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Cyprus Parliament President Says "No Future" Under Troika, Calls For "Iceland" Solution

Tyler Durden's picture





 

Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is "time for responsibility" as they progressed towards a final solution; and yet today, as Cyprus' Famagusta reports, he believes the 'Troika-imposed' responsibility will, "turn Cyprus into a colony of the worst possible type." His 'Icelandic' solution is to "leave the Troika and EMS behind," to ensure "national independence, national sovereignty, moral integrity, and economic independence." He may have a point; judging from the chart below of the Troika's poster-child Greece, relative to Iceland, things are not going so well. As Omirou ominously concludes, "if we remain bound by the Troika and the memorandum Cyprus’ destiny is already foretold and there will be no future."

 

 

Via Famagusta Gazette,

There is no other alternative but to free Cyprus from the bonds of the troika and the memorandum, House of Representatives President Yiannakis Omirou has said.

 

Omirou also expressed his conviction that no Attorney General would dream of not following through with the results of an investigation led by an independent committee to apportion blame on those responsible for bringing the country’s economy and banking sector near collapse.

 

Omirou talked about the troika demands, which according to him will multiply and will turn Cyprus to a colony of the worst possible type and warned “I would like to send a message to the Cyprus people that there is no other way, there is no alternative apart from freeing (the country) from the troika’s and the memorandum’s bonds”.

 

He noted that certainly, “this road will demand sacrifices”, adding that “by leaving the troika and the EMS behind us, we will ensure our national independence, our national sovereignty, our moral integrity and our economic independence”.

 

If we remain bound by the Troika and the memorandum Cyprus’ destiny is already foretold and there will be no future”, he pointed out.

h/t Mark Grant

 


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Sun, 03/31/2013 - 13:22 | Link to Comment imaginalis
imaginalis's picture

Do it

Sun, 03/31/2013 - 13:24 | Link to Comment johngaltfla
johngaltfla's picture

Amen. At least I now know who it is from the Cypriot government that reads my blog :)

 

Perhaps Cyprus should call 1-800-ICE-LAND
Sun, 03/31/2013 - 13:28 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

It's about time......to walk like an Icelander.

Sun, 03/31/2013 - 14:06 | Link to Comment Wolferl
Wolferl's picture

Leaving? Don´t we own them now?

Sun, 03/31/2013 - 14:15 | Link to Comment schatzi
schatzi's picture

Well that's the way things work. First claim there's no alternative and declare your loyalty to the €, then get the 10 bill € bailout, then tell everyone to go fuck themselves and fuck off into the sunset.

Sun, 03/31/2013 - 15:28 | Link to Comment Abraxas
Abraxas's picture

Can't stop now, don't you know, I'd never let you go. Don't go!!!!

YAZOO

Sun, 03/31/2013 - 16:13 | Link to Comment Wile-E-Coyote
Wile-E-Coyote's picture

The EU you can leave we have your money now.

Sun, 03/31/2013 - 21:28 | Link to Comment economics9698
economics9698's picture

The beginning of the end. 

Sun, 03/31/2013 - 21:42 | Link to Comment Raynja
Raynja's picture

just another year of the snake

Sun, 03/31/2013 - 22:17 | Link to Comment redpill
redpill's picture

Fuck Tha Troik

Sun, 03/31/2013 - 23:06 | Link to Comment Real Estate Geek
Real Estate Geek's picture

Omirou was a very brave man . . .

(Just getting a head start on his obit.)


Mon, 04/01/2013 - 00:52 | Link to Comment fourchan
fourchan's picture

those island sheep dont have the balls to resist the the state.

Mon, 04/01/2013 - 07:24 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

You know, I was trying to think through how this "solution" would ever work correctly, and I can't come to any other conclusion than "these people don't understand anything".  Here's my understanding:

1.  Take a fuckload of customer deposits (which are liabilities on the balance sheet), remove those liabilities and get better loan terms in exchange for this.  

2.  However, in taking away the deposits, you're also removing an equal amount of capital base in the form of cash on hand.

3.  Deposits and related capital base continue to shrink as customers remove deposited money.

4.  Profit?  

Am I crazy in thinking they're basically trying to turn these into banks that don't actually have any customer deposits, but still exist due to a net spread between their borrowed ECB money and whatever the fuck they do with that money?  Certainly they aren't going to be lending it to anyone?  Is this basically Euro-pomo, paid for by theft of customer deposits?

Mon, 04/01/2013 - 00:41 | Link to Comment HulkHogan
HulkHogan's picture

No, gold and silver are still down.

Sun, 03/31/2013 - 20:31 | Link to Comment smlbizman
smlbizman's picture

1 questions....does anyone know what .....the tree to rope to banker ratio is on the island?....

Sun, 03/31/2013 - 22:51 | Link to Comment jeff montanye
jeff montanye's picture

the bankers that most deserve to be hung are not on that island.

Sun, 03/31/2013 - 23:53 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Actually, the REAL question is:  What are YOU gonna when Capital Controls, Haircuts and Decapitations come to America?  Trapped is trapped, and trapped is sheared -- if unprepared.

I'm preparing NOW, with plan implementation complete in matter of... [beeeep]. 

Sun, 03/31/2013 - 14:07 | Link to Comment knukles
knukles's picture

Leave the EU and Euro
Sue the EU for taking the depositors money as a Crime Against Humanity... Note the letter of the other day ... Demanding full reparations
Sue them in their own international court of whatever human rights, etc., etc., etched
Sue the ECB and Greece for selling the horseshit bonds
Demand full compensation
Put bases up for bid between Russia nod NATO for big fucking dollars
Whoever wins, part of the deal is to make whole all national and resident depositors, etc.
Create own gold backed currency
Have no allegiances like Switzerland
Go Frehengi

Sun, 03/31/2013 - 14:40 | Link to Comment Debeachesand Je...
Debeachesand Jerseyshores's picture

Sounds like a good plan to me.

Sun, 03/31/2013 - 15:05 | Link to Comment Rogue Trooper
Rogue Trooper's picture

For god sake... do it. Take the pain, face the threats, the sheep will be angry but tell them the fuckng truth they have seen over the last week what happens when you make a pact with these statist scum.

They have only one chance and a small window to actually make this decision.

Fine, euroland, all your banking debt and soverign debt belongs to YOU.

Now leave us the fuck alone.

____________________

Signed the people of Cyprus.

Sun, 03/31/2013 - 17:05 | Link to Comment in4mayshun
in4mayshun's picture

Oh please! Stop being so pragmatic and come back to reality. We live in a world where the elites control the money, the terrorism, the media, the food and even th freakin weather. If TPTB don't want a country to leave the EU then it ain't gonna happen.

Sun, 03/31/2013 - 23:54 | Link to Comment Marco
Marco's picture

The EU hasn't taken a fucking dime out of Cyprus ... it demanded it helped pay for it's own bailout, the bank deposits were simply the only available source.

Cyprus and Greece are not Iceland, they don't have a competetive economy ... they are leeches grown fat on the subsidy of the implicit ECB guarantuee on state debt. If Cyprus's government hadn't piled on the state debt THEN they could have pulled an Iceland (which would still have hosed the >100k depositors BTW).

They did though and now they are between a rock and a hard place, the only way they can have a soft landing is with EU bailouts ... without the EU they have to go from huge trade deficit to trade balance almost overnight.

PS. the (lack of) wisdom of having a single currency area which allows this kind of gaming of the system and whether that kind of gaming is of benefit to the elites is entirely irrelevant to what I said above ... their economies are in shambles now and they need the EU to finance their transition and for that they will continue to need the Euro for the time being.

Mon, 04/01/2013 - 04:09 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

Where to start:

People/entities have been extracting "fucking dimes" from Cyprus for a long ass time now.  This is just the latest chapter in the story of yet another high resource/strategic value piece of land being fought over by the bigger fish.

 

The UK, Russia, Turkey, and Greece all have substantial stakes in how this is going down.  If the Cyprus government actually decided to tell the EU to instead just fuck off, we don't want/need the money, we'll take our chances unwinding these banks the old fashioned way instead of bailing them out, that would probably be the one move that might actually finally unify the country.

 

I mean, shit man, you're advocating for customer deposits to be used to recapitalize banks.  THEY ARE TAKING BANK LIABILITIES, AND TURNING THEM INTO BANK ASSETS.  THIS IS THEFT.


Mon, 04/01/2013 - 06:02 | Link to Comment Sandmann
Sandmann's picture

When you negotiate with politicians and bankers you show them the list of their secret bank accounts and trades. You offer them a suitcase of cash. You trade citizens for money. How many Americans ever looked at Hillary Clinton's trading account

http://www.washingtonpost.com/wp-srv/politics/special/whitewater/stories...

I wonder how many other politricians are lucky traders ?

Mon, 04/01/2013 - 13:27 | Link to Comment Marco
Marco's picture

It would almost certainly hose the >100k depositors even more than now.

Sun, 03/31/2013 - 14:25 | Link to Comment a growing concern
a growing concern's picture

Them talking about leaving should be good for 5 points on the S&P. then, when this talk is refuted, add 15. Rinse and repeat.

Sun, 03/31/2013 - 15:57 | Link to Comment max2205
max2205's picture

Sure, wait till they froze and robbed everyone of 70%

 

Should have done this 2 weeks a.  Dumbasses.  This just a face saving attempt with no chance of happening now  

Sun, 03/31/2013 - 22:19 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

.

It's about time......to walk like an Icelander.

"That'll cool you off a little. Wild! Hahahaha!"

</Mr. Freeze>

http://www.youtube.com/watch?v=b787kzR3DJA

Sun, 03/31/2013 - 13:24 | Link to Comment highandwired
highandwired's picture

And do it NOW!

Sun, 03/31/2013 - 13:52 | Link to Comment asteroids
asteroids's picture

Better late than never. And ditch every ECB bond in the country to pay the depositors that were fucked.

Sun, 03/31/2013 - 14:01 | Link to Comment Rusty Shorts
Rusty Shorts's picture

Sorry, off topic, but what was the video that Tyler posted a few days ago of the two guys talking about the absurdity of the sitiuation in the financial world, bit of a comedy skit similar to the "Bremner, Bird and Fortune" videos...thanks.

Sun, 03/31/2013 - 14:15 | Link to Comment Rusty Shorts
Rusty Shorts's picture

ahh yes, thank you!!!

Sun, 03/31/2013 - 14:24 | Link to Comment Philippines
Philippines's picture

Agreed. At the edge of a sharp media blade of "death", do it.

They portray it as the end, but with the same script of the dark reaches of the Iceland, and other unique nations that stood up to the despot banksters, this will hopefully end.

But.. Will it take the spotlight in future EU decisions, or is this a ploy to be undone?

Hopefully Cyprus is a beacon of a tax free haven in teh Euro zone, and more EU countries will appreciate the freedom without taxes and enslavement to banks and their parasitic properties.

Anyways, hope (fully) comes! 

Sun, 03/31/2013 - 21:39 | Link to Comment Tabarnaque
Tabarnaque's picture

The Troika is the executive branch of the European Fascist Financial Aristocracy. There is no possible economic future under the terms of the Cyprus “bail in”. Cyprus is condemned to perpetual poverty without even the smallest glimmer of hope. Greece is the best example; its GDP shanked by 20% since the bailouts started and there is still no recovery to be seen. They are sucked into a deflationary death spiral from which there is no exit. The only hope for Cyprus (and Greece) is to get out from the Euro Zone. 

Sun, 03/31/2013 - 22:33 | Link to Comment TWSceptic
TWSceptic's picture

Yes.. do it phaggot(s)!

Sun, 03/31/2013 - 23:41 | Link to Comment yogibear
yogibear's picture

Finally, some other country shows a sign of intelligence.

Sun, 03/31/2013 - 23:44 | Link to Comment yogibear
yogibear's picture

Invite the Troika bankster in for a meeting and then jail all of them. That would be icing on the Euro-turd.

Sun, 03/31/2013 - 23:53 | Link to Comment prains
prains's picture

http://www.zerohedge.com/news/2013-01-26/only-3-minutes-worth-listening-...

 

a blast from Icelands Prime Minister, but the only question I have is;

where did he get the money to keep the lights while they restructured? seriously would like to know Tyler

Mon, 04/01/2013 - 00:08 | Link to Comment Things that go bump
Things that go bump's picture

Geothermal. Its nearly free and apparently inexhaustable.  All of Iceland runs on it.

Mon, 04/01/2013 - 00:37 | Link to Comment prains
prains's picture

except it takes huge amounts of electricity to convert 55 degree water into either heat or cooling which takes moolah, if you had of said enchilada gas then i'd have believed you

Mon, 04/01/2013 - 01:52 | Link to Comment Things that go bump
Things that go bump's picture

It is different in Iceland. Who would have thought all those volcanos have practical uses besides annoying air travelers. 54% of their energy needs comes from geothermal. They have 5 power plants that produce electricity with it, and 87% of all buildings use it exclusively for their hot water and heating. Another 17% of their energy requirements comes from hydropower. Only 26% of their power is from petroleum. They have ambitions to become totally energy independent and plans are in the works. Wyoming could probably benefit from doing something similar in Yellowstone.

Sun, 03/31/2013 - 13:26 | Link to Comment JustObserving
JustObserving's picture

You can talk the talk.  Can you walk the walk, and walk away from the Euro?  You have 13.9 tons of gold.  How about a gold-backed currency?

Sun, 03/31/2013 - 13:28 | Link to Comment highandwired
highandwired's picture

Exchange the gold for silver and have a silver-backed currency instead.  Silver stake through the bankers' hearts. 

Sun, 03/31/2013 - 14:09 | Link to Comment francis_sawyer
francis_sawyer's picture

I'll back a whole military with my silver...

~~~

But I'm going to have to start with Navy divers to go get it from the bottom of the lake...

~~~

That's why I LMFAO about bitcoin... If 'bitcoiners' had any fucking idea what they were doing, they'd use the currency to fund an army... Think that will ever happen?... Good ~ neither do I... Which why it's a fucking joke to begin with...

Sun, 03/31/2013 - 17:12 | Link to Comment TraderTimm
TraderTimm's picture

Francis "off the rails" sawyer back at it again, lol.

Every time he uses those "~~~" its like a semaphore for the crazy to take over. Poor guy probably ran out of his meds.

Sun, 03/31/2013 - 23:15 | Link to Comment francis_sawyer
francis_sawyer's picture

Every dipshit has an opinion...

~~~

My use of the '~~~' is my [formerly surreptitious] way of indenting text on ZH... I don't like the look of text which wraps around in the opposite direction [as with the avatars & arrow buttons]... If I make a reply to something, I prefer to start with a single short sentence... Indent... Then either support the sentence, or separate it from other thoughts...

So basically, fuck off...

Sun, 03/31/2013 - 23:27 | Link to Comment Iwanttoknow
Iwanttoknow's picture

FS has every right to post what he wishes to.

Mon, 04/01/2013 - 00:58 | Link to Comment Professorlocknload
Professorlocknload's picture

Oh, my!

Tilda Police!

~

Mon, 04/01/2013 - 10:16 | Link to Comment JimBowie1958
JimBowie1958's picture

Mr Sawyer, bitcoin doesnt work in a way that would allow the financing of a large military. It has strict controls on how the bitcoinis are generated, sold, tracked, validated and logged. There is a total cap on all bitcoins in existance.

If a bitcoin became valued at more than$2000 each, it might have enough total in circulation to do what you suggest they should do.

Bit it is far from that right now and I doubt it will ever get there.

Sun, 03/31/2013 - 13:31 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

Where is it?  At the NY Fed?  Or in London?  Or is it buried in the back yard?  Hard to back a currency with gold you don't have I bet.

Sun, 03/31/2013 - 13:31 | Link to Comment Matt
Matt's picture

333,600 ounces at ~$1600 / ounce = ~533 million USD, so just fractional reserve it 1000:1, right?

Sun, 03/31/2013 - 13:56 | Link to Comment disabledvet
disabledvet's picture

That's how the game is played. That gold becomes the capital for your bank. I would recommend they take a long hard look at North Dakota. That has a State Bank and there was a time that that State was...simply put...flat broke. I think a good argument can be made that Cyprus is a more livable place...but North Dakota sits at a crossroads "and has the infrastructure to prove it." if implemented we're talking PAIN here. I guess you could argue "would you rather have your neighbor do the beating or a bunch of folks far away." again...NO ILLUSIONS.

Sun, 03/31/2013 - 13:23 | Link to Comment NoDebt
NoDebt's picture

Um..... better late than never, I guess.  And just in time for them to start realizing they're going to need another bailout again shortly.

Sun, 03/31/2013 - 13:23 | Link to Comment Brit_Abroad
Brit_Abroad's picture

It would b e nice to see a politician not consign his population to eternal servitude.

How likely though ?

Sun, 03/31/2013 - 13:24 | Link to Comment little buddy bu...
little buddy buys the dips's picture

someone making sense? unreal.

Sun, 03/31/2013 - 13:37 | Link to Comment Tuffmug
Tuffmug's picture

--- and deep in the bowels of the ECB sits Mario Draghi at his computer creating and emailing to the press a photoshopped picture of the Cypriot President fucking a goat!

Sun, 03/31/2013 - 22:29 | Link to Comment NoDebt
NoDebt's picture

Outsource that task to WB7.  He'll do a much better job of it.

Sun, 03/31/2013 - 13:24 | Link to Comment Winston Churchill
Winston Churchill's picture

Give me liberty or give me death .sic Yiannakis Omiru.

Sun, 03/31/2013 - 13:25 | Link to Comment pufferfish
pufferfish's picture

A list of things that arent going to happen.

 

This [x]

 

There you go.

Sun, 03/31/2013 - 13:28 | Link to Comment Seize Mars
Seize Mars's picture

Question: does Iceland still have a fiat currency?

Ah, I see. Icelanders are still farm animals.

Sun, 03/31/2013 - 13:33 | Link to Comment Peter Pan
Peter Pan's picture

One step at a time.
Likening them to farm animals is totally of the mark given that they showed the UK their middle finger and are now trying their bankers.

Sun, 03/31/2013 - 13:42 | Link to Comment centerline
centerline's picture

It's not fiat that is the problem.  Hard currencies get manipulated too.  Rather, it is WHO has the power to regulate the currency.  WHAT mechanisms are in place to monitor and measure.  HOW are savings seperated from a medium of exchange.  Etc.

The problem here is how to put cork in fucking greed bottle without killing liberty and freedom in the process.  Shit, I wager there is no real cure.  The nature of man changes too slowly, we live too short of lives, and reproduce like bunnies.  So, we are destined to repeat cycle after cycle to our eventual doom or evolution.  So, how do we soften the cycles and tip the balance away from doom and towards evolution?  How do we defuse the current global time bomb?

I say build mother fucking death star... proverbially speaking.  Every human resource focused on getting off this planet and onto others.  That is our best hope for the future.

Sun, 03/31/2013 - 13:58 | Link to Comment Seize Mars
Seize Mars's picture

Centerline: no, it's fiat currency that's the problem. It's not abstract or mysterious. If people can trade with each other in gold or silver they will be free. It's that simple. In fact, the solution is so simple that I view people who don't see it as possible shills.
There is no reason for hatred of anyone. Nobody needs to get strung up by a mob. There is no need for violent revolution at all.
Just get the government out of your life. Stop hoarding pieces of paper with occult symbols on them. That's it.

Sun, 03/31/2013 - 22:44 | Link to Comment francis_sawyer
francis_sawyer's picture

<== click here if you're a dipshit

<== click here if you blow goats

Mon, 04/01/2013 - 00:11 | Link to Comment SilverFish
SilverFish's picture

Not fair to those who are dipshits that also blow goats.

Sun, 03/31/2013 - 15:45 | Link to Comment css1971
css1971's picture

Fractional reserve banking was designed for gold and silver. It just happens to also work with fiat currencies.

Sun, 03/31/2013 - 16:02 | Link to Comment Quinvarius
Quinvarius's picture

Kind of like stealing people's silverware and stealing people's toilet paper are both stealing.

Sun, 03/31/2013 - 18:20 | Link to Comment Urban Redneck
Urban Redneck's picture

NO.

If the supply of one currency is fixed and the manipulations of all other currencies are allowed to remain, then ANY adverserial economic power can destabilize the monetary system of the former simply by trading by its infinitely printable currency for the fixed currency.

Nations do not exist in a vaccuum.

 

Sun, 03/31/2013 - 22:35 | Link to Comment Jack Napier
Jack Napier's picture

Not if you are on a bi-metal or, maybe better, dual competing metal standards. There's no reason a nation can't issue 2 currencies. Throw copper, the PGMs, nickel, whatever in the mix. Or you could weight the dollar on a basket of metals, point is that as non-renewable resources they would all gain in purchasing power compared to another nation devaluing their currency. Though none of this works with ETFs determining the value of the metal unless they are 100% physical backed and there is no such thing as margin or naked shorting.

Then allow people to borrow directly from the government run non-profit central bank for reasonable non-compounding flat rate interest as a public service for the taxpayer (must be working!) by the taxpayer plus whatever other minimum requirements for borrowing, having to pledge equivalent labor or gold/silver as collateral for defaulted debts, where any new dollars created must coincide directly with equivalent gold or silver purchase so as to maintain the fixed ratio of metal to dollars required for a functional non-debaseable metal standard, with said ratio being initially determined by amount of total currency divided by gold reserves and pegging from that point forward. People would not have to lose any buying power since it would be fixed from the point of inception, but gold would rise accordingly as it should and ultimately must as precious metals are the only true extinguishers of debt. Also disallow fractional reserve banking and leverage in the marketplace, and free markets will prevail with rule and enforcement of law.

Mon, 04/01/2013 - 04:17 | Link to Comment Urban Redneck
Urban Redneck's picture

Bi-metalism can't solve the problem precisely because one country CANNOT issue two competing currencies.

 

FYI having to pledge labor against defaulted debts would represent the re-legalization of indentured servitude i.e. SLAVERY


but wait there's more... and not just legalized slavery, but LEGALIZED ENSLAVEMENT OF DEBTORS BY THE BANKERS

 

Perhaps the ABA (http://www.aba.com) would be a more appropriate venue then ZH for such ideas... 

 

 

Mon, 04/01/2013 - 01:15 | Link to Comment Seize Mars
Seize Mars's picture

Urban Redneck: What you are saying would be true if you live in a coercion system, where you are forced to trade certain quantities. I think what you are saying that if the world has freedom, but one country has fiat money, then the fiat country will be able to manipulate others. That can't be true if one cannot be forced to trade!

If I lived in a free country (I currently do not, as I currently reside in the USA) then no one could make me trade copper or gold or anything for fiat. In fact I would choose to refuse acceptance of fiat. If my neighbor were gullible or something, maybe he can trade his valuable commodities for paper. But again I wouldn't. So the whole manipulation story breaks down because you can't be coerced.

Mon, 04/01/2013 - 04:29 | Link to Comment Urban Redneck
Urban Redneck's picture

Energy, Food, iCrap, Taxes & Education

Trade has to balance or the entire currency regime is unsustainanble, so in the case of the US, Americans would need to CONSUME LESS energy, food, and iCrap and PRODUCE MORE, at the same time  

Government Spendimg has to balance or the entire currency regime is unsustainanble, so not just the military and the Obama-phones, but even Social Security and Healthcare would need to be significantly cut

Education, you gots to get the masses to choose for the pain above to make such system work, promising them unicorn shitting skittles six months down the road probably isn't going to work (although given the the laughable sales job that Barry & Nancy used on their army of human lawn jockeys... anything is possible, but you would need a lot of FEMA camps as a plan B)

In the absence of education- even the basic of laws of economics are coercion. 

Sun, 03/31/2013 - 18:31 | Link to Comment centerline
centerline's picture

Metals can be manipulated as easily as fiat SM.  Same as it ever was throughout history.  Likewise, each system arrives with it's own pros and cons.  There is no utopia.  A freegold system, while imperfect as well is probably about the best idea I have read in a awhile.  The trick though is dealing with government when it runs amok.

Sun, 03/31/2013 - 22:37 | Link to Comment Jack Napier
Jack Napier's picture

If the ratio of metal to currency is fixed and never allowed to change then no money can be printed beyond the capacity of a nation's surplus wealth, whether it be oil, corn, iPhones, or gold that is used as collateral to either back that new money or be turned into whatever is. This ensures running amok requires fiscal responsibility.

Sun, 03/31/2013 - 23:33 | Link to Comment bagehot99
bagehot99's picture

But start with a public hanging of the 537 most culpable mother-fuckers in Christendom. 

Mon, 04/01/2013 - 05:12 | Link to Comment CharlieSDT
CharlieSDT's picture

Amen dude.  I volunteer to tie nooses.

Sun, 03/31/2013 - 14:09 | Link to Comment knukles
knukles's picture

Some animals are better off than other animals

Sun, 03/31/2013 - 15:02 | Link to Comment WmMcK
WmMcK's picture

And some are more equal, too.

Sun, 03/31/2013 - 14:23 | Link to Comment earleflorida
earleflorida's picture

it tis a far better place than an 'Orwellian `Animal Farm`, to say the leastest...

Sun, 03/31/2013 - 13:28 | Link to Comment Longtermnotreally
Longtermnotreally's picture

Bye, bye European Experiment, it's about to blow up in their faces, take cover

Sun, 03/31/2013 - 13:58 | Link to Comment Jake88
Jake88's picture

It was never an experiment. The present situation was completely predictable from the start. The end game has always been to bring Europe under one government.

Sun, 03/31/2013 - 14:31 | Link to Comment earleflorida
earleflorida's picture

a trilateralist [europe, japan, ussa] mare's nest is about to reach its zenith, where the only place to go is down... as china gets the final flush

Sun, 03/31/2013 - 13:28 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

Please do it.

Sun, 03/31/2013 - 13:28 | Link to Comment rodocostarica
rodocostarica's picture

Have a referendum. Let the people decide.

Sun, 03/31/2013 - 14:47 | Link to Comment MsCreant
MsCreant's picture

Who marked this comment down, WTF? Come back and tell me why the people should not get to vote?

If they vote on it and do it together, the pain coming is something they do together, not at the bidding of bankers. Makes it easier to get through if you picked it.

Sun, 03/31/2013 - 15:00 | Link to Comment cherry picker
cherry picker's picture

The only people who would down the idea of a referendum are those who would be adversely affected.  Bureaucrats, civil servants, those employed by TBTF.  They love their power and insolence.  The pedestal they set themselves on is shaking pretty violently now.  Cyprus Libre !

Sun, 03/31/2013 - 13:29 | Link to Comment bugs_
bugs_'s picture

"no future" (free money)

Sun, 03/31/2013 - 13:29 | Link to Comment OutLookingIn
OutLookingIn's picture

Iceland has shown the world the only way out.

Let the banks go broke. The owners (bond holders) take the loss.

Prosecute and jail the banksters. Devalue the currency.

Today, Iceland is well back on the road to economic health and happiness.

The 1%'ers (corporate/banker oligarchs) DO NOT like this. Iceland said - "Tough shit! Eat it!"

Sun, 03/31/2013 - 13:30 | Link to Comment Longtermnotreally
Longtermnotreally's picture

Let's "Iceland" the world, fuck the bankers

Sun, 03/31/2013 - 15:55 | Link to Comment reload
reload's picture

I dont disagree, the Icelandic way is THE way ...but not without pain, we should remember they had an overnight 50% currency devaluation and capitol controls (some of which persist) there is no `get out of jail free` card once your country and banks are bust. But the Icelandic route does allow a quicker and more solid recovery.

So lets see, who coped best in Iceland? It was the people with some wealth outside the financial system ( holders of physical Gold for example ) and folks who had enough cash on hand for a couple of months vital purchases, and well provisioned homes.

Sun, 03/31/2013 - 20:02 | Link to Comment OutLookingIn
OutLookingIn's picture

Yes. There will be pain. Short term.

Short term pain for the long term gain.

All debt will be paid. Either by the borrower, or by the lender.

Either with pennies worth dollars, or with dollars worth pennies. It will be paid.

Repudiate the debt and devalue the currency. Prosecute and jail those criminals responsible.

There will be NO recovery until honesty and integrity is restored and adhered to by those responsible.

Sun, 03/31/2013 - 14:36 | Link to Comment bonzo112358
bonzo112358's picture

Just as important they realized that it was stupid of them for buying those toxic assets we sold them.  Not only are they happy about not joining the EU but you know everyday citizens are laughing at what is happening in the Eurozone and here as well.  Future history students will look back (as many of us already are) and asking 'why didn't the U.S. and Eurozone just do what Iceland did?' and laughing at the concept of infinite QE.  I just hope Tiny Tim and the Bernank are still alive to see their little experiment get mocked endlessly and their legacies to go down as fast as student loan defaults are rising.

Sun, 03/31/2013 - 18:02 | Link to Comment Lucius Corneliu...
Lucius Cornelius Sulla's picture

I'd prefer that they spend their last days in Sing Sing or Leavenworth.

Sun, 03/31/2013 - 13:30 | Link to Comment Peter Pan
Peter Pan's picture

The Cypriot government should have confiscated €6 billion euros itself and put in an order for silver. This would have rocked the crooked financial system and at the very least doubled the price thus giving Cyprus the 6 billion it needed and enabled the return of the depositors' funds.

The way back to a gold standard is through a silver attack on the system.

Sun, 03/31/2013 - 13:32 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

Thats not a bad idea actually.

Sun, 03/31/2013 - 15:50 | Link to Comment Rogue Trooper
Rogue Trooper's picture

It's the ONLY way out.  Everything else meaningless.  Use what FIAT they have to buy hard assets.  No matter what amount they can intially get, and in this stiuation, re-launch the Cypriot pound and fuck all the debts.  Keep going and build up your reserves back it up, build trust. Folks can use any 1oz silver for transactions, the Pound or any other mechanism like the Goldmoney system that is still in operation in Jersey.  No doubt the currency would still be shaky at the outset but once folks realise this is backed by hard assets the 'spice' will flow back to Cyprus.  They would actually have the best looking horse in the global FIAT glue factory.  They may even have a horse that may actually survive.

No that would scare the shit out of the Banksta Cartel.

EDIT: Let deflation reign until the true price discovery of assets, labour and whatever else is cleared - essential.

Sun, 03/31/2013 - 13:59 | Link to Comment Jake88
Jake88's picture

Yeah like the Russians would have rolled over to the Cypriot army.

Sun, 03/31/2013 - 14:07 | Link to Comment Peter Pan
Peter Pan's picture

You miss the point. €6 billion in silver is over 6000 tonnes. It's enough to send Comex and its buddies into toxic shock.

The Russians also would not end up losing their money.

Sun, 03/31/2013 - 14:19 | Link to Comment Jake88
Jake88's picture

got it. my bad.

Sun, 03/31/2013 - 14:35 | Link to Comment Peter Pan
Peter Pan's picture

Glad you got it. Now let's see if the Cypriot government gets it.

Sun, 03/31/2013 - 14:59 | Link to Comment WmMcK
WmMcK's picture

+ 1 - Sometimes confession is good for the soul and reputation.

Sun, 03/31/2013 - 16:00 | Link to Comment Rogue Trooper
Rogue Trooper's picture

Excellent discussion... someone will make the jump into this scenario.  The one who goes first gets through the painful adjustment will have a high head start. Once the momentum starts the dominos will start to fall and this could be the end game for the FIAT currencies and a transition to a new era.

Then again it may never happen but one way or the other the math is catching up on the existing FIAT regimes. More likely it will be individuals that make the slow transition. However, progress on this front, is somewhat hindered due to a series of unforseen boating accidents which many have experienced.

Sun, 03/31/2013 - 13:31 | Link to Comment NoWayJose
NoWayJose's picture

Jail the bankers and free the people. Given the handling thus far by the EU masters, I have no doubt that the people of Cyprus are on his side. They just need to be smart with how they handle deposits and debt. They do not want to be like Hungary and take out debt in Euros while their own forints are being devalued. Tie any debt to your own currency so that the Vampire Squid cannot leverage against you.

Sun, 03/31/2013 - 13:31 | Link to Comment centerline
centerline's picture

Bravo.

Sun, 03/31/2013 - 13:31 | Link to Comment DutchR
DutchR's picture

Tiny island, no production....good luck

 

 

Iceland is is hot, no, really...

Sun, 03/31/2013 - 13:33 | Link to Comment Kiss My Iceland...
Kiss My Icelandic Ass's picture

And Cyprus is an enormous island with .... ???

Go Yiannakis !

I've said it before and I'll say it again ... Kiss My Icelandic Ass !

Sun, 03/31/2013 - 13:37 | Link to Comment DutchR
DutchR's picture

"Kiss My Icelandic Ass !"

Let me get my glasses...

Sun, 03/31/2013 - 17:40 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

.. now thats the voice of Erik Thorvaldsson (Erik The Red)

See you in Valhalla

Sun, 03/31/2013 - 13:44 | Link to Comment centerline
centerline's picture

And the alternative is?

Sun, 03/31/2013 - 14:46 | Link to Comment MS7
MS7's picture

It has natural gas. I believe they haven't started extracting because of disputes with Turkey over the rights. If it went back to its original currency, tourists would flock there (now it is too expensive).  It is in a perfect strategic location and the powerful countries want it on their side. The problem is it can't cause too much trouble to the more powerful countries, as it needs them to defend it against Turkey.

Sun, 03/31/2013 - 15:32 | Link to Comment Rogue Trooper
Rogue Trooper's picture

You are, without any doubt, a complete idiot.

Either a troll or someone so lost in the global circle jerk, we refer to has Keynesian economics, he cannot see the central premise for true productive growth is a sound money supply, presonal freedom, the respect of private property rights, limited government and finally true capitalism where bad decisions lead to failure (many more but that will do).

Try Hong Kong, which in recent times (post WW2) was the closest example to a free economy in this socialist centrally planned clusterfuck of a world economy. HK was left more or less free to grow by the British administration with out the yoke of a centraly planned apparatus, they had other things on there mind in back in Whitehall. Not a fucking asset or productive facility in sight after WW2.

Read Human Action  - you idiot .

Sun, 03/31/2013 - 13:32 | Link to Comment booboo
booboo's picture

Stealing peoples wealth and setting tight capital controls is only bolstering this line of thought burning across the landscape like a prairie fire. 

Sun, 03/31/2013 - 13:33 | Link to Comment Melin
Melin's picture

his moistened finger told him the people would enjoy hearing those words this week...

Sun, 03/31/2013 - 13:34 | Link to Comment ZeroFreedom
ZeroFreedom's picture

Icelandic solution is the best way to go. So what is the trade. Also Iceland went after the banksters will Cyprus do the same and throw a few in jail? Hope this is the wave of the future.

Sun, 03/31/2013 - 14:37 | Link to Comment BidnessMan
BidnessMan's picture

Don't forget the Icelandic government was fine to take responsibility for Banker debts. It was only after voters rejected the deal that the original cast of political clowns were tossed out, and replaced by a government that gave the EU and Bankers the finger. So it is not too late for Cypress to reject any deal.

Sun, 03/31/2013 - 13:35 | Link to Comment Lost Wages
Lost Wages's picture

Ice the Troika, bitchez.

Sun, 03/31/2013 - 14:02 | Link to Comment Jake88
Jake88's picture

T-shirts would sell like hot cakes in the PIIGs.

Sun, 03/31/2013 - 23:54 | Link to Comment Rogue Trooper
Rogue Trooper's picture

Nice, I'll buy that that for 1/1o th of an once of Silver!

Sun, 03/31/2013 - 13:36 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

Ireland could have left the Euro. It would have been tough but it was possible. Due to massive Troika pressure and general ignorance, most Irish politicians chanted that it was suicidal to do. And today (yes actually today) these same politicians celebrated the anniversary of the 1916 Easter Rising, hypocritically ignoring the fact that there is no economic inddpendent or freedom or soverignty in Ireland, and the Troika has the Irish nation in a ball and chain for the next 30 years due to ficticious promissory note repayments based on real corporate bondholder bailouts..

Sun, 03/31/2013 - 13:45 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

Agreed.we in Ireland will pay for this folly with a forty year ball and chain of debt.our fuckwit pig politicos tell us we got a good deal.the people swallow it up then vote govt party yesterday in a bye election.you could not make this shit up.sheeple are sheeple worldwide.same head in the sand shit.

Sun, 03/31/2013 - 13:49 | Link to Comment NoWayJose
NoWayJose's picture

Only differences for Ireland between 1916 and today is that their masters are now in Brussels and 'Brave' is just a Pixar movie.

Sun, 03/31/2013 - 14:02 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

A little harsh.bravery is knowing absolutely what you have to do and doing it regardless of personal consequences.our leaders possess the knowledge but not the courage.our people sadly lack the knowledge.this is true for all "developed" nations.the people are sleepwalking towards their capture.as long as they have Facebook and iPhones,all is well.

Sun, 03/31/2013 - 14:16 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

If people want to be subjugated and controlled,who among us has the right to stand in the way of this wish?all any free person can do is look for their own truth and follow it.i have long since given up trying to persuade or even cajole those around me to see the light that most zhers see.unlike religions which are based on dogma and control,I have no right to evangelise my truth and press it on others.
If the dumb fuck sheeple want to graze with the wolves ,then it is entirely their right.when TSHTF those who follow their own truth will be where they are.if i(and those of a simaler mind) are correct,then yippee for us.if not,I have no problem with being wrong.
Interesting times indeed......

Sun, 03/31/2013 - 17:45 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

well said!

Sun, 03/31/2013 - 14:07 | Link to Comment RaceToTheBottom
RaceToTheBottom's picture

Correct me if I am wrong but Ireland did the anti-Island, didn't they.  They assumed all Bankster debt and put it on their citicens. 

Too bad

Sun, 03/31/2013 - 14:13 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

That's my point.we fucked ourselves big time.people just haven't informed themselves,so they let the rulers think for them.i am saddened beyond belief

Mon, 04/01/2013 - 00:06 | Link to Comment Marco
Marco's picture

Leaving the Euro would have meant leaving the common market and that would have outright slaughtered the Irish economy ... all Ireland needed to do was let it's banks go bankrupt.

Even if we assume for a moment that they could have stayed in the common market ... it would have had some side effects. Everyone here is declaring deposits sacrosanct, but a country can't leave a currency zone without confiscating and exchanging all deposits (it can't/won't guarantee deposits in a foreign currency, so if they didn't do this all their banks would experience a bankrun overnight). Also the new Irish currency would have had a significant devaluation at least in the short term.

So basically Irish depositors would have been hosed ... it might have been better for Ireland, but it certainly wouldn't have been better for the Irish with a lot of money in the bank ...

Mon, 04/01/2013 - 05:28 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

The productive young with a massive debt overhang are being sacrificed at the expense of the older generation with savings.....also it is older people who vote.....for older people.

Mon, 04/01/2013 - 07:17 | Link to Comment Ghordius
Ghordius's picture

"productive young with a massive debt overhang" - it might be an inflaming, beastful question, but who forced you?

Mon, 04/01/2013 - 07:27 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

Agreed.nobody forced debt on people.people who just wanted a home had to pey market rate.market rate was set by prices achieved.prices achieved by borrowing way too much at rates too low.
Then the moral hazard question arises.but for who?
Granted a lot of people went into multiple house purchases to try and become rich.FAIL!
I guess it's a question of who picks up the tab.
I can only reflect on my own actions during the boom.
The old v young generational debate has not even started here yet but it will.
On a side note,isn't it sad that it comes to this while the real criminals get away with larceny on a grand scale.

Mon, 04/01/2013 - 07:34 | Link to Comment Ghordius
Ghordius's picture

just a hint from Confucius: those "old people". eventually, they die. and then you are the new "old people", and the next generations will remember how you treated your "old people"

Mon, 04/01/2013 - 07:41 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

Again I agree.but we can't service the obligations we have to our elders if we can't service the obligations we have to the present.also,I have yet to hear many older people complain about the boom who sold land,houses and boosted their pensions.the money didn't evaporate.it just transferred from one hand to another.not all older people coined it in the good times,but a hell of a lot did,and good luck to them.
But the fact remains that the prodductive element of our workforce sees little future in servicing a debt that we did not have to incur.forty years to pay this odious debt cannot be forgotten by me and my children.
I do not wish to run from my obligations to my country and my elders,but I fear for the future of both.

Mon, 04/01/2013 - 13:29 | Link to Comment Ghordius
Ghordius's picture

there is a difference between social debt - for example versus the older generations - and commercial debt, which can be rebargained, discounted or forgiven, forgotten or defaulted

Mon, 04/01/2013 - 07:49 | Link to Comment bunnyswanson
Mon, 04/01/2013 - 09:33 | Link to Comment Ghordius
Ghordius's picture

"Everyone here is declaring deposits sacrosanct, but a country can't leave a currency zone without confiscating and exchanging all deposits (...). Also the new Irish currency would have had a significant devaluation at least in the short term. So basically Irish depositors would have been hosed"

Correct. It would be possible to plan for a different outcome but any unplanned exit would automatically become a "corralito"

All voices raised to: leave the EUR now! leave the eurozone now! basically ask for... depositor theft

-----------------

so to recap: depositor theft by instant "corralito" devaluation is good, because then you are out of the eurozone, the reason for which Cyprus had someone to lend 10bn for two bank bail-ins - and you have a weak currency, which is good, too, eh?

on the other side: depositor theft by bank bail-in is baaad, because it's baaaaad, and it's a precedent, which grates against all traditions of the Common Law countries - particularly if done without judicial involvement (...) because... ah,

WTF, just ask Cyprus to leave the eurozone, sounds cool if it's someone else anyway

Mon, 04/01/2013 - 05:59 | Link to Comment Sandmann
Sandmann's picture

Do some googling on Peter Sutherland. Then look at how many Irishmen are in the EU Commission or on the IMF payroll. Too many good jobs for a small insignificant island to risk by letting the people off the hook. Just who is the EU Ambasador to Imperial Washington DC ?

Mon, 04/01/2013 - 06:59 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

John Bruton.former Taoiseach .chairman ifsc.insider buddy to the financial wizards.
Peter Sutherland.chair Goldman sucks international.former attorney general.various high level banking and finance roles.former eu commissioner .insider buddy to the financial wizards.
Charlie mccreevy.former finance minister.former eu commissior.various directorships and high level positions.chief architect of Ireland's ballooning public sector spending splurge to garner votes.insider buddy to financial wizards.
The list could turn into a book.its long and seedy and sad.these pricks all know each other from way back.some have different political backgrounds,but all share that smug sense of righteousness and self enrichment that has landed us in the shit.
Our insiders are disproportionate in number for the size of our nation ,and you may think this is an advantage for a small nation,but it clearly is not.

Sun, 03/31/2013 - 13:40 | Link to Comment q99x2
q99x2's picture

And Cypriots ould be up and running with their own new digital currency within a week. Tie it to Bitcoin exchanges and become the new financial center of the world. And have Somalia and other nations join in. May the revolution continue.

Sun, 03/31/2013 - 15:16 | Link to Comment Husk-Erzulie
Husk-Erzulie's picture

Close the banks, adopt bitcoin, Rock The Fookin World.  Please, please do it.

Sun, 03/31/2013 - 23:22 | Link to Comment francis_sawyer
francis_sawyer's picture

Hack the planet!... HACK THE PLANET!

Mon, 04/01/2013 - 07:50 | Link to Comment Disenchanted
Disenchanted's picture

~~~~~~!

<;O)

Sun, 03/31/2013 - 13:40 | Link to Comment Joebloinvestor
Joebloinvestor's picture

Great stand after your country has had the shit kicked out of it and you are left with nothing.

What does Cyprus have in the range of military to boot the Troika from their country?

Do you really think they are gonna let Cyprus leave the EU?

Sun, 03/31/2013 - 13:40 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

i'll believe they have balls when they show they have the balls to do it not just talk about it...

until then... i aint falling for the Okey doke...

I await their actions.....

Sun, 03/31/2013 - 13:44 | Link to Comment centerline
centerline's picture

Yup.  Could just be threats to secure a better deal.  "Don't shoot or the n____ get's it" - Blazing Saddles.

Sun, 03/31/2013 - 14:11 | Link to Comment Jake88
Jake88's picture

You have it totally backwards. The Blazing Saddles analogy would be apt for a politcian who claimed Cyprus must stay in the Euro or else.

Sun, 03/31/2013 - 13:42 | Link to Comment foofoojin
foofoojin's picture

lets not forget that russia was the only one willing to loan to Iceland in those precariuse first few days. maybe this is why the high amount of Russian money was able to leave so easily. . . so that it could come back with interest.

Sun, 03/31/2013 - 13:44 | Link to Comment AG BCN
AG BCN's picture

Playing to the public. Watch what they do, not what they say.  

Sun, 03/31/2013 - 14:22 | Link to Comment Room 101
Room 101's picture

In most instances I would agree with you.  But again, who is the real puppetmaster here? 

The Cypriot people to a certain extent are sold on the whole eussr thing.  Even if it causes some pain.  If your end objective was to yank Cyprus out of the eussr zone of influence and join with the bear, you would have to develop some popular hatred for the eussr.  The troika did a remarkable job of starting that ball rolling.

Sun, 03/31/2013 - 13:44 | Link to Comment Jake88
Jake88's picture

It really is their only hope for a future. I do not understand why the Greeks don't get it.  

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