Cyprus should scare the living daylights out of everyone.
Cyprus has shown us that when things get bad enough in Europe, bureaucrats will STEAL money from the people. That is bad enough as it completely goes against the central tenants of Capitalism and Democracy. Not to mention it also targets the wrong people (average citizens) instead of the banks that created this whole mess.
However, we now know that when it comes time to STEAL, the STEALING will only hit those who are not well connected with the corrupt elite. To wit, the media has revealed that a number of Cypriots actually managed to transfer funds outside of Cyprus right before the banking holiday was put in place.
A company owned by in-laws of Cypriot President Nicos Anastasiades wired €21 million from Laiki Bank to London days before the Eurogroup’s crisis-triggering levy proposal, claims a Cypriot newspaper. The president demands an investigation.
During two days, 12 and 13 of March, the company A.Loutsios & Sons Ltd., co-owned by Loutsios John, the husband of Nikos Anastasiadis’ daughter, Elsa, took five promissory notes worth €21 million from Laiki Bank. The money was then transferred to London, reported Cypriot newspaper Haravgi, affiliated to the communist-rooted AKEL party.
The withdrawal was fulfilled just three days before the Eurogroup meeting when euro finance ministers agreed a 10 billion euro ($13 billion) bailout for Cyprus.
The company, however, has firmly denied the reports.
Let me get this straight… the in-laws of the President of Cyprus somehow magically decided to wire €21 million a few days before the Cyprus banking system collapsed… and we’re supposed to believe this is a coincidence?
Let me blunt here to anyone who resides in Europe or who believes that investing in Europe in any way is a good idea: the people running the show over there are NOT there to help you.
Look at Italy where a Democratically elected Prime Minister was removed and replaced by an un-elected technocrat… who also failed to solve anything… and now there is NO GOVERNMENT.
Look at Spain where the current Prime Minster is embroiled in a massive corruption scandal (he is alleged to have received numerous bribes by real estate developers throughout Spain’s housing boom) and not one but THREE ex-Treasurers are implicated in fraud, bribery, and MONEY LAUNDERING.
And of course, there’s Cyprus, where Government “leaders” CLEARLY tipped off its friends and families to get their money out of Cyprus, before freezing everyone else’s money.
I’ve said it before and I’m saying it again: NO SANE PERSON SHOULD EVEN CONSIDER INVESTING OR HAVING MONEY IN EUROPE.
The folks in charge of that situation have failed to fix Greece. They’ve had three years and over €100 billion to do it and they FAILED. They’re now so desperate that they’re even taking peoples’ money from right out of their banking accounts.
This is what systemic failure looks like. And eventually it will be making its way around the world as the overleveraged financial system breaks down.
You DO NOT want to be on the bad end of this. What’s coming will make what happened following Lehman’s failure look like a joke.
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Thank you for reading!