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Oooops...
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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Depositors should take it immediately to the Alice Wonderland Court where down is up and up is down. They'll win for sure . . . or is that, lose?
Treacle!
I guess ft.com gives good heads ups, here's the article: http://www.ft.com/intl/cms/s/0/1d17a320-736f-11e2-9e92-00144feabdc0.html...
If these ass-clowns actually had three plans, two of which they deemed- "even dumber" than the one they went with, it makes me wonder just what is a allowed to pass for plan these days, and what the contents of plan B & plan C were, since they will inevitably use plan b and plan c to shaft some sefts down the road...
Just google:
Radical rescue proposed for Cyprus
Holy crap!
I better sell those Cyprus bonds I've been stacking the last two weeks!
I have no words for something as ridiculous as this.
revolution?
"bloody revolution" there fixed it...hmmm..have we ever had a bloody revolution against banksters? i can remember stories of jesus demolishing money lenders at the temple..and a few rioters getting the shit kicked out of them at the london futures exchange,,,and the police kicking the shit out of some protesters on wall street...but really..how can you get blood on your hands against faceless banksters, eurocrats and civil servants?
One look at their building should tell you everything you need to know.
http://www.centralbank.gov.cy/nqcontent.cfm?a_id=8088&lang=en
Nothing truthful could possibly emerge from such a place.
Besides, the Director's NAME is Panicos! Come on!
The facade actually looks like a flat screen TV.
The director's name actually does mean panic in Greek when the accent is on the 'o'.
Game Console.
And when the Euro symbol looks like an emoticon for sodomy they really shouldn't be too surprised
...therefore, GO!
It's always been about destroying individual sovereignty, The NWO, debt enslavement, with the Rothschilds et al controlling already determined fiefdoms on a global scale. This is the ultimate planned agenda; don't doubt it for a minute.
Cyprus may have had an unbalanced economy but how does pushing her over the edge improve her economy?
If Cyprus has not left the Euro by June 30, it will either be a miracle or an exercise in sheer masochistic stupidity.
When it's laying at the bottom of the cliff in a million tiny pieces, it will have been "balanced".
page 1 of 'the script' - with capital confiscation & control spreading quickly around the globe, I wonder what page the USA is on ?
You rascals! You lie!!!
its not OOOOPS its WOW!!!!!!
"You didn't build that" will soon become "You don't own that"
All the more reason to be holding real assets outside the system.
DoChen ...you keep pushing this point.
OK, let's say the SHTF, capital controls, PMs in the US and EU assessed a 'windfall tax' that pretty much swallows up any FOFOA envisioned burst in the POG (price of gold -- for those not into fofoa lingo).
So DoChen ... what options exist to sell Gold in Peru? Under the radar? (without getting ones throat slit).
Fact ... while pondering whether to direct savings into foreign entities a while back, I researched it quite a bit. Since so many in North America envision retiring to someplace warmer (& cheaper), I spent some hours on the Internet researching places in Mexico/Costa Rica/Panama/Ecuador to sell Gold. Why would one sell gold you ask ... oh, for simple pedestrian reasons I respond, such as to buy food,shelter,medical care.
Bottom line from my hours of research ... there's NOWHERE anything similar to the many coin shops in US and Canada available . At least that have any Internet visibility OK you say, one's supposed to go to the main mercado and ask around. Right,I can envision it now .... "Hola, Tengo Ora y Plata a vender. Sabes alguien?"
Doing further due diligence, I brought the subject up with a 30 year Euro expat I know in latin lands. He LAUGHTED at me. His response basically was along the lines of .... the everyday poor folk aren't interested in PMs because they're struggling to make a living. The Ricos certainly aren't going to be doing any dealing with an untrusted newcomer gringo and his small amounts".
Liquidity .... that's of utmost importance. No doubt Kyle Bass and Jim Sinclair have the contacts to ensure liquidity no matter what comes along. Then there's the rest of us.
So DoChen ..... care to respond?
For your information.
I have traded gold and silver wafers and coins for all sorts of goods and goodies in south america. Yes, mostly in chile and argentina, but also peru, bolivia, ecuador.
Furthermore, only complete fools will pay a tax on metal they "own". The fact that someone has their assets in physical gold and silver is a sure sign they are not likely to be an average sheeple fool.
Great honestann, but No details provided. Just heresy.
No ... "oh,go to XYZ in Mexico City/Quito/SanJose/Balboa/Santigo, you'll get a fair deal there"
Oh yeah. I know, seek ...and universe shall provide.
Still you provided no details about your experiences.
Search all the gold hawkers about you SELLING for fiat. Suddenly there's a paucity of information. Doesn't it strike you as odd that there are 10 to 1 more sellers of PMs for fiat than Buyers?
And yet I've been traveling far south of the border recently ('boots on the ground' in Simon Black parlance). I can report there's plenty of their equivalent of pawn shops that won't give anywhere near the spot price (much less the premium on a reputable coin).
I'm sorry, there's all these 'time share' salesmen out on the internet telling you to BUY PMs.
And do they have foreign branches that will buy back PMs for fiat at anywhere near spot plus the physical premium?.
For all you so quick to down arrow ... have you actually got off your butts and traveled/researched it YOURSELF? Or do you merely believe what you read on the Internet?
Let me repeat it since so many of you apparently lead virtual lives
Have you actually got off your butts and traveled/researched it YOURSELF?
I know your comments weren't primarily to me, but let me second what you said. I spend 5 years exploring places to move, probably 3 of that on internet (and books, forums, etc) and 2 of that on the ground. Well, mostly on the ground. I was lucky enough to meet a couple people with tiny aircraft who lent them to me (okay, rented them to me at a reasonable price), so I could fly all over the freaking place (remote islands, remote high andes, and so forth) looking for my favorite spot.
I have two things to say about this exploration. First, it was absolutely worth doing. Second, because I know myself so well, and because I performed a HUGE quantity of research before hand, the places I thought I would prefer... were correct... for the most part.
So here are my suggestions. Think about YOUR situation and what YOU prefer in your environment. Here are some thoughts:
#1: If you are not comfortable without other [english-speaking] gringos around, I strongly suggest you consider the DougCasey community in Argentina, or the SimonBlack community in Chile. They are both great places, and you'll have plenty of like-minded people near you (your immediate neighbors) to feel very secure and very at home. Even I considered these communities, though in the end, didn't want to pay so much "for a piece of dirt". Of course, I spent an EQUAL amount ($200K) for self-sufficiency infrastructure (solar-panels, wind-turbine, battery-banks, DC-to-AC converters, water collection, water storage, water purification, garden, greenhouse)... that you will not need if you live in either of those communities (though you'll spend $200 to $700 per month FOREVER for utilities, while I spend zero (until something breaks)).
One specific point about these communities. I have two good friends who live in these communities (one in each of them, though the SimonBlack one is still "pending" for another week or two). Both of them want to find partners to co-own their lot, and possibly but not necessarily collaborate on building one or two dwellings. If you are a bit cash strapped to pull off these communities (you need at least $400K ~ $500K for lot + house), you might consider such a partnership. The DougCasey community is a very nice, very comfortable, luxurious resort (with 18-hole golf-course, 3 swimming pools, polo-field, health-club, spa, etc), but the monthly fees are high ($550/month). A partnership helps very much, because each partner only pays half as much in monthly fees.
My friends at the DougCasey community is very anxious to find a partner... so much so that they are willing to make a special offer for someone to partner with them. About 1/3 the space in the home they're building will be "guest quarters" that they intend to "vacation rent". If someone partners with them, they will let the partner stay in the guest quarters at no cost for 2 weeks per year (maybe more if vacant?). They also have an alternative plan, perfect for folks who only want to "escape the evil empire" if and when the SHTF. In this variation, if and when the SHTF, you can move into the guest quarters for 1 year at no cost to you. That gives you plenty of time to build another dwelling on the same lot, which is permitted on the bigger lots (theirs is over 1 acre). There is an additional opportunity to have 1/3 partnerships on a 3 acre lot. The cost of these partnerships is $160K to $180K respectively. Contact me here if you want more information.
#2: If you "don't need no stinking [gringo] neighbors", there are all sorts of mind-boggling gorgeous places to live in the extreme boonies in several parts of the world. I suffer psychologically from not being able to take advantage of many of the most glorious places I found during my explorations. Now that I'm "completely set" in my current location (fully self-sufficient, and now pretty much completely automated), I am provisionally willing to collaborate to develop one or two other amazing places I found. If you are interested in such a collaboration, let me know (here first, then we'll go private email). You need to have at least $100K of free cash, and roughly 2 to 5 times that to do something over-the-top spectacular.
#3: To trade gold and silver for goods and goodies is not difficult. However, you will rarely be able to trade for inexpensive items like "a bottle of coca-cola". The most important key to trading gold and silver for goods and goodies (or vice versa) is to have a personal conversation with business owners. If you try dealing with clerks at checkout counters, your quest will be insanely difficult (thought that worked for me twice, but only twice). If you are buying expensive things (like 100 gallons of gasoline for example), you will not have much trouble finding someone to transact with you. At worst they will only give you the spot price on your gold/silver wafer or coin. About half the time they give me whatever the listed "purchase price" on www.apmex.com, because they know they avoid all reporting requirements (just like cash, but more so). My friends in Argentina tell me that the official US-dollar for peso exchange rate is 1:5, but on the street (for cash or gold) you can get as much as 1:8 exchange rate (8 pesos for 1 dollar). That's a HUGE win for holders of dollars and gold/silver wafers/coins.
You are correct about the flip side of this equation. If you go to ANY pawn shop, anywhere in the world, including the USSA, you will get RAPED by their insanely bad "exchange rate". You just can't do things that way without loosing 30% to 50% of your wealth. You MUST find owners of businesses that have things you want. THEN you can get full value for your gold and silver, and sometimes [much] better.
#4: I am an extreme hermit and loner by nature, but it was absolutely necessary for me to go chat with dozens (and I do mean dozens) of people in small rural towns in order to find people who would exchange their goods and goodies for gold/silver wafers/coins. However, after that effort, I now have some EXTREMELY friendly suppliers, some of whom are happy to order just about anything from anywhere in the world, and then supply that to me in exchange for gold/silver. As it turns out, the longer you live in this world, the vastly easier it gets, because a few of your contacts become happy to act as your intermediary. Sometimes just to keep you coming to them for the products they sell, and sometimes because they think they're getting a great deal when you give them a 1% tip for their efforts. But the bottom line is, you must do your legwork (which in my case is mostly airwork).
to be followed by "you didn't lose that in a canoe accident".
Do people still understand such things? What is this "Constitution" you speak of? Bill of what? < sarc off > Roll the damn guillotines already.
Its easy to become a millionare. Just deposit a billion in your local bank.
"Could shrink the banking sector, now eight times larger than the island's economy, by 1/3 by 2015"
If foreigners take all their money out and Cypriots don't have any money left, how are the banks supposed to have any deposits at all?
Reminds me of Long Term Capital Management. After their Russian bond trades blew up one of the management asked a friend for advice. The friend asked
"How much did you lose?"
"Half"
"You're dead"
"But we still have half left"
"Not after your clients find out".
(I realize that a more practical approach would be public lyncings, but) does anyone know how a Cypriot would take legal action on this? Has Johnny Cochran been reincarnated as a Cypriot?
Legal action for what? Everything they did was entirely within the law. In other words the fix was in.
@Diogenes
Reading comprehension? The letter states that the eventual fix was unconstitutional. Maybe it was constitutional, but at the very least the letter indicates that the Georegiou made a statement that the taking of property was unconstitional.
i would have expected the laywers in cyprus would have been large users of trust money on deposit in banks.
the wouldn't even have to work pro bono..would just be suing for their money back.
tricky point..how can you reduce the value of the euro currency that is traded freely across borders? the cyprus central bank has as much right to print euros as the bundesbank or the bank of france or the bank of italy.. all euros have the same face value but different issuing authorities (central banks).
What a precious note of honesty and confidence!
George you rascal, how far should I insert the souvlaki?
Thanks to http://hat4uk.wordpress.com/2013/03/29/smoke-signals-special-eurogroup-will-stop-capital-flight-now/ for pointing this out: Santander UK have managed to get out of deposit insurance cover by the FSCS, which guarantees deposits up to £85k in the UK (same as the €100k in Eurozone). My wife runs her own business and banks with Santander, they are very popular with small businesses in the UK as the companies they took over offered very cheap if not free banking.
IMPORTANT CHANGES TO TERMS AND CONDITIONS FOR SANTANDER BUSINESS CURRENT ACCOUNTS AND BUSINESS SAVINGS ACCOUNTS’
1 b) Your Money
Any money held for you in an account with Santander UK plc will be held in its capacity as a bank and not as a trustee. In accordance with FSA requirements we areobliged to notify you that the client money rules on money do notapply to a Banking Consolidation Directive (BCD) in relation to deposits within the meaning of the BCD held by that institution. As a result, the money will not be held within the client money rules of the FSA.’
~~~~~~
How does Santander get out of this?
http://www.fsa.gov.uk/pubs/hb-releases/rel30/rel30cass.pdf
This link has the following: (from section 4.1.2, see part 3a below)
The client money rules do not apply with respect to:
(1) the permitted activities of a long?term insurer or a friendly
society; or
(2) coins held on behalf of a client if the firm and the client have
agreed that the money (or money of that type) is to be held by the
firm for the intrinsic value of the metal which constitutes the coin;
or
(3) money held by a firm which is an approved bank, but
only when held in an account with itself, in which case the firm
must notify the client in writing that:
(a) money held for that client in an account with the
approved bank will be held by the firm as banker and not as
trustee (or in Scotland as agent); and
(b) as a result, the money will not be held in accordance with the
client money rules; or
(4) money held by depositaries wh….
So all they need to do is inform you they are ‘holding it as a banker’ instead of ‘holding it as trustee’ and they’re off the hook!
A great example of how "they" will always find a way if they want to steal your money if they want to.
they are off the hook or the government is off the hook if santander (who bought the whole of alliance and leicester plus abbey national building societies)....fails completely
remember, it will be the government who bails out those with less than 85,000 because the bank will have negative value that might exceed the uninsured deposits, the equity, the junior bonds
it is my understanding that unsecured deposits and bonds rank pari passu in that they are both "unsecured" (for what that's worth).
Year(?) maybe more recieved txts from mystery caller, obvious/spam. The txts started out as "enter pound-digits for (access to phone-CC infos) hot songs!"...then "you have been issued XXXX$ credit!"...then "as of date X pay remaining balance (mystery address)"...eventually the txts became repo threats, ending with "wire your account to [here] or else [bunch of legalese]). Don't have a CC card, didn't investigate until threats became "threats" for those o whom the txts were intended for. After sniffing a bit, the "source" came from auto-repo agencies in Dallas/Ft W area, thousand miles+ from my loc. Further sniff revealed the auto repos 2b private repo-dudes contracted out by (I forget the name, something like "Blah blah Texas Bank Lending/Bank). Everyone knows where this goes. Found a corp. with CEO based in Ca. Got CEO real address, which was in Austraila. From there all things led to Santander. Disturbing thing (aside from the usual) were the few confirmed suicides- people hoodwinked by sub-p auto, the 200$/Month payment. with the small prints "miss 1 payment, your fucked". Seeing the photos of a smiling dude-dad who killed himself over the shit...ugh. Nothing witty to say here but the perfunctory heart felt
Fuck you Santander.
If it is true that this is unconstitutional in Cyprus (“contradicts the provisions of the Constitution of the Republic of Cyprus”), then the Parliament of Cyprus should immediately resign because of its inability to support the Constitution of Cyprus.
IOW, why are these politicians drawing a salary to make laws that have no force; hence, to become powerless tools of their enemies?
This was a trap to catch the money; the international bankers began to fear the story in the FT was going to drive the depositors out of Cyprus…and keep Troika from getting the Cypriots' money.
Ask same question in any 'elected officials'' govt...especially this one, US
PANIC is neither constitutional nor unconstitutional
It was against EU rules/law, too.
Although the Eurogroup went around Cyprus' constitution on the second attempt, and avoiding a second Cyprus parlimentary vote, by manuvering and not calling it a 'tax'.
Talk to GM bondholders after TARP. Per A hundred years of Federal Law GM would have been auctioned off to pay the charitable bond holders who purchased GM bonds in effort to support their American neighbors. Instead, TARP flushed USA law down the toilet and the bond holders got squat so Barry could pay off his Democrat voting UAW members.
its a big shit sandwich and we all have to take a bite....
Who the fuck is this 'we' you talk about?
Put them at ease just before you pull the switch. How many accounts were closed in feb and march, I wonder.
According to yesterday's ZH posting, Cyprus banks saw a record amount of withdrawals in February.
Here's a documentary on a traditional "bail-in"
http://www.youtube.com/watch?v=zm1PEY8F4xE
That was a truly spectacular real-life bank gun battle, there at the North Hollywood Bank of America in 1997
Over 1100 rounds fired by the robbers, over 650 rounds fired by the police
10 police and 7 civilians injured, a miracle the only ones who died were the two robbers
Good documentary video set, quite out-does the movies
Thanks for the link
Cheers. I was going to link the scene from Heat or The Town but sometimes (invariably?) reality outstrips fiction.
The incident changed a divided nations' peeples gun-gun discourse forevs.
-lie
Ps. How did that thing happen? No I-Ne-Pjones+the information super highway was in nascent "super" state of reality-ness.
Thanks to the Tylers' for years of posting real information. You think CNBC, Bloomberg, Fox Business, AC360, or any other MSM outlet would post this sort of thing. No way. Can't get the sheeple upset.
They couldnt, and wouldnt. Couldnt since theyre not competent enough, wouldnt because even if competent, they are corrupt
They don't actually come across "news", the syndicate "news reports" provided by newswire services. Thus there are chokepoints upstream from your average "news watcher" where the "news" can be modified, censored, altered, confused, reworded, adjusted, downplayed, delayed, offset, regurgitated, etc. in a controlled manner.
cmon guys...the MSM is a "show" like the WWF, jimmy fallon or ronaldo.. the anchors are the stars...the market is the script..since when did "actors" need qualifications..it is not a show i would buy a ticket for, but they do have the advantage of scrolling live tickers...wait they are live arent they?
Can we have an economy and low unemployment without banking? If so, Godspeed.
Just bail off, bail the fuck off.
Banker: "Those pesky human rights do so get in the way of stealing from widows, orphans, and the indigent."
Sorry. Do Cypriots correspond with other Cypriots in English?
75% of the population speak English.
Cyprus was under the control of Britain from 1878-1960.
http://en.wikipedia.org/wiki/Cyprus
then archbishop makarios took over and finally the greek cypriots locked out the turks in the late 60's (whilst telling the brits to pull their heads in with actions like this from here: http://en.wikipedia.org/wiki/British_Cyprus
In 1967, on Cyprus Airways Flight 284 a de Havilland Comet suffered an explosion in the cabin, killing 66. The cause and motive were unsolved, but a recovered seat cushion showed traces of a military plastic explosive.
Following another outbreak of inter communal violence in 1967-68, a Turkish Cypriot provisional administration was formed.
i wonder if ceasar wanted to get rid of a hot potato when he gifted the island to cleopatra all those thousands of years ago.
I was there as a boy between 1968 and 1971..missed the worst of it that ended in 1967 and began again in 1974
Letter was sent to bank CEOs...
English it is..
Sounds like bonus time (again) to me.
In an interesting side note, the Archbishop of Cyprus is taking legal action against the destruction of the church's shareholding in the bank of Cyprus. He also alleges that the TROIKA is threatening the closure of both Cypriot banks unless he backs off.
This is a kind of twist on Martin Luther sticking his 95 Theses on the Door of All Saints Church.
Link please?
BIS CH 4002
The Bundesbank call it BIZ
The Banque de France call it BRI
To the rest of us it is Mordor
ah,.. a zip code for Mordor...is there one for middle earth too? RBNZ Wgtn 6011?
Advance heads up from Brussels? : Wed 27th March ZH
Submitted in the Mark to Market Blog
http://www.zerohedge.com/contributed/2013-03-27/one-euro-or-two
Laws?? We don't need no stinkin' laws... -- The Troika
thanks for the added confirming info that the bank folks new way ahead so as to get outta the insolvents.
as to property rights, the not so fine print of insured under 100k, not over 100k...no reason to heed that....at least not for the insolvent bankers telling the over 100k clients about increasing risk to their money, 'cause golly gee, that'd spurred withdrawals and force the insolvents under sooner. good marketing tool for solvent banks though.
people don't know that sovereign bonds can default? like that's new (see greece...circa before i was born). even i know that. risk reward.
knowing in advance as the good banks did, and as most cypriot people did, including business owners, served to mitigate the result for cyprus. my guess.
and the next people in line (slovina) are getting their house in order. etc. mitigating their result. my prediction.
"epic intervention by the BIS"?
wtf!!! the bank for international settlements did what? facilitated transfers of euro to cyprus banks? from cyprus banks? lent money to the ECB, to cyprus? holy chit!
And the final solution was to avoid a vote and treat the whole thing like a managed bankruptcy. Oh so sorry, the bank failed, but maybe you'll get some money.
Technically speaking, they avoided the constitutional issues.
The Poles are looking to join the Euro now. Too funny. (Insert Polish joke...)
Polish Euro
A guy goes into a store and tells the clerk, "I'd like some Polish euro."
The clerk looks at him and says, "Are you Polish?"
The guy, clearly offended, says, "Well, yes I am. But let me ask you something." If I had asked for Italian euro would you ask me if I was Italian? Or if I had asked for German euro, would you ask me if I was German? Or if I asked for a kosher euro would you ask me if I was Jewish? Or if I had asked for a taco would you ask if I was Mexican? Would ya, huh? Would ya?"
The clerk says, "Well, no."
With deep self-righteous indignation, the guy says, "Well, all right then, why did you ask me if I'm Polish just because I ask for Polish euro?"
The clerk replies, "Because this is Home Depot."
adapted from here:
http://www.jokejam.com/polish_jokes.htm
Well at least for those small and medium sized business owners, if the pool what little funds they have left over, maybe they can start a case that will end up before the European Court of Human Rights in a couple of years and get their money back (in freshly zapped euros out of cyberspace from the ECB)... :-(
"Everything under control"....Right. We will be the last to ask for "help" from our depositors, but we will have the biggest bang for the soon to be worthless buck!
Thanks ZH. Too bad you will be shut down any day now.
dont froget that the solution would have been simple and in the grand tradition of "kick the can", namely
the cypriot government issues 30 billion of bonds into the OMT or whatever mnemonic fits (covering losses on greek bonds foced on cyprus) secured on future tax receipts (nudge upwards in the tax advantaged rate and a VAT increase on booze) and countries natural gas plus a clip on tourist tickets (2 million a year) over the next 30 years.
the actions of the troika are short sighted, illegal and uneconomic
this is what happens when you send in a 12 year old judo orange belt into an all out gun fight.
At the same time, on the home front, QE is nothing but complex theft - "appropriating property belonging to another with the intent of permanently depriving the other of it."
“Ben Bernanke, chairman of the Federal Reserve Board, is intentionally destroying the savings class via inflation while allowing banks to offer dividends to their stock holders. This is unconscionable. Any real President would have taken bold action to put an immediate stop to this… American banks hold about $10 trillion in savings accounts that lose about 9% of their purchasing power annually, or aggregately about -$900 billion a year, and Americans stand and take this loss without a whimper of protest” – Bill Sardi (July, 19, 2012)
http://lewrockwell.com/sardi/sardi226.html
America, as well, has lost control of her elite few and, subsequently, her government. And he who controls America can strong arm the world, with impunity.
yes...but there is a difference...choice...i think that (almost) all of the deposits in the US can be moved somewhere else. even the US government offers TIPS, although these will get pounded by 40-50% in price when yields revert to the fair value for correction of measurement error, risk and time inherent in a long bond.
so we know now when bankers are telling a lie, when they put it in black and white!
Martin Armstrong has a new blog post about Cyprus and how its is a template for Global Confiscation, and is more or less building on what happened at M F Global.
http://armstrongeconomics.com/2013/03/29/cyprus-confiscation-of-assets-i...
Usually I welcome any insight but that's just depressing.
" Trust me, in the end everything will be fine, I promise,
.....and if it doesn't, well then it is Not the end!"
Seems to me the number one song for the ECB will be "Oops I did it again".
"We never want to use the muscles in our backs (as we never have) "
nbm critics miss the point. no one understands better than artists how to take a ten dollar canvas and turn it into a million dollar derivative.
love or hate em but give 'credit' where its due (pun intended)
Hell no we won't go. Of course it will persist. They're coming to take me money away.
Check out the top of page 145 in this document http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf From a country where the banks are "safe".
Would it have made much of a difference if the banksters had posted this in the Wall Street Journal? I mean to say they are in their own world above the law and with their own militaries so at this point who cares?
Get over it. This letter is just consistent with official EU communication policies, nothing else. It was only intended for communication purposes and has no legal meaning. In other words: "When it becomes serious, you have to lie." (Jean-Claude Juncker, Prime Minister of Luxembourg, former President of the Eurogroup).
http://rowans-blog.blogspot.co.uk/2013/03/why-british-banking-industry-h...
I agree with Rowan and while he's at it, he should include the British Government. That too is an organised crime syndicate.
In fact I'd say that the bankstas and political elites are two cheeks of the same ass.
"You see, we're putting the coversheets on all TPS reports now before they go out. Did you see the memo about this? Yeah. If you could just go ahead and make sure you do that from now on, that will be great. And uh, I'll go ahead and make sure you get another copy of that memo. Mmmkay?"
Hmmm, I wonder who reads the FT and was thereby warned by the leaked memo?
Cypriot citizens? No... Cypriot small business folks? Don't think so....
Who else would have benefited from an early warning?!?
reports that credit cards can be used now
http://www.bbc.co.uk/news/world-europe-21978286
URGENT:
Author of the "Lagarde List" reveals names of family& friends of Cyprus politicians, who got huge loans from Cyprus banks and later debt was wiped out by banks.
...
The first Internet News Bulletin of Cyprus, Bulletin 24H revealed the list of politicians, trade unionists and their relatives who deleted all or part loan taken from two collapsing banks.
...
For this noon Thursdays documents with full names will be handed over to the Attorney General, Petros Clerides to investigate under what conditions were specific deletions.
http://translate.googleusercontent.com/translate_c?depth=1&hl=en&ie=UTF8...
Wow, that was quite a threadjacking up there.
No reason, of course. Could have happened to any thread....
;^)
Well if that money in the banks actually belonged to the depositors it might be a problem, right? But when they gave it to the banksters, the depositors became bank creditors...or so I've heard. Seems to clear things up nicely for the thieves in power. They always have a way to screw you if they want to. I can hardly wait for the Polonium pudding to begin being served.
This confirms what I said about the modest bank run we saw in Feb : this was not a secret, some people just took common sense measures. Now, let's hope some people will bring this case to Cypriot supreme court. Die UE, DIIIIIIIIIIIE !
http://www.corriere.it/economia/13_marzo_29/goldman-sachs-vero-problema-ue-non-cipro-ma-grillo%20_54a662e0-98a9-11e2-948e-f420e2a76e37.shtml
Corriere della Sera is saying that Goldman Sachs - O'Neal is calling Beppe Grillo the real problem for europe, not Cyprus.
If you critisize the government/bankers you are essentialy an enemy of the state. If you succeed in calling attention to what they are doing then they will have to take action. Dead man walkinIg.
What I find most tragic about this is that it can be easily resolved at least in the us. It only requires for people to wake- up and stop electing career politicians. Until that day we desrve this.
To prevent that day of reconing the us educational system is fostering a new uneducated class of citizen that is more easily led and will expect less.
Not necessarily. There is elite infighting going on IMO.
Somebody with big kahunas is backing up Grillo, I'd say.
The reason the elitists/oligarchs control media is to control information. However, they forgot about the internet. Propaganda is becoming seen for what it is and as the spiralling down continues, the rumors of truth will be reinforced.
public opinion, an aggregate of the individual views, attitudes, and beliefs about a particular topic, expressed by a significant proportion of a community. Some scholars treat the aggregate as a synthesis of the views of all or a certain segment of society; others regard it as a collection of many differing or opposing views. Writing in 1918, the American sociologist Charles Horton Cooley emphasized public opinion as a process of interaction and mutual influence rather than a state of broad agreement. The American political scientist V.O. Key defined public opinion in 1961 as “opinions held by private persons which governments find it prudent to heed.” Subsequent advances in statistical and demographic analysis led by the 1990s to an understanding of public opinion as the collective view of a defined population, such as a particular demographic or ethnic group.
The influence of public opinion is not restricted to politics and elections. It is a powerful force in many other spheres, such as culture, fashion, literature and the arts, consumer spending, and marketing and public relations.
Aristotle stated that “he who loses the support of the people is a king no longer,”
In 1191 the English statesman William Longchamp, bishop of Ely, was attacked by his political opponents for hiring troubadours to extol his merits in public places, so that “people spoke of him as though his equal did not exist on earth.” The propaganda battles between emperors and popes were waged largely through sermons, but handwritten literature also played a part.
http://www.britannica.com/EBchecked/topic/482436/public-opinion/258753/The-Middle-Ages-to-the-early-modern-period
This is all too clumsy.
Seems design to freak people out
Secret memos about confiscating funds does not compute
What are the likely motivations here
If you wanted to expose hidden money you might force someone to move it.
Talk about velocity of money.
That's what you get when you don't care about where your money comes from. By the time most people do, it's already too late.
Why is a memo sent to a Cypriot bank written in English instead of other Greek or Turkish?
Oh, I know why, because this is a FAKE, idiots.
LOL. Cyprus was a British Crown Colony and at least the Greek portion of the Island uses English of course ... probably still also the Turkish portion.
Not a good idea to comment on geo-political matters, if your knowledge of geography and history is lacking.
Ooops!
This letter from mr. Georgiou should be printed on the national souvereign flag of Cyprus from now on. Print it Cypriots, on cotton. Paint it, whatever.
Plant the roots of fascism where it belongs. Where everyone can see it. And keeps seeing it.
Including your Brussels and US embassies.
In another "Oops"...
http://usnews.nbcnews.com/_news/2013/03/29/17520371-member-of-seal-team-...
Doesn't this make 21 of the 22 member Seal Team 6 that did the OBL raid now dead?
The whole pretense of fictional reserve banking depended on the outcome of the Cyprus talks.
No matter what happened the people should remain convinced that somewhere their money actually still existed. If the banks simply closed and then started collecting pigeon shit until the commercial site was auctioned off, the people might not understand, and might think that their money had been " stolen".
It is much easier to believe that your money was stolen than to believe it never actually existed to begin with.
Better not to wake people up from the nightmare too quickly...
OT: I consider the readers of ZH the most enlightened people on the planet. I have a former co-worker who has been charged with about 20 felony counts, one of the most detestable crimes you can imagine. Crimes against his step-daughter. Now we have been watching the case, following it on the internet. He was arrested in January of 2012 and went to county jail. Every month he has had a plea hearing, and every month it gets continued. He has been in county jail for 16 months now, every month it schedules a plea hearing, and then it gets continued.
He liquidated all his assets prior to getting pinched and apparently he has a pretty good attorney. So what is the legal strategy of continually continuing a criminal case? We want to see this guy go away for life, but keeps getting continued.
thx for any info
OT, But, Canada next? Food for thought.
http://www.thedailybell.com/28905/As-Canada-Collapses-Do-We-Need-to-Ask-Why
http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf
page 155 (pdf) or labeled 145 (11 pages of table of contents)
check that out.
They're all doing it.
http://webofdebt.wordpress.com/2013/03/28/it-can-happen-here-the-confisc...
This was what the US FDIC and the BOE did in December 2012. Cyprus was no one-off. Shit is about to get real. FDIC and BOE now say TBTF banks can take depositor money and the same TBTF banks are first in line for anything, because they are derivative holders.
I vote for Bank of America to be the first to go down. They've already been set up for this to happen, they're in the South, and they're not part of the old Money Trust banker club adn they are close second, only to JPM, in amount of derivatives held.
I laugh all the time when the media says: Nobody saw this coming.
To me that means it was all preplanned
The thing is though, not many people have cash in bank.
65% of canadian live paycheck to paycheck sincey money goes to pay for mortgage and cars.
That money is peanuts compared to derivative losses.
Canada has an independent currency and an election is not too far off on the horizon (2015). If the government gets in trouble, unlike Cyprus, they can print and probably will, if only to save their hides
What a hypocrisy. What exactly is the difference between paying an income tax or an inflation tax or a sales/value added tax for a whole lifetime, and paying a tax on one's life savings, with regards to property rights? Property rights have been blatantly disrespected and pretty much downtrodden to the point of being meaningless everywhere literally for more than any living person can remember.
I promise I'll only put the tip in.
They pretty much ensured that no sane human being in cyprus will put money in the bank for the next 30 years or so.
Honestly, this is the start of a new begining for cyprus, a cyprus without banks to be exact, banks will be pooring out money at low to Negative interest rates just to get customers, they will probaby be forced to close 80% of their branches just to stay in business in cyprus.
Cash transactions will soar, tax revenue will plumit, govt will shrink, (without bank deposits and checking records its very hard to tax the public, which means the publics wealth increases exponentially)
Its a great time to start "all cash" businesses in cyprus, you could become very rich, simply dont record any transactions (on public books) and dont deposit anything in banks (because they will just steal it) and dont report income and dont pay taxes.
Its a recipe for massive riches to be made, because you cant force citizens to put their money in the bank (you are forcing them to take uneccessary risk).... you can't force a public to "invest", they will simply refuse.
The only limitation to massive wealth generation is the lack of physical paper and coinage to circulate....
The only limitation to massive wealth generation is the lack of physical paper and coinage to circulate...
Duh. That's what silver and gold coins and bars are for.
Short term, things will really and truly suck for the Cypriots. Longer term...they have the potential to prosper. The question is whether they will do that, or become a long term basket case like the palestinians. Plus there is that little issue of the northern third of the island.
And now for a George Carlin comment:
"Fuck 'em all. With a big rubber Dick."
Someone once mentioned that:
General Motors is a finance company that owns a small (10%) car mfgr.
Prussia was an army that owned a State.
Cyprus was a finance consortium which owned an Island.
It is time to call a spade a spade. The Euro project is toast.
I seem to remember that the promotion of the Eurozone was supposed to prevent war.
I don't think we have been this close to war in a long time,and war causes the flight of refugees,right when nations are least able to accommodate them.
"the promotion of the Eurozone was supposed to prevent war"
Indeed that apparently was the original idea. But it was quickly taken over by political elites when they saw the potential for a huge growth in power and control and the creation of a new empire: EUSSR.
In other news....FPS Russia invaded as a way to crack down on guns
Biden "this is just the beginning" 2 shot Joe
http://www.huffingtonpost.com/2013/03/29/fpsrussia-raid-kyle-myers_n_297...
Happy Easter, eaters.
My Lord and Jesus die so you could see a better way, yet still, you sit bankrupt in your counting house.
When are you going to understand that people are more important than mere profit.
Count your money, and ask why you are bankrupt, for your venal ways.
The Vatican and its hofjuden rule this hateful world, your world.
You are forgiven, as Christians forgive sinners, and hope, love and charity is the best way.
Christians are hated, especially wealthy Christrians. You will miss us when we are gone, killed by zionists, islamists and corporatists including the hateful Vatican two faced lying bastids, Jesuit banksters.
Monedas is thinking of starting a non-profit charity to fund Israeli scientists in Neutron bomb technology .... essential to defend Zionism ! I want my Jews to get the tourist concession at Gizah ! Oh yeah, let's stop referring to Massachussets as New England .... I think Old Socialist America is more appropriate !
And now, a few words from Martin Luther:
"Whoever eats up, robs, and steals the nourishment of another, commits as great a murder as he who carves a man or utterly undoes him. Such does a usurer, and he sits the while on his stool, while he ought rather to be hanging from the gallows."
I was surprised to learn about the Euro's having serial numbers to make them non-convertible across national borders.I thought that was the whole idea of a common currency. Looks like the real idea was to have a single finger on the printing press.When they brought in the masstricht compulsory debt/gdp ratio,didn't they expect people to cheat,and go running whining to Goldman Sachs for a complicated derivative swaption? How can you have a common currency agreement without plugging the loopholes? I think people are missing a valid point here. Greece would've gone down the gurgler years earlier if the Russian hot money in Cyprus had not been buying Greek Bonds (Debt). The real problem comes when you can't get any more suckers in the tent. Which is where we are now unfortunately. Ask the Asians if they would ever buy some Lehman bonds.... To ask the question is to answer it. First they tear up contract law on high (GM,MFGlobal),and now they tear up contract law at the granny level. My question to the bankers is how do you sleep at night? Dreaming of Guillotines for you and your family?
EUROs flown into Cyprus have "SUCKER" stamped in red on the face of them to make sure they can't be used elsewhere in the Eurozone.
EUROs flown into Cyprus have "SUCKER" stamped in red on the face of them to make sure they can't be used elsewhere in the Eurozone.
I don't think that having country specific serial number prefixes was originally intended to make euro notes non-convertible.
And at any moment, you will find the currency notes in circulation in any member state actually have serial prefixes from every other member.
Here's (below) what the BOE and FDIC did in December 2012 while we weren't looking. Might be old news to some, but a must read if you are unaware how the BOE and the USA have alredy drawn up their own similar template.... Oooops!
Nutshell: TBTF banks can, and will, confiscate depositor accounts, and the big bank holders of derivatives are first in line for any assets leftover. Ergo, FDIC insurance functionally no longer even exists for these depositors and yet we are still paying insurance for nothing.
http://webofdebt.wordpress.com/2013/03/28/it-can-happen-here-the-confisc...
Took out the cash, going to stack the shelves and fill the tanks.
Thanks for that link.
The picture gets clearer each day.
Now we know why the Dept of Fatherland Security is buying up huge amounts of ammo and tanks. All this in preparation for the day when the banks strike and steal peoples' deposits to fund themselves. This plan's obviously been in the making for some time.
In the UK, well, people will just complain and carry on watching East Enders and other assorted trash spewing from their TV.
“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
It would only require that people would be more careful with thier votes - more informed and inciteful.
If that can't happen then all is lost - guns won't fix it.
Those are palliative solutions, not effective for the long term. IMHO.
"NoBackMuscle and Prosecutor Menini (remember the Amanda Knox case) will team up to prosecute the Captain of the Costa Concordia for criminal homicide !" Monedas 1929 Comedy Jihad Fantasy Headlines World Tour
Celebrate Good Friday by crucifying a banker.
Mea Culpa.. Too lazy to hide the crazy I guess?
Zhou Tonged Does it Again. This One's Going Viral!
Zhou Tonged – Cyprus Anthem (Swedish House Mafia – Don’t You Worry Child)
Just when the Cypriots were losing faith
That’s when I learned about the block chain
I still remember how it all changed
Satoshi said:
Don’t you worry, don’t you worry, child
Bitcoin has got a plan for you
Don’t you worry, don’t you worry now
http://www.thebitcoinchannel.com/
WaPo?
http://en.wikipedia.org/wiki/Eugene_Meyer
http://en.wikipedia.org/wiki/Ernest_Aldrich_Simpson
bought and paid for by the owners of a 'Noble Prize' for unadulterated BS!!! [peace be not far from you?]
world's greatest propaganda rag other than the economist...
Watch them argue something stupid like since money is technically worth nothing it has no intrinsic value. Thus, it can't be considered property.
That would be an instant education for the masses.
"When it's Serious, you have ...........................................................................................................................