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So Who Knew? In February Cyprus Deposit Outflows Soared To A Three Year High

Tyler Durden's picture





 

The decision to crush Cypriot depositors (first all of them, then just the uninsured ones) came in March, without any prior hints of the carnage that was about to be unleashed upon Cypriot bank unsecured liabilities. Or so the media narrative goes, because the last thing needed is to give skeptics any indication the "ad hoc" Troika plan was not so ad hoc after all, and some individuals - notably the whale depositors - were warned in advance, sparing them the indignity of pulling a few billion at €300 per day. Alas, as just released central bank data shows, there may be cracks in the narrative because in February, at a time when the Eurozone was supposedly getting better every day and the Dow Jones was on the verge of its all time high, Cypriot depositors pulled the largest amount of cash in over three years.

Add this curious finding to the to do list for the 'task force' investigating who not only circumvented the capital controls, but had advance knowledge it was coming. Surely they will get right on top of that.

Source: Goldman

 


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Thu, 03/28/2013 - 08:16 | Link to Comment ekm
ekm's picture

All pre-planned. Everything is pre-planned, the only issue is whether the outcome is as per plan or not.

 

These events were pre-planned:

- Bear sterns collapse

- Lehman collapse

- MFG collapse.

 

If this article doesn't convince you of that, I don't know what else is going to convince you.

Thu, 03/28/2013 - 08:16 | Link to Comment Pladizow
Pladizow's picture

 

 

Ex-KGB to Banker:

 

You know... I think that you've gotten the wrong impression about me. I think in all fairness, I should explain to you what it is that I do. 

For instance, tomorrow morning I'll get up nice and early, take a walk down over to the bank and walk in and see you, and, uh... if you don't have my money for me, I'll crack your fuckin head wide open in front of everybody in the the bank. And just about the time that I'm comin' out of jail, hopefully, you'll be comin' out of your coma. And guess what? I'll split your fuckin head open again. Because I'm fuckin stupid. I don't give a fuck about jail. That's my business. That's what I do. And we know what you do, don't we, Charlie? You fuck people out of money and get away with it.

 

 

Thu, 03/28/2013 - 08:18 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

You can game a bankster....but never screw with the KGB.

Thu, 03/28/2013 - 09:16 | Link to Comment old naughty
old naughty's picture

 "I'll crack your fuckin head wide open..." 

There's no need for that, Komarde.

Why don't you take the money in one shot, ahead of the $300 a day as that would take you thousands of years.

Thu, 03/28/2013 - 10:06 | Link to Comment Race Car Driver
Race Car Driver's picture

> So Who Knew?

Jew knew - that's who.

Thu, 03/28/2013 - 10:32 | Link to Comment Pure Evil
Pure Evil's picture

My bet is the Russians were pulling deposits due to the Syrian fiasco. Syria is their ally in the region, and this was retaliation for NATO causing the turmoil in Syria itself. The Russians were sending signals to NATO for months. Everything from sending warships to troops along with communiques and NATO ignored it all. Not a lot of money to pull out, but enough to cause the EU consternation. From my current reading of news events NATO has backed down in Syria, but we'll see going forward. 

Or the Russians are getting out ahead of the US/Israel/NATO backed war against IRAN. Syria is just a stepping stone for the neo-CONS and their desire for blood lust against the Persians.

Just my opinion though.

Thu, 03/28/2013 - 10:50 | Link to Comment ConfederateH
ConfederateH's picture

Or the money was pulled out by the russians on behalf of a German faction that wants to see Merkel out.  Or perhaps Hillary and the CIA are trying to foment instability in natural gas great game.  The gods are fickle, at least so are the ultra rich who think they are gods.

Thu, 03/28/2013 - 11:06 | Link to Comment SMG
SMG's picture

Hello new blame misdirection troll.

Thu, 03/28/2013 - 13:23 | Link to Comment Race Car Driver
Race Car Driver's picture

So ... in two posts or less - who do you blame? Be realistic.

Thu, 03/28/2013 - 11:08 | Link to Comment SMG
SMG's picture

.

Thu, 03/28/2013 - 08:20 | Link to Comment fonzannoon
fonzannoon's picture

Cyprus Citizen to Banker:

Wow Three hundred Euro!

Thanks!

Thu, 03/28/2013 - 08:40 | Link to Comment toys for tits
toys for tits's picture

What the Troika was going to do was published in the British MSM. Since there are a lot of Brits in Cyprus is makes sense that they would withdraw.

From Feb 15, 2013 BBC:

There have also been suggestions that private depositors with investments of more than 100,000 euros should be obliged to endure a "haircut".

http://www.bbc.co.uk/news/world-europe-21455758

From Feb 11, 2013, The Guardian:

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

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

From Feb 18, 2013, Financial Times:

 

One remedy is a debt restructuring, similar to that applied to private-sector holders of Greek government bonds. Another is to reorganise the banks, as in Spain, and impose losses on deposit holders.

http://www.ft.com/intl/cms/s/0/528f2bf8-79bf-11e2-9015-00144feabdc0.html...

 

Thu, 03/28/2013 - 08:58 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

Shit! Right in plain sight...  Thanks for the reporting...

Thu, 03/28/2013 - 10:22 | Link to Comment francis_sawyer
francis_sawyer's picture

2 questions [one legit & one silly]

~~~

1. At the time of publication, were those articles 'PAY PER'?

2. How many 'cookies' &/or other goodies were streamed through those links?

~~~

I'm not saying this was the case... But these days I'm skeptical about just about everything... Like how EASY it might be to publish an article with a 'PRE' date on it to give an out for...

"Look ~ You were warned all along, it was right there"... It's probably as easy as photoshopping birth certificates...

Thu, 03/28/2013 - 09:16 | Link to Comment sumo
sumo's picture

nice catch

Thu, 03/28/2013 - 11:10 | Link to Comment WallowaMountainMan
WallowaMountainMan's picture

.

and for those of you who want more:

http://www.cyprus-mail.com/anastasiades/anastasiades-talks-secure-bridge...

'Anastasiades said recently speculated options to make debt manageable - from a sovereign debt writedown to imposing losses on depositors - were out of the question.'

the cypriots were afraid it was going to happen. that's one reason they elected anastasiades. he campaigned against losses on loans.

 'loans' , i meant deposits as in the quote.

my bad

 

Thu, 03/28/2013 - 10:07 | Link to Comment unununium
unununium's picture

Thank you TFT.

Now I'm wondering how old was is the data that was/is being used to set the haircut levels? That would seem critical.

Thu, 03/28/2013 - 08:21 | Link to Comment breakyoself
breakyoself's picture

From Casino...good movie

Thu, 03/28/2013 - 10:13 | Link to Comment SAT 800
SAT 800's picture

"Schocked, I'm schocked I say, to find that gambling has been going on here, Rick".  Imagine that, people sending money out of Cyprus Banks; silly people; don't they have faith in the Establishment? Tch, tch.

Thu, 03/28/2013 - 09:15 | Link to Comment rogeliokh
rogeliokh's picture

And why exactly GOLD is tanking again? Because Cyprus Banks are "Re-open" and let
poor people to get 300 Euro out of their accounts per day? What a Joke.
Every morning same shit. This is getting ridiculous. Watch that ATTACK on PM's now..

Thu, 03/28/2013 - 09:24 | Link to Comment azzhatter
azzhatter's picture

try and get someone to sell you their physical for that price

Thu, 03/28/2013 - 09:58 | Link to Comment Not My Real Name
Not My Real Name's picture

I know. It makes zero sense. On the bright side, I'm going to enjoy the sale for as long as it lasts.

Thu, 03/28/2013 - 10:08 | Link to Comment ZeroBoBo
ZeroBoBo's picture

"And just about the time that I'm comin' out of jail, hopefully, you'll be comin' out of your coma. And guess what? I'll split your fuckin head open again."

This line is pure poetry. You made my day! :-)

Thu, 03/28/2013 - 08:20 | Link to Comment fonzannoon
fonzannoon's picture

ekm please see this special message that I have sent to the Cyprus citizenry on behalf of everyone on here.

http://www.youtube.com/watch?v=NRifKEf0xr8

Thu, 03/28/2013 - 08:21 | Link to Comment ekm
ekm's picture

Good morning Fonz.

Youtube is blocked here at work, so I'm going to wait until 6pm when I get home to watch it.

Thu, 03/28/2013 - 09:21 | Link to Comment fuu
fuu's picture

Create a throwaway gmail account.

Log into gmail.

Launch youtube from within gmail.

Many times that will get around filters.

Thu, 03/28/2013 - 10:27 | Link to Comment francis_sawyer
francis_sawyer's picture

does it get around the 'eye in the sky' up there on the ceiling corner that's peering into your cubicle [probably HOPING that you log onto some porn]?...

~~~

Fuck ~ nowadays you practically have to wear a ski mask & rubber gloves even if you pay cash for a bag of Doritos at the grocery store...

Thu, 03/28/2013 - 09:52 | Link to Comment NoDebt
NoDebt's picture

Love that movie (Office Space).  Gotta go.  I got a meeting with The Bobs.  After that I have to finish my TPS reports.

Thu, 03/28/2013 - 08:20 | Link to Comment ekm
ekm's picture

I had thought that there were only two ways to plug the black holes of derivatives from time to time:

1) Load up one primary dealers or two with bad assets and sacrifice them.

2) Go to war

 

I never thought a 3rd option was getting thought out:

3) Expropriate your own population.

 

We learn something new every day.

Thu, 03/28/2013 - 08:29 | Link to Comment fonzannoon
fonzannoon's picture

I hear you. So have they plugged the hole? Mission accomplished? Brent is still pushing up so I am guessing you don't think we have seen the reprecussions yet, correct?

Thu, 03/28/2013 - 08:36 | Link to Comment ekm
ekm's picture

Oh no.

They've started plan # 3 last week. Outcome UNKNOWN yet.

 

1) How big is the hole that 85 billion/month can't cover any longer?

2) How much would the expropriation be for the whole west? Cyprus is just the test.

3) Reducing people's money reduces spending.

 

The outcome is guaranteed to be very bad. The question is whether it'll be a disaster.

 

I say, yes. However, one thing has to be clear:

$85BILLION/MONTH OF QE IS NO LONGER ENOUGH.

Thu, 03/28/2013 - 08:36 | Link to Comment fonzannoon
fonzannoon's picture

If Europe starts to crater and the Bernak says he feels it would be prudent to go to 150 bil a month, do you think the media would injure themselves tripping over themselves to kiss his ass and tell us all how wise he is to do that?

Thu, 03/28/2013 - 08:39 | Link to Comment ekm
ekm's picture

Again and again reminder:

Printing of money = Buying of collateral = Buying of bonds

 

Currently, collateral is quite scarce, not much left to buy.

http://www.marketwatch.com/story/feds-buying-half-of-mbs-issuance-official-2013-03-27?link=MW_home_latest_news

 

The Fed is leaving almost nothing for the banks and brokerages to trade with. There is limit to QE. Fed can't buy vacuum.

Thu, 03/28/2013 - 08:49 | Link to Comment fonzannoon
fonzannoon's picture

You are losing me here, and I apologize for that. I hear you saying that 85 bil is not enough. So I draw the conclusion that you mean 85 bil is not enough to cover the deleveraging. Meaning QE is not going to buy bonds. It is literally being digitally added to banks balance sheets to plug holes.

I also hear you say they can't do much more of it because there is not much left to buy. That implies that there may not be much left to buy and a PD would have to explode for the fed to have something left to keep buying.

This stuff gets confusing.

Thu, 03/28/2013 - 08:58 | Link to Comment ekm
ekm's picture

Ok.

I bet with you and you win $1000.

Problem I have only $50 and some junk at home I can't sell.

 

So I go to my rich uncle and ask him to buy my used car for full brand new price which is $200. So I give you $200. 

 

Problem: I have nothing else to sell now and I still owe you $800

I eitther give you all my money $50 and remain with zero or I simply default.

Thu, 03/28/2013 - 09:02 | Link to Comment fonzannoon
fonzannoon's picture

You bet with me and I win $1000

Problem you have $50 and some junk.

If you can't pay then both you, me, and all our friends and family including your rich uncle go to hell in a handbasket.

Your rich uncle comes in and hands you $1000 and tells us both to stop fkin around.

We go to the steakhouse to celebrate and while we are there we make another bet....

I'm not even being sarcastic.

 

Thu, 03/28/2013 - 09:08 | Link to Comment ekm
ekm's picture

He can't since they only way for him to create money is if he buys something from me.

 

The Fed does NOT create money, I repeat the Fed does NOT create money out of nothing.

The Fed MONETIZES assets already created, hence the need for the Federal Government to increase the debt limit in order to sell treasuries, so the Fed can buy the treasuries, thus creating money.

 

In essence, it's the Congress that creates BASIS MONEY by increasing the debt limit. The Fed just monetizes the bonds.

 

If congress/treasury do not offer new bonds, the Fed CANNOT create money.

If the Fed bought stocks directly, they would create money by owning the stocks.

Thu, 03/28/2013 - 09:09 | Link to Comment fonzannoon
fonzannoon's picture

I have to run. I would like to continue this at some point. Have a good one.

Thu, 03/28/2013 - 09:44 | Link to Comment hapless
hapless's picture

"The Fed MONETIZES assets already created, hence the need for the Federal Government to increase the debt limit in order to sell treasuries, so the Fed can buy the treasuries, thus creating money."

At this moment, there is a water droplet running down the outside of my office window.  For today and today only, I will sell it to you for $85 billion.

Thu, 03/28/2013 - 09:52 | Link to Comment ekm
ekm's picture

More or less. You get the point.

Thu, 03/28/2013 - 10:13 | Link to Comment unununium
unununium's picture

Your point seems to be that water droplets are scarce.

You do know that, at the moment, there is no debt ceiling in the US.

Thu, 03/28/2013 - 10:14 | Link to Comment fonzannoon
fonzannoon's picture

ekm the fed does not buy bonds directly, the PD's buy them and flip them over to the fed. What is to stop the same process from happening with stocks?

Thu, 03/28/2013 - 10:31 | Link to Comment ekm
ekm's picture

As far as I know, nothing.

They can pretty much do whatever they want, if the White House and Congress allows them to do so......and BRENT VIGILATNES.

 

It's all about crude oil price, at the end.

Thu, 03/28/2013 - 13:26 | Link to Comment Boxed Merlot
Boxed Merlot's picture

the fed does not buy bonds directly...

 

Isn't this describing the old way?  Now Ben's buying up all Fanny and Freddie's junk and turning it over to BAC, JPM, Citi, etc. in order to perfect their legal standing and paper over their fraudulent MERS activities.  45B "domestic" and 40B "foreign" monthly blood being fabricated in the marrow of the fed's boneyard is not enough to stem the bleeding of the decapitation of Justice's head.

Thu, 03/28/2013 - 10:16 | Link to Comment SAT 800
SAT 800's picture

Very good.

Thu, 03/28/2013 - 10:21 | Link to Comment NoDebt
NoDebt's picture

EKM- the only part I disagree with is that they are running out of assets to buy.  Plenty of crap left for them to buy.  And, of course, the federal government will always be happy to oblige and create more debt for them to snap up.  At present QE4EVA is only monetizing about half the yearly federal deficit.  The other half of the $85B being used, of course, to buy bad mortgage assets.

Oh, and a bonus thought here.... am I the only person on the planet who finds it ironic that QE4EVA is finally doing what TARP was original supposed to do, and sold to Congress as such (buy bad mortgage assets out of the banks)? 

Nobody else seems to find it at all remarkable that The Fed is buying mortgage assets now as just a normal Fed policy (i.e. without requiring Congressional approval) what required direct Congressional approval and taxpayer money in TARP.

So if they could have just bought the bad assets out of the banks in 2008 without Congressional approval or money, exactly as they are doing now under QE4EVA, WHY WAS TARP EVER NEEDED??

The answer, of course, is directly related to your point- they only conjure money out of thin air to buy pre-existing assets.  Recapitalizing a bank is not buying pre-existing assets.  They knew they were going to use TARP money to recapitalize the banks all along.  If that wasn't the plan they wouldn't have needed TARP- they would have just bought the motgage assets 5 years ago exactly the same as they are doing today.

Thu, 03/28/2013 - 10:29 | Link to Comment ekm
ekm's picture

It's up for discussion.

I think they'd be forced to stop it by next meeting.

I was expecting a wind down last meeting.

 

We'll see.

Thu, 03/28/2013 - 09:28 | Link to Comment Teamtc321
Teamtc321's picture

Reminds me of the rich kid who tears up new trucks as fast as daddy can buy them. Then goes off to a nice liberal college for, oh say 8 years snorting, twinking, waking up late. 

Once out, can't find any productive companies to hire him or skirts the edges of a few companies to build a few paragraphs on a resume.  Then goes to work in a Bank somewhere.

Remember the above story the next time you look at a Banker, I will bet you that 1000 bucks there is a similar story to the day, the Mfing banker you are looking at has under it's belt. 

 

1000 Bucks?

Thu, 03/28/2013 - 10:07 | Link to Comment j0nx
j0nx's picture

I like the reference 'its belt'. We all need to remember that these people are not human beings. They are sociopathic lizards hell bent on destruction.

Thu, 03/28/2013 - 08:45 | Link to Comment TeamDepends
TeamDepends's picture

3) Reducing people's money reduces spending.

There is an interesting corollary here with Obamacare:  Reducing people's heart rate (to zero) reduces breathing.

 

Thu, 03/28/2013 - 10:14 | Link to Comment CaptainObvious
CaptainObvious's picture

The Bernank to Lackey:  "Oh shit, it's not working!  We gotta break out the big guns!  Here, take this key ring and go unlock the Weimar Special printing presses."

Lackey: "Not...not the Weimar Special!  Do you realize what this means?!"

The Bernank:  "Of course I realize what this means!  Now, go start that press and make sure it's at full power.  If you need me, I'll be in my subterranean elite banker bunker where I'll be inaccessible.  Good luck!"

The Bernank empties the contents of his desk drawers into a box and exits stage right to a waiting black helicopter to be transported to the aforementioned subterranean elite banker bunker.

Lackey:  "Well, fuck.  I guess I'm not getting a bonus this year."

Thu, 03/28/2013 - 08:22 | Link to Comment Shizzmoney
Shizzmoney's picture

I don't know if these things are 100% planned.......I think it's a little bit of both planning and just simple fail on the part of the people who run these banking systems.

I will say though - that those "well-to-do" folks certainly do get a head start on these types of crisises on a consistent basis, thats for sure.

Look at John Paulson.  That guy got tipped by GS and the US Treasury Dept before this shit started in 2008.....made billions. 

After a few years, the guy keeps gambling, trying ot be a genius WITHOUT the insider trading, and guess what?  He loses money. 

Thu, 03/28/2013 - 08:36 | Link to Comment ekm
ekm's picture

It is impossible to make that kind of money without insider trading knowledge.

Thu, 03/28/2013 - 08:57 | Link to Comment Ckierst1
Ckierst1's picture

These banksters know exactly what they are doing and that is implicitly part of their crime.  It is literally premeditated murder as applied in the real world, internationally planned and colluded - basically multinational treason and deserving of punishment as such.

Thu, 03/28/2013 - 08:23 | Link to Comment BullsNBeers
BullsNBeers's picture

Who even cares anymore?

When the banks were collapsing the US Fed Gov bailed them out and although the population objected on a level of something to the tune of 300 to 1, we sat there and took it when the bill was past.

The people of Cyprus have just been robbed and they patiently wait on line, fighting amongst themselves for scraps on the floor when the meal has been long cleared from the table.

We are all getting exactly what we deserve.

Thu, 03/28/2013 - 08:31 | Link to Comment Muddy1
Muddy1's picture

No way do we deserve this.  Nobody deserves to be robbed of their personal funds or the money they operate their business on.  You're nuts.

Thu, 03/28/2013 - 09:11 | Link to Comment fattail
fattail's picture

Then we should do something about it, but we wont......  because the vast majority of the people are too dumb to spend a modicum of time to educate themselves to the point where they are filled with enough rightoues and furious anger to bring their wrath down upon these parasites.

 

I hope the fire burns hot and fast.

Thu, 03/28/2013 - 10:12 | Link to Comment j0nx
j0nx's picture

If you don't do anything about it then yes you deserve it. A schoolyard bully needs to get kicked in the balls and knocked the fuck out before he will stop. If the kid with the sweater doesn't stand up to him then he will continue to get his ass beat and his lunch money stolen on a daily basis. The people are getting EXACTLY what they deserve right now. The only thing people in this country seem to care about is whether or not they can marry their faggot lover Raul. It's preposterous that anyone cares two shits about that with the rampant criminal behavior going on right now with our political and business so called 'leaders'.

Thu, 03/28/2013 - 10:29 | Link to Comment francis_sawyer
francis_sawyer's picture

'Deservin's got nothin to do with it'

~William Munny

Thu, 03/28/2013 - 08:34 | Link to Comment joak
joak's picture

I'm usually tagged as a conspirationist theory freak, but here, I don't see anything outrageous. More people have moved money in FEB ? The trend was already there in Jan, the talks with EU getting more concrete, this sound like a common sense reflex.

I used to live in Cyprus 1,5 year ago, I left cause I knew things would turn bad. However, I don't know any politicans, bankers or other kind of big gun who informed me.

And about this matter, I'm sorry, but March 5, Dijssebloem already said clearly depositors could face haircuts. It was on Bloomberg website, not on ZH or an obscure blog. If people would be a bit more awake, seek info instead of listening the evning news talking about the weather and other insignificant matters, they would have avoided this. They were screwed for trusting the system. They learnt the hard way.

Thu, 03/28/2013 - 08:42 | Link to Comment ekm
ekm's picture

Are you challenging me or agreeing with me?

Thu, 03/28/2013 - 08:43 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Time for Thunderdome.

Thu, 03/28/2013 - 08:52 | Link to Comment joak
joak's picture

I don't know if this was planned or not, but this particular chart does not convince me that it was planned and many people knew, otherwise we would have seen higher figures. As far as the news of possible haircuts was in the air since beginning of March, I would not be suprised it was known already in Feb, hence explaining the raise, which still seem low given what we are talking about.

I'm not trying to agree or challenge you, I'm discussing lol.

Thu, 03/28/2013 - 09:01 | Link to Comment ekm
ekm's picture

The patern is clear to me.

Thu, 03/28/2013 - 09:13 | Link to Comment Urban Redneck
Urban Redneck's picture

The rich can afford "wealth managers" and "financial advisors" who are paid to keep up on the latest rumblings out of the beast in Brussels.  If you lived through the Cypriot stock market crash and witnessed what was going on over in Greece,  then you would arrive at the same conclusion without paying for the advice.  However, when gambling and chasing cheap money and easy returns, being early is the same as being wrong. 

Given that the skilled advisors have "maximized" their clients' profitability in Cyprus (by keeping it in until Jan/Feb) versus the group-think headline regurgitating advisors who have decimated their clients positions in Cyprus (by missing the exit sign) - it's difficult to generalize about their worth.

As for those who claim the de facto authority to decide who wins and who loses-

If it was planned, then there are many who need to HANG for their crimes and theft in Brussels & Berlin.  

If it was not planned,  then there are many who need to HANG for their lies, false assurances, gross negligence and UTTER incompetance in Brussels & Berlin.   

 

Thu, 03/28/2013 - 10:25 | Link to Comment CaptainObvious
CaptainObvious's picture

Only the people who were paying attention and those who were told ahead of time knew.  Most Joe Sixpacks weren't paying attention, and those are the folks attempting now to withdraw their funds 300 Euros at a time.  The ones who were told ahead of time...well, for that, I defer to the great George Carlin:  "It's a big club and you ain't in it."

Thu, 03/28/2013 - 09:20 | Link to Comment Dr. Engali
Dr. Engali's picture

Dieselbloom may have said that on March 5th, but the outflows are in January and February.

Thu, 03/28/2013 - 10:22 | Link to Comment SAT 800
SAT 800's picture

I find it amazing that some "authority" can anounce that depositors will be paying to bail out a Bank; and people just go oh, I see; I wonder who won the Soccer Match, yesterday, and turn the page. It's mind boggling.

Thu, 03/28/2013 - 09:58 | Link to Comment chubbar
chubbar's picture

So my question, which I've posed before, is whether this Cyprus bank run thingy and subsequent bank runs of some unknown degree in the rest of the EU will eventually trigger higher inflation? I only ask because now instead of transactions in Cyprus (think payroll, rent, house payments, etc) being done in 1's and 0's they are being done in cash.

This cash existed in cyberspace only last week but is now being printed/converted this week. So, if this happens all over Europe, does that somehow act to increase inflation? My initial thought is that No, it won't because these same transactions would have occurred regardless. But I am wondering about the excess money that is now being withdrawn that would have been left in the account and not transacted? Is this money effectively coming from "reserves" that normally wouldn't be in the form of cash?

Secondly, would a bank run here in the U.S. serve to pull reserves out of the bank to cover the cash withdrawals? This is the money that no one thought would ever see the light of day and not be the source of inflation. Would a bank run cause these reserves to be put into the economy through cash withdrawals? Also, would the advent of capital controls serve as a mechanism to control the release of these funds into the economy in order to better control the inflation rate?

Any bank sharpshooters welcome to respond!

Thu, 03/28/2013 - 08:17 | Link to Comment TruthInSunshine
TruthInSunshine's picture

After shit got real, but before shit getting real was officially announced, "wealthy absconders" were pulling their limits of €3,000,000 per day from Cyprus banks.

And who can blame them?

Thu, 03/28/2013 - 08:24 | Link to Comment Cdad
Cdad's picture

The entire meme that depositors are to blame for Cyprus is classic Orwellian speak, and has been carried by "media" for a couple weeks now.  So remember that, depositors...should too many of you be congregating in some bank somewhere, forcing bankers to make riskier and riskier bets with your money.  When the implosion comes, and it will, because what passes for a banker these days couldn't manage a gas station 10 years ago...when it blows, it is your fault, dear depositor.  And as such, you will be asked to pay dearly for your mistake.

 

Thu, 03/28/2013 - 09:04 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

Most depositors thought the bank was where they kept their money for safekeeping, not a conduit to run "their" money to the casino.  Now the bank IS the casino!!  If the bank wins, you get .001% interest.  If they lose?  You get a big haircut!!

Thu, 03/28/2013 - 08:24 | Link to Comment TeamDepends
TeamDepends's picture

Can you imagine the upstaging trash talk that was going on?  "You just heard about that?  I pulled my cash out yesterday."

Thu, 03/28/2013 - 08:17 | Link to Comment Ratscam
Ratscam's picture

I am surprsied billionairs had advanced knowledge

Thu, 03/28/2013 - 08:18 | Link to Comment ziggy59
ziggy59's picture

Interesting this info comes out during the Benicoptor cash drop, a month after the fact.

Thu, 03/28/2013 - 08:18 | Link to Comment Go Tribe
Go Tribe's picture

You guys are a total embarrassment for the maintream media. It's like watching the Miami Heat play a high school team.

Keep up the good work!

Thu, 03/28/2013 - 08:30 | Link to Comment Mark Urbo
Mark Urbo's picture

I agree - not even close !   ZH rocks !!!

Thu, 03/28/2013 - 08:39 | Link to Comment joak
joak's picture

You cannot compare the entertainment industry with information lol. It's rather having a heavyweight MMA champion fighting Adam Sandler lol.

Thu, 03/28/2013 - 08:22 | Link to Comment pods
pods's picture

Won't the task force run out of money like the rest of the island?

pods

Thu, 03/28/2013 - 08:52 | Link to Comment Shizzmoney
Shizzmoney's picture

It is truly amazing that in an era of printing money.........we have governments, and the banking systems they prop up around the world................running out of money.

Someone has some splanin' to do!

Thu, 03/28/2013 - 08:40 | Link to Comment Mercury
Mercury's picture

Today's WSJ (p.A10) quotes an "official" who says <$1EUR of special circumstance and un-accountable funds transferd out (up until the cap controls were in place seems to be the implication i.e. today/yesterday)...and the above chart shows a bit over that not even through the end of Feb. if I'm reading that right.

I think the total figure grows.
A lot.

Can you actually debit your BOC account from here  or here I wonder?

 

Thu, 03/28/2013 - 08:23 | Link to Comment Obadiah
Obadiah's picture

What blows me away is how 90% of the people have no clue about the evil men behind the curtain.

We got 1% at the top who are behind the curtain.

We got 9% who see and know about it and are preparing.

The rest are completly clueless.

 

Sound about right?

Thu, 03/28/2013 - 08:45 | Link to Comment Mercury
Mercury's picture

Well, let's not get carried away, 90% of people are clueless about any single given subject/reality in this life/world.

Thu, 03/28/2013 - 08:31 | Link to Comment ziggy59
ziggy59's picture

That cant happen here in the US... We have freedom of speech, assembly, etc..

Oh wait! That was THEN...

Thu, 03/28/2013 - 08:59 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

We will still have freedom of speech.  If its pre approved you can say whatever you want.

Thu, 03/28/2013 - 08:26 | Link to Comment ziggy59
ziggy59's picture

Of course they will pull a Sgt. Schultz, from Hogans Heroes..
I guess its now a Jon Corzinism..

"I know/knew nothing!"

Thu, 03/28/2013 - 08:29 | Link to Comment JustObserving
JustObserving's picture

Bitcoin is up a stunning 100% since the Cyprus crisis began.  Silver is actually down. There cannot ba any manipulation or the CFTC would have found it in its 5 year investigation. 

Today is another beautiful day in the free and fair markets of these United States.

http://www.bitcoincharts.com/charts/mtgoxUSD#rg60ztgSzm1g10zm2g25zv

Thu, 03/28/2013 - 08:32 | Link to Comment fonzannoon
fonzannoon's picture

Yes it is. I don't know why we are all fighting the market anymore. Wrap yourself in some leveraged financal long etf and go back to sleep. The avalanche of QE is still coming down the hill.

I hear Rick Santelli in the backround telling me jobless claims rose to above 350k. That is music to my brokerage accounts ears. Some more QE please Mr. Bernak?

 

Thu, 03/28/2013 - 09:33 | Link to Comment GrinandBearit
GrinandBearit's picture

True, but when any chart goes parabolic like Mt.Gox, it usually ends very badly.  You've been warned.

 

Thu, 03/28/2013 - 09:50 | Link to Comment Pseudo Anonym
Pseudo Anonym's picture

i call bullshit on this

Bitcoin is up a stunning 100% since the Cyprus crisis began

because the little detail that you conveniently left out is the pathetic volume in this rise.  also, your correlating the rise to the crisis in cyprus is misguided because the volume in euro is on average 6-7x lower than in usd. one would expect it to be the other way around if it was related to the euro.   if you ask me to interpret the btc behaviour, i would describe it as a penny stock pump and dump scheme where perhaps a dozen large btc holders with multiple btc wallets churn btc among themselves.  i simply dont see, at this point, masses of new entrants into the btc;  but, rest assured, they will come and that is when the pumpers dump their btc on these greater fools.

Thu, 03/28/2013 - 10:05 | Link to Comment orangegeek
orangegeek's picture

up 100% - that's the pump.

 

awaiting the right number of bag holders.

 

and then we dump.

 

good job being the "fluff girl" JustObserving.

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

Must... close... S&P and... Dow... at all... time... high... quarter end... ughh.

[close scene]

Thu, 03/28/2013 - 08:47 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

EXACTLY!!!  Even though the Chinese market crashed and burned last night.  We MUST have good end of quarter window dressing....

Thu, 03/28/2013 - 08:30 | Link to Comment Winston Churchill
Winston Churchill's picture

A nods as good as a wink to a deaf camel with its nose in your tent,or something like

that.

Thu, 03/28/2013 - 08:33 | Link to Comment firstdivision
firstdivision's picture

That capital outflow in January is pretty suspicious.  I wonder how many Cyprus bankers/politicians moved their money in January before the impending crisis moved to the forefront?

Thu, 03/28/2013 - 08:38 | Link to Comment moriarty
moriarty's picture

Beaten to the punch again, should have left the joke out.

Thu, 03/28/2013 - 08:33 | Link to Comment Jason T
Jason T's picture

their stock market went from 5500 in the fall of 2007 to now just 100 .. and it's closed.  5500 to 100!! now they lost their savings accounts too..welcome to a dark age. 

Thu, 03/28/2013 - 08:35 | Link to Comment aleph0
aleph0's picture

..."the indignity of pulling a few billion at €300 per day"...

 

LOL .. gotta love the Tylers here .

Thu, 03/28/2013 - 08:35 | Link to Comment moriarty
moriarty's picture

January was not typical either. The process reminds me of the old joke about the two Bulls.

 

Young bull says to old bull “let’s run down the hill and fuck one of those cows”.

Old bull replies “no we will walk down the hill and fuck ‘em all”.

Thu, 03/28/2013 - 08:40 | Link to Comment Abraxas
Abraxas's picture

Cow fuckers!

Thu, 03/28/2013 - 08:39 | Link to Comment BandGap
BandGap's picture

Every revolution requires an induction period. When a fire is started it might have taken more than a few tries. But rarely is there an instant blaze.

Like a few of us, these people are in shock. When the shock clears the pain begins. And when pain begins people usually take action.

Give it some time.

Thu, 03/28/2013 - 08:44 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

coming soon to a country near you.  middle east is on fire, europe next (it's already there), USA?

Thu, 03/28/2013 - 08:42 | Link to Comment Legolas
Legolas's picture

There has just got to be a way to get information like this in close to real-time.

 

Imagine how valuable this type of information would be, going forward.

 

Where are the rocket scientists when you need them?

Thu, 03/28/2013 - 09:07 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

"Add this curious finding to the to do list for the 'task force' investigating who not only circumvented the capital controls, but had advance knowledge it was coming. Surely they will get right on top of that."

LOLOLOLOLOLOL.  Let the CFTC do it.

Thu, 03/28/2013 - 09:21 | Link to Comment Inbetween is pain
Inbetween is pain's picture

Perhaps you're confusing cause and effect.  The collapse of Cypriot banks was telegraphed way in advance.  The smart money knew to flee.

Thu, 03/28/2013 - 09:22 | Link to Comment tedstr
tedstr's picture

Sell the rumor, buy the news

Thu, 03/28/2013 - 09:27 | Link to Comment sdmjake
sdmjake's picture

Slightly OffTopic but perhaps it is 'ZH food for thought' that showed up in my inbox. New circuit breakers in play next week (despite record low volatility):

http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p217584.pdf

Effective April 8, 2013, new measures to reduce market volatility are being introduced over two phases. The new plan, called Limit Up/Limit Down, imposes rolling price bands with automated blocks on equity exchanges that prohibit trading outside of the price bands. In addition to the Limit Up/Limit Down price protections that are applicable stock-by-stock, the SEC has also approved updated market-wide circuit breakers which will halt trading in all securities for proscribed periods of time if the markets drop more than certain percentage thresholds. These updated market-wide circuit breakers also go into effect on April 8, 2013.

Limit Up/Limit Down will be implemented in two phases. Phase 1, effective on April 8, 2013, applies to what are termed "Tier 1" securities (those in the S&P 500 Index, the Russell 1000 Index, and certain exchange traded products. The price bands during Phase 1 will be in effect between the hours of 9:45 a.m. and 3:30 p.m. In Phase 2, which is slated to start six months after the start of Phase 1, the balance of NMS stocks (excluding rights and warrants) will be subject to Limit Up/Limit Down, and the price bands will be in effect during the full period of normal market hours (generally 9:30 a.m. to 4:00 p.m.).

 

Thu, 03/28/2013 - 09:43 | Link to Comment Racer
Racer's picture

prohibit trading outside of the price bands

Why don't they just give up the pretence that this is a 'market' and just tell us straight what the open and close price will be a year ahead so we can stop moaning about the 'market'!

Thu, 03/28/2013 - 10:02 | Link to Comment orangegeek
orangegeek's picture

Relax.  Most commodities have limit up/limit down on the day and have for decades.  Looks like the intent is to "unplug" the flash crashers.

 

Always good to read  the rules.

 

Hopefully it gets enforced consistently.  Hopefully there isn't an undisclosed GS or JPM version of these rules.  Time will tell.

Thu, 03/28/2013 - 10:35 | Link to Comment sdmjake
sdmjake's picture

I'm pretty relaxed...(Presented simply as food for thought)

Agree --- it is an effort to curb a potential flash crash.

Implementation & enforcement is a whole other issue [and generally the crux of the matter when it comes to the governing items]

Thu, 03/28/2013 - 09:30 | Link to Comment Ckierst1
Ckierst1's picture

What is the equivalent FRB publication that presents essentially the same deposits data for the USA?  Graphically?

Thu, 03/28/2013 - 09:39 | Link to Comment Dan Conway
Dan Conway's picture

Two comments:

First comment, the outflows have been negative since June.  It looks like a few friends were given some advanced notice to liquidate in an orderly fashion.  It looks like in Jan they start spreading the word "Blue Horseshoe hates deposits in Cyprus"

Second point, I can't wait to see this chart updated for March because it sure seems like a lot of big money escaped during the lock-up period. 

Thu, 03/28/2013 - 09:45 | Link to Comment j0nx
j0nx's picture

Lucy, you got some splaining to do. Hope the people don't accept that shit for one second. I know if they do that here that there will be C&R's from me and mine.

Thu, 03/28/2013 - 09:45 | Link to Comment spine001
spine001's picture

The intrigue about Cyprus Deepens

"Fund manager Bill Browder (Hermitage), one of the Kremlin's harshest critics, briefed German officials on Russian money laundering in Cyprus just before the European Union set tough terms for the island's bailout...

...Hermitage lawyers Brown Rudnick wrote to Cypriot officials in July detailing what they said were transfers via Cypriot banks of $31 million stolen in Russia.

The letter was sent to Cyprus' attorney general, Petros Clerides, and the central bank governor, Panicos Demetriades.

Clerides replied in October that he wanted information from the Russian authorities before launching his own inquiry, as the offences had been committed in Russia.

Money laundering was a key issue at the heart of tensions between Russia and the United States over the death of Magnitsky, who died in a Moscow prison in 2009 during pretrial custody on tax evasion changes.

The United States imposed sanctions on dozens of Russians suspected of a role in his death, and in moneylaundering. Russia responded by banning the adoption of Russian children by Americans.

Browder says Magnitsky was killed because he was investigating the theft of $230 million in state funds by interior ministry and tax officials. Russian authorities say the lawyer died of natural causes and blame criminals for the loss of the funds."

Read more: http://www.themoscowtimes.com/business/article/browder-warned-germany-about-russian-money-in-cyprus/477635.html#ixzz2OqEmKu7u
Thu, 03/28/2013 - 09:56 | Link to Comment larry david
larry david's picture

Cyprus shcyprus. Pinnacle foods is open for trading. Europe is fixed! Buy now and we will double your order!

Thu, 03/28/2013 - 10:02 | Link to Comment Darth Mul
Darth Mul's picture

A lot of that money probablt ended up in Israel.

Newsflash:  Most of the "Russian oligarchs" were Jews, Jews who with assistance from Jews in other countries, as always, proceeded, with Boris the Drunks help to essentially steal Russia out from underneath the Russians. 

If you think Putin is worried about the wealth and security of these oligarchs - you don't know anything at all about the history of the Russian Federation over the past 20 years.  After the fall, lots of people saw an opportunity to buy Russian state assets at fire sale prices, and whether or not you object to it being pointed out, these were disproportionately Jews, often getting financial assistance from France, the US and Israel.   Putin, essentially, wrestled state assets back from the Jews who had stolen and mismanged it - a big reason for the anti-Putin missives in your MSM.

Even in Turkmenistan, the largest natural gas company is owned by an Israeli - and gas pipelines have no small amount to do with the events unfolding in Syria, and the events that will come in Iran. 

Before objecting that something, such as the involvement of organized, international Jewry, in these events, is "antisemitic" take a fucking moment and ask whether or not it just might be true.  You'll find the evidence is overwhelming.  Jewish/Zionist control of Ukraine is the most stunning, particularly given the massacres of Ukrainians by the mostly Jewish Bolshevik security apparatus.  There is Zionist influence in Georgia, where the country's richest man, who happens to be one of the country's 5 Jews, also happens to be the biggest media holder.

 

It goes on and on - countries with tiny Jewish populations where Jews have wildly disproportionate power.  The case of Alan Shatter in Ireland is maybe the most interesting. 

http://balder.org/judea/Hate-Speech-Laws-Immigration-Jewish-Influence-Ir...

Openly and fervently Zionist, he's the second most powerful person in Ireland, and has openly espoused flooding the tiny country with 3rd world immigrants as the native Irish leave for lack of jobs.  This is apparently part of a concerted Jewish effort to destroy ethnic unity - something that 3 years ago even I would have dismissed as a Protocols like obvious farce. 

 

Not anymore:   https://www.youtube.com/watch?v=2tFsgo7S8n4 

 

another guy in Ireland is the crypto Jew Peter Sutherland - another former Goldman guy and about as Irish as the Queen {look at that photo - he's as Celtic as fellow crypto Jamie Dimon}.  Anyway, my point is, organized Jewry is part of this.  And the Russian oligarchs are mainly Jews who stole Russian wealth.  And while bankers might [or might not] fear the wrath of what many of you insist on calling the Russian mafia, the Russian mafia likely fears the fury of the Foreign Intelligence Service - gentlemen who are most assuredly not to be fucked with, even amongst people who make a living via fuckery. 

It is the FIS that is, I assure you, going to ensure that Zionist/NATO plans for Syria/Lebanon do not go according to CFR/Bilderberg/Ziocon plan.

 

Now for those of you inclined to play the Hitler card in response to this impolite statement of facts...  please enjoy this video of a guy I admire the heck out of.  

 

Freedom is the ability to say that 2+2 = 4, or in this case, that "the international Jew" sure seems to be behind a lot of the financial fuckery in the world generally - and that is absolutely the case with Russia, and with gas pipelines, which the Zionistas would love to see go through Eretz Israel for those juicy do-nothing transit fees. 



 

Thu, 03/28/2013 - 10:05 | Link to Comment Darth Mul
Darth Mul's picture

I had my eyes opened to a large extent by the obvious influence of organized, international Jewry in getting Alan Shatter into office in Ireland - a man whose first loyalty is to Israel, and who seems to want nothing more than to make Ireland, a tiny country with a history of oppression unrivalled in Europe, a "melting pot" - while supporting a Jewish only Israel  {though Jews can still live anywhere they want, right, Allan?}

 

For the past two years Ireland’s immigration policy has been in the hands of Alan Shatter, a Jew and an outspoken partisan of Israel. Alan Shatter, born and bred in Dublin of Jewish immigrants from Eastern Europe, has made it Irish policy to increase Third World immigration to the Emerald Isle. As Minister of Justice, Equality, and Defence, Shatter is exerting his considerable clout to skew the Republic’s Middle East policy, formerly supportive of the Palestinians and critical of Israel, toward Zionist aims. 

Before Shatter, the Irish government had taken steps to reduce non-European immigration, including abolishing automatic citizenship for children born to foreigners in Ireland and drastically reducing the admission of asylum seekers. Since taking office in early 2011, after his Fine Gael party ousted the ruling Fianna Fail amid Ireland’s continuing economic woes, Shatter has busied himself with increasing the numbers of Africans and Asians resident in Ireland.

Immigration to Ireland from outside Europe during 2011 was twice that of the previous year. Last year, the Irish Naturalisation and Immigration Service granted visas to 91 percent of the 88,000 non-Europeans who applied for them (citizens of the twenty-six other member states of the European Union can travel to Ireland without having to obtain a visa). An additional 115,000 migrants from outside Europe were given permission to remain in Ireland in 2012, with India, China, Nigeria, Turkey, and the Philippines among the top six countries of origin. To be sure, the number of permits to non-Europeans to reside in Ireland has declined over the previous two years—but only because Shatter’s ministry has been granting them citizenship, at several times the rate of the preceding years.

 

Shatter is aggressively promoting new measures to further increase non-European immigration, including making immigration easier for investors and entrepreneurs and their families. More ominously still, he is working industriously to replace existing Irish legislation on foreign immigration, including applications for asylum, with a bill that will, according to Shatter’s stated priorities for the current year, will radically reform and modernize” Irish immigration law. 

Shatter has attempted to veil his immigration policies under the subterfuge of streamlining administrative procedures. After all, while exposed to the same globalist propaganda and pressures as America, the Republic of Ireland is a small and still largely homogeneous nation. It is also a land in which cant about “a nation of immigrants” won’t sell: until only a couple of decades ago, Ireland was a nation of emigrants. And today, Irish unemployment continues to hover at around 15 percent, twice the stated rate in the U.S.

What was Shatter to do? Why play the Holocaust trump card, of course!  

Now, Ireland has not been known for its role in World War II anti-Jewish measures. Like most countries at the time, however, including Germany’s fiercest opponents, Ireland was reluctant to accept large numbers of Jewish immigrants.

So, last fall, in a speech in honor of Raoul Wallenberg, the Swedish businessman who traveled to Hungary at American instigation in 1944 to impede deportation of Jews to German concentration camps, Ireland’s Jewish immigration czar attempted to justify flooding his homeland with Third World immigrants by attacking Ireland’s World War II immigration policy:

There were many who did nothing in the face of the industrialised genocide and the destruction of European Jewish civilisation. Indeed the Irish Government of the day sat on its hands. And even after the death camps were liberated, the Irish Government denied Jews refuge in Ireland.

It won’t surprise TOO readers to learn that, for all his efforts to pass as a champion of universalist ethics (“It is not enough to bear witness. We must also honor our fundamental moral obligation to protect our common humanity against inhumanity.”), Shatter has been anything but a protector of the Palestinians’ humanity. What may surprise is that, in a nation virtually devoid of Jews, and one which has been more supportive of the Palestinians than most Western countries, the extent to which Shatter has been a strident voice in defense of Israel’s ruthless policies, in the Gaza Strip or on the West Bank.

As a member of the Irish legislature, Shatter defended Israel’s brutal 2009 invasion of Gaza. He opposed the “freedom flotillas” organized in 2010 and 2011 to breach the Israeli blockade of the already impoverished Gaza strip, although each of the aid expeditions included a ship from Ireland (although Shatter did a brief turnabout after Israeli commandos killed nine men aboard a ship in the first flotilla). He has opposed visas for members of organizations hostile to Israeli policies, and resoundingly condemned calls for the Irish to boycott performances in Israel as “cultural fascism.”

It would be interesting to know what Ireland’s minister of justice thinks of Israel’s recent strict measures to control and to curtail Third World immigration—but he seems to have maintained a prudent silence in that regard.

Shatter has not merely parroted Israel’s justifications for oppressive policies aimed at preserving Israel as a Jewish state for a Jewish people, he has in effect served as a second Israeli ambassador to Ireland, functioning without the diplomatic constraints of the former. 

We may take it, then, that Ireland’s Jewish minister of justice is moved by something other than an abstract sense of fairness that, however misguidedly, invites the world’s “wretched refuse” (as a very influential tribune of indiscriminate immigration once called it) to Ireland’s shores. Seen in the light of his dedication to a dogma that the United Nations General Assembly once declared racist, Shatter’s promotion of Third World immigration, as well as his long career as a lawyer promoting birth control, abortion, and gay marriage—takes on a more sinister hue, as do such recent initiatives as his condemning Ireland’s national television network for failing to depict today’s “intercultural Ireland” rather than the homogeneous Irish people of decades past.

In other words, Shatter has at best dual loyalties—but his double standard on Israel and Ireland would seem to indicate that his loyalty is primarily, if not exclusively, to the Zionist state rather than the Emerald Isle. What factor his Jewish loyalties play in promoting an immigration that is at most minimally Jewish, yet increasingly non-White, to the land of his birth remains an unanswered, though provocative, question. Nevertheless, Shatter’s attitudes are entirely in sync with those of the organized Jewish diaspora communities throughout the West. As often noted in TOO (see also here, p. 241ff), Jewish attitudes on immigration in the West are best explained as Jewish ethnic strategizing motivated by hostility toward the traditional people and culture of the West because of historical anti-Semitism (e.g., Shatter’s construction of Ireland’s role in the Holocaust) combined with fear that ethnically homogeneous populations may eventually rise up against Jews.

As noted, Alan Shatter is also Ireland’s minister of defence. In that role, he has announced that Ireland will continue to buy arms from Israel. As one of his critics has observed, “It is not unusual for a Defence Minister to be steeped in nationalism, but for the ‘nation’ in question to be a foreign state, and a rogue state at that, must be unprecedented.”

It’s hard to imagine the mirror image of Alan Shatter in Israel. Just imagine one Alan O’Slattery, devoted to promoting non-Jewish immigration to the Zionist state and putting the military and diplomatic needs of Ireland above those of the nation he serves, wielding comparable power in Israel!

But it’s not so difficult to imagine Alan Shatter finding a ministerial role in yet another country. In the eyes of John McCain and Lindsay Graham, Shatter might well be eminently more qualified to serve as U.S. Secretary of Defense than Chuck Hagel. After all, Hagel has the wrong loyalties, and Shatter has the right ones.

 

http://www.theoccidentalobserver.net/2013/03/the-misplaced-minister-irel...

 



Thu, 03/28/2013 - 19:39 | Link to Comment WillyGroper
WillyGroper's picture

Apparently that's why immigration reform is so important in the USSA. They're trying to speed up the slavery portrayed as competitivness.

Thu, 03/28/2013 - 10:07 | Link to Comment Van Halen
Van Halen's picture

I lost all respect for the people of Cyprus after this whole episode. Ungodamned believable that they're going to sit by and passively watch their savings vanish, their way of life go down the tubes, and STILL be told what to do by the Germans and not even their own worthless leadership. Good riddance, Cyprus! You deserve this.

Thu, 03/28/2013 - 10:20 | Link to Comment Hubbs
Hubbs's picture

So what would you do? In cyprus, you might get gunned down if you protest too much....without even having the chance to shoot back because you have no guns!

 

The problem here in the US is that I would hate to lay my life down for the same principle when there are so many fat, lazy, useless mother fucking parasites living off the system.

 

Me?...I think I will let the system burn to the ground before I make a stand.

Thu, 03/28/2013 - 10:51 | Link to Comment WallowaMountainMan
WallowaMountainMan's picture

some zh comments are looking more and more like tweets between lovers...or ex-lovers...

but hey, i am just speaking for myself.

:)

 

 

Thu, 03/28/2013 - 12:15 | Link to Comment 1eyedman
1eyedman's picture

Tylers, could we see the cash outflow charts for Spain Italy and Portugal as well.    My spidey sense tells me any large depositors in Spain are opening accounts in Switzerland and the UAE.   

 

Thu, 03/28/2013 - 23:54 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

LOL

http://flic.kr/p/e4NX4D

Should have seen this comin' a mile away

Thu, 03/28/2013 - 23:59 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

So... time to watch for outflows from Canadian deposits next?

PDF,2013 Canada budget legislation

page 144 (pdf 155) , Establishing A Risk Management Framework For Domestic Systemically Important Banks.

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.”

Wow, good thing that's an unlikely event. We can all breathe easy now.

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