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Ron Paul: "The Great Cyprus Bank Robbery"
By Ron Paul
The Great Cyprus Bank Robbery
The dramatic recent events in Cyprus have highlighted the fundamental weakness in the European banking system and the extreme fragility of fractional reserve banking. Cypriot banks invested heavily in Greek sovereign debt, and last summer's Greek debt restructuring resulted in losses equivalent to more than 25 percent of Cyprus' GDP. These banks then took their bad investments to the government, demanding a bailout from an already beleaguered Cypriot treasury. The government of Cyprus then turned to the European Union (EU) for a bailout.
The terms insisted upon by the troika (European Commission, European Central Bank, International Monetary Fund) before funding the bailout were nothing short of highway robbery. While bank depositors have traditionally been protected in the event of bankruptcy or liquidation, the troika insisted that all bank depositors pay a tax of between 6.75 and 10 percent of their total deposits to help fund the bailout.
While one can sympathize with EU taxpayers not wanting to fund yet another bailout of a poorly-managed banking system, forcing the Cypriot people to pay for the foolish risks taken by their government and bankers is also criminal. In their desire to punish a “tax haven” catering supposedly to Russian oligarchs, the EU elites ensured that ordinary citizens would suffer just as much as foreign depositors. Imagine the reaction if in September 2008, the US government had financed its $700 billion bank bailout by directly looting American taxpayers' bank accounts!
While the Cypriot parliament rejected that first proposal, they will have no say in the final proposal delivered by the EU and IMF: deposits over 100,000 euros are likely to see losses of at least 40 percent and possibly as much as 80 percent. “Temporary” capital controls that were supposed to last for days will now last at least a month and might remain in effect for years.
Especially affected have been the elderly, who were unable to use ATMs or to transfer money electronically. Despite the fact that ATMs severely limited the size of withdrawals during the two week-long bank closure, reports indicated that account holders who had access to Cypriot bank branches in London and Athens were able to withdraw most of their funds, leading to speculation that there would be no money available when banks finally opened up again. In other words, the supposed Russian oligarch money may well be already gone.
Remember that under a fractional reserve banking system only a small percentage of deposits is kept on hand for dispersal to depositors. The rest of the money is loaned out. Not only are many of the loans made by these banks going bad, but the reserve requirement in Euro-system countries is only one percent! If just one euro out of every hundred is withdrawn from banks, the bank reserves would be completely exhausted and the whole system would collapse. Is it any wonder, then, that the EU fears a major bank run and has shipped billions of euros to Cyprus?
The elites in the EU and IMF failed to learn their lesson from the popular backlash to these tax proposals, and have openly talked about using Cyprus as a template for future bank bailouts. This raises the prospect of raids on bank accounts, pension funds, and any investments the government can get its hands on. In other words, no one's money is safe in any financial institution in Europe. Bank runs are now a certainty in future crises, as the people realize that they do not really own the money in their accounts. How long before bureaucrat and banker try that here?
Unfortunately, all of this is the predictable result of a fiat paper money system combined with fractional reserve banking. When governments and banks collude to monopolize the monetary system so that they can create money out of thin air, the result is a business cycle that wreaks havoc on the economy. Pyramiding more and more loans on top of a tiny base of money will create an economic house of cards just waiting to collapse. The situation in Cyprus should be both a lesson and a warning to the United States. We need to end the Federal Reserve, stay away from propping up the euro, and return to a sound monetary system.
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Hyperinflated currencies will be used to balance out sovereign debt obligations. Printed money. You dont seriously think the US is going to cart shit tons of gold over to saudi arabia for all their oil bonds do ya? Whatever gold is left in the US is staying in the US.
The United States will not be calling the shots on this just as they have not been calling the shots since 1913.....but gold will be "remonetized".....and it won't be "carted" in transactions.....it will be HELD........
Huh? Hyperinflated currencies turn worthless.
You paying attention to the BRICS new plans to shun the USD in trade?
The fact that central banks don't own gold helps my point. Platinum, like silver, is being neglected for its monetary relevance. Platinum is one of the very few substances that have great money qualities and when a rush to preserve wealth is underway, what will they rush into? Like I said, there really aren't many options, and platinum as well as silver will be a couple of the few vehicles chosen en masse to keep wealth safe.
Not to hate on your idea, but only one precious metal has been used as money and a store of wealth throughout recorded human history. And it isn't platinum (or silver).
Actually silver does have a history of monetary use, at least back to the Roman era.
only one precious metal has been used as money and a store of wealth throughout recorded human history. And it isn't platinum (or silver).
You never heard of a silver dollar? A denarius? A silver drachma? Go to any coin site and look at the old silver coins available--from the U.S., Mexico, and countless other nations. Every country in Europe has issued silver coinage at some point in history, dating back before Byzantium.
Silver has been far more widely used as money than gold for centuries.
http://en.wikipedia.org/wiki/Spanish_dollar
Platinum was virtually unknown until 1748.
SilverJournal: None of my friends own any gold or silver. Neither do I. (burp)
You are technically correct, but if you want to buy physical gold it is based on that derived price.
double post
Exactly N/A - try buying physical at the paper derivative prices - the spread between physical and paper prices are growing - quickly.
Ummm.. more like that's the price of gold. the value is much higher.
Frustrating, I agree Rusty. When it drops, BTFD!
Prices at local pawn shops are up despite what the paper says.
The govt is a lie, the price of gold is a lie.
How's that tinfoil hat fitting? Go to tulving dot com or coloradogold dot com... the price is down today. If you think it's up, I'd be happy to sell you a 32.15oz piece at 55k. Let me know.
By all means sell all your gold and silver right now. This is the perfect time. You should really and truly buy some pets.com stock, some Beanie Babies, or maybe FNM since they are showing such a huge profit.
"Being smart is believing half of what you read. Being brilliant is knowing which half to believe." I didn't say that, but I know who did, and he got it right.
I got tulips for sale! TULIPS.
gonna have to call bullshit on this one.
On that gold sale, will you take Bitcoins?
"Prices at local pawn shops are up "
Gentiles take it in the ass again. Details at 11.
Gold hasn't been acting right for awhile, maybe it is signalling the risk of a bank run in Europe which would initially be quite deflationary.
Regarding banking I found it funny that in 1999 Glass-Steagall was removed from the law books, hence the conglomorate banking cabals.....transversely the Fed Reserve along with none other than Paul Krugman wrote this gem in 1999, https://research.stlouisfed.org/publications/review/99/11/9911cn.pdf, just "talking" about capital controls and their glory.
See, that law would've only collapsed the system sooner, so what do they do? Why break things in a manner to their liking, of course.
Sound money never stop any Government from destoying itself and it's people.
One percent reserve requirements? Well, that's likely higher than the current US banking system requirements, now that the requirements are sliced and diced to reflect different "risks."
"How long before bureaucrat and banker try that here?"
Had this exact same conversation with my wife the other night. While not a perfect bellweather for the 'masses', she has been slow to pick up my constant ravings for the last 3+ years. She barely tolerates me buying guns, ammo and PM's.
Cyprus happened, and now she gets it. More people are waking up. After our conversation, she looked at me and asked "Should we buy more ammo?". Yessir!
That's a good woman. My wife has been on board since we got back to the States in 2008. She has asked if we have to many guns recently. When I couldn't fit all of them into the gun safe, she thought it was too much. Maybe I need to trade out for some ammo...
You silly bastard, that's the perfect excuse to buy a bigger gun safe... and when that one fills up, get a bigger one... and when they're too big to move or otherwise manage, get two. In many parts of the country, guns and ammo are already de facto currency.
PS, I would be a seller of ammo in this market. A buying opportunity isn't too far away...
Two gunsafes obviously the solution.
The second one should be buried in the woods with the contents well greased.
What Cypress did would be unconstitutional here. Not to say there isn't some constitutional way to do it, but the Cypress way would not be it.
The constitution is circumvented day in day out. Drone strikes on American citizens as an example. Holder has yet to appear as subpoenad to congress.
Really? You're going to pull out the Constitutional card? That means nothing and we've seen it already. They violated the capital structure already for GM et al, it will come regardless of whether the Constitution says anything about it.
Where in the Constitution does it say Bernanke can buy worthless MBS?
Congress cannot confer power it does not possess, to the Fed...it never could, but that's what we have now and who out there will challenge it...no one, so it happens.
The first glimpse that this will come is the 'talk' about going after 401k / IRA money because the account holder doesn't have the ability to make good decisions about investments. If that isn't a strong indicator about where things are headed then what will it take?
As far as I'm concerned Ron Paul hit the target.
The Constitution is for the little people. Not for Banksters and governments.
Good grief.
What the Troika and the gov't did was already unconstitutional, but they did it anyway. The exact same thing would happen here too, no doubt whatsoever. The constitution or rule of law applies only to the little people, not for those in charge.
And its spelled "CYPRUS", not "CYPRESS".
Still trying to make my wife see things for what they are....she knows it's for real, but doesn't want to acknowledge it. Would rather smile and pretend the 800 lb gorilla is not in the room - waiting to pounce. It's vey difficult. I have the same conversation re: GMOs and vaccines, same result.
Is it possible we are married to the same woman?
It's incredible, no? Not sure why they are so willing to look the other way while the evidence mounts. Ignoring something does not make it go away or be less real. Good luck to you my friend...
Now that's a real wify!
Here's the thing--you have as much ammo as you can store, but if you don't have a small army, you aren't going to be able to defend yourself for long. You might better have a small stash of gear and be out trying to form a real militia.
RON PAUL!...Hey!...Where are you?!...
:)
I don't know where he is NOW, but he will be at Oberlin College April 7 - https://calendar.oberlin.edu/event/lberty_defined_-_ron_paul
I plan to be there as well.
Still not sure why they took the in-your-face path for robbing the people of Cyprus, unless it was to incite bank runs or to attempt to flush savings out into the economy. Bernanke has shown that silent theft via inflation is much less noticeable.
In the EU, inflation has a much stronger political dimension than it does in the US. Inflating the common currency to cover shortfalls in the periphery is a tax levied only on the core economies. German voters wouldn't stand for it, and I don't blame them.
It sure does point out a little structural problem with the currency union, though....
Yeah, I get that, but it just seems as though they chose the one plan which would cause the most chaos, and not just in Cyprus but all across Europe.
In other words, I'm not convinced this was a case of "Oops! Didn't think that would happen!" They had to know exactly what would happen, and they went ahead with the plan anyway. Why? I honestly don't think it can all be attributed to elections in Germany or core countries not wanting to foot the bill for the periphery.
Since when does anyone give a damn about what voters think?
The EMU does not act in isolation. The trillions in explicit and implicit support from the Federal Reserve, IMF, sovereign wealth funds and the rest to the Eurozone confirm this. In this the actions of the EMU reflect the policy of the federal reserve and the rest of the global players.
What impairs banking in the EMU impairs bank customers everywhere
"How long before bureaucrat and banker try that here?"
If they don't try it soon, there won't be any money left in the banks to try it with!
Most likely won't be bank accounts, but 401k's and IRA's.
Good idea.... Let's do it!
Remember that under a fractional reserve banking system only a small percentage of deposits is kept on hand for dispersal to depositors. The rest of the money is loaned out...
WRONG!! Loans are made from nothing. Losses are covered by deposits. If losses are greater than deposits the bank is wiped out (unless it is tbtf).
Thank you,Dr. Paul!
If the pyramiding of loans atop the fractional reserve system of deposits scares you just wait until you really look at the derivatives leveraged and piled atop actual real underlying securities, securitized by something tangible. That is the real horror show. The tumble down will leave no survivors. Zombies will roam the earth then - the hollowed out eyes you pass in the dust will be your neighbors.
Keep withdrawing my friends......
'I don't always bank, but when I do, I withdraw.'
well played.......
"Imagine the reaction if in September 2008, the US government had financed its $700 billion bank bailout by directly looting American taxpayers' bank accounts!"
but they're effectively doing that now with ZIR policy
+55
And QE. they don't need to raid accounts, they are already doing it by stealth, and if need be, they will print whatever they need.
Does anyone believe that US banks have no exposure to Euro debt that will soon implode?
As always, the man says it so well and succinctly.
The Cyprus Template:
The Smart & Skeptical: You pulled your money months/years before the x-day
The Corzine: Vaporize OPM's. Make hefty bonuses. Get off the radar.
The Connected: You got a call to transfer your money to London weeks/days before the x-day
The Powerful: The horsehead in bed and fishes wrapped in Euro notes help get your money out on x-day
The Cunning: The law of unintended consequences helps you manage to extract some of the money after x-day
The Sheep: Go back to sleep, your money is insured. "And it's gone!".
The Statist: Bernank put will save you, buy CY bonds and sell some CDS's.
Someone is getting bery bery nervous about a sudden, dare I say, 'correction'.
CME/CBOT Daily Price Limit Changes Go Into Effect Monday, April 8th.
The change from quarterly to daily calculation of market-wide circuit breakers on
April 8, 2013 will also coincide with a reduction in CBOT and CME Stock Index futures
price limits levels to 7%, 13% and 20% limits from the current 10%, 20% and 30% limits.
Five Percent (5%) up and down price limits will be in place for Stock Index futures from
3:00 p.m. Central Time (“CT”) through 4:15 p.m. CT, Monday through Friday. Five Percent
(5%) up and down price limits will also be in place for Stock Index futures from 5:00 p.m.
CT through 8:30 a.m. CT (next calendar day) Sunday through Thursday.
Seems that way:
http://www.zerohedge.com/news/2013-04-01/nyse-updates-q2-circuit-breaker...
EVERY ZH'er knows by now, "if you don't hold it, you don't own it."
Do otherwise at your risk.
The fact that Ron Paul uses the word "elite" makes me think that he is actually in league with them. 10 years ago we heard nothing about "elites". It was not until "they" started to try to BRAND themseles as "elite" (ie. being above everyone else) that we heard the term elite used throughout both the mainstream media and the supposedly less than mainstream (but still covertly supported by mainstream money) media,
There are several effects of "branding" certain people as "elite".
1. It reinforces the recruiting mechanism that the power uses. The recruiting mechanism tells gullible dupes in positions of influence that they are better than the chattle and should turn over their trust and free will to the power. Everyone wants to be valued and so the power is able to do that by telling the dupes that they are special and also taking care of their financial desires (seems satainc, eh?).
2. For those of poor self-image, which includes a large percentage of people thanks to mainstream media that tells people they need to be thinner, more glamourous, better dressed, richer in fiat, living in a bigger house, etc., it creates a branding image that the power people are in fact some way superior to everyone else. If they are in fact elite, as the branding says, then they are above the masses.
3. The branding creates a backlash amongst people who cannot fathom why people who are attached to a corrupt power that creates and distributes fiat money should in any way be considered "elite" ... what in fact makes them "elite"? Is it the fiat, created out of thin air, they are given for signing over their soul, free will and positions of influence ... so that they can be part of the club called "elite"? Ummm ... thanks, but no thanks. But my guess there are hundreds of millions in this world who would sign over their soul for a chance to be called "elite". Alex Jones, maybe; Ron Paul, most likely; Typer Durden ... based on the adds running on the site and mainstream look and feel to the site the days ... probably. Just another cog in the elitist dialectic.
Call them "elite" or 1%, these are just branding efforts designed to create a dialectic and conflict between two groups of people; one with the majority of the fiat and the other with the majority of the numbers.
Sure, junk me ... but just consider that in more enlightened times when the people actually cared and were more involved in fighting the "power", the scumbags were not branded as "elites" or as the 1%. They were called "moneychangers" and the "the money trust". Read some history.
They have captured the branding.
Why would Ron Paul agree and submit to the branding? The answer is obvious. The power always wants to CONTROL all sides of an argument. The fact that Ron Paul was allowed to be the controlled opposition and that it coincides with his natural predilection is obvious. However, when push came to shove, Ron did not challenge the power and instead seemingly made a deal to put Rand in his position as the controlled and well taken care of opposition. Remember those days when people felt betrayed?
I do believe that Ron, if free from the money power would be good for the people and the country. However, he is not willing to go so far as to challenge the power... and instead has accepted his role, working for them, as the controlled opposition.
By the way, I like the "junk" game. See how quickly and coordinately the junking of Dave Stockman happened for telling THE TRUTH. It is common on web sites that handle controversial subjects. One can tell that they are close to the truth when a violent junking occurs.
I am actually the TRUE representative of the elite, and you have fallen right into my trap by doubting that Paul or the Tylers or anyone else is totally free of eliteness. Our stain is EVERYWHERE. In a bit, you will go to the bathroom, not because you drank one too many coffees but because WE WILLED YOU TO. And then later you'll eat. Not because you're hungry, but because we in all our eliteness have decreed that all carbon-based life forms MUST eat because WE SAY SO. With the help of our underling Ron Paul.
Anyone who objects to any of this is objecting according to our design. Anybody who fights us is only fighting because we wish to give you all the impression of free will, but in reality we control everything you do including breathing. We have implanted microchips in all your bodies so that we alone control not only your minds but your involuntary biological processes. Because we're JUST. THAT. EVIL.
Holy crap, some people are a bit paranoid.
... and of course people who have theories about conspiracies are always crazy and wrong. Lol ... Andy Grove "Only the paranoid survive"?
I have always wondered if Ron has been used, and he wasn't aware of it. He has told the truth, and has not only educated many Americans about our financial system, but he has exposed the corruption of the Fed and Wall Street. Yet, he is viewed as a "crazy old man" by Americans, and his his followers are all considered insane conspiracy nuts because the Jewish controlled media has demonized them. Any person who takes the position that Ron Paul takes is now laughed at.
To the degree which he demonstrated constitutional fidelity, he remains an honor worthy man.
His follow-through and actually getting something done, however, is indeed, weak.
Left to himself, he was outstanding. As soon as he listened to outsiders as advisers, his whole program fell apart. Also, I was disgusted to see how many supporters of his were purely on the bandwagon for self-gain.
Which confirms his lack of executive ability.
(I think his son may fill that gap)
He's only labeled as the crazy because liberals are ideoloigically opposed to sound money and individualism and conservatives are, for the most part, too fearful to really stand up and do anything useful. Also, Ron Paul pisses off the religious conservatives because it's easy to piss off idiots.
Honestly I like Ron Paul's message and he seems like a good person ... almost the entire time he is "on". However, I have known people who seemed like good people who did and said the right things and then late at night on a corner bar stool they are all f*ck this and screw that. Hopefully Ron is not that kind of person.
It would seem however, that buying into the branding message IS carrying the water for them.
You should probably stop talking about Ron Paul now. You know nothing about him.
Ron Paul has a public persona. I can only relate my perception of his public persona... have I not done that?
Maybe you should tell everyone the exact truth about Ron Paul.
Personally, I would like him to be what he purports to be. However, if he was a Charles Lindburgh, my guess is that Rand would not be in office.
I had to DownVote you. (IamtheREALmario)
I understand where you are coming from, but you have completely missed major points and referential integrity over say the last 80 years.
First : I would advise you to read "Propoganda" written in 1928 by Edward Bernays, find out that people have been talking about the elite since then and much much much before that.
Second : Go back since around say, well pick any time in history and look up social stratification of said period, you wil see that there has always been public/verbal diversificaiton of the "common" folk and the "elite" folk.
Third : Read about the basic understanding of verbal recognition through targeted marketing strategies. How does one grow a grassroots movement? Speak like the followers, I'd guess that Dr. Paul could speak circles, name names, and what not, but would leave the common person confused as to who the hell he is talking about. On the other hand, elite is a common term for the upper echelon of all societies, those that are above said laws and reality - which has been around since the beginning of time.
I don't mean to be demeaning or hawkish towards your comment, but think that there should be more study into things before spouting points of decay with Dr. Paul's statements.
The only person who is brave enough to actually name "names" is Brother Nathanael. He gets death threats on a daily basis. His videos on youtube are short and sweet, and they tell it like it is.
^I didn't down vote you. I am actually reading about this Brother Nathanael, never heard of him before.
Had to down vote you for carrying their water and being their apologist.
I have read pretty much all that Bernays, an elitist himself", has published. That is why it seems that the term "elite" is a clear branding strategy, and used by the mainstream media, a tool of the money power. Being over 50 years old and having a fair recollection of how the rich and banking powers have been referred to over the years, I can tell you that the use of the word "elite" as a broad brush branding tool for those with control of the money is new to recent years. There has been talk of "elite" athelites and such but not of people as a money class. I was not around in the 20s and have not read anything written in the 20s that specifically called the power, "the elite".
The use of the terms "money trust" and "moneychangers" are of course legendary from different ages. My guess is that in this reincarnation they did not want to be called a term that had the word "money" in it because it has a negative connotation and instead decided to be branded as "elite". A horse by any other name still has a stinky ass.
As for confusing the poor sheep, that would of course be a concern if the sheep were getting all of the branding from the mainstream media. If the mainstream media called the money powers, "the money trust" as previously, then Ron could use that term to not confuse the sheep.
My point is that the use of the term "elite" is a deliberate branding effort designed to distinbuish two sides of a dialectic and at the same time to transfer the perceptions that the word "elite" connotes... as outlined above.
Agree 100% Bernay is a POS in my opinion. Just read a lot of his work being that I am in sales/marketing. His work made me realize how blind we truly can be, that the 'shadow' fields think we are inept to think or care or decide for ourselves.
I agree that the term as well can be coined in a branding manner, but still has been around a long time. "C. Wright Mills wrote in his 1957 book The Power Elite of the "elite" as "those political, economic, and military circles, which as an intricate set of overlapping small but dominant groups share decisions having at least national consequences. Insofar as national events are decided, the power elite are those who decide them."
http://www.youtube.com/watch?v=Z0735005ItY - 1988 use of the term elite as well.
Shoot...and here I always thought "the elite" meant the small type people who were hard to read (due, primarily, to dishonesty).
I'm pretty sure Ron Paul is not carrying water for the oligarchs.
No joke...is Dr. Paul one of the Tyler Durdens here???????
Thanks Dr. Paul for the clear, concise summary of the Cyprus/Euro fiasco. I hope your words will reach folks who are in danger of being robbed by the banks.
Do we really know what is happening within the EU banking system and the most vulnarble countiries wiithin the system?
How about Spain, Italy, Slovinia, Portugal, Greece, France? How are capital flows going? How about Swiss capital inflows.
Does BIS and IMF not keep these statistics on a weekly/monthly basis?
How about some intrepid Financial MSM reporting on these numbers? NY Times, WSJ, FT, Telegraph in UK ..... Anyone? Anyone? Do the great unwashed have a right to know?
Bravo, Dr Paul!!
This has nothing to do with this story. It is just the one at the top of the queue:
I want you to stop hacking me.
It's enough!
There's no reason for it. I am not interfering with your evil little machinations anywhere.
You are doing it gratuitously and maliciously for the sole reason of wasting my time and hurting me as much as possible.
You never met me. You don't know me. I know very well it was bleepity-bleep Manuel Asensio, who also never met me, who started designating me The Chosen Victim almost 15 years ago. Then bleepity-bleep Renaissance prop desk traders in their early 20s started joining in. Then everyone started in.
The past is past. But it stops NOW - forever. Because I am on the verge of massive heart attack or stroke from this malice. I can hardly breathe.
Do you have ANY idea what it's like to be a laboratory rat for every single new virus or worm or Bot exploit or Trojan exploit any little 14-year-old can come up with?
They break right through all firewalls and all security programs. They are in the time sync. They are in my mail. They are in my Linked In. They are in my portfolio, of course. They are in my blogs.
Every time I sit down at my desk - 20 new pieces of Malware.
Well, YOU can stop it. We all know this site is an outlet - the jokeyest one - of gold ole AmDocs, Masters of the Universe and all who exist. Or not. But that's another matter.
But you CAN just tell all the little Script Kiddies who live and die by your indulgence to lay off ME.
There are 7 billion people in this world. It's time to find somebody else besides Our Designated Victim EB to hurt for a change.
I have given up pretty much everything to you.
But I am not going to die for you.
I will not! You will not be allowed to kill me for a stupid malicious game.
er........uhmmmmm........what........in the fuck......are you talking about?
I'm guessing that the poster Venerability is suffering from full-on raging schizophrenia.
(Not that there are not other posters here whose posts I routinely find cryptic, almost to the point of appearing, to me, to be nonsensical.)
CPL and his sister went off their meds the same week. What are the odds?
I'm disturbed when Yen Cross makes sense.
Anyone else miss Velobabe?
Venerability, I'm an ass, but I do have empathy for your situation.
Wait, is GOLD talking on ZH now????
Is that you, precious?
Yes, evil overlords who use ZH as an outlet, please, stop hacking gold. Enough is enough, it's just mean now.
(BTW if you are a real person with a problem there are people who can help. Don't give up)
WTF?
Xanex, isle 3
Or, you do know that a real life awaits you... outside your computer.
no, see you've got it wrong, he/she doesn't need to take meds, whoever that is needs to get the hell off them...and pronto.
this is what happens when you start choking down that cock-tale of happy pills the commercials promise will solve everything.
btw, did you ever notice in those commercials it's about 15 seconds of what the pill will do for you, and 45 seconds of what the pill will do to you.
our poor friend here needs detox, not more prescription rat poison.
At any time you could have learned Linux; its not like the price was an obstacle. But NOoooo, time and again, you just had to feed the Microsoft worm. You could try to sue, but you know you did it to yourself. You know, thats why you have to upgrade every 5 years? You were warned in advance, right here: http://www.imdb.com/title/tt0079367/ Its never too late to change.
There will be no mercy.
“In the U.S., depositors have actually been put in a worse position than Cyprus deposit-holders, at least if they are at the big banks that play in the derivatives casino… evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite.” – Ellen Brown, chairman of the Public Banking Institute, webofdebt.com and ellenbrown.com
Why? The US Federal Deposit Insurance Corporation and the Bank of England have a new plan whereby “Systemically Important, Financial Institutions” will get the depositors’ money and, in return, depositors will get stock in the failed bank, i.e., the shaft.
This potential wipeout of depositors, if implemented, includes insured deposits, those under $250,000. And, still, the regulators put depositors at risk by "turning a blind eye as banks use their depositaries to fund derivatives exposures.”
Yves Smith of Naked Capitalism explains this ongoing rape of savers and holders of cash by the money manipulators and Congress: “The 2005 bankruptcy reforms made derivatives counterparties senior to unsecured lenders… while the depositor who puts up 100 cents on the dollar is ‘unsecured,’ i.e., thrown to the ravenous wolf, the Fed. In short, even the 2% or fewer deposits upon which the bankers base their reserve leverage is, technically, worthless.
“One might wonder why the posting of collateral by a derivative counterparty, at some percentage of full exposure, makes the creditor ‘secured,’ while the depositor who puts up 100 cents on the dollar is ‘unsecured.’”
Wonder no longer. The banks that gamble in high risk intend to take US depositors' money to stop the bleeding whenever the bottom falls out. These derivatives counterparties made themselves senior, gave themselves priority over depositors’ hard earned money just as Mao and Stalin would have done. Likewise, they intend to own everything.
That is the “sound” money policy of the modern banking system under whose dictates we all necessarily live and suffer, a private corporation of international bankers whose operation is not controlled by Congress. No one really has any money except the bankers because all money “owned” by depositors, and lent back to banks in the form of a “deposit,” derives from a loan made by the banks to somebody else.
This is voodoo econmics, pure and simple, used by the money manipulators to sacrifice human beings to their financial system.
These banks are not trusts; they are entrapments. These cartels have corrupted each nation’s prerogative over the issue of its own money and all representative government – to the point they’ve made accomplices out of the politicians. And if any politician is not going to go along with them, they see that they get rid of him.
Petitioners for monetary reform in England in 1943, among them Nobel Laureate in Chemisty and pioneer in the economics of wealth, Frederick Soddy, addressed the fundamental cause of today’s instability and unrest. It has never been more clear:
“The issue and destruction of money by the money-lender is not a service, but a weapon which can be and has been used to perpetuate poverty amidst abundance, which renders individuals and nations powerless to protect themselves, and which may even be perverted to serve vast designs for the complete subjugation of the human race to tyranny, exploitation and the powers of darkness and evil.”
The only saving grace in today’s America is that the American people aren’t ready to accept servitude, they’ve been free too long, and that means revolution. There isn’t a fair-minded person in the US who wouldn’t see this as the end of freedom.
If Bank of America and JP Morgan Chase with their $75 trillion and $79 trillion in derivatives, respectively, go down and try to crawl back up on the backs of depositors, it will be a blood bath. It won’t be like Cyprus, believe me.
For details:
http://www.globalresearch.ca/it-can-happen-here-the-bank-confiscation-scheme-for-us-and-uk-depositors/5328954
It is still not enough to plug the 1.5 quadrillion derivative hole.
"...This potential wipeout of depositors, if implemented, includes insured deposits, those under $250,000."
Uhm, no. The proviso in question refers to unsecured creditors to whom the bank is liable. Upon failure the bank is not liable for insured deposits, the insurer of those deposits (FDIC) is. FDIC insurance limits are generally $250k per account beneficiary per insured institution.
There's enough to be alarmed about without gratuitous exaggerations/misinterpretations...and I keep seeing this one repeated.
“No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks. The directive is called a “resolution process,” defined elsewhere as a plan that “would be triggered in the event of the failure of an insurer . . . .” The only mention of “insured deposits” is in connection with existing UK legislation, which the FDIC-BOE directive goes on to say is inadequate, implying that it needs to be modified or overridden. “– Ellen Brown, It Can Happen Here: The Bank Confiscation Scheme for US and UK Depositors, Global Research, March 29, 2013
“A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.”
Canada is already legally preparing to act like Cyprus:
http://www.zerohedge.com/contributed/2013-03-30/canadian-government-offers-bail-regime-prepares-confiscation-bank-deposits-ba
AND, THE SAME STORY AGAIN:
http://economicsfortherestofus1.blogspot.ca/2013/03/canada-plans-for-it-own-cyprus-scenario.html
Canada Plans for its own Cyprus Scenario
... as well as other similar stories elsewhere ...
The world is being run by transnational banksters.
Worrying about them stealing your money should be put in context of worrying about them starting genocidal wars, and imposing democidal martial law. In that context, it is impossible to underestimate the degree to which this "is voodoo econmics ... used by the money manipulators to sacrifice human beings ..."
Amen, Radical. That’s sets the priorities straight.
Canada, New Zealand, Cyprus, the USA, the UK… “By the pricking of my thumbs, something wicked this way comes.” Gold bought for blood? War? And they call it “bail in.”
“And just outside this flimsy cloak called civilization are hunger, thirst, and cold…waiting.”
They get the gold mine, you get the shaft.
@JR
I am aware of and have read the source document prepped by FDIC and BofE. Suffice to say, I beg to differ with Ellen Brown's apparently personal conclusion. Her claim is significant enough for her to have verified it prior to imparting same under auspices of "research". Not listing exceptions certainly does not extrapolate into inclusion.
btw, when i'm able to spend some time partaking of ZH, yours are some of the posts I enjoy the most...JR and adr, two most memorable paper bag avatars
Thanks for the additional input, Just Ice. Unfortunately, it appears we may soon know.
The reaction of the stock markets and precious metal markets are entirely in line with what one would expect in a twisted system.
The really fascinating thing for me is to what extent will people believe these stage managed movements.
didnt the fed back in 2009 allow the banks to use RMBS as their 'reserve requirement'...? our banks have zero CASH for their reserve requirement.
When the Romans invaded Jerusalem after a prolonged siege in 70 A.D., they discovered when they stabbed the Jews in their bellies with their swords, gold and precious gems would fall out. The Jews had swallowed their gold instead of putting it in a bank. I hope it doesn’t come to that.
I watched some moron on CNBC commenting about how Cyprus has a "great opportunity".
The interviewer asked him how is that given their biggest industry has just been destroyed.
The moron said with the labor force they could turn to manufacturing.
Yeah, count the days before Apple signs a deal for Ipads made in Cyprus.
Then he said Cyprus was in a perfect position between Turkey and Russia.
For what? To operate a toll bridge?
Clueless is what I call it.
Maybe they could name their toll bridge "The Maginot Line Bridge"
The Pirates of the New World Order! http://shutupnsing.wordpress.com/2013/04/02/the-pirates-of-the-new-world-order/
Funny that Paul seems to be okay with government insurance for depositors (the fundamental cause of the problem).
He implies the average depositor should somehow be protected, and not suffer the consequences of the market.
Will the real Ron Paul please stand up!
I wasn't aware of that. Do you have a link?
I must have missed it. Where did he say or imply that he's "okay with government insurance for depositors"?
" While bank depositors have traditionally been protected in the event of bankruptcy or liquidation, ..."
He doesn't point out that is the essence of the problem, rather, he argues the terms of the deal. The implication is he is ok with government insurance for depositors.
You have read way too much into this statement. You are wrong.
How could anyone possibly write a reasonably short essay without someone misinterpreting a comment by reading far too much into it?
You clearly haven't read much by Ron Paul or you'd likely know that he doesn't support government insurance. So what's the point of your comment? Are you trying to discredit him?
What is unspoken often speaks louder than what is spoken.
I'm not reading too much into it. Arguing terms of the deal is de facto acceptance of the need for a deal, while a free market would eschew any government involvement. Total consumer responsibility for where money is kept will return banks to their beneficial function. If Paul were true to his stated philosophies, he would jump all over this point. Why he didn't, I can't say...
I appreciate the fact that Ron Paul always writes short articles. He is not responsible for failures, like yours, of reading too much into them.
What he said, and all he said, is that people will now be less confident they'll have their money. It is frankly absurd to believe he's implying that government insurance is a good thing and ought to be supported. It is laughable. Again, how could anyone write an article of any reasonable length that would prevent such misinterpretations? It isn't possible, but don't blame the author for it.
The real Ron Paul has stood up when no others would. He ran for president in the only way possible at this moment, through the Republican Primary, and he said everything in an honest, straight forward way, never ditching the tough issues.
And his stand in this case is to make representative government give some semblance of law and permanence to the lives of Americans. If the people’s labor is worth it to them, then how shall it be protected? It is a representative government that guarantees that protection.
If a man cannot hold what he has built, what good is this society to him? What good is it to live if you can’t work for a day’s wages and use it as you want?
IOW: Hands off my property!
America must establish her own currency and run Bernanke and his Fed of international bankers and their “world reserve currency” out of town. America’s “world reserve currency” is nothing more than a stalking horse for the international investment bankers’ one-world currency – the SDR, the bancor of John Maynard Keynes’ 1944 proposed global bank.
In the view of Gregory R. Copley of GIS and the Founders: Only those nations that retain their orientation toward survival, that keep a sense of identity and refuse to allow that sense of identity to be dissipated will succeed as a people, as a culture.
As Robert Scheer asks today in his truthdig column, “It Wasn’t David Stockman Who Wrecked the Economy: “What’s wrong with ‘putting the great Wall Street banks out in the cold to compete as at-risk free enterprises, without access to cheap Fed loans or deposit insurance’? That’s the same cold world in which the rest of us live.”
Writes Scheer, “For all of the strident attacks on Stockman’s column, I have yet to read a serious critique of his most brazen claim, that the bailouts and quantitative easing that have saved Wall Street and brought the stock market back to historic heights represent class warfare with the vast majority of Americans on the losing side:
“Since the S&P 500 first reached its current level, in March 2000, the mad money printers at the Federal Reserve have expanded their balance sheet sixfold (to $3.2 trillion from $500 billion). Yet during that stretch, economic output has grown by an average of 1.7 percent a year (the slowest since the Civil War); real business investment has crawled forward at only 0.8 percent per year; and the payroll job count has crept up at a negligible 0.1 percent annually. Real median family income growth has dropped 8 percent, and the number of full-time middle class jobs, 6 percent. The real net worth of the ‘bottom’ 90 percent has dropped by one-fourth. The number of food stamp and disability aid recipients has more than doubled, to 59 million, about one in five Americans.”
“It wasn’t Stockman who wrecked the economy. It was Bill Clinton who deregulated the too-big-to-fail banks, and it was George W. Bush and Barack Obama who bailed them out. But even Paul Krugman, who knows how bad things are and yet manages to be charitable in appraisals of his Princeton colleague Ben Bernanke, dismisses Stockman’s critique as ‘cranky old man stuff. ...’
“Fed Chairman Bernanke, who predicted this would be an era of the ‘Great Moderation’ back in 2004 and as late as March 2007 assured the nation that the subprime mortgage crisis ‘seems likely to be contained,’ remains a member in good standing of the political establishment. Not so Stockman, who dares write: ‘Instead of moderation, what’s at hand is a Great Deformation, arising from a rogue central bank that has abetted the Wall Street casino, crucified savers on a cross of zero interest rates and fueled a global commodity bubble that erodes Main Street living standards through rising food and energy prices. ...’
“Bernanke, who throws $85 billion a month at the bankers who caused this mess, purchasing their toxic mortgage based derivatives, is still treated with respect. But Stockman, who opposed bailing out the banks so they, like those tens of millions of foreclosed homeowners, could learn a tough love lesson in real economics, is now an object of derision.
“Herein is a lesson that the bankers should have been taught back during the Clinton presidency when, as Stockman writes, the principle of a bailout for Wall Street’s hustlers “was reinforced by the Fed’s unforgivable 1998 bailout of the hedge fund Long-Term Capital Management.”
“That fiasco’s enablers—Alan Greenspan, Robert Rubin and Lawrence Summers—and the more disastrous ones to follow were crowned “The Committee to Save the World” on Time magazine’s Feb. 15, 1999, cover and are still welcomed in those polite circles where truth-teller Stockman is being treated as a pariah.”
http://www.truthdig.com/report/item/it_wasnt_david_stockman_who_wrecked_the_economy_20130402/
Well said. Thanks for that dose of truth and reality :-)
Professor Strawmansky?
Unclear who Paul thinks should bear the economic pain of a bank collapse besides bank shareholders, bank lenders and uninsured depositors?? Why should taxpayers from another country be compelled to pay?
The problem is the "unwind". Once the government, for the purpose of stopping runs on banks, has told depositors that they are backstopped, they cannot one day tell the depositors that they are no longer backstopped. The run would be instanteous and deadly to the non-money center banks. The ONLY reason people keep their money in banks paying 0.05% interest is because of the federal backstop. Take it away and there is less security in a bank than a mattress.
The banks today have incredible disdain for depositors. They are completely unnecessary. The Fed and its member banks create all of the money they need from thin air. Depositors are totally superfluous.
Based on the tone and construction of this piece, I highly doubt that Ron Paul authored it.
Yes, I have read it 4 times and it is odd because previously I never have trouble following the continuity of Ron Paul's work. It sounds as if it was the writing assignment of a 27 year old on the way up, not a guy who has been around the block about 50 times. And, while the last paragraph seems a bit more like Ron Paul's actual writing, the "End the Fed" comment seems totally gratuitous, as if it is expected "for the crowd".
There are a couple of possibilities -
1. Ron Paul had one of his assistants do it because a comment on Cyprus was expected and he had other priorities. Then Ron blessed it ... not unheard of.
2. It was given to Ron Paul to publish under his name ... because that is the way they influence the block that has become the "cult of Paul". First they draw them in and then they bend them to do their bidding.
Regardless, I agree that the tone and construction are not classic Paul ... Oh, and go ahead flame me because it is not as if I have not been junked a whole bunch today.... and maybe it is because Ron Paul did not write it that the branding word "elite" appears in the article.
I have had several people speak to me in much clearer language recently, men that before would hold their composure and keep to business. I'm not sure if this is a function of visibility, or an active will that is feeling more empowered.
Interesting ... There is growing fear. Fear makes people reach out for support, to hold on tight, to acquire and be greedy. The boardies (mostly small to mid-sized company presidents and investors ... wealthy, club members, privileged, but not inner circle elitists) I know typically publicly kept a stiff upper lip saying that because it has always worked itself out before it will obviously do so again. However, their confidential thoughts are different. There is growing concern, uncertainty and fear... even amongst those blind enough to believe that there are two different political parties/agendas in this country.
All people eventually have to choose what they believe in and stand for, in this life or another. The choice cannot be ignored. Coming to understand what is real and what is fantasy is the very first step in a long progression.
Everything is fine as long as the sheep remain docile sheep.
http://www.imdb.com/title/tt0779982/
only referencing, not recommending.
When the RNC betrayed Ron Paul they F**ked themselves. goodbye
I got a e-mail letter from my Credit Union this morning stating that they are lowering their reserve requirement and have made changes to how accounts are reported to the federal government. They say I have nothing to worry about, though. There's nothing I need to do. That spooked the hell out of me, quite frankly.
I think eliminating the Fed is as impossible as reinstating Glass-Steagal or upping the reserve requirement. TPTB just won't take any chances of losing any of their own money.
So what's your point? Don't discuss it? Don't try? Criticize those that advocate we end the Fed?
The Fed needs to go. If you believe that, then stand up for what you believe.
This comment just makes you sound like a troll.
More like a sheep. Of course the Fed isn't going to do what it ought to. What did Mao say about where power grows from? That is the ultimate destination, and these folks will be flat-out shocked when it gets rolling. "How can this possibly be happening?" Meanwhile, down the road, it's time to lock and load.
::.sorry, the below is barely relevant to your comment, but was sparked by the comment about mao.::
smug statist "liberalism" is only a mask that blind hatred hides behind, as with all ideology devoid of self reflection. True ideals of charity and humanity are not bound by the "morally superior" as designated by an official entity.
Back in the days of savings and loans I witnessed a bank run on Honolulu Federal Savings and Loan. I took the time to visit the numerous locations just to observe. A line of people extended out the door and down the street on Waialae Avenue. People were desparate. Herd mentality had taken over. Hon Fed is no more. Banking in Hawaii is interesting to say the least.
One other thing, I served in Vietnam from 1968 to 1971 as a soldier and then worked for a contractor until 1974. The currency used by the military was called Military Payment Certificats aka MPC. Aa a young man I got an early education about fiat currency and how they compete. I hve been through three MPC changes; bases were locked down and the old MPC was "exchanged" for the new MPC. Gambling and blackmarketeering was comonplace. There was a limit as to how much old MPC could be exchanged for the new. People with 'more" than they were allowed to change would pay 10 cents on the dollar for "help". By the end of the change day it was 90 cents. Old MPC became worthless in avery short span of time.
Please take note: safe havens are rare.
Aloha;
Rene
I don't know if this is being placed in the right sequence, but I am replying to the Bot which said my post had something to do with Gold.
It did NOT.
You do whatever you want to Markets - you will, anyway.
But you stop destroying other parts of people's lives out of pure malice and sadism.
You don't interfere with Email or blogs or Linked In correspondence or time syncs! for Goddess's sake! because it is just sooooooo funny to cause pain to someone you're trying to bleep in the Market.
Although I will say, your behavior to me, which is closely watched by many around the world, doesn't actually help the AmDocs-CNBC cause very much.
Yes, we will reward you.
But only if you have a job on a major prop desk.
And Hey! we're only hiring males under the age of 22.
Plus, we really do not like you bleepity-bleep Ivy Leaguers anymore. Now we want kiddies with excess testosterone and limited ability to think, preferably from DeVry or University of Phoenix.
Some of that was satire. But not much of it, alas.
wtf are you talking about? You have been talking about this for months now, just spit it out.
It's no so much a Bank Robbery as it is and Ass Fuckery.
EPIC FAIL. It really diminishes the overall credibility of this site to publish such tripe, most notably Paul's conflation of 'money' with 'currency'. Article should be withdrawn from publication on this site and left to the Teabag crazies.
EPIC FAIL FAIL
The Libertarian currency BitCoin, as with everyday, new all time high -- High:$116.00000
Next up in Cyprus....
1. Food starts to run scarce because importers have problems getting food in and payments out
2. Crime rates start to explode
3. Riots
4. Someone, who has probably lost all his/her wealth and who has a family member die or injured in the riots, starts killing politicians and bankers.
Man, I hope I am wrong...
Gold Price Girls
The USA and the world could have had sound money and strong economies.
For 100 years we have made every short sighted anti sound money choice.
Now the Fed's fiat game is coming apart at the seams.
Ron Paul has been a beacon of light in pointing this out.
It's great to hear him at ZH.
Thank you
4-2-13 / 4:00pm Central
Bomb shell interview with Jim Willie today!!
4:40 pm “They know the dollar is being dumped. They know it is coming?”
4:50 pm “Buy gold and silver and gold and store it out of country, because the Gestapo will steal it as designed to do” (corrections coming later)
4:51pm “I think they are trying to cause the meltdown.”
Hr 1:
http://216.240.133.177/archives32/Stadtmiller/2013/04/Stadtmiller_1_0402...
5:03pm “We are in insane times.”
“We are not a land of liberty now.”
Hr 2:
http://216.240.133.177/archives32/Stadtmiller/2013/04/Stadtmiller_2_0402...
The criminality is being exposed at every level. The crash is on. This will not stop until the masses stop it. Those who value material things will suffer the most. Those who value the things that are real, the spiritual things, will profit the most. The things of the heart are the real things in a humans lifetime, not the ones you can hold in your hands. The more you own, the more it owns you.
Plant your gardens of love now.
"It's the stillest words that bring on the storm. Thoughts that approach on doves' feet govern the world." Nietzsche
Once you are forced into a Ponzi fiat scheme, converting to money backed by something of value is impossible math. They own your imagined fiat assets. They control the zeros on your money, the taxes on your income, the taxes on your transactions, the taxes on your property, the fees and fines to guide our behavior. They own you much as a worker on a plantation. Ron Paul is wise and consistent.
Can someone tell me, how were the lock boxes handled in Cyprus Banks?
wait isnt printing money and causing inflation to bail out banks also looting tax payers? I guess cyprus had no choice and had to cure their ills in a non discrete way.