...
I Am Not a Copper Top's picture

They say if you give a man a fish, he'll eat for a day, but if you teach a man to fish.... then he's gotta get a fishing license, but he doesn't have any money. So he's got to get a job and get into the Social Security system and pay taxes, and now you're gonna audit the poor cocksucker, 'cause he's not really good with math. So he'll pull the IRS van up to your house, and he'll take all your shit. He'll take your black velvet Elvis and your Batman toothbrush, and your penis pump, and that all goes up for auction with the burden of proof on you because you forgot to carry the one, 'cause you were just worried about eating a fucking fish, and you couldn't even cook the fish 'cause you needed a permit for an open flame. Then the Health Department is going to start asking you a lot of questions about where are you going to dump the scales and the guts. 'This is not a sanitary environment', and ladies and gentlemen if you get sick of it all at the end of the day... not even legal to kill yourself in this country. - Doug Stanhope

Thu, 03/28/2013 - 11:11 | 3385297 francis_sawyer
francis_sawyer's picture

Give a man a joke & he'll laugh

Give a man a joke [delivered by someone they perceive to be a jew hater even though the joke has nothing to do with jews] & the deliverer will get junked for no reason by pathetic people...

Edit: Almost like sheep they comply... They simply can't help themselves...

Thu, 03/28/2013 - 15:52 | 3386341 Umh
Umh's picture

I just finished debating the up arrow I gave you a few seconds ago and now I read this drivel. Well the arrows are reversible.

Thu, 03/28/2013 - 17:54 | 3386946 francis_sawyer
francis_sawyer's picture

alas ~ you apparently [& willingly] fall into the category of folks who 'simply couldn't help themselves'...

~~~

Cordially ~ &, as always... THANKS FOR ALL THE FISH!... :-)

Thu, 03/28/2013 - 09:35 | 3385040 Iocosus
Iocosus's picture

After reading this news, Stolper recommends long EUR/USD

Thu, 03/28/2013 - 09:35 | 3385042 NoDebt
NoDebt's picture

The Maginot Line of bank holidays.

Thu, 03/28/2013 - 09:36 | 3385044 johnQpublic
johnQpublic's picture

i wonder how much our globe trotting simon "store it overseas" black got hosed for

Thu, 03/28/2013 - 09:40 | 3385064 MsCreant
MsCreant's picture

Diversify your hosings?

Thu, 03/28/2013 - 09:46 | 3385093 LFMayor
LFMayor's picture

I'm sure we'll be regaled with a dashing tale of how our modern financial Alan Quartermain used his powered parachute to escape with his deposits a mere seconds ahead of their grasping, olive oil and nicotine stained fingers.

Thu, 03/28/2013 - 09:37 | 3385047 buzzsaw99
buzzsaw99's picture

usa t-bonds bitchez

Thu, 03/28/2013 - 09:39 | 3385055 mickeyman
mickeyman's picture

Don't forget it can happen in Canada now too.

Thu, 03/28/2013 - 09:40 | 3385060 WaEver
WaEver's picture

America has much more, significantly more, freedom of the Press than Europe allows

Hahahahahahahahahah   etc....

 

Thu, 03/28/2013 - 10:17 | 3385218 AynRandFan
AynRandFan's picture

The only MSM outlet that isn't fully subscribed to the utopian quest is Fox, on either side of the Atlantic.  On either side of the Pacific too.  The Aussies succumbed to collectivism like a bunch of sheep.  The problem isn't freedom of the press, but freedom of thought.  Just watch Japanese TV if you want to see how myopic the media can be.

Thu, 03/28/2013 - 13:44 | 3385946 General Decline
General Decline's picture

Fox?  It's the Republican side of the fake two party paridigm.  It's worthless.

Thu, 03/28/2013 - 17:43 | 3386911 are we there yet
are we there yet's picture

Fox network is the least fat and ugly girl at the network party. Zero Hedge has more intelligent content then any network I have seen.

Thu, 03/28/2013 - 19:10 | 3387148 ozzz169
ozzz169's picture

fox is like the US, Best of the worst.  what else you going to watch?  too bad fox took the Judges show away he was great.

Thu, 03/28/2013 - 09:42 | 3385065 TrumpXVI
TrumpXVI's picture

Don't forget it will happen in Canada now too.

 

fixed it for you.

Thu, 03/28/2013 - 09:44 | 3385080 Holleyman
Holleyman's picture

It has already started in Canada.  The new 2013 budget has this clause on page 144

 

The Government proposes to implement a ?bail-in? regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants.

Thu, 03/28/2013 - 10:26 | 3385246 sumo
sumo's picture

"the very rapid conversion of certain bank liabilities into regulatory capital."

This is a tricky way of talking about deposits without mentioning the word itself. Deposits in a bank are the bank's liabilities to depositors.

First NZ, now Canada. This has been the plan all along. Like future paedofile victims, we're being groomed.

Thu, 03/28/2013 - 09:44 | 3385081 LFMayor
LFMayor's picture

They tell you what they're going to do to you. 

You'll hear it and it will be so fucking unbelievable that you won't believe. 

Until they do it.

 

keep stacking, men of the west. 

Thu, 03/28/2013 - 09:44 | 3385083 Jim in MN
Jim in MN's picture

USD index (DXY) has ramped hard, 5% in Feb and March.  I suppose Ben is licking his chops at the opportunity for more short term currency destruction to make up for it. 

Note that this USD ramp is also negative for gold/silver/oil priced in USD; they are all that much stronger than would be apparent from looking at their trading ranges.

Thu, 03/28/2013 - 10:02 | 3385144 NoWayJose
NoWayJose's picture

What only some appreciate is that the (temporarily) stronger dollar actually has made physical silver cheaper if you hold dollars - BUT - anyone holding physical silver can now get 5% MORE Euros, Yen, and other currencies.

Thu, 03/28/2013 - 09:48 | 3385099 adr
adr's picture

and they thought they could just steal rich people's money.

The rich lost trillions in 2008 and they got a couple guys to print them all the way back plus some.

The only way to part a rich man with his money is to kill him.

Thu, 03/28/2013 - 09:50 | 3385104 Temedar
Temedar's picture

Bullshit.

Uniastrum is a separate legal entity and not a subsidiary of the Banks of Cyprus. Yes, it is partly owned by BoC, but that's it - you can't withdraw money from your Bank of Cyprus account in a Uniastrum office.

If you could transfer funds from your BoC account to Uniastrum, you could've wired them to Citibank or any other banking institution.

Thu, 03/28/2013 - 10:05 | 3385160 sumo
sumo's picture

"you can't withdraw money from your Bank of Cyprus account in a Uniastrum office"

Do you know this for a fact, or are you guessing? Do you have accounts with Uniastrum?

Thu, 03/28/2013 - 10:28 | 3385257 pappacass
pappacass's picture

I remember about 5 years ago moving from Ireland to England.  I had my money in an Ulster bank (Irish) account and went and lost me debit card so couldn't access my account.  I went into Natwest and Bank of Scotland, the former being a susidiary of the latter, the latter also owned Ulster bank.  Neither could help me transfer money, even after opening a British account, as Ulster bank was/is a seperate, distinct business.  Don't know what Uniastrums policy is though, and I shure as hell wasn't looking to move billions.

Thu, 03/28/2013 - 10:37 | 3385295 Temedar
Temedar's picture

I used to have an account with them.

It's the same for all the foreign-owned banks here (Citibank, Raiffeisen, Unicredit, etc.) - you can withdraw money from your local account or you can use your credit card in an ATM. If you need cash from your account in the 'main' bank - you have to transfer it here (meaning the local bank - JSC Citibank/Raiffeisen/...) first.

Thu, 03/28/2013 - 14:51 | 3386192 Matt
Matt's picture

I can use my CIBC debit card to take money from my Canadian bank checking account out at a bank in the Carribean, in local currency. First Caribbean, being owned by CIBC, means no fees, either.

Besides, who is to say that, while the Cyprus banks where "closed" (workers inside but doors locking out customers) but prior to capital controls, you couldn't just wire the money over?

The lesson is, the only way to shutdown banks in a country is to implement capital controls and shutdown all affiliate branches. I expect the next time, or maybe the one after that if they are slow learners, when bank holidays are called in one country, there will be immediate capital controls and possibly bank holidays through the EU to prevent massive leakage of unsecured deposits.

The fear of confiscation of unsecured deposits will cause the withdrawal of those deposits, which will render the banks insolvent, which will cause the confiscation of unsecured deposits. Perfect self-fulfilling prophecy.

Thu, 03/28/2013 - 09:56 | 3385117 SDRII
SDRII's picture

Meanwhile someone is looking to cut comms to the MENA: One of the international submarine cable’s (SMW4) has experienced fault in sea waters near Alexandria, Egypt which has impacted internet services in the Far East, Middle East, Pakistan, India and North Africa.

http://dawn.com/2013/03/28/submarine-cable-damage-affects-internet-services/

Egypt says Sabatoge:

Egypt's naval forces captured three scuba divers who were trying to cut an undersea Internet cable in the Mediterranean on Wednesday, a military spokesman said. Telecommunications executives meanwhile blamed a weeklong Internet slowdown on damage caused to another cable by a ship.  Col. Ahmed Mohammed Ali said in a statement on his official Facebook page that divers were arrested while "cutting the undersea cable" of the country's main communications company, Telecom Egypt. The statement said they were caught on a speeding fishing boat just off the port city of Alexandria.

Reminiscent of 2008 incidents...

Meanwhile, Putin calls snap Black Sea Exercises

Putin orders surprise Black Sea military exercises involving 7,000 troops and dozens of ships to test the army's battle readiness, the Kremlin said. Putin drew up the sudden order overnight while flying home from South Africa where he attended the summit of BRICS emerging economies in Durban. Peskov said 36 ships from the Russian Black Sea Fleet's base in the Ukrainian Crimean city of Sevastopol and the Russian port of Novorossiisk would be involved in the exercises.

 

 

 

 

 

Thu, 03/28/2013 - 11:33 | 3385493 smacker
smacker's picture

I recall the Jan/Feb 2008 cable incidents...I was in Thailand at the time and Internet connections back to Europe were running so slow they couldn't catch a cold!

Thu, 03/28/2013 - 09:58 | 3385118 GeorgeHayduke
GeorgeHayduke's picture

"It's funny how things are done in Europe. Nothing is as it seems. Then everything is orchestrated to try to get you to believe what they want you to believe."

Yeah, sure it's  only that way in Europe. Spin and propaganda are unknown in the USA. There's nothing orchestrated here, like "Saddam has weapons of mass destruction and was involved in 911" and "the War on Terror keeps us safe" or "What's good for GM is good for America." Nope, it's all straightforward truth in the US of A. Now go back to watching Faux News and the rest of the mainstream media where everything is real truth for those Americans who are willing morons, idiots, retards and useful patriotic dupes.

Thu, 03/28/2013 - 09:57 | 3385123 optionsman
optionsman's picture

the article points out the obvious. i am not sure i want to subscribe so easily to the notion that europeans are so inept and clueless etc. there has to be something else at play. IMHO the question is whether we recognize the actual play when we experience it....

Thu, 03/28/2013 - 10:11 | 3385191 AynRandFan
AynRandFan's picture

I agree, there is more to the story than the failure of EZ staff to realize that Cypriot banks had branches in London.  More likely they were afraid to lower the boom on banks in the UK, which would have really lit a fire under contagion.  Still, it is strange that the EZ went to such effort to attach moral hazard to the Cyprus crisis, as if Germany was trying to send a really strong signal - maybe for domestic political purposes - that they have the ECB's "whatever it takes" money printing under control.

Thu, 03/28/2013 - 10:31 | 3385273 Non Passaran
Non Passaran's picture

They are clueless, all right, just look at them. 

Draghi looks cunning and evil, but the rest look plain stupid.

Thu, 03/28/2013 - 10:37 | 3385299 sumo
sumo's picture

Chris Whalen is one of the best bank analysts around, and he agrees with the "stupid" call:

http://www.zerohedge.com/contributed/2013-03-26/quantitative-easing-cypr...

"...With the fiasco in Cyprus, the Europeans have confirmed that they have not the slightest idea how to deal with a real banking crisis – especially on the periphery of what is now considered Europe.  Did EU banking officials really believe that haircutting depositors would be sufficient to restore confidence in Cypriot banks?  The infantile quality of the actions of EU officialdom is mind boggling..."


Thu, 03/28/2013 - 10:19 | 3385127 sumo
sumo's picture

I couldn't work out why Russia didn't want to help Cyprus, despite all that Cyprus can offer (Gas, oil, stategic location for naval bases).

But it would make sense if Russia knew, during the talks, that:

* Cyprus was bleeding dry of cash via Uniastrum and others, but that the other suckers at the table hadn't figured this out

* the talk about a 20% confiscation was baloney, it was going to end up at 80% or more

* Cyprus was still going to need a bailout later, and with "luck", Cyprus will be desperate for funds about the same time that too-big-to-bail Spain and Italy are having their crises.

So, maybe Russia is waiting for "blood in the streets" before making its real offer

 

Thu, 03/28/2013 - 10:03 | 3385150 AynRandFan
AynRandFan's picture

Mohamed El-Erian was dead-on this morning in the Tom Keene Bloomie interview.  He said whether central bank interventions work depends on how long before people lose confidence in their institutions.  He said Greece and Cyprus citizens have lost confidence (obviously) and that lack of trust is reflected in Italian elections of non-party political groups.  He also said that France is susceptible to this erosion of trust because its leadership tries to pretend that France is like Germany, but it hasn't undertaken any of the reforms Germany began 10 years ago.

Thu, 03/28/2013 - 10:10 | 3385186 Lordflin
Lordflin's picture

So, is this an act of stupidity... Or is the intent to force people out of savings through fear. Who the hell really knows... But as much as the banking class is an arrogant lot, and in any respects not the brightest, you would think they would at least understand their operations well enough to have pulled off a simple heist... Especially as they had the keys.

One thing that will come out of this, more than likely, will be an increase in the velocity of money. Perhaps that was the point all along.

Thu, 03/28/2013 - 10:26 | 3385248 YHC-FTSE
YHC-FTSE's picture

Stopped reading the rehash of 2 day old news after, "America has much more, significantly more freedom of the press than Europe". Thanks for the laughs. 

I would say it's about par for press gags, misinformation and propaganda. But I dare say Europeans are much more likely to detect bullshit and do something about it than sit around sucking the information dick from the idiot tube. 

Thu, 03/28/2013 - 10:29 | 3385252 falak pema
falak pema's picture

Its all goes to show the international oligarchy is better organised in milking the people and that statist oligarchy is always :

a) in cahoots with each other as wealth owners all the while they say they are not

b) organise the bankruptcy of country and sheeple after all the big money has found safe havens.

EZcracy, as US oligarchy, has ALWAYS been in cahoots with big money. Europe was FIRST and foremost built for BIG money and THEN for small people.  Its the corporates, Eurobased and US based, that benefit most from EZ legislation, not the small guy.

The EU parliament is puny in terms of real clout. The EC (Barroso) omnipresent, as it/he has the backing of the political and business elites of the big members. 

we are in oligarchy play 100% and the ONLY dividing line is that Merkel has to get elected in Germany and protect the interest of her crowd of oligarchs and seduce or cajole in hollow promises her crowd of sheeple while Potus/Ben do the same on their side of the pond.

Given the huge deficits, the complexity of the game makes these musical chairs deadly exercise on the Titanic; for all.

Thu, 03/28/2013 - 10:49 | 3385336 Fuh Querada
Fuh Querada's picture

EC is the politbureau.
Your point is also illustrated by German reunification - Kohl bought votes by making 1 eastmark = DM and free pensions, and the elites cashed in using the "Treuhandanstalt"

Thu, 03/28/2013 - 11:21 | 3385442 smacker
smacker's picture

 

There's a very good documentary video on the RT.com website which neatly explains "The Brussels Business" and how one quasi-decent EC Commissioner spent almost four years trying to create a compulsory register of lobby interests. The best he was able to get was a voluntary register but no one is prepared to say WHO pulled the plug on his efforts.

Thu, 03/28/2013 - 10:36 | 3385291 Cacete de Ouro
Cacete de Ouro's picture

The Press have a choice. They can write what they feel and damn the editors. They can be investigative journalists and expose the Truth. How some journo is content to spout out regurgitated press releases, PR crap, total political falsehoods day in day out, year in year out, is beyond me.

Any ideas? Apart from getting paid and invited to corporate events?
Maybe they are moronic.

Thu, 03/28/2013 - 10:42 | 3385313 Fuh Querada
Fuh Querada's picture

It's pronounced "Ee - uniastrum" for those not familiar with Cyrillic script.

Thu, 03/28/2013 - 10:46 | 3385320 newworldorder
newworldorder's picture

Typical European Union, European Commission Bull----.

Lots of theory as to "what has to be done about Cyprus," with no understanding of the open doors within the Cypriot/EU Banking system, thereby allowing large capital transfers. Either these EU/Troika  officials are ignorant, clueless or stupid, or all these actions have been by design, to allow large depositiors to escape Cypriot banks with their money intact.

Thu, 03/28/2013 - 10:59 | 3385380 Bicycle Repairman
Bicycle Repairman's picture

Just like there are warnings on cigarettes, this should always precede the MSM nightly news:

"The reporters, from any news agency, are handed out stuff from the government. They have to publish it. There is no choice."

Thu, 03/28/2013 - 11:01 | 3385382 smacker
smacker's picture

 

Mark Grant's analysis of how the media operate is spot on. And lest we forget, it applies exactly the same in the UK political cesspit, not just the EU. I'm not the only Brit who has long accused the BBC and Sky News of "reading out govt Press Releases and dressing them up as 'news'". Some while ago, a Sky News presenter was overheard making a careless comment live on air to her colleague: "oh! we're not supposed to criticise govt inflation figures". The BBC are not usually so careless having had many decades of practice.

 

Mark's analysis of how the Russian money left Cyprus also may be right. But I believe in truth, it was almost certainly a secret conspiracy, planned by people in High Places in the EU hierarchy, including the likes of Merkel who would not wish to incite the wrath of Putin et al. That would explain EU-Cretin-In-Chief Barroso's hurried visit to Moscow before the bank doors were closed. His purpose was to explain the conspiracy to Putin to prevent Putin going ballistic.

...just my views......

Thu, 03/28/2013 - 11:09 | 3385402 tas_hadj
tas_hadj's picture

Article is incorrect, money that left through uk and russsia was well under 500 mio for both banks combined. Big money was leaving for the last 2 years.

Thu, 03/28/2013 - 11:23 | 3385443 spacecadet
spacecadet's picture

I call B.S too. How would they have come up with all that money without the ECB finding out. Deposits don't exist.

Thu, 03/28/2013 - 11:27 | 3385465 MS7
MS7's picture

So the only people affected are business owners in Cyrpus who won't have money to pay for their supplies and won't have money to pay employees. Nice thinking, president and government of Cyprus. But at least you're in your precious eurozone.

Thu, 03/28/2013 - 11:32 | 3385489 Titolabieno
Titolabieno's picture

doesn't really work like this- Americans thinks everything works as in America -  UK branches of Laiki and BOC will be under UK FSA supervision and so will not undergo the haircut. If the IBAN of the account starts with GB you can do anything you like with your money if the account starts with CY you can do nothing. The same with Russia. The fact that Uniastrum is a subsidiary of BOC doesn't mean they pool together all the money like in a kibbuz.

Thu, 03/28/2013 - 11:35 | 3385498 Shooting Shark
Shooting Shark's picture

So, a large group of social-democrat (to put it charitably) governments got together and are wiping out the tax haven countries because times are tough?  Color me shocked.

Thu, 03/28/2013 - 11:49 | 3385551 laomei
laomei's picture

The accounts are not linked.  Same types of controls in most other nations that are sane actually.  Anyone who wanted their cash just flew over to London and closed out the accounts.

Thu, 03/28/2013 - 12:01 | 3385583 Anonymous peon
Anonymous peon's picture

The game has changed from deception to control. The cat is out of the bag and even the stupid masses can see it now. No point anymore in trying to maintain the lie, now it's a matter of controling the people. TPTB will be as brutal as they have to be.

Thu, 03/28/2013 - 12:29 | 3385708 Colonel Klink
Colonel Klink's picture

"America has much more, significantly more, freedom of the Press than Europe allows."

 

LOL, hahaha, HAHAHAHA, Bwahahaha, BWAHAHAHAHA!!!  Man that's good for a laugh.  Much of the Amerikan media is controlled just the same.  Pure and simple.

Thu, 03/28/2013 - 15:49 | 3386446 Umh
Umh's picture

For all I know the CIA or someone like them own most of the media anyway.

Thu, 03/28/2013 - 12:37 | 3385736 dadichris
dadichris's picture

that's what i've been saying all along - this is just a ploy to devalue the Euro - LOL

Thu, 03/28/2013 - 12:53 | 3385752 michael_engineer
michael_engineer's picture

Some days ago in this crisis, didn't Europe restate the crisis amount in question to be even larger than the original figures showed? Was that statement made after they might have found out the Russian and London monies had left the building?

Thu, 03/28/2013 - 13:16 | 3385856 hannah
hannah's picture

" I do not fault the Press one iota here because there is nothing else they can do but I caution you not to believe too much of what you read. "

 

this could be re-written....

" I do not fault the concentration camp guards one iota here because there is nothing else they can do ........ "

 

nothing they could do...? WTF kind of pussy exist in this world right now.

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