Post: #1

Get ready, because this is going to be a World trend. Expect this haircut at your local bank soon, very soon.
http://investmentwatchblog.com/take-hair...epositors/

Post: #2

If the govt steals money from the bank they're financing a bailout package. If I were to steal from a bank I'd be facing long term imprisonment. If they could do it there it could happen anywhere. Don't let anyone kid you.

Post: #3

I have $104K in a CD.......This mother fuker's better not touch my stash. Instead they will probably just inflate gasoline to $6 a gallon, and keep interest rates at 0.01...

Post: #4

(03-24-2013 10:09 PM)TheCaptainPower Wrote:  Instead they will probably just inflate gasoline to $6 a gallon, and keep interest rates at 0.01...

I agree, I am pretty sure that is the plan here in the US. Here they can just print money nonstop and devalue the dollar without any backlash. Unfortunately for Cyprus they can't just start printing billions of Euros for themselves.

Post: #5

It's a little trickier than stealing from the people.

If the global economy weren't at stake, Eurozone leaders would simply have allowed Cyprus to default, its banks to collapse, and depositors to lose 90-100% of their deposits as opposed to 40% on anything over 100,000EUR.

Post: #6

(03-24-2013 09:10 PM)Luvianka Wrote:  Get ready, because this is going to be a World trend. Expect this haircut at your local bank soon, very soon.
http://investmentwatchblog.com/take-hair...epositors/

Why do you say a world trend? Europe maybe, but that's only because of the Euro. No country thy controls its own monetary policy would ever need to do this.

Post: #7

Very alarming precedent. This could threaten the whole banking industry...

I wonder how many people will withdraw everything they have in the bank this week.

Post: #8

I told you so -a World trend. My guess is that, at this pace, the Cyprus haircut will be reaching American offshores by mid April.

http://investmentwatchblog.com/this-is-i...m-staying/

Now, don't take my word on it, let Mr. Joe Six Pack to explain it for ya!

Post: #9

Wall Street falls on renewed European debt worries:

http://news.yahoo.com/stock-futures-sign...nance.html

^These EU commission fools can't do anything right. Their latest "solution" just created more uncertainty in the market. From the article:

Quote:After gaining early on Cyprus's bailout, U.S. stocks fell on Monday on a top euro zone official's comments that Cyprus was a template for handling the region's other debt-strapped countries.

Post: #10

buy physical precious metals and store it outside of the banking system

Post: #11

It is great.All these incompetent bankers and mega risk brokers should know that there will be noone to save their asses in case they fail so they need to recalculate the risk.They cannot mix things anymore and rely on distribution of damages.It is clear game.

Post: #12

Cyprus reaches last-minute deal on 10 billion euro bailout

http://news.yahoo.com/cyprus-eu-imf-agre...29819.html

Highlights:

Backed by euro zone finance ministers, the plan will spare the Mediterranean island a financial catastrophe by winding down the largely state-owned Popular Bank of Cyprus, also known as Laiki, and shifting deposits below 100,000 euros to the Bank of Cyprus to create a "good bank".

Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts and recapitalise Bank of Cyprus, the island's biggest, through a deposit/equity conversion.
The raid on uninsured Laiki depositors is expected to raise 4.2 billion euros, Eurogroup chairman Jeroen Dijssebloem said.
Laiki will effectively be shuttered, with thousands of job losses. Officials said senior bondholders in Laiki would be wiped out and those in Bank of Cyprus would have to make a contribution.

An EU spokesman said no across-the-board levy or tax would be imposed on deposits in Cypriot banks, although the hit on large account holders in the two biggest banks is likely to be far greater than initially planned. A first attempt at a deal last week collapsed when the Cypriot parliament rejected a proposed levy on all deposits.
It was unclear if banks would reopen for business on Tuesday, but an announcement, if any, was anticipated to be accompanied by restrictions on capital movements to prevent a run on banks.

UNFORESEEABLE CONSEQUENCES
Cyprus government spokesman Christos Stylianides said: "We averted a disorderly bankruptcy which would have led to an exit of Cyprus from the euro zone with unforeseeable consequences."
Asked about the level of losses on uninsured depositors in Bank of Cyprus, he told state radio: "The assessment is that it will be under or around 30 percent."

The Cyprus central bank said the agreement had also avoided the disorderly default of Laiki Bank.
Russia signalled it would back the bailout even though it would impose big losses on Russian depositors, who have billions in Cyprus banks.

President Vladimir Putin ordered officials to restructure a loan Moscow granted to Cyprus in 2011 - having rejected Nicosia's request for easier terms in crisis talks last week.

Prime Minister Dmitry Medvedev - who ranks below Putin - earlier criticised the bailout, voiced the anger expressed by Russian depositors, saying: "The stealing of what has already been stolen continues."

Diplomats said the president had fought hard to preserve the country's business model as an offshore financial centre drawing huge sums from wealthy Russians and Britons but had lost.

...So - looks like the Kremlin OK with clipping the Cypriot money launderers for a 30% seizure re ah um oh yeah conversion of deposits to "equity" and in the meantime to be FROZEN?

Worse nightmare than the large depositors even imagined. Imagine "Frozen" accounts and at least 30% if not 100% conversion of cash to "equity" in a questionable "good" bank set up by ECB and IMF banksters??? Not too reassuring if you look closely. Vladimir Putin, Chairman of Russia Inc must be laughing his ass off - he has been quoted (Ria Novosti & Russia Today) that he wants to take initiatives that will repatriate wealth "looted" from Russia since the Yeltsin years and bring it back to Russia to "invest" read TAX - to build Russias Infrastructure - they could use a Nation Wide High Speed Rail and Autobahn system - Russian 2 Lane major intercity highways are lethal - not to mention their 4 lanes as well. I only feel safe in Moscow because traffic moves at about 4 miles an hour. So shivers are running down the backs of anyone with more than $100K Euros now in any bank really.

In the USA I would only hold large deposits now in institutions with strong private insurance on the entire amount of the Deposits instead of meaningless coverage by FDIC that simply consolidates small "failed" banks into larger solvent banks creating a monolithic banking system rather than previously diverse state by state system - too big to fail just get bigger - same for the EU - think giant Mutual Funds like Fidelity and Vanguard - I know Fidelity carries 100% private insurance on all securities accounts - of course thinking is no insurance necessary on Money market accounts - but really have to wonder now - where does your money market money really sit?

Post: #13

(03-25-2013 12:17 PM)Luvianka Wrote:  I told you so -a World trend. My guess is that, at this pace, the Cyprus haircut will be reaching American offshores by mid April.

http://investmentwatchblog.com/this-is-i...m-staying/

Now, don't take my word on it, let Mr. Joe Six Pack to explain it for ya!

God I love this Guy!

Post: #14

damn...sounds even worse than a skrillex haircut.

Post: #15

http://www.forbes.com/sites/kotlikoff/20...-scenario/

Good view on the subject.

Post: #16

(03-25-2013 10:59 AM)DjembaDjemba Wrote:  If the global economy weren't at stake, Eurozone leaders would simply have allowed Cyprus to default, its banks to collapse, and depositors to lose 90-100% of their deposits as opposed to 40% on anything over 100,000EUR.

In the bold is precisely the problem with all of this shit. How does a tiny, insignificant country, the smallest in the EU, with the smallest economy in the EU, have enough weight to cause a global impact in the event of a collapse when the total amount they're going to default on is only around $15 billion? On a global banking scale, $15 billion is practically chump change. And I thought these large economic blocs (EU) were formed to prevent such collapses, and if collapse did happen, they were large enough to absorb the impact and take it in stride? If they can't, one must wonder, why do they exist at all?

Post: #17

Heres some points to think about.

-They admit to skimming the savings of a bunch of Russians. Do you think Russians are ever going to return to Cyprus accounts after this? With the national news proclaiming how important Russian accounts are to Cyprus, that means that Cyprus has committed hata kari and has anally fucked their investors. Who goaded them on? Europe. Who pats Europes backs? The USA.

-Consequently, Russia is going to have a chip on their shoulder. $15 billion is piddling. Who steals piddling amounts? Petty criminals and bullies. Do you really want to be around someone who bullies Russians?






-Greece is anally fucked too. The Eurozone has now fucked public confidence in bailouts with this, so don't expect any more support for Greece. When it comes down to fighting for their lives and self respect, who are they going to stand up to? The entire Eurozone? Where are their allies? The shahs?

-you have to wonder who is considering voluntary extraction from the eurozone now...

Post: #18

The Germans fight a battle of extinction.The goal is the destruction of all balloon economies,economies where it was possible to make money out of thin air.They want to deflate the global economy to a more natural state close to the real production.Every attempt for inflation and speculation gets ruthlessly crashed by the mighty Germans.In this regard they can collect all the money which was floating around by showing the dangers of investing on unreliable countries.

It is a masterclass plan thoroughly executed.The Anglosaxon world just watches the developments unable to react since the Germans with a single order can reduce the value of overprinted dollar to minimum.This terror balance serves the Germanic cause.In every case the Germans have proved superior in predicting they posess superior tools and they are the ones who give the tone.They are always one step in front of every other competitor.
By scaring them they have achieved the main goal to undermine the confidence in financial centers and reduce economic imbalances.The key word is stability.For the Germanic world to be stable all the rest had to be unstable or germanize itself in German hegemony context.

Post: #19

Russians answer to the EU USA Goldman Sachs IMF World Bank ROBBERY of their Money in insured I mean collapsing EU Banking System accounts - looks like EU kicked off a full fledged Economic war and Russia and the BRICS bringing 3 billion "soldiers" as economic warriors to the table - (heard at the World Bank and IMF today OOOPS):

Simple - Organize the BRICS - No more IMF International Mafiya Fund and foolish Christine Legarde for them - Putin is bascially writing off the UK/USA Angloshere and the EU as having comitted mass Social, Immigration and now Financial suicide and is taking action via a new BRICS Financial Consortium that represent 40% of the Worlds Population and most dynamic growth economies:

http://www.bloomberg.com/news/2013-03-25...k-imf.html

BRICS Nations Plan New Bank to Bypass World Bank, IMF

Brazil, Russia, India and China held their first summit four years ago and invited South Africa to join their ranks in December 2010.

Trade within the group surged to $282 billion last year from $27 billion in 2002 and may reach $500 billion by 2015, according to data from Brazil’s government. Foreign direct investment into BRICS nations reached $263 billion last year, accounting for 20 percent of global FDI flows, up from 6 percent in 2000, the United Nations Conference on Trade and Development said on its website yesterday.

LOL The USA had barely $8 Billion+ USD Trade with Russia last year mainly Spot Oil deals - the BHO administration is so outclassed here they basically are a bunch of turkeys with their heads in the sand looking to Tee up their next revolving door jobs after this new lame duck presidency is over.

Does not take a Harvard Biz School PhD to figure where the major economic growth opps are now in this world.

Post: #20

(03-26-2013 04:51 AM)Greek kamaki Wrote:  The Germans fight a battle of extinction.The goal is the destruction of all balloon economies,economies where it was possible to make money out of thin air.They want to deflate the global economy to a more natural state close to the real production.Every attempt for inflation and speculation gets ruthlessly crashed by the mighty Germans.In this regard they can collect all the money which was floating around by showing the dangers of investing on unreliable countries.

It is a masterclass plan thoroughly executed.The Anglosaxon world just watches the developments unable to react since the Germans with a single order can reduce the value of overprinted dollar to minimum.This terror balance serves the Germanic cause.In every case the Germans have proved superior in predicting they posess superior tools and they are the ones who give the tone.They are always one step in front of every other competitor.
By scaring them they have achieved the main goal to undermine the confidence in financial centers and reduce economic imbalances.The key word is stability.For the Germanic world to be stable all the rest had to be unstable or germanize itself in German hegemony context.

Fact is Germany can only survive and thrive at the expense of others under the non monetarily sovereign Euro as long as they maintain massive trade surpluses with the rest of the EU, the UK/USA Anglosphere and more importantly the BRICS.

Problem is what ever Germany manufactures the Chinese will buy several units - reverse engineer them and sell the Chinese manufactured version to the other BRICS at half the cost with complete disregard for G8 intellectual property. Fact is the cat is out of the Bag and BRICS only need each other and the G8 domination of the world's economies is about to go the way of the dinosaur. A friend was selling USA NatGas field equipment, pumps, cryo gear etc to a major Russia company and found out they are now buying directly from China at less than half the price. Gear is identical down to the name plates and specs 100% reverse engineered something the 300,000 yearly new engineering graduates in China excel at.

The BRICS march on as the western G8's try to figure out WTF just happened to them - totally clueless and the people of the PIIGCS suffer.

Even might Germany is no match for a unified BRICS bloc. China will just usurp their IP and out-manufacture them. No one can compete long term with china on costs and they just steal innovations and laugh at the west for lax trade enforcement - or no trade enforcement at all.

A good thought provoking perspective - democracy the cure for capitalism -

http://billmoyers.com/segment/richard-wo...ive-power/

Addressing a question about capitalism and climate change, Wolff says, “Capitalism is a system geared up to doing three things on the part of business: get more profits, grow your company and get a larger market share… If along the way they have to sacrifice either the well-being of their workers or the well-being of the planet or the environmental conditions, they may feel very bad about it — and I know plenty who do — but they have no choice.”

Wolff taught economics for 35 years at the University of Massachusetts and is now visiting professor at The New School University in New York City. His books include Democracy at Work: A Cure for Capitalism and Capitalism Hits the Fan: The Global Economic Meltdown and What to Do About It.

http://www.capitalismhitsthefan.com/

Post: #21

Malta is next

Post: #22

Interesting perspective:

http://mythfighter.com/2013/03/23/china-...our-fault/