Posted on 03/17/2013 8:52:16 AM PDT by blam
Does Iceland fit that description?
Not that I would either go there or send my money there.
I grew up in the days when a man, backed up to his own front porch, fought.
Most real men will not fight you on your own front porch, but they will kill you on their own.
We, as a nation, need to fight this insanity because it has arrived at our front door.
Iceland might. Israel would.
Just waiting for the right crisis = 2013
O&Co are masters of creating a crisis when needed.
Caymans are safe, if that’s where your money is. Their local economy is small, and stable, and they wouldn’t give up their status as a tax haven for anything. It’s worth too much.
Cyprus is only in this situation because it is in the Eurozone, and has overspent on entitlements, just like Greece. Essentially, the German ministers in the EU were ready to bailout Cyprus, but because so much of the money in Cyprus is being stashed there by oligarchs and the Russian mafia, they did not want to give all of that bailout cash to help such people, so.... they decided to order the government of Cyprus to steal a chunk of all the money in Cypriot bank accounts. Dumbass move.
I anticipate some of the Cypriot and German officials who engineered this are going to end up dead before the month ends.
So...they've decided to seal some of the Russian Mafia money, eh?
How will this end?
Maybe the Mafia doesn't mind, eh?
bump
Well, the Cyprus parliament is voting on it, so I expect some phone calls from Russia have been received...
A number of years ago, the Caymans gave up their confidentiality on account information under US pressure. The banks may be safe, but your confidentiality is not.
I read that Cyprus is a banking haven for Russian Mafiosi, hence the split %-age of rake-off depending on the level of the account’s deposit. Wonder what Ol’Vlad will have to say?
“Where’s my money, bi**h?”
I think that’s a good opening line for Vlad.
Goal is to set a precedent for the confiscation of funds by the state.
Thanks, yea this is Option C for Europe.
Option B would be to simply kick Cypress out of the Euro.
Option D is to simply reneg on the debt, but stay in the Euro.
Option A, which we’re doing, is to simply print money to cover debts. But that can only work if two conditions are present: (1) The debt is denominated in your national currency; and (2) The government has control of the money supply. We have both, but Cypress, Greece and the other EU countries only have (1), they are not able to print money for themselves - so Option A is off the table.
That leaves Options B, C, and D.
Option B (leaving the Euro) has been talked about for Greece and involves a partial reneg, once they go back to their old currency. Option D (reneg, but stay in the Euro) simply cannot be tolerated, as no one would trust their Euro holdings.
So that leaves Option C - which is to stay in the Euro, but seize assets from your people. It’s a new concept, to have it done this directly - but with only a million people living there, Cypress can count on EU help if the people revolt. So they try it out knowing that the people are powerless to stop them.
The more interesting thing to watch is what depositors do in other countries in South Europe. That will be very, very, interesting. There may be a run - I know that I would be pulling my money out as fast as possible if I were there - especially if they’re paying interest rates as pathetic as ours.
I certainly don’t envy the Cypriots at this point, aside from their nice weather.
There’s three options for them. Go to the EU for a bailout, go to the Russians for a bailout or go to the Turks for a bailout.
I get the feeling that despite the confiscatory measures entailed in the EU bailout, I can’t imagine what the Russians or the Turks might have imposed as “conditions”.
The Turks: “Sure, we’ll help, but we’ll need an additional one third of the island as a security deposit, you know.”
The Russians: “We’re always ready to help. Just sign over your island, it’s natural resources and mineral rights and all the ports and commercial real estate, and we’ll cut that check for you. Here....have some more tea.”
It’s like getting to choose between the electric chair or the gas chamber.
Over the past 10 years my trust in the government has zoomed down to zero. I’ve told all of my friends not to put money into the market, savings, or retirement accounts for the very reason that what happened to Greece WILL happen here within the near future.
I tell everyone to pay cash to buy “hard” assets such as vehicles, houses, land, precious metals and long lasting material and functional things someone would want in trade for something else. It is the only way to ensure that inflation will not destroy all that you have or if the government seizes you bank accounts and retirement accounts.
I follow my own rule and maintain enough money to live on comfortably yet any overages go into “hard assets.”
This is a very dangerous age for our freedoms and financial security.....and it’s getting far worse with each passing day.
Don’t be a monkey. Know how they trap monkeys in some countries? They take a jar, tie a rope around it’s handle, place an orange or any type of tight fitting round fruit inside of it and simply place it where the monkeys can see it. The wait, and when the monkey sticks his hand inside the jar to get the fruit, they jump out and run towards him. Meanwhile the monkey (regardless as how scared he is) will not let go of the fruit (due to his greed) and he cannot pull his hand out because it is too big to pull out while it is wrapped around the fruit. The monkey (INVESTOR) is captured and loses both his freedom and fruit.
A word to the wise.
Russian mobsters is a less politically-correct of saying that.”
I bet the Russian mob got a heads up prior to this and moved most of their money out to Swissyland or the OKmans letting the Cypriot Joe-sixpac take the hit. I wouldn't want to be a local management in a Cypriot bank when Ivan come looking for his stash.
“I want my money back -Casino” subbed in Russian
http://www.youtube.com/watch?v=0Qg94ltTqAA
The developments in Cyprus will lead to EUR selling and USD, CHF, GBP, NOK and SEK buying (in that order). The issue is whether to believe that the Cyprus levy on depositors is one-off, but depositors and investors elsewhere could easily see this as another in a string of ‘one-offs’ and react badly.
I’m surprised this story isn’t getting more play. Imagine a 10 percent confiscation of savings? This sort of thing isn’t that far from being played out in the U.S. A few politicians from time to time talk of getting rid of retirement savings plans like IRA, 401K, and putting an immediate tax on existing accounts which previously enjoyed tax deferment until distributions upon retirement. In one fell swoop the government would get a huge one-time payment.
ROFLMAO!!
It’s been years since I’ve seen that film, but I’d imagine that’s pretty much the way more than a few conversations are going to go down when the banks re-open in Cyprus on Wednesday!
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