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"I Went To Sleep Friday A Rich Man, I Woke Up Poor"
Another non-Russian, non-oligarch, non-billionaire, non-tax-evader speaks up...
So much has been written of the Cypriot bail-ins and massive haircuts for the uninsured depositors - assumed to be nasty oligarchic Russian money-launderers - that, it appears, the reality for people living in Cyprus has been forgotten. We noted earlier the small business issues, but as the Sydney Morning Herald reports, real lives have been destroyed. 65-year-old John Demitriou retired (back) to the picturesque fishing village of Liopetri, Cyprus, with his life-savings of around $1 million living off the interest it paid from Laiki 'Popular' Bank and spending it on his grandchildren. He was in no hurry to invest it; to spend it on big purchases.
Then, after being told just last week by his bank manager, "there's no problem, nothing to worry about," he so painfully notes, "I went to bed Friday as a rich man. I woke up a poor man," as Laiki's depositors over EUR100,000 were devastated thanks to the bail-in. The Australian Department of Foreign Affairs notes, "there is no need for special measures," to help John (or the other 5000 Cypriot-Australians on the island) as he exclaims, "it's not Russian money; it's not black money; it's my money."
''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.''
John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.
He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings.
He planned to spend it on his grandchildren - some of whom live in Cyprus - putting them through university and setting them up. There would be medical bills; he has a heart condition. The interest was paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a boat.
He wanted to leave any big purchases a few years, to be sure this was where he would spend his retirement. There was no hurry. But now it is all gone.
''If I made the decision to stay, I was going to build a house,'' John says. ''Unfortunately I didn't make the decision yet.
''I went to sleep Friday as a rich man. I woke up a poor man.''
His money was all in the Laiki ''Popular'' Bank which was the main casualty of Cyprus' bailout package set by the European Union. Laiki is to be dismantled. Savings of less than €100,000 are to move to the Bank of Cyprus. Anything more than that will almost certainly be wiped out as the bank is wound down, its remaining assets taken by the bank's creditors.
Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank manager - a friend - if he should move his life savings.
''There's no problem, nothing to worry about,'' he was told.
Not so. ''I go to bed and I can't sleep. I walk around, I have a coffee. I am thinking about my family.''
John's tears flow. As he chokes up, his son George, who moved to Cyprus in 1990, explains.
''The whole family, we used to work at the markets. I would work at the markets on the weekend to help my parents while my mates were off having fun. Honest work in honest jobs. Now all that hard work is paying the debts of other people and the government. It's disgusting, to be honest.''
George says he can start again - if things get worse he and his family might move back to Australia.
''But not my dad. He can't go back to Australia. He is not allowed to fly because of his heart, and anyway where would he live? He has no house. He will have €100,000 left to live off. Soon he's not going to have a cent to his name.''
John has a thin hope. His money was sitting in the bank in Australian dollars instead of euros, so he wonders if it would be exempt from the bank's collapse. But the bank's doors are closed, so he doesn't even know to whom he should put that argument.
''For the moment I am 'sitting on charcoal', as they say,'' waiting to see if he gets burnt.
''It's not Russian money, it's not black money. It's my money.''
There are almost 5000 Cypriot-Australians on the island. Most are - or were - self-sufficient veterans of the 1950s engineering boom or the 1974 war who came back to retire or to be with family (John is looking after his 90-year-old mother).
This week Britain stopped paying pensions into Cypriot accounts, advising expatriates to open a British bank account instead.
Australia's high commission in Nicosia has already fielded inquiries from dual nationals seeking advice on their pensions. They were told to set up different payment arrangements, a spokeswoman for the Department of Foreign Affairs and Trade said.
''We expect the main impact will be for Australians who have invested large sums in Laiki Bank or the Bank of Cyprus,'' she said. ''There is no need for special measures at this stage.''
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The European Monetary Union. Yes the U.K. is a E.U. member. Thank You for the correction.
I thought you were being sarcastic.
I was.
http://www.zerohedge.com/news/global-central-banker-directory
It's like a to-do list for Project Mayhem.
A heartwarming story of how European monetary union will bind histories wounds and create a new identity amongst the peoples of Europe.
Yes, all equally poor and oppressed.
"If you think education is expensive, try ignorance," is what my Dad used to say. He was the Great Loki.
I am the Son of Loki.
And failure is the greatest teacher! Sounds like something Homer Simpson would say... (or from the marketing department at The University of Hard-Knocks ["Hard Knock 'You'"]).
What, this is no worse than the income tax that has been foisted upon the citizens of the US for generations. The sheep get shorn over and over until they die and shorn again.
Gold Exports From Turkey to Iran to Resume
http://truthingold.com/?p=2275
this guy must be insane to keep one million bucks in ONE cyprian bank account... especially after the market meltdown of 2009. he had 4 years to prepare and YET kept all in one account without asking why he is getting 6+% while the eurozone banks only offer less than 1% interest rates.
it's disgusting YES, but if you don't take care about your money - the chances you will lose it all are very high.
if he at least kept 50% in physical gold and silver he would be a happy man right now.
he learned the lession the hard way i guess. i hope he get something back though.
so you'd be happy losing 400k?
and frankly, learning a lesson like this when you are retired does not really help
This guy wasn't stupid. He was greedy. "Other people are scared, so they ain't gonna get the 6% and a low total effective tax rate on their Aussie SSN and Cypriot interest income. He also had an adult son to discuss the matter with. "The ECB will save us, so let's grab the 6%. It doesn't matter if the bank goes bust."
Jim Willie writes in his current must read letter:
''The Jackass is left to wonder if the next important energy pact with the Eurasian Leader Duo (Russia & China) will involve Saudi Arabia, with a whiff of sunset for the Petro-Dollar defacto standard. Cyprus might indeed have been all about trying to save the Petro-Dollar, more than the European banks.''
http://news.goldseek.com/GoldenJackass/1364601600.php
This was all about energy? Who woulda thunk? </sarc>
I'd been suggesting that this was the case, though not specifically petro-currencies (that comes with energy control, which is what I was painting it as- all on the same road).
Just saw that Australia is in discussions with direct currency trading with China. And we know that coal exports from Australia are pretty substantial. Meaning: another shift aways form the USD as the world's energy currency.
Guys like this guy are the last generation of believers. The Twitter generation is going to start tweeting coordinates and windage, wait and see/
You think a guy that goes to Australia to avoid the Cypro-Turk conflict and makes a million in the sunshine selling real and 'fake' jewelry was a true believer in anything but hustle? Why? I would guess his pension benefits are from Australia, and secure. His money placement was paying him a high interest rate (because of risk, obviously) and would incur a low tax. John sounds to me no different than the 'entitled' state pensioners of CA.
The Twitter crowd controls the air-space?
Does that Laikai Bank Manager have a 'linked-in' profile?
We can imagine that we're millionaires, but at the end of the day, it all depends on the solvency of government bonds.
I'm sure there will be someone on CNBC saying it isn't the end of the world, he still has 100k Euro, which is a large sum of money. They will say he should have been wiser and consulted a financial planner who could have invested his 1 million aussie dollars in the stock market, and turned it into amassive fortune.
The man will be an example to all the savers out there. That you are being stupid with your money.
I see this as plan C to inflate the housing market. To try and get people to use their savings to buy real estate in the hopes of retaining value over the long term. Like what has gone on in China.
The underpants speculators, mostly school teachers on fat pensions, are all over the place bidding up sheriff sales and forclosures in my town. They won't touch a home like mine on the market. But the run down ranch selling for $55k gets bid up to $80k. They hope to put $15k in the thing and sell for $110k.
They make sure the pensions don't get cut to give a 60 year old worthless drunk teacher $85k a year to sit on their ass. Now they think they are real estate moguls taking away homes from younger people that are just trying to get into a payment they can afford.
The generational assrape by the boomers never stops. The greed that has destroyed the world.
I think you mean retired fat-pension unionized public-school teachers, not 'boomers.' Most boomers don't have such a pension. Of the people that do, most are pre-boomer, part of the 'silent generation.'
Nothing like inciting divisional warfare.
Perpetual growth on a finite planet. That is the flawed premise of our System. I don't care what group of people, what ideology one pushes up, if any "new way/change" is STILL reliant upon this faulty premise then it too is certain to FAIL.
All this other shit is a symptom of the disease. If you REALLY want to address the "problem" then it HAS to start with how to deal with the faulty premise that underlies everything.
Actor
He's preying on the sympathy of my downvoters, except the ones who pimped him. FU. I hate pimps and bleeding hearts. At best he fucked up, at worst he's a total con. Too bad, go to the breadline loser. Look after your own children first, or end up like that. Or worse. Really.
Is there non of these affected customers that,
a) turns suicidal
b) takes out some banker cunts with him?
Wondered the same about MF Global.
I get it. This whole Cyprus thing is supposed to be proof about who needs a 30-round mag.
It pays to be a prepper frankly ... solar panels, big garden, at least chickens, well water, some land with trees and a wood stove.. and some skills to eek out a living when shit like this happens to your country.
I'm sure those "self sufficient of the engineering boom are likely to be just fine"
America just went through a complete engineering bust : /
"It pays to be a prepper"
Be prepared. Pretty hard to not see the value it that!
Act, or be acted upon.
As someone who HAS chickens (among other things), watch out for predators! I have a great dog that doubles as a home guard dog and a livestock guard dog (against ground AND aerial predators).
Food, Shelter and Water.
He's just doing his fair share, after all no one needs $1M.
...Thumbs down, really?
As Obama put it, there comes a point when you've made enough money. He's a fucking genius. Like all millionaires.
I should qualify that by saying is is like all millionaires who didn't have to work for the money.
OK so 9 members of the "ZH Army" are too fucking dense to pick-up on the sarcasm.
Nice.
I'm happy that this story is getting out and some ppl are finally getting it, even though I've been saying it when the story first broke 2 weeks ago, and everyone -- bar none! - were focused only on Oligarchs.
Apparently 'truth' here is no different than anywhere else: It is more true when spoke by its high priests.
Obviously the dynamics of leaders, followers and prophets is the same here as everywhere else.
All those empty 'Mayan Doomsday' bunkers might have a use after all. I'll bet the ECB and Troika could use a few?
Just keep bending over bitcheez!
Please everybody, no tears.
Do not cry. LEARN.
Remember, young grasshopper. Eventually, you will be asked to bailout the elderly (including this man). You will be asked to give up your future so that they can be made whole, and the doctors can attempt to make them live forever.
He should stop his whining -the rich bankers need his money to stop Armeggedon and to make sure they get proper year end bonuses. If our bankers are not rich and healthy we will all suffer. He should take one for the team. Think about Dick Fuld -when Lehman collapsed his net worth went down to a measly half a billion. Do you have any idea how humliliated and embarrassed he was? My heart mjust went out to that poor man when i saw him having to answer questions from disrespectful Senators at the Congressional hearings. The thought of the ridicule his teenage daughter must have been subjected to from Lloyd Blankfein or Jamie Dimon's kids when they met at the yacht club. Just makes me want to cry. All I can say to this whining schuck is -"Get over it" -His measly million is nothing compared to what Dick Fuld lost when Bud paulsen and the gang got together and unjustly sold out Dick and the boys at Lehman.
Shoot the banker and then enjoy three hots and a cot
No jury in Cyprus would convict. Seriously.
Oh wait. They would pull up a jury of bankers. So maybe there's a problem.
I heard their credit cards still work dont they ? what these people should do is spend every available dollar on their credit cards on gold and silver coins and then disappear from the country. I wonder if they are selling gold and silver coins on the island ?
"Gold Rush" Cyprus. BYOSluice-box.
google trends 'cyprus gold'
http://www.google.com/trends/explore#q=cyprus%20gold&cmpt=q
Cyprus lifting restrictions on credit and debit card transactions...
http://www.theblaze.com/stories/2013/03/29/report-cyprus-lifting-restric...
Take your money and run.....
"Apmex? Yes I need to place a VERY large order. Do you deliver to Cyprus?"
Fedex priority overnight ... When it absolutely, positively, without a doubt has to be there by noon because the car is gassed and we're making a break for the border....
No they are actually banned from using credit cards. Cash only now.
Careful about using "disappear."
Those electronic transactions are, I'm sure, tracked for such things. That is, after all, what it's coming down to. But, yes, the trap is closing, the game is closing down- get out before you're looking around and cannot spot who the Bigger Sucker is.
... and the middle class keeps eroding.
Remember people. You face a much bigger test down the road.
Your sheeple parents, bless them, are not going to wake up until it's too late. They will be screwed.
Then the question is...how much will you support them, when (in a sort of ironic twist of the usual parent-child dynamic) they did not heed your warnings?
This is a very big question.
My wife is a parent of a couple of twenty-somethings. It is SHE who is aware. In my always cautionary tone of not painting in broad strokes, in our case it's actually us "parents" that are trying to provide for future support for the children: starting up a farm (lots of hard fucking work, being done by "old" people!).
He needs to get his children to go to the bank person that told him there was no problem and have them tell the person your life will have no problem if you return my money.
Can't let crooks get away with shit. And if society allows it to happen then you need to establish society because it does not exist.
OH WAIT. The bank official that told John Demetriou that everything was fine has resigned and then to save face, comitted Hari Kiri.
Since when does anybody ask an employee at a bank if the bank's in good shape? That makes no sense. And was John this upset when the first plan was announced (6.5% of the insured deposits, 10% of the uninsured deposits)? The tax on financial non-CG income is much lower in Cyprus, so he was arbitraging....even though he stated he was not sure if he would stay there. Get it? No tears flow from my eyes for people chasing the best interest income net of tax while not investigating risks. He could have bought Bunds through a foreign broker but...ah...much much lower yield.
and if he cant buy gold and silver with his credit card s on the island he can buy from that company that advertises on the alex jones page and have them ship it to australia.
I've been saying since this started a week ago, that no ever provided any proof that this was black money - it was just repeated and accepted as common wisdom. "Everybody" knew it. "Everybody" used it as an excuse, as the bait and switch "good" plan. "See, that's not so bad, is it? Only the black money will be 'taxed'."
What a load of shite. How many George's will have to come forward before these people rise up? How long can they calmly que up for their daily portion of their own money? My wife can hear my teeth grinding across the room.
The lessons here are simply: Never Trust a Bank or a government!
A wise man once said: "become your own central bank"
I almost forgot: BULLISH!!
"I Went To Sleep Friday A Rich Man, I Woke Up Poor"
Coming to a country and neighbour near you soon.
This man was stolen from.
A crime was committed.
Madoff gets life in prison for the same offense.
Where are the prosecutions?
All bank officers should face clawbacks of last ten years salary.
EU officials too.
Funds used for restitution .
Otherwise....
I posted this on Facebook even though, as usual, I know most friends there won't acknowledge it or even read it. I'm that conspiracy theory friend that all "normal people" have. Just shows how blind Americans can be, and apparently some people in Cyprus. I do feel for the guy, nevertheless, which I suppose is why I post stuff like this to Facebook. If I can "save" just one person from being totally blindsided when the SHTF, then I will keep posting to facebook and b "that guy". At a minimum, many of my fb friends are also family mmbers and relatives. Its the least ai can do, no matter how annoying a might b at this stage in the game.
A conspiracy theorist is someone who does not follow the Zionist Gaslight Story.
Cosmic, they won't read it because they're just like my friends. They won't get off their fucking asses for anything.
They have a couch, beer, cable TV, and a roof over their heads. My God, you can't even get the people who complain endlessly about the media to cancel their cable! If they won't do that, how will they stand for anything?
I got response from my brother a few days ago: "Why can't you post some fun stuff, pffrrt". I do post jokes, etc. now and then but he means I should only post "positive" things. You can't even be serious anymore, I remember when people discussed world affairs at the kitchen table, but now they only want to talk about "stars", TV shows, the latest craze, sports etc. So I've given up on posting stuff on Facebook. I feel very alienated and alone sometimes. Luckily I have some friends who I can discuss things with.
It's refreshing again to know that it's not just me. I also feel alone and alenated, and very frustrated at friends and family who will not open their eyes and at a minimum start to mentally prepare for shtf day.
What about the people that have loans from the bank in excess of 100,000? I don't suppose the bank wiped those off the books?
Bazinga!
Come on, the whole thing in Cypress sucks but am i supposed to believe that this guy had a million bucks and now it's all gone...??
ZH has a lot of great info, but over the top it gets sometimes. You don't have to sell the pilferage of the yokels that hard. We get it. It's happening..
It's a a Sydney newspaper, ZH didn't make it up
I was going to post a comment, but decided against it. I'm sure these boards are watched, and wouldn't want to alert our masters as to what I would suggest this man should do.
Actually, this nearly happened to me in '08. Just before TSHTF I had money in the now defunct National City Bank. There was a rumor of a mini-run on a branch in a nearby city. I went in to speak with management, who had a prepared handout showing how well capitalized they were. Or course, they were then consumed by PNC. Due to being poorly capitalized.
I should point out that I had known and done business with this banker for over 15 years at that point, my business having run millions through their facility - and she still gave the pre-wrapped line of shit.
"and she still gave the pre-wrapped line of shit."
Leopards, spots...
While I'm sad for John, if this doesn't galvanize both he and other Cypriots to violent fury against their overlords...
Then what will?
And what do they deserve? They deserve it.
Don't be surprised when you see in this country over the next two years, the loss of your gun rights AND the loss of your savings AND the loss of any 401K and inheritance rights. It WILL happen. And I would put money on that fact that like Cyprus, many people who should have known better will be caught flat footed and will stand around crying and doing...
Nothing.
PS - I bet that goddamned fucking bank manager didn't lose anything!
Why was he so complacent to keep it all in one bank? Personally I cannot go sleep at night if I have more than €20 that is not in cash, metal or bitcoins.
Abstraction - I'm with you on this one. How the hell could you keep THAT kind of money in one place, with all that's going on?
Sadly, I can answer this - John, like many of my wealthy friends and family members - knew what was going on. He just didn't want to admit it. It could NEVER happen to him because something like this was... unthinkable.
I am still going to have to say that if John and his now poor buddies don't do something drastic about this, then I have no sympathy. Don't go down without a fight! Not for THAT kind of money!
Sorry dude, you were always poor, you just didn't realize it.
The good news is, you're ahead of the rest now. You already know what they still have to find out.
A million Euros is not 'rich' -- no wait, that won't be true until the great hyperinflation of 2015... Sorry...
This Del Boy got exactly what he deserved.
Who keeps all their money in one place?
What a dickhead.
probably the best comment on the entire thread. says all that needs to be said.
Had a dream that it was no longer America. Woke up and rubbed the eyes...not a dream...America is not any more when the leadership in the insanity houses have declared war on it's own people. The tears always fall for those who will never know how and why the great country fell to babylonians within the walls. They are not being given the real truths to help them. Not by their own faulting, but by the fault of the outer stimuli they get from the only source of information they have. The blind only know what they are told. The babylonian media propaganda machine is the greatest weapon that has ever been used against the American people, and it continues to spew it's garbagic tripe every night in most American homes in the ongoing mind-control programing.
Truths are for futures...lies and deceptions are for the past.
The real awakening is on and there is much to experience yet still. Please take a listen to this good Police Chief Mark Kessler on the John Stadtmiller show today. Hear in his voice what America used to be. Hear a real man standing up as most should do. The only thing that allows this insanity to go on, is the refusal of good men to stand up and adhere to the oaths they took to defend this nation from enemies, foreign, and domestic. In this time, in this place, there are both to contend with. Imagine that.
Hr 1:
http://216.240.133.177/archives32/Stadtmiller/2013/03/Stadtmiller_1_0329...
Hr 2:
http://216.240.133.177/archives32/Stadtmiller/2013/03/Stadtmiller_2_0329...
http://www.chiefkessler.com/
A VISITOR FROM THE PAST
by Thelen Paulk
I had a dream the other night, I didn't understand.
A figure walking through the mist, with flintlock in his hand.
His clothes were torn and dirty, as he stood there by the bed,
He took off his three-cornered hat, and speaking low, he said:
"We fought a revolution, to secure our liberty.
We wrote the Constitution, as a shield from tyranny,
For future generations, this legacy we gave,
In this, the land of the free and the home of the brave."
"The freedom we secured for you, we hoped you'd always keep.
But tyrants labored endlessly, while your parents were asleep.
Your freedom gone, your courage lost, you're no more
than a slave,
In this, the land of the free and the home of the brave."
"You buy permits to travel, and permits to own a gun,
Permits to start a business, or to build a place for one.
On land that you believe you own, you pay a yearly rent,
Although you have no voice in choosing how the money's spent."
"Your children must attend a school that doesn't educate.
Your Christian values can't be taught, according to the state.
You read about the current news, in a regulated press.
You pay a tax you do not owe, to please the I.R.S."
"Your money is no longer made of silver or of gold.
You trade your wealth for paper, so your life can be controlled.
You pay for crimes that make our nation turn from God in shame,
You've taken Satan's number, as you've traded in your name."
"You've given government control to those who do you harm,
So they can padlock churches, and steal the family farm,
And keep the country deep in debt, put men of God in jail,
Harass your fellow countrymen, while corrupted courts prevail."
"Your public servants don't uphold the solemn oath they've sworn.
Your daughters visit doctors so their children won't be born.
Your leaders ship artillery and guns to foreign shores,
And send your sons to slaughter, fighting other people's wars."
"Can you regain freedom for which we fought and died?
Or don't you have the courage or the faith to stand with pride?
Are there no more values for which you'll fight to save?
Or do you wish your children to live in fear and be a slave?"
"Sons of the Republic, arise and take a stand!
Defend the Constitution, the Supreme Law of the Land!
Preserve our great republic and each God-given right,
And pray to God to keep the torch of freedom burning bright!"
As I awoke he vanished, in the mist from which he came.
His words were true, we are not free. We have ourselves to blame.
For even now as tyrants trample each God-given right,
We only watch and tremble, too afraid to stand and fight.
If he stood by your bedside, in a dream while you're asleep,
And wondered what remains of our rights he fought to keep,
What would be your answer, if he called out from the grave?
Is this still the Land of the Free and the Home of the Brave?
https://www.youtube.com/watch?v=abBVoeD5ZCs
Borrowing this. +1000
I still can't get over the fact that these people lost EIGHTY FUCKING PERCENT of their deposits and are doing absolutely nothing but standing there.
exactly. you're spot on.
and for that reason, i say he deserves what he got. robbed by banksters. banksters are one very clearly identifiable group and they have been preying on the rest of their own species. any stupid fuck that loses money to a bankster deserves what he/she gets. this hofjuden run banking scam has been around for at least 350 year, in fact, the money changers are successfully executing the same scam since jesus time. we deserve to be fucked by these parasites because our ancestors did not cut their heads off, and we continue on the same path - not rounding up these hofjuden banking families and beheading them and once for all setting an example for future generations of bankers.
I believe that means that they still have some type of delusional hope that they will be made whole or just lose a little. As soon as it becomes "real" to them, then as the saying goes, when they have nothing left to lose and no freedom to start over, the bloody revenge will begin. It will start somewhere, not just as soon as or where many of us thought.
I saw a guy on TV a few months ago (when I was watching for the first time in a long while). He has lost all his life savings from some dodgy bank product and he said with a tearful voice "We must keep trusting the banks, we have nothing else". There are millions of brainwashed muppets like that. They can't even get angry when something happens to their money. They see bankers as gods who can take when they please and it is the natural order of things. After all these dudes wear slick suits and talk smoothly so they *must* be trustworthy. Sadly my parents are like that. :(
SHEEP GET SHEARED.
Suppose in the near future, there was a bounty on banker head. Any freeman could collect just by producing said head. Of course, a reward fund would need to be established. Also, a means of identification must be enacted..
Here is what I don't understand and where gov-school indoctrination seems to come into play: the Cypriots and millions more around the world need to drag some/all there banksters, pols and crats from their beds and houses and string 'em up.
Won't solve this problem, but just might prevent the next and I would bet that it will feel good.
"Violence doesn't solve anything" may or may not be true but violence sure holds people accountable and makes them think.
As for the US, the guillotines are on order.
hujel
These are the branches!
The ROOTS lie in our paradigm of perpetual growth on a finite planet. Compounding interest would ALWAYS encounter finite planet.
Killing off the current set of ponzi pushers and NOT killing the ponzi itself only re-racks us for another round (of "let's play WHO will we end up lynching?").
The fact that it says he was living off the interest it paid strikes me as being pretty fishy. Pretty hard to live off interest on a bank account these days unless you have 4 or 5 million +.
AU$1m @ 6% = $60,000. I'd be more than happy to live on that with the cost of living in Cyprus.
And that $60,000 has to come from somewhere. If there's no growth then that pretty much means inflation. In this case, the case of Cyprus, the interest payouts were WAY too large to try to hide with inflation (which would have had to happen via the euro, which is supposed to be controlled for inflation [Austrian definition]).
he didn't build that wealth...
The core he did. The "wealth" from compounding interest was built by the banking system.
you know again, i dont feel sorry for this guy or anyone like him. yes it was his money, but the law and the banks told him when he deposited his money, you are gauranteed to 100k. if he looses it all above that, to fucking bad for him. he took the convienient route and stuck it all in the bank on a hope. he gambled and lost. the gaurantee says 100k. if he cant understqnd that, how the fuck did he earn and save 1m?
oi hate defending these thieves, but god dammit, sooner or later, people have to stand behind their decisions. he decidedto deposit it all. he fucked up. sorry.
I'm siding with this diagnosis.
I look only to defend logic.
I didn't catch the interest rate, in which case I'll just go with what someone else above stated- 6%. When everyone else was offering shit, where was the question about how a Cyprus bank could offer 6%? It's similar to Bernie Madoff's guaranteed returns: people "investing" with him lost their money because they failed to ask themselves how this was possible. And it's kind of like the nation of Iceland instantly excelling in finance banking?
People never want to admit they were sucked into a con game. Greed weaves a pretty good set of blinders.
“Of the People, By the People, For the People
At least some citizens on this planet understand what this means. Furthermore they have the balls to enforce it. I pray that when the time comes to rid ourselves of bankers and politicians that some Americans still remember what it took to found this nation.
http://www.theblaze.com/stories/2013/03/28/hundreds-of-armed-vigilantes-seize-mexican-town-arrest-local-police/
In a bizarre incident, hundreds of armed vigilantes have taken control of a town on a major highway in the Pacific coast state of Guerrero, arresting local police officers and searching homes after a vigilante leader was killed.
Members of the area’s self-described “community police” say more than 1,500 members of the force were stopping traffic Wednesday at improvised checkpoints in the town of Tierra Colorado, which sits on the highway connecting Mexico City to Acapulco. They arrested 12 police and the former director of public security in the town after a leader of the state’s vigilante movement was slain on Monday.
“We have besieged the municipality, because here criminals operate with impunity in broad daylight, in view of municipal authorities. We have detained the director of public security because he is involved with criminals and he knows who killed our commander,” said Bruno Placido Valerio, a spokesman for the vigilante group
And for those who might not have actually partaken in criminal activity? Guilty until proven innocent?
Be VERY wary of mob rule.
I'm dismayed at the whole situation and sorry John had so much money stolen from him but wonder why he believes he is a poor man when he has 100,000 Euro which is about $128 K US. Knowing some folks who don't have a lot of money and work hard to keep things afloat that would love to be sitting on $128K right now.
Folks like me.
And at what point would you like to set the threshold? Careful of slippery slopes!
How much the guy made through legitimate business transaction should not be of question. One can, I would argue, question gains via usury.
"And at what point would you like to set the threshold?"
Good comment/question. TY.
I would not like to set the threshold for anyone but myself. It comes down to individual perspective and lifestyle.
John believed himself to be rich with a million in the bank and maybe 60K interest income/year.
Now he is at 1/10 of that in cash and who knows what interest income if any is being paid by the bank now. Sure he is feeling the pinch.
100,000 Euro in my world would cover 10 years of living expenses.
Spread your money around into many hidey-holes. A little in CEF in Canada, some EXXOn stock in this brokerage account, a little physical buried here and a little physical stashed there. An antique this and an antique that. A little cash in this bank, and a little in this or that safety deposit box. Some investment in a cash producing business here, a percentage in this business there. There's a reason Brazilians got lumber stacked up in their frontyards. Spread it out.
How could people not have heard the phrase "Don't put all you eggs in one basket"?
And also : if you want to make an omelete you've got to break a few eggs. (I think that was Stalin or one of the other commies)
I went to sleep Friday poor and woke up rich ... yep, bitcoin user.
Sounds like it's time to go blow someone's fucking head off. Enter gun control. Save the children.
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a gold dealer at that,he made is fortune dealing in GOLD and still had all his money in FIAT!!!
his mistake was to keep all his savings in one bank
WTF? Aren't these accounts called savings accounts? Regular people put their savings into these savings accounts. It's called savings accounts by the banks who offer them and the people who accept them. Sounds like fraud to me. Time to lawyer up.
i feel sad for this man T_T
you guys commentating complain about central bankers that buy bonds to not have to make haircuts on deposits. but then, you bitch about the other way around, too. whats the point? if money = debt in this system, then money has to be reduced to reduce debt. if someone owns a million and puts it in a bank, after 5 years of financial crisis, well...
Since at least 2010 it is impossible to sleep well with large chunks of money on a european bank account. If this guy really had that much deposits I'd say he went to bed on friday as a stupid man - sad enough. I hope he's getting more wise now.
If you feel for this man, please meditate for a moment.
Imagine taking that feeling and multiplying it by seven billion.
The creatures who have recently enslaved us with false money have been robbing us for a very long time.
They've erased our past, and they've stolen our future.
I think their world is coming apart now. The outrageous and blatant thefts and threats you are seeing recently are *not* signs of strength. They grip harder as they feel their grasp slipping.
I think the point now is to survive the collapse of the foul world these creatures have built, and be ready to help when a new world is born.
VXX calls, XLF puts and legal tender American Eagle Gold, Palladium, Platinum, Silver Bullion coins at hand just might protect some capital.
We have seen the endgame of fractional reserve bank brokerage and it is not pretty...
How very sad-and there are many thousands more across the EU whose story is not being told....
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I will say it:
Why are the Muppets not killing the banksters in the street?
Can you imagine, every last penny, wiped out?
What if you sold your house on the previous week and the funds transferred into the bank?
Poof! Gone.
I don't understand why the little muppets are beating TPTB to death with sticks.
This is what 'the template" and their tweeking of it, is attempting to do: To accomplish all of this, in such manner, with the least civil unrest as possible.
They are succeeding. Sadly.
It will come to our shores, soon enough.
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V-V