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Cyprus Central Bank In Shambles Following Third Board Member Resignation
Perhaps the most underfollowed story of the day is the blatant takeover of the Cypriot Central bank by the ECB, which as we reported earlier, has been ordered to sell their gold by the ECB's Mario Draghi, even though the disposition decision of the "independent" central bank of the now insolvent nation is supposedly theirs. First it was this:
- PANICOS DEMETRIADES SAYS CYPRUS CENTRAL BANK INDEPENDENCE UNDER ATTACK,
- DEMETRIADES SAYS GOVT WANTS TO SELL GOLD WITHOUT CONSULTATION.
And now we learn that not one, not two, but three board members of the central bank have called it a day:
- THIRD BOARD MEMBER OF THE CYPRUS CENTRAL BANK RESIGNS - CYBC
We are sure there are at least a few more board members who can resign topped off by Panicos himself bailing, before the entire central bank implodes, and there is nobody left in charge of the now obsolete monetary policy apparatus. What happens then: will Goldman appoint a new "technocratic" Board and governor, or will the country finally confirm that all European lies about member bank Independence is just one big lie?
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Somewhere there's a giant Pez dispenser full of ex-Goldman execs just waiting to have it's squiddy head pulled back and the next one in line extracted to fill vacant central banking positions around the world.
I like to imagine the Pez dispenser fumbled into the toilet.
i am puzzled ... why ECB wants cyprus to sell their gold for cash, so to pay them back, when ECB can print its own cash... and save the country ... no?
Last one out is a rotten egg.
O.T But I thought I would report on the ever larger guns and ammo bubble that is going on in the US. I dropped by the Big Reno Gun show this morning, more out of curiosity then anything else as I'm topped up with all that I want and need. Normally the show is crowded as hell on Saturday and Sunday but Friday morning early is not to bad. Well this morning everybody and there brother was there and even at an hour ofter the open the line for tickets was crazy.
Is there anything left to buy that people can afford? It's pretty difficult for people to shell out a buck a round for .223. Just saying..maybe people are tapped out (pun intended....both of them).
Well if there was any ammo actually for sale in the show I'm betting it would be gone by this afternoon no matter what the price was. In the past(before the Os re-election and Sandy Hook) you could get pretty good deals on ammo at this show if you were willing to buy the re-manufactured stuff in bulk. There was a break even point in that if you were to have it shipped in the cost of shipping would be greater then the sales tax. I have no clue what the prices are in there now as I did not get in line for a ticket. I might stop by after work and check it out again as it's on my way home anyway. As an aside I was in Wall-Mart this morning and there was a line at the sporting goods register(about 5 guys), they said it was ammo shipment day lol. Shits getting crazy.
"why ECB wants cyprus to sell their gold for cash"
Because they take the GOLD down and now wants to get
Cyprus Gold at fire sale.
yes, but it is only 10 ton .... it is just peanuts. china i think has bought over 2-3 hunderds tons over only this year in less than 3 months... poor Cyprus cannot even fill one day quota .... i wonder if its worth the fuss .... just a thought ...
Only ten tons would look great in my basement;)
It's only about 20 cubic feet. I'd put it in my bedroom and lie on it.
But then your bedroom would be in your basement.
Maybe this guy had 10 tons of gold in his bedroom. :-)
http://abcnews.go.com/WNT/video/close-sinkhole-swallowed-florida-man-18652213
For These bankser phucks, its the thrill of the game...
Sadistic mofos, these people are
its a quarter oz per person in Cyprus - its like asking each person to give up a piece of jewelry.
bastards! fuk a duk
In a fractional reserve banking system that 10 tonnes of gold "magically" becomes 100 tonnes.
They're just wanting them to sell all their barbarous relics....
The ECB doesn't want Cyprus to sell it's gold for cash (to just anyone).
The ECB does, however, want the title the gold that is nominally "owned" by Cyprus.
In the meantime, the headline saves Ben a few bucks on his monkey hammering bill, and forces that many more weak limbs on the magic hard money tree to give up the fruit of their labors at a reduced joke of price...
because physical Gold is real money perhaps
Yep, Lloyd is watching quietly from behind the one way glass window.
What makes them want to follow Draghi's orders? How many divisions does he have? How is he going to get them to Cyprus? Follow Nancy R.'s advice and just say NO!
Everything is proceeding according to plan.
It will be pretty difficult to leave the Euro and launch your own currency when:
1) You have no Gold
2) Your Central Bank is in chaos and disarray.
It's all going to hell in a handbasket, as my dad would say.
Brother can you spare a handbasket?
Sorry, I only have one, and I'm saving it for when I have to haul a load of Benny Bucks down to the store to get a loaf of bread.
Make sure it has wheels
What amazing motivation a gun to the head is.
Perhaps if enough board members resign, they won't have a quorum.
Said it elsewhere on ZH today - PLEASE, Cyprus, tell the ECB to FUCK OFF.
DavidC
Cyprus really needs to tell Troika and the ECB to get back on their 'short bus' and head home before things get really ugly.
These f**king markets are criminal.
U.S. 10-Year 1.728 1.791 1.795 1.724 -0.064 -3.53%T-10s down 6.5 bps. WTF? It's definitely different this time...
These f**king casinos are criminal.
Fixed it for you.
The game is rigged.
But you can't win if you don't play......
As Evan-Pritchard points out, Cyprus doesn't *have* its gold. Do you suppose they will politely return it from London if Cypruse quits? Without the gold what will Cyprus base its new currency on? That's how the game is played.
Use their own bullshit tactics against them... execute a physical SWAP with the Chinese or Russians for gold they hold domestically at a 5-10% discount. See if the dickless wankers have the balls to stand up to a bigger bully than themselves.
Bonds up, PMs crushed, stocks welll on their way to green again with high beta names leading the way.
Central bankers are having it all their way. Absolutely incredible, outrageous, evil. But when will something break? How long can the world last with a criminal capital allocation and wealth distribution process?
Solidarity, zh brothers. We are under full frontal attack by a heavily armed and desperate enemy. We're on th right side I'm sure, but we won't all make it.
Draghi is a fool for demanding the Gold. Krugman has said its all just "goldbuggery"
http://www.nytimes.com/2013/04/12/opinion/krugman-lust-for-gold.html?hp&_r=0
I feel sad for Krugman, an obviously educated man with no concept of the real world.
DavidC
I do too but because he's a shameless, gutless pimp and that's not a quality way to live.
Who says educashun leads to intellijence?
Shheeit...lookie at the leaders of this country..
Krugman just does what he is told, just like Obama...
Fools are just handing over the country to the ECB...
taking a bailout is essentially suicide for your country.
Its Ok, they 'bailed in' everything will be just fine, listen to the calm re-assurances of our leaders and....look 'Biggest loser is back on TV' must not miss that!!
I bet some Russian Mobsters have something to do about this...like a target t-shirt or something sent to them..
So the central bankers of Cyprus don't want to sell the gold?
Damn tradionalists.
Okay, I'm confused.
Who wants to sell the gold, their central bank on orders from Draghi or their own governmen without consultation?
Will someone pull the plug on this charade please.
Just leave your gold on the counter and walk away.
But where is the gold? This is why Germany is repatrioting their gold. Because if the ECB or IMF decides you owe them money, they don't want fiat.
let the banks implode Cyprus and Save your gold for the reset. It's not that difficult a decision. At least each citizen would have half an oz of gold to their name.
OT: Sprott Silver ETF(PSLV) now trading at ZERO premium. Interesting.
HOLY COW!
Paper Silver now trading at a discount to spot!!
-0.07% $10.32
Praise be to Ben!
"CYPRUS CENTRAL BANK INDEPENDENCE UNDER ATTACK"
If you surrender before an attack occurs, was it ever really an attack?
The whole world market is hanging on one and one hair only:
Order from Obama to crap it.
Nothing else holds this market, same as in 2008, a simple Bush's order crapped the whole thing after oil went parabolic.
Anyone know where the Cyprus Gold is located? City/London, NY FED, US Treaury?
As of yesterday, Frankfurt.
Huh?
Cyprus gold in Frankfurt. German gold in France, UK and US. France gold in Mali. US gold in who knows where.
This is just a global game of Where's Waldo. It reminds me of an old Johnny Carson joke. • There’s only one fruitcake in the world. It just gets passed around.
Central bank that can't print money =/= central bank
http://www.zerohedge.com/news/2013-04-10/here-we-go-cyprus-sell-%E2%82%AC400-million-gold-finance-part-its-bailout#comment-3431229
"The Central banks own the Gold.
The individual States remain in debt to the banks both commercial & central.
Its not really Cypriot gold.
You see the banks own EVERYTHING.
Including your ass & assets"
This new and somewhat strange episode is all about pushing resources higher (above the bank controlled nation state)
They wish to push resources to the very top of the euro market state experiment which happens to be Germany at this moment.
Europe is / was all about destoying the banks previous creation - the post 1648 experiment.
They wish to kill it and somehow reanimate the corpse.
Euroland is the 9th circle of banking hell
Golden, uh goldman rule applies...he with the gold, rules!!
Of course once the friggin crooks get the gold, its lights out for Cyprus ..
ECB = central bank for eurozone, single monetary policy, nothing to see here, move along
i'm kinda curious who the resignees were and what their ethnic background was
surly they could not have been of jewish descent. were they jewish, that would be against their religion of going along with fraud, deceit, plunder and theft
nice.
Panicos resigning was to be expected, I´ll get worried when Calmos finally decides to step down.
Cyprus, just do us all a favour and tell Europe to fuck off. It's not like you don't have any alternative, I'm sure Putin could make you a sweet deal. What's so wrong with a sovereign default, you'll get over it. This Europe/ECB crap is torture for generations to come. You might as well hand the south of the island to Turkey. At least they'll rape you but not your children.
No doubt their bank accounts left Cyprus before they did.
If the central bankers of Cyprus cannot understand that the minute they give up their gold, they lose all possibilities of self-determination.
Without gold, there is no way they could ever print their own currency again.
I would say that was treason.
It is treason,,, tell them ASS wipes to piss up a rope,,,
No more PANIC(OS) at the Cypriot central bank?
Who is the next guy? CALAMITOS or COLLAPSIOUS?
Here's the rub. The Cypriot central bank cannot operate under the capital controls. I mentioned weeks ago to have a look at the Deposit Insurance Scheme for bank accounts up to 100,000 Euros. There is no funding for that just as there is no funding for our FDIC unless the Fed unleashes the dragon and by that time, the insured amounts will be worth SQUAT.
Cyprus is broke. Germany's parliament will probably not vote in favor of any bailout. Even if they do, the country needs more, lots more. The ECB suggesting to sell gold just means that Cyprus is fucked and left to its own devices. Is like the rich brother telling his poor brother to sell his Spiderman towel collection and stop asking Mom and Dad for more money.
BANK RUN is continuing unabatted. Sell off in gold is another symptom of a bank run imo.
P.S. Fuck Bernanke and Windows 8 sucks.
From BBC site;
"The man arrested at Athens International Airport was said to be carrying 7kg (15lbs) of gold tablets and almost 300,000 euros (£255,000) in cash in his luggage.
Customs officials also believe he attempted to smuggle out another 425kg of silver."
The guy was going to German.
And you guys are worrying that there is no gold or silver left. There's plenty, all in luggage at different international airports.
Who cares? They sucked and were horribly negligent.