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Oooops...

Tyler Durden's picture




 

After reading this memo from the Central Bank of Cyprus sent to bank CEOs on February 11, arguably to put them at ease, all we can say is "Oooops"...

We'll ignore the contents of the memo, including such statements that "restricting the property rights of depositors" is unconstitutional - that is after all for the people of Cyprus to opine on (we did however have a hearty laugh upon learning that there is a European Convention of Human Rights),

As for the FT article referenced? The following, from February 10, which references a "confidential memo" which foretold the events from two weeks ago with absolute precision :

A radical new option for the financial rescue of Cyprus would force losses on uninsured depositors in Cypriot banks, as well as investors in the country’s sovereign bonds, according to a confidential memorandum prepared ahead of Monday’s meeting of eurozone finance ministers.

 

The proposal for a “bail-in” of investors and depositors, and drastic shrinking of the Cypriot banking sector, is one of three options put forward as alternatives to a full-scale bailout. The ministers are trying to agree a rescue plan by March, to follow the presidential elections in Cyprus later this month.

 

By “bailing in” uninsured bank depositors, it would also involve more foreign investors, especially from Russia, some of whom have used Cyprus as a tax haven in recent years. That would answer criticism from Berlin in particular, where politicians are calling for more drastic action to stop the island being used for money laundering and tax evasion.

 

Labelled “strictly confidential” and distributed to eurozone officials last week, the memo says the radical version of the plan – including a “haircut” of 50 per cent on sovereign bonds – would shrink the Cypriot financial sector, now nearly eight times larger than the island’s economy, by about one-third by 2015.

 

Senior EU officials who have seen the document cautioned that imposing losses on bank depositors and a sovereign debt restructuring remain unlikely. Underlining the dissuasive language in the memo, they said that bailing in depositors was never considered in previous eurozone bailouts because of concern that it could lead to bank runs in other financially fragile countries.

 

But the authors warn such drastic action could restart contagion in eurozone financial markets...

So far the contagion has been mostly contained, courtesy of epic intervention on behalf of the BIS to keep the EUR stable for the past two weeks. Once again, we doubt this will persist.

At least at this point we know that a Cyprus sovereign debt haircut of 50%, which is noted on the memo as the missing piece to the "sustainability" puzzle, is next.

In the meantime, dear citizens of the world, please enjoy as your central bankers lie to you each and every day, and never forget that everything is under control.

Courtesy of SigmaTV, h/t John Johns, and Yiannis Mouzakis

 

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Fri, 03/29/2013 - 12:49 | 3388692 catacl1sm
catacl1sm's picture

Ooops is right!

Fri, 03/29/2013 - 12:50 | 3388696 knukles
knukles's picture

So the actions are crimes against humanity

Thank you, Knukles :)

Fri, 03/29/2013 - 12:57 | 3388717 McMolotov
McMolotov's picture

"The needs of the few outweigh the needs of the many. Boo-ya."

—Inverse Spock-Logic

Fri, 03/29/2013 - 13:00 | 3388735 whotookmyalias
whotookmyalias's picture

Best Pee Wee Herman voice (after he crashes his bike) "I meant to do that"

Fri, 03/29/2013 - 13:04 | 3388750 redpill
redpill's picture

BoC and Laiki already infringed on their property rights when when they took their deposits and blew them on Greek bonds.

Fri, 03/29/2013 - 13:10 | 3388776 idea_hamster
idea_hamster's picture

Note, however, that -- while acknowledging that the moves are illegal and unconstitutional, and they they shouldn't be given serious consideration -- nowhere does the memo say that "We aren't going to do this."

Fri, 03/29/2013 - 13:15 | 3388792 Lets_Eat_Ben
Lets_Eat_Ben's picture

"Woah deja vu. I just saw the same black cat twice."

Fri, 03/29/2013 - 13:19 | 3388803 palmereldritch
palmereldritch's picture

That memo is a checkered flag...or is it the Jolly Roger?

Fri, 03/29/2013 - 18:51 | 3389799 Dugald
Dugald's picture

 

Cheap booz will do that.......

Fri, 03/29/2013 - 13:32 | 3388836 kliguy38
kliguy38's picture

Let me guess......someone still believes this isn't coming here within the next couple of months......That's right its "ring fenced".....hehehehehhe

Fri, 03/29/2013 - 16:32 | 3389392 RockyRacoon
RockyRacoon's picture

The lesson to learn is that one should not trust the government's pronouncements.  Of course, most here already subscribe to that thesis, but it hasn't yet dawned on the average folk on the street.   It'll be the same here; just as many people will be caught with their guard down and money in defunct banks.  Their savings will be confiscated, they will rant and fret and make a public scene -- then they will go about their regular dull lives.  Those who stacked the highest and deepest will sit in well deserved smug comfort.   It's the same as it always has been.

Sat, 03/30/2013 - 08:56 | 3391137 Temporalist
Temporalist's picture

"Those who stacked the highest and deepest will sit in well deserved smug comfort."

I have to disagree with you there RR.  People will be ostracized and targeted if they are known to have had the forethought and presence to insure themselves.

"Gold Bugs" have been attacked in the MSM for years already and now "preppers" or "doomers" or "libertarians" or OWS or Tea Partiers are also as well as anyone that speaks out (the nail that sticks out gets hammered). 

It used to be that people understood the fable about the Ant and the Grasshopper.  Now everyone thinks the grasshopper is cool and shit because he's got the fat "crib" that was on MTV and gets into all the clubs and the ant is a pathetic douche that doesn't know how to rock a party and get down.

That being said, stacking should give one relative comfort and peace of mind but it is probably best to own a boat with a hole in it...

Fri, 03/29/2013 - 13:33 | 3388838 CheapBastard
CheapBastard's picture

"Winning the minds and hearts of the [Cypriot] people, one at a time."

Fri, 03/29/2013 - 14:00 | 3388904 merizobeach
merizobeach's picture

Or is it, "Crushing the hearts of the mindless Cypriot people, one at a time"?

Fri, 03/29/2013 - 13:50 | 3388882 Kaiser Sousa
Kaiser Sousa's picture

i sorry but CAN SOMEBODY TELL ME WHAT IS THE PHONY PAPER PRICE OF SILVER??????????

Fri, 03/29/2013 - 14:14 | 3388956 merizobeach
merizobeach's picture

03:00:00 -- $28.68/oz

03:01:00 -- $28.22/oz

Hope that helps!

/s

Fri, 03/29/2013 - 15:13 | 3389127 Rogue Trooper
Rogue Trooper's picture

As a result of suffering the loss of physical due to an unforseen series of boating accidents. I, for one, have realised that there is a much safer way to hold PM's.  Minimal risk, managed by professional traders and backed by elite financial institutions, the exchange-traded funds (EFTs) are what you are looking for. You will sleep much better after you take the blue pill.

/Cypher

Fri, 03/29/2013 - 15:29 | 3389194 Rogue Trooper
Rogue Trooper's picture

This is what the really friendly and very smart guy helping me this conundrum said at the last meeting.

"Look Rogue, Physical Silver is not what you are looking for"

... he then waved his hand.

Contact Details are:

O.W. Kenobi
New Account Manager
EFT Trading Solutions
Bank of America
Sixth Avenue & 42 Street
New York City, New York
Call: 0900 SUX-BEIN-U 

 

Fri, 03/29/2013 - 15:28 | 3389192 tenpanhandle
tenpanhandle's picture

That's what JPM calls a Good Friday. 

Fri, 03/29/2013 - 21:48 | 3390359 noless
noless's picture

Goldprice.org is still fucking up but last is 27.95ish apparently (if the revised chart they are currently showing is a corollary to their gold), kitco leveled at monthly expiratory i guess, says 28.3, but i haven't been following so i don't know vwap and am lazy. edits: read tf for decent silver news.

http://www.tfmetalsreport.com/blog/4602/lookout

Fri, 03/29/2013 - 15:08 | 3389106 css1971
css1971's picture

eh no. The bank can do what it likes with your deposit. It's their money.

Fri, 03/29/2013 - 13:02 | 3388741 Tijuana Donkey Show
Tijuana Donkey Show's picture

The needs of the Jew outweigh the needs of the many. Oi!

-Rabbi Hymen Crustofski

(Not a heb hater, but couldn't resist! )

Sat, 03/30/2013 - 11:12 | 3391368 resurger
resurger's picture

Well spoken lol

Fri, 03/29/2013 - 18:46 | 3389763 Radical Marijuana
Radical Marijuana's picture

To reply to McMolotov's "Inverse Spock-Logic:

The few are better at being organized to defraud and rob than the many. The few can agree amongst themselves to operate the best organized gangs of criminals, while the many are fragmented, divided and conquered. The "needs" arguments, like the "rights and freedoms" arguments are based on bullshit, and basically backwards ways of thinking about how the realities work. The reality is that human systems always operate as organized lies, operating organized robberies. Therefore, the smaller, better organized groups doing that can and do prevail over the large disorganized and divided groups doing that, especially since the larger groups tend to believe in different kinds of bullshit about how nobody should do that, while the smaller groups covertly go ahead and do that anyway.

After all, Star Trek was just a TV show. Welcome to the Bizarro Mirror World, where the power of the few outweighs the power of the many, because the few are better organized, while the many are less well organized. That works particularly well since the many have already been brainwashed to believe in various different kinds of bullshit, primarily promoted by the few.

THERE ARE NO RIGHTS WITHOUT REMEDY.

THERE ARE NO FREEDOMS WITH A FORCE.

The entire discourse about "rights and freedoms" is deliberately designed to be bullshit, that helps the biggest bullies, since professional liars and immaculate hypocrites can get away so much more easily with doing what they do when they can rely upon impossible ideals, and have most of their audience agree with those impossible ideals, as somehow being good ideas, which should be taken seriously.

"Human Rights" tend to be always talking about how we should build from the roof down. However, reality is actually built from the foundations up to the roof. "Human Rights" are only possible as a dynamic equilibria in the ecology of organized lies and robberies.

Our whole civilization is based on runaway triumphant deceits, backed by destruction. The War Kings that made sovereign states have had their powers almost totally taken over by the Fraud Kings that control the financial accounting systems. What has happened is that organizations like the United Nations, and the European Union, etc., are basically the triumph of the biggest bullies' bullshit impossible ideals, which actually cause the opposite things to happen in the real world. Political puppets are paid to get together and agree with each other's lies and hypocrisy, while their audience applauds their performance. BUT, blatant contradicitons arise from believing in false fundamental dichotomies.

Fri, 03/29/2013 - 22:43 | 3390555 noless
noless's picture

Some ideas aren't impossible, merely unpalatable. Use your rhetoric justly, and save it for the time when the bite draws blood.

Lay your chimney so that it benefits the house, it's no use as a steeple to topple in the side yard.

Organize your group to respect the rights of individuals.

Organized lies or willful mental exclusions?

Become one of the few with those around you.

Ideals are based on the society you choose to be a part of. Don't allow others who wish to corrupt, accept those who wish to reform.

Don't forget the war queens, you are correct. Power is fraud, all have the right to determine their destiny.

Fri, 03/29/2013 - 12:56 | 3388718 King_of_simpletons
King_of_simpletons's picture

All this proves is that "The Sheep" can do nothing, but bleat to their hearts' content.

Fri, 03/29/2013 - 13:00 | 3388731 HulkHogan
HulkHogan's picture

The public better start a riot.

 

Fri, 03/29/2013 - 13:00 | 3388733 Manthong
Manthong's picture

Um.. I’m confused..

Was Madison Greek or Cypriot?

Fri, 03/29/2013 - 12:57 | 3388720 chumbawamba
chumbawamba's picture

This is about as nigger as it gets right here:

http://www.shtfplan.com/headline-news/video-an-american-recovery-police-...

-Chumblez.

Fri, 03/29/2013 - 13:10 | 3388775 HulkHogan
HulkHogan's picture

Nothing like fat bitches talking about being hungry.

Fri, 03/29/2013 - 13:21 | 3388807 Tijuana Donkey Show
Tijuana Donkey Show's picture

Right! And no one wants to eat the green veggies, it's all white bread.

Sat, 03/30/2013 - 00:03 | 3390720 CompassionateFascist
CompassionateFascist's picture

They are hungry. All those fat cells have to be fed. Somewhere here there is a larger lesson...

Fri, 03/29/2013 - 13:14 | 3388787 macholatte
macholatte's picture

 

Make no mistake about it....... the cops, the military, the civil servants......

WILL do as they are told.

So ask yourself this: what will they be told to do with those tens of millions of rounds of hollow point bullets?

Fri, 03/29/2013 - 20:23 | 3390029 essence
essence's picture

Great Observation.

Of course, one can add DHS,FBI,CIA,NSA and other alphabet agencies to that.
They wouldn't be able to hold their job or live with themselves if it were otherwise.

 

 

Sat, 03/30/2013 - 00:27 | 3390768 Lednbrass
Lednbrass's picture

What will they do with tens of millions of rounds of hollow point pistol rounds?

If things get ugly, they will get absolutely creamed by people with real weapons, thats what.  .40 cal. hollow points-lol. Dangerous at 10 yards, a threat at 25, and beyond that not worth jack shit.

Fri, 03/29/2013 - 13:29 | 3388833 DoChenRollingBearing
DoChenRollingBearing's picture

chumbawamba

+ 1  Nice find.  Give away food, get sued.

Fri, 03/29/2013 - 13:06 | 3388761 Doomer
Doomer's picture

Just one simple question ...

How do I know when a Central Banker is lying?

Fri, 03/29/2013 - 13:08 | 3388766 icanhasbailout
icanhasbailout's picture

when he's not swinging from a rope

Fri, 03/29/2013 - 14:02 | 3388916 gmrpeabody
gmrpeabody's picture

You win...

Fri, 03/29/2013 - 16:03 | 3389286 fuu
fuu's picture

Bravo!

Fri, 03/29/2013 - 13:55 | 3388894 NotApplicable
NotApplicable's picture

Their lips are moving.

Fri, 03/29/2013 - 15:01 | 3389090 dark pools of soros
dark pools of soros's picture

When it gets serious?

Fri, 03/29/2013 - 15:09 | 3389108 TheLooza
TheLooza's picture

when he's....and IT'S GONE!

Fri, 03/29/2013 - 19:01 | 3389833 Dugald
Dugald's picture

How do I know when a Central Banker is lying?

When they smile ,and say, Please.... do take a seat, would you care for some coffee.....!

Fri, 03/29/2013 - 13:12 | 3388763 kaiserhoff
kaiserhoff's picture

Does that mean there is now a bounty on those critters?

   Cause some of us like bounties;)

Fri, 03/29/2013 - 13:24 | 3388817 americanspirit
americanspirit's picture

An ounce of gold per head - payable upon delivery. Head must be intact - no fair taking out the gold fillings before delivery. Two ounces if the head's former office was on the top floor. If the head formerly belonged to Jon Corzine - name your price!

Fri, 03/29/2013 - 14:37 | 3389024 DaveyJones
DaveyJones's picture

the criminal victims are human

but the perpetrators aren't

Sat, 03/30/2013 - 05:38 | 3390961 inca
inca's picture
Cypriot banks in politician loan scandal A list of Cypriot politicians who reportedly had millions in loans to Cypriot banks forgiven is published in Greece

http://www.degaray.com/?p=3095


Fri, 03/29/2013 - 14:01 | 3388909 williambanzai7
williambanzai7's picture

A LETTER FROM A CAMEL

Fri, 03/29/2013 - 14:07 | 3388933 Bastiat
Bastiat's picture

All he needed to add was "We take this right to be as important as any other rights listed in Article 1 of the First Protocol."

Fri, 03/29/2013 - 14:10 | 3388943 ParkAveFlasher
ParkAveFlasher's picture

The camel!!!  lmao. +1

Fri, 03/29/2013 - 14:10 | 3388948 Bastiat
Bastiat's picture

Yah, the camel rocks!

Fri, 03/29/2013 - 16:37 | 3389265 Bastiat
Bastiat's picture

Seriously when I first read that letter, I thought: yeah, that guy gets it.  Assuming he must have been brushed aside when it hit the fan. I'm not dark-minded enough to think it was sent out cynically, with knowledge it was lie and manipulation.  

But looked at that way you might think:  they know exactly what they are doing--in fact they are spelling out the underlying principle with a clarity that Bastiat himself would appreciate.  Then they are just brushing it aside, making the point that it means no more than the US Bill of Rights does to the US Congress. Executive and Judicial branches.   In your face, as we say here in the US.

But maybe Georgious, George wrote that letter as a personal and principled act of defiance.  Leaving a burning bag of shit for his bosses and theirs to stomp out.

Fri, 03/29/2013 - 18:14 | 3389668 RockyRacoon
RockyRacoon's picture

And stomp it they did.  As a matter of fact, they got it splattered all over the continent.  There is no rule of law when the fortunes of the elite are at stake.  Hell, there isn't even common decency to try to sugar-coat the outright theft of the belongings of those who cannot defend their own.  Do it in broad daylight and revise history as the process unfolds.  Huge lessons here -- which will NOT be learned.

Fri, 03/29/2013 - 14:46 | 3389054 williambanzai7
williambanzai7's picture

Sorry about the duplicate posts :-(

Fri, 03/29/2013 - 15:05 | 3389098 Bastiat
Bastiat's picture

More is better!

Fri, 03/29/2013 - 18:46 | 3389785 Sudden Debt
Sudden Debt's picture

WHOEHAHAHAHAHAHAHAHAHA!!!!!

IF YOU LIVE IN CYPRUS, PRINT THIS AND PUT THEM ON EVERY WALL YOU SEE!!!

Sat, 03/30/2013 - 08:32 | 3391114 smacker
smacker's picture

Brill :-)

Did someone smack him in the mouth just before the photo? ;-)

Fri, 03/29/2013 - 14:01 | 3388913 Turin Turambar
Turin Turambar's picture

Constitutions don't mean what they used to, regardless of country.  :-O

Fri, 03/29/2013 - 14:03 | 3388917 Groundhog Day
Groundhog Day's picture

"haircut" is such an understatement to what actually occured....try "theft", "raping", "violating", "pilaging".  Those words are more appropriate

Fri, 03/29/2013 - 16:57 | 3389475 gmrpeabody
gmrpeabody's picture

You can say that again...

Fri, 03/29/2013 - 14:03 | 3388919 Groundhog Day
Groundhog Day's picture

"haircut" is such an understatement to what actually occured....try "theft", "raping", "violating", "pilaging".  Those words are more appropriate

Fri, 03/29/2013 - 14:25 | 3388991 btb2010
btb2010's picture

Not an "ooops" rather ......planned

Head Of Eurogroup Admits To Lying About "Secret Greek Meeting" Out Of Fears For Market Collapse - "When It Becomes Serious, You Have To Lie"

Submitted by Tyler Durden on 05/09/2011 13:54 -0400

"....................................................

And it gets even more surreal:

Asked whether such deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, Mr. Schuller, lamenting that the market had practically no confidence in pronouncements already, said “not at all.”

When Mr. Juncker, or European Central Bank President Jean-Claude Trichet, or French Finance Minister Christine Lagarde says something to the markets, Mr. Schuller said, “nobody seems to believe it.”

Mr. Juncker has voiced support for the practice of lying before.

The Web site EUobserver has video of Mr. Juncker, at a conference on economic governance in April, expounding on the practice and reasons for lying in financial and economic communications.
Asked whether such deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, Mr. Schuller, lamenting that the market had practically no confidence in pronouncements already, said “not at all.”

When Mr. Juncker, or European Central Bank President Jean-Claude Trichet, or French Finance Minister Christine Lagarde says something to the markets, Mr. Schuller said, “nobody seems to believe it.”

Mr. Juncker has voiced support for the practice of lying before.

The Web site EUobserver has video of Mr. Juncker, at a conference on economic governance in April, expounding on the practice and reasons for lying in financial and economic communications.

On the tape, Mr. Juncker says he has “had to lie” and, speaking about touchy economic topics, “When it becomes serious, you have to lie.”

 

******************************************************************************

 

The 1994 debt shift made Mexico a hostage of short-term market jitters and dramatically increased the importance of the foreign currency reserves that the central Bank of Mexico maintains as a cushion against economic shocks. Yet, the Bank of Mexico ate into these reserves voraciously during 1994, using them to buy pesos to prop up the peso's value. Foreign reserves, which peaked in February just shy of $30 billion, dropped below $18 billion in April after the Colosio assassination and below $15 billion on the eve of the August elections. Reserves fell again in November, declining to around $5 billion in December.

On December 18, Zedillo met with some of Mexico's wealthiest business people to discuss a crackdown on a new Zapatista offensive; many analysts believe Zedillo hinted to the chosen few that a peso devaluation was in the works. The next day, rich Mexicans converted billions of dollars worth of pesos into dollars. One day later, the Mexican government announced a 13 percent peso devaluation.

Angered by the breach of Mexican officials' repeated promise that they would not devalue the peso, foreigners converted pesos to dollars and pulled out of Mexico as fast as possible. By mid-March, three months after the initial devaluation, the peso had lost half its value and Mexico was accepting aid on foreign-dictated terms to pay off billions of dollars worth of maturing bonds that it could not cover. For Wall Street, more than the Mexican standard of living was at stake. Between 1992 and 1994, securities firms billed an average of $133 million a year in Mexican securities underwriting fees and mutual funds raked in $240 million in annual revenue on $17.1 billion in Latin American assets. U.S. banks had $15.9 billion loaned to Mexico in March 1994.

 

Fri, 03/29/2013 - 12:51 | 3388698 docmac324
docmac324's picture

Rot-roh

Fri, 03/29/2013 - 12:51 | 3388700 Killer the Buzzard
Killer the Buzzard's picture

Skewered like a souvlaki!

Fri, 03/29/2013 - 12:54 | 3388701 ekm
ekm's picture

Is there any more doubt that all is pre-planned?

 

They badly want the contagion, but they do not want to get blamed for it.

 

I hereby declare that Eurozone is in a mission called: CONTAGION CRAVING

Fri, 03/29/2013 - 12:55 | 3388706 McMolotov
McMolotov's picture

Yeah, earlier I said I still wasn't sure if it was malice or idiocy. This pushes it over toward malice. I should have listened to you when you said anything that looks too stupid is always intentional.

Fri, 03/29/2013 - 13:01 | 3388727 ekm
ekm's picture

Money cannot be printed if there's nothing to buy.

 

But banks can't exist if ECB or Fed buys most of their collateral.

 

Something's gotta give and this is on top of the most important thing: Crude oil has been in hyperinflation since it reached $90 Brent. It's bee two years

Fri, 03/29/2013 - 13:25 | 3388797 ParkAveFlasher
ParkAveFlasher's picture

God Forbid there is any sudden change in demand. 

A glut would suck up tax revenues (which offset the govt-spending demand for QE) and a shortage would (lmao) raise prices for consumers, necessitating higher incomes and (ROTF) implicitly raising demand for cash.   Nice to be at that perfect parabola point, to left is an infinite ascent, the right is an infinite ascent, and here we are gents, at the bottom of singularity bowl.

Then again, we all know demand never changes and we are ever happy and singing here in MunchkinLand, consuming eversprouting GMO and jerking our miniscule puds off to Kim Lardassian.

Fri, 03/29/2013 - 21:15 | 3390256 gwar5
gwar5's picture

I was more than a little surprised to read last night there are many non-hybrid cars in Europe that get 50, 60 and even 70 mpg -- but are not available in the USA!  WTF?  Best explanation seems to be they won't allow them here because the gas revenue would go down too much. So much for saving the planet.

Fri, 03/29/2013 - 21:58 | 3390364 ekm
ekm's picture

Misleading, I'd say.

Those are city cars, very small cars. Very very unsafe on highways.

If in a crash with a bigger car, you're screwed.

Sat, 03/30/2013 - 08:56 | 3391141 hooligan2009
hooligan2009's picture

ummm...there are more cars on more highways with higher speed limits in europe i think, with a lower accident rate.

ok..that may be a totally unsubstantiated claim. but really, europe is, broadly speaking, the same size, with the same population and the same topography as the US

american cars are bigger, less fuel efficient, but are much much cheaper since they pay less purchase taxes.

i have driven extensively in europe and the US. most cars in europe are 2 litre cars that do c. 45 US (not UK) miles per gallon,are every bit as safe as US cars and do not feel "over engineered" and "under powered" compared to american cars.

europeans buy cars that are "fit for purpose" with city cars tending to be under 2 litre engines, down to just 1100 cc. fuel consumption for these is better than 50 US mpg. 

biggest problem in europe is "boy racers" and car theft, with high speed recycling of stolen "hot" cars from source to demand. 

i would prefer a 2 to 4 litre german car to cars made anywhere else. jaguar are doing some good ones now. of course you can't ever ever beat the old american muscle cars for style, performance and safety...but they cost five times as much as an audi, vw scirrocco, bmw 330 etc..(mercedes are either gay or taxis).

thats my two cents worth! 

Fri, 03/29/2013 - 13:01 | 3388736 drink or die
drink or die's picture

Stealing the money was pre-planned.  They could care less about causing a contagion as long as they get paid.

Fri, 03/29/2013 - 13:04 | 3388746 ekm
ekm's picture

Since fake or good collateral is in shortage, for the ECB to print money more collateral is needed.

 

Hence, BAIL-IN WHICH IS CONVERSION OF DEPOSITS INTO COLLATERAL, which ECB can buy to create more money.

 

Still, not nearly enough at all to plug the holes of the leveraged derivatives.

Fri, 03/29/2013 - 14:31 | 3389008 Deo vindice
Deo vindice's picture

"They could care less about causing a contagion as long as they get paid."

If they could care less it would mean they cared somewhat.

I think the sentiment is they couldn't care less. That I would agree with.

Fri, 03/29/2013 - 22:53 | 3390570 Curiously_Crazy
Curiously_Crazy's picture

"I think the sentiment is they couldn't care less"

 

Yeah the phrase was always "I couldn't care less" or "they couldn't care less" up until several years ago when for some reason - and I've still no idea why - it became trendy for sheeple to start saying 'could' in place of 'couldn't'

Fri, 03/29/2013 - 13:14 | 3388784 ekm
Fri, 03/29/2013 - 13:20 | 3388802 fonzannoon
fonzannoon's picture

If Crude is at a point where it is crushing the economy because no one can afford it, how does scalping one's savings make it any more affordable?

Also, with regards to bail ins....could the stock market run up the past 4 years make it ripe for a 10% financial tax on all accounts? Since we all complain that only the rich are in the market now. That would be their way of "taking one for the team"?

Fri, 03/29/2013 - 13:22 | 3388811 ekm
ekm's picture

Too many moving parts.

Again you are a typical westener thinking that those guys leading us are doing calculations.

 

Let me tell you. They are shitting bricks. Nobody knows what and how to calculate loss. It is beyond the point of being CALCULABLE.

 

THIS IS SHEARLY AND PURELY PANIC.

Fri, 03/29/2013 - 13:28 | 3388823 fonzannoon
fonzannoon's picture

I hear you. It's not that. I look at it more from the psychological aspect of it. They have been conditioning people for something. I believe it is what you describe.

I don't believe there is anyway they can go from 85 bil a month which has no consequences (we all know that is bullshit) to no QE and bail in's in the USA. I can't speak to anywhere else.

That is why I think it will fall along the lines either a straw man (cyber attack) or a annihilation presented as a rescue in disguise (government sponsored annuity) or a wealthy taking one for the team (financial tax on stock market assets).

This country is armed. They won't just come along and do bail ins here. No chance (famous last words).

Fri, 03/29/2013 - 13:31 | 3388831 ekm
ekm's picture

Wise words.

You must have reduced the time wasted on TV watching :)

Fri, 03/29/2013 - 13:30 | 3388834 fonzannoon
fonzannoon's picture

Hang on I will reply once the ballgame goes to commercial...

Fri, 03/29/2013 - 13:32 | 3388837 ekm
ekm's picture

LOL

Fri, 03/29/2013 - 13:50 | 3388883 Tinky
Tinky's picture

Let me get this straight: TPTB won't consider bail-ins in the U.S. because many citizens are armed? And what, exactly, do you imagine that the citizenry would do with their guns if a bail-in were to be implemented? Hunt down bankers? Have a million man (armed) march in Washington? LOL

Fri, 03/29/2013 - 13:56 | 3388890 fonzannoon
fonzannoon's picture

Yes. That is exactly what they would do.

However if you presented them with a straw man enemy, or any of the other possibilities I presented, they would absolutely take the bait.

If they go from telling us how well capitalized these banks are and how much better off we are 4 years later to straight up theft from bank accounts..."bail ins? For what!!!! You told us everything was fine!" I believe it will be open season on banks in a very violent way.

Fri, 03/29/2013 - 14:02 | 3388915 robertocarlos
robertocarlos's picture

So that's how they'll end the Fed. Impose marshall law, create a new currency and still get away with all the goods in the form of PMs. Bankers is nots stupid.

Fri, 03/29/2013 - 20:17 | 3390002 1C3-N1N3
1C3-N1N3's picture

Too impersonal. Americans still love their Americanness too much, and this is a problem for them. They have to break that last bit of love somehow before they can fully (think they) control us.

I would suspect that the FED raises rates and refuses to print any moar, thereby throwing .gov under the bus and forcing massive debt deflation/liquidation of property, and the disbandment of .gov. US undergoes a tightly-controlled Soviet-style breakup into several (or many) countries while the FED retains its presence in each country, and especially each country's fledgling government.

Think about the "cliquey-ness" in this country -- east coast vs. west coast, red team/blue team, Chicago vs. the midwest, city folks vs. country folks vs. suburbanites, Texas vs. everyone, those damned Yankees/Southerners/Metro-fags/Rednecks/Niggers/Spics/Whatevers -- there does exist enough of that "if only we weren't attached to those pesky ____" to get us all infighting and finance every end of it. By scaling the conflicts down, they make it personal.

Only then could the domestic control become complete. The US, as it is, is too big a project to tackle in one go. So you break it up into smaller, more manageable projects. Yes? If I were an evil cocksucking bankster, I'd at least consider this route.

And this country is behaving like every band I've ever played in, right before we broke up.

Fri, 03/29/2013 - 23:01 | 3390572 Simplifiedfrisbee
Simplifiedfrisbee's picture

It is still divide and conquer. The rules have never changed, only further enhanced. With almost every American being a gun owner, Americans risk turning on themselves. If a wise man accepts another wise mans advice, together they will build a sustainable community. Trust in Love, seek the truth, and leave behind the ego.

Sat, 03/30/2013 - 03:38 | 3390912 1C3-N1N3
1C3-N1N3's picture

Excellent points, all around.

Americans risk turning on themselves. 

We are positively primed to do so. Love will prevail. But love of what?

As for the ego, I rather like mine. But I make sure to align my ego with constructive ends, rather than destructive ends. Unfortunately, male psychology ain't what it used to be, as explained by this gentleman. http://www.youtube.com/watch?v=sNttiuddy6E

Sat, 03/30/2013 - 14:56 | 3391902 Simplifiedfrisbee
Simplifiedfrisbee's picture

Human love is sanctioned by a higher love. So we must always seek the higher love. Then the love of anything righteous is a free willed decision to be made. And the constructive "ego" you write of, is indeed the true self. So you are practicing to let go of the false self which is the ego.

Fri, 03/29/2013 - 15:36 | 3389215 Matt
Matt's picture

The insured limit in America is, what, $250,000 per bank?

What kind of people have over $250,000 in a single bank account? wealthy people, people who own businesses, retirees. You think those people are going to risk everything and take up arms? I suppose some large family farms, but hey, the farmers got scalped with MF Global and didn't start shooting, so why would they now?

I think it will be the people with little / nothing to lose that start shooting when they stop getting food stamps. I do not think people who own thousands of acres of land or a business are going to start anything. I could be wrong, though.

 

 

Fri, 03/29/2013 - 15:53 | 3389262 fonzannoon
fonzannoon's picture

why does it always have to resort to dramatic everyone shooting each other scenarios?

The idea of insurance coverage is out the window. Have we not learned that yet? take a penny and people pull it all and you end up with capital controls and forget about banks ever opening again.

so someone with 250k or 20k just lost access to everything. that's the bigger point. That could set some people off. especially when the dow hits 17k as it is happening.

Fri, 03/29/2013 - 18:22 | 3389712 Matt
Matt's picture

Fonzanoon: "why does it always have to resort to dramatic everyone shooting each other scenarios?"

Fonzanoon one post previously:

"This country is armed. They won't just come along and do bail ins here. No chance"

You are the one with the shoot-out scenarios. I'm saying bail-ins could happen in America, and no one makes a fuss. Heck, banks have been collapsing in America for, what, 6 years now? The takeovers by 'good' banks has been fairly smooth. 

"The idea of insurance coverage is out the window. Have we not learned that yet? take a penny and people pull it all and you end up with capital controls and forget about banks ever opening again."

While I agree on the concerns with capital controls, in America the Fed can create money out of thin air to protect the insured depositors. If needed, I am sure they could /can / possibly already have printed new bills as needed.

Look at the Washington Mutual example; customers were able to use their cards at Chase ATMs at no charge immediatly, so there was virtually no time in which customers were unable to access deposits.

Sat, 03/30/2013 - 01:18 | 3390831 fonzannoon
fonzannoon's picture

Forget the shoot out scenario's for a second. I stand by my scenario's that will happen before a "bail in". 

lets see what happens.

Fri, 03/29/2013 - 21:35 | 3390343 gwar5
gwar5's picture

They've already set everything in place to wipe out even the smallest depositors to save the TBTF banks holding derivatives who will be first in line. Even the littlest guy will have everything erased with no chance of getting a dime back.

 

http://webofdebt.wordpress.com/2013/03/28/it-can-happen-here-the-confisc...

Fri, 03/29/2013 - 21:30 | 3390316 gwar5
gwar5's picture

No, they are all about US confiscations. Coming soon to a TBTF bank near you (cough, BofA).

 

http://webofdebt.wordpress.com/2013/03/28/it-can-happen-here-the-confisc...

 

Nutshell: Dec 2012 release by FDIC and BOE says they have agreed to confiscate depositor money as the course of action for a TBTF bank failure. And, any TBTF bank holding derivatives as collateral will be first in line creditors for anything that remains. Glaringly, there was no mention whatsoever about even protecting FDIC little depositors under the limits. FDIC protection for depositors is henceforth nonexistent.

Fri, 03/29/2013 - 15:14 | 3389132 Totentänzerlied
Totentänzerlied's picture

Just like there was no chance of bailouts circa 4-5 years ago?

It won't happen anytime soon, but only because the US is not Cyprus, we can print, print, print, and have the military and reserve currency status to back it up. And it would kinda hurt the whole "(endless) summer of recovery" meme, which they haven't deemed necessary to abandon, yet - it would/will require another systemic shock and media campaign to soften the depositors up.

Of course this should have been and be a warning to all depositors everywhere, definitely including the US. It has happened before, though not at this scale or with this declared intent, in the US. If everyone pulled out everything but 1 month's worth of funding needs from all banks (and saved the money elsewhere, as in Bank of Sealy-Posturepedic with local branches in all 57 states), we could call their bluff without so much as raising a fist in anger. Of course the money is not there. That's the point.

Fri, 03/29/2013 - 18:58 | 3389826 Professorlocknload
Professorlocknload's picture

Tyler's on it with the" goose velocity" posit. 

Malice or stupid?

Malice on the part of arrogant, anointed, bureaucratic, parasitical idiots?

Well...yeah?

What other kind of fool believes he can put out a fire with more gas?

In my (jaundiced?) view, this was to be the incarnation of simpleton Bercranker's grand and glorious Helicopter assault on all reason.

 

 

Fri, 03/29/2013 - 21:46 | 3390384 gwar5
gwar5's picture

I think they would and they will.

http://webofdebt.wordpress.com/2013/03/28/it-can-happen-here-the-confisc...

 

FDIC and BOE have already written a dec 2012 paper declaring that is just what they'lll do. Depositors will get 100% wiped out and TBTF banks holding deerivatives as collateral will be first in line for anything leftover.

My vote is for BofA to be the first to go down and they're in the South with lots of guns.

If it comes to any violence then that would be the perfect spark for Obama to get his martial law and confiscate guns.

Fri, 03/29/2013 - 13:30 | 3388825 ekm
ekm's picture

I think that the real bosses, military complex as Dwight Eisenhower called them, have had enough and have restricted power to the bankers.

 

JPM is being currently investigated by 12 federal agencies.

http://dealbook.nytimes.com/2013/03/26/jpmorgan-chase-faces-full-court-press-of-federal-investigations/

 

This is unheard of. Military complex is taking over, IMO.

Fri, 03/29/2013 - 13:33 | 3388839 dick cheneys ghost
dick cheneys ghost's picture

Bankers and Tankers...........One cannot exist without the other

Fri, 03/29/2013 - 13:35 | 3388843 ekm
ekm's picture

Whoever has the guns, makes the rules.

 

That's why democrats are quite affraid at armed and free americans ( the ones who choose so)

Fri, 03/29/2013 - 13:41 | 3388859 fonzannoon
fonzannoon's picture

They are not taking away the guns. They are taking away the brains.

http://dailybail.com/home/bill-maher-on-guns-and-civil-liberties-in-america.html

When the contagion happens people will have no idea who to aim them at. Strangely unlike the letter above, which just gave their citizens one hell of a target.

Fri, 03/29/2013 - 13:47 | 3388872 ekm
ekm's picture

You always "piss me off" :)

Fri, 03/29/2013 - 13:50 | 3388884 fonzannoon
fonzannoon's picture

I am going to go take your advice and take my kid to the park. Catch you later. Way to keep everyone's eyes open. It's good stuff.

Fri, 03/29/2013 - 13:50 | 3388885 ekm
ekm's picture

Great father.

Fri, 03/29/2013 - 14:23 | 3388981 bank guy in Brussels
bank guy in Brussels's picture

That's really deep, and quite true, what Bill Maher says about life in the modern American police state ... with owners of 300 million guns having already done nothing while every other freedom they had was lost

Maher said:

« And now, the only right we have left is the guns and nothing left to use the guns to protect. »

'Guns and Civil Liberties in America'

---

By the way, Americans ... suprise! ... We actually do have about 100 million private owned civilian guns in Continental Europe, too ... 18 million guns in France, civilian gun target shooting clubs here in Brussels, etc.

Facts of gun ownership and policies in countries around the world:
http://www.gunpolicy.org/

Fri, 03/29/2013 - 15:45 | 3389243 Rogue Trooper
Rogue Trooper's picture

+100 bank guy.. Excellent comment not often mentioned.  More restrictions, such as no right to use for self-defence, but they are still there and in a SHTF scenario could possibly come into play.  A bosnian scenario when the state looses control and the tribes fight for survival and/or against a state that has gone too far and the there is nothing left to loose.

Fri, 03/29/2013 - 16:01 | 3389279 tenpanhandle
tenpanhandle's picture

Good luck with those flintlocks.

Fri, 03/29/2013 - 16:21 | 3389358 Rogue Trooper
Rogue Trooper's picture

While a flintlock is fun... most have moved on to the AR Assault Platform of Kiddie Killin' BLACK DEATHTM.   Which with it's EVIL MATT BLACK colour, numerous accessory rails, pistol grip and Lego like flexibility to add SCARY looking 'things'.  The AR is certainly the prefered SHTF defensive tool of choice for RAYCIST whitey from what I can gather. More recently the DHS, with it's large purchases of said platform (a full auto true 'assault rife' in their case), have certainly reached the same conclusion for home defensive use by their agents.

I, for one, prefer the M1a/14/305 7.62x51 'tool' vs the 5.56x45 AR 'tool' has my backup. However, each to his own.

'tenpanhandle' what do your perfer? NYPD on your iPhone4s contact list or something more immediate?

/Curious

Sat, 03/30/2013 - 05:16 | 3390948 tenpanhandle
tenpanhandle's picture

My cell phone is old LG without any smarts and alas, all my tools are belong to bottom of lake.

Fri, 03/29/2013 - 19:13 | 3389852 Professorlocknload
Professorlocknload's picture

Mujaheddin put the bite on the USSR with WWII carbines. And now the Taliban (or whatever mythical name one wants to call it) seems to be holding its own, eh?

Held the US military down there for over a decade, even with all its high tech paraphernalia?

I know, we won in Iraq, and the 64 killed the other day in IED/Car bomb attacks was just for posterity, maybe?

Fri, 03/29/2013 - 16:07 | 3389295 Cathartes Aura
Cathartes Aura's picture

 

Both parties compete mightily to appear to be the greater champion of our freedoms, but the only thing that still has bipartisan support in Washington is not giving a shit about privacy. And when you talk to the NRA types, as I like to do down at my local [unintelligible] -- they actually believe that what protects their rights isn't laws, or courts, is that's they have a gun. They think that's what keeps the government from going too far. Without guns, Obama would become emperor and force everyone to gay marry, but he can't because a guy in Kentucky named Skeeter has a .22. 

Except that, while you guys were buying guns to protect your other guns, sitting up on the porch there, waiting for Obama's negro army to come confiscate your weapons and go all Django Unchained on your ass, that's when we lost all the stuff in the Bill of Rights about trials and juries and warrants. You see, the Redcoats, they never wanted your gun, they wanted your liberty. And that's why the Founding Fathers said you could have the gun.  And now, the only right we have left is the guns and nothing left to use the guns to protect.  We're like a strip club with a million bouncers and no strippers.

 

I don't usually like Maher, but there is some deeper truth to what he's saying that doesn't always get acknowledged.

Fri, 03/29/2013 - 16:56 | 3389474 Rogue Trooper
Rogue Trooper's picture

I second your comment: So to continue this line of thinking to the end there may be a 2nd revolution?  Because at some stage liberty has to be taken back and that will require what tools we all have globally. 

From the opening lines of the Grey State trailer:  "The second revolution may not be remembered".

We only have the cards we are dealt.

 

 

Fri, 03/29/2013 - 18:03 | 3389652 Cathartes Aura
Cathartes Aura's picture

yeah, we may differ here, as I'm not so convinced the "first revolution" happened as reported, nor do I subscribe to the patriot-isms that are keeping the myth(s) alive. . .

right here, right now, there is a massive pulling back of the curtain, and what is revealed sinks ever-so-slowly into the minds that can bear to look.

but know this:  the re-actions that will follow originate in the myriad points of view that are currently trying to decide exactly what it is they're *seeing* - and there doesn't seem to be enough consensus to act, yet.  it all looks pretty fragmented, this "revolution" to be.

add to that the fact that any gun, any amount of multiples of guns held, pale when faced with the scale of weaponry being tested on "others" and soon to be revealed in the Homeland - and even THEN, opinions will continue to vary as to what is happening. . .

best of luck.

Fri, 03/29/2013 - 22:03 | 3390449 Rogue Trooper
Rogue Trooper's picture

Thoughtful post that I really appreciated reading.

One of the most satisfying aspects of this forum is the lack of group think. Members offer different perspectives and alternative views.  Everyone should reflect and question there own thoughts continuously.  One way or the other we ALL suffer from cognitive dissonance ;)

I also find patriotism unsettling (all 'isms do not sit well with me yet I cannot tolerate continuing to loose my personal freedom  - is that, in itself, an 'ism?).  So it's this global march to remove the final pockets of personal freedom that I dispise the most.  The 2nd amendment seems to be the one thing, in America anyway, that folks seem to want to actually draw a line in the sand on.  Never having lived in America myself it is not possible to understand the nuances of what is really going on. Many of the posters here are much more able to comment on what is going on and of course they are living right in the middle of this catastrophe.

Best of luck to you.

Fri, 03/29/2013 - 23:42 | 3390685 Cathartes Aura
Cathartes Aura's picture

thank you back, I'm always grateful for a good exchange of ideas/opinions here.

and apologies for presuming you might be amrkn - another thing I'm grateful for is ZH is global, and we can get perspectives from everywhere, should we take the time to pay attention.

the best prep is your mind!

Fri, 03/29/2013 - 15:17 | 3389143 Totentänzerlied
Totentänzerlied's picture

Americans have had the guns since before they were Americans. They have never made the rules for America. Sometimes aphorisms are true, sometimes they aren't.

Fri, 03/29/2013 - 13:38 | 3388856 ParkAveFlasher
ParkAveFlasher's picture

I think we should keep paying the generals with clipped coins.  </s>

Fri, 03/29/2013 - 13:50 | 3388877 ekm
ekm's picture

Pissing off JPM looks dangerous.

 

I'd say that pissing off Lockheed Martin and Boeing and Bechtel causes "collateral damage".

Fri, 03/29/2013 - 13:54 | 3388891 dick cheneys ghost
dick cheneys ghost's picture

The pentagon (war dept), is the police force for the Wall St/city of London, Vatican banking cartel...........they are one and the same..........

Fri, 03/29/2013 - 13:58 | 3388898 ekm
ekm's picture

Paul Craig Roberts has stated that the Military Complex is:

Way, way, way more powerful than bank lobby.

Fri, 03/29/2013 - 15:19 | 3389154 Totentänzerlied
Totentänzerlied's picture

The bank "lobby" doesn't care what PCR thinks. They can shut down all markets and the economy itself overnight. They are not a "lobby", they are the people to whom lobbyists lobby. Unlike the military and security apparatus, the financial manipulators effect total control without one man in a million ever being aware of it, and without firing a shot.

Fri, 03/29/2013 - 15:24 | 3389167 ekm
ekm's picture

Incorrect

Fri, 03/29/2013 - 15:46 | 3389221 ParkAveFlasher
ParkAveFlasher's picture

The more I've read of the Weimar inflation, the more I think that the OMFG parabolic stage is where previously cozy relationships start to break down and the individual reptile mind takes over: I bite you because I am hungry and you are close enough to bite.  Everyone fears the cobras but the cobras fear one another. 

Fri, 03/29/2013 - 16:17 | 3389337 ekm
ekm's picture

Precisely

Fri, 03/29/2013 - 21:14 | 3390245 ekm
ekm's picture

Have you noticed Obama has gone quiet since Bob Woodward (military's man) attacked him?

Fri, 03/29/2013 - 19:35 | 3389896 centerline
centerline's picture

Is one the scenerios that I have been watching for quite some time.  So far, still seems a plausible outcome - especially here in the US with the Constitution under outright attack and DHS turning militant.  Shit, Obama outright said he wanted this power.  And here it comes.  Makes the concept of perpetual war on terror, poor treatment of veterans, etc. all start to stink just a little more.  Of course, the evil genius of such things is to bury them first in the need to keep the oil flowing and cheap (guard the petrodollar), the bury it again in a war against "freedom."  What tangled web, eh?

Fri, 03/29/2013 - 15:25 | 3389180 WallowaMountainMan
WallowaMountainMan's picture

ekm,

"Is there any more doubt that all is pre-planned?"

disagree.

the original plan propose by the ecb et al would not have closed laiki and the boc. that's what the 10b was for. it did contain the over 100k confiscation, but set it at 15% limit. when the pres of cyp said under 10% on the over 100K and the rest from the under 100k, ecb et al agreed, still funding laiki and the boc. he could not deliver and as a direct consequence of that, the banks had to stay closed longer than the first friday, and the holiday monday that followed. the extension of the bank closures set the stage for the next round. that exposed the ecb et al to unknowable exposure as now laiki bank was going to be run for sure. and maybe the boc. no choice but to resolve both laiki and boc.. since the outcome was not keeping the banks operating as the ecb et al the original and first compromised proposal said, it is hard to believe that was pre-planned.

 

"They badly want the contagion, but they do not want to get blamed for it."

disagree.

they wanted to do what they have been doing all along, propping up failing institutions, including banks, so as to buy time.

"I hereby declare that Eurozone is in a mission called: CONTAGION CRAVING"

disagree.

the final turn of events in cyprus has made public an avenue for the next in line on how to safeguard their money, and for those after them on how to proceed to safeguard their money too. that safeguarding comes at the expense of the ecb et al and the last to hold the sovereign bonds, there by increasing the likelihood of bank insolvencies, increasing bond rates and the likelihood of future sovereign defaults, say in italy for example.

and that folks, is my analysis, fwiw.

:)

wmm


Fri, 03/29/2013 - 16:17 | 3389335 ekm
ekm's picture

Well, what I said seems obvious to me, but time will tell.

All we can do is build up a conjecture based on stuff we read, and wait to be proven correct/incorrect.

So, far so good.

Fri, 03/29/2013 - 18:08 | 3389673 WallowaMountainMan
WallowaMountainMan's picture

http://www.fallacyfiles.org/inforfal.html

for those interested.

its a place to start.

for me, i'd rather spend my time hiking.

Fri, 03/29/2013 - 18:58 | 3389827 ekm
ekm's picture

You need some sense of humor. You are too serious.

Fri, 03/29/2013 - 12:53 | 3388702 McMolotov
McMolotov's picture

They always tell us what they'll never ever ever ever do right before they do it.

Fri, 03/29/2013 - 14:18 | 3388969 UGrev
UGrev's picture

puh puh puh.. c'mere doggy.. c'mere, I'm not gonna hurt ya..  I got something for ya.. 

*BANG* 

Fri, 03/29/2013 - 12:54 | 3388705 NoTTD
NoTTD's picture

It's "ooopah!", not "ooops".

Fri, 03/29/2013 - 12:55 | 3388709 InconvenientCou...
InconvenientCounterParty's picture

can't print confidence.

Fri, 03/29/2013 - 12:55 | 3388711 Badabing
Badabing's picture

SWACK

the fan wobbles and everyone is coverd in shit.

Fri, 03/29/2013 - 12:56 | 3388712 ShortTheUS
ShortTheUS's picture

A lying central banker?

I AM IN SHOCK!!!!

Fri, 03/29/2013 - 12:58 | 3388722 McMolotov
McMolotov's picture

Is that your shocked face?

Fri, 03/29/2013 - 13:22 | 3388810 1100-TACTICAL-12
1100-TACTICAL-12's picture

Napolean & Snowflake drinking whiskey & dancin with the humans.

Fri, 03/29/2013 - 12:56 | 3388713 Augustus
Augustus's picture

That letter of assurance from the Central Bank of Cyprus is an amazing document.

Now that the Central Bank has taken the money from the accounts, and the depositors are only left with copies of the letter, will there be retribution on Dr. George M. Georgiou.

Fri, 03/29/2013 - 13:08 | 3388765 Elijah Craig 18
Elijah Craig 18's picture

Dr. George M. GeorgIOU? Surely not...

Fri, 03/29/2013 - 21:51 | 3390408 gwar5
gwar5's picture

What is even more amazing is that even as he wrote that letter billions of Russian money had already been running out the door, starting January.

Fri, 03/29/2013 - 13:02 | 3388719 Bastiat
Bastiat's picture

"Property rights" as "human rights?"  how quaint!  In any case, I tip my hat to Georgious, George!

Fri, 03/29/2013 - 14:28 | 3389002 JonNadler
JonNadler's picture

does George even exist?

Fri, 03/29/2013 - 16:07 | 3389292 tenpanhandle
tenpanhandle's picture

yes but he's now living in a safe house under an assumed name.

Fri, 03/29/2013 - 12:58 | 3388724 ZeroPoint
ZeroPoint's picture

Uh-oh. You mean the plebs can't absorb the losses this time? The wealthy are going to lose some money? IT'S ABOUT FUCKING TIME.

Fri, 03/29/2013 - 14:31 | 3389010 merizobeach
merizobeach's picture

Doesn't matter who's first, sucker; even if you're not next, you're on the list.

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