I’d hate to be a Cypriot, who inherits a large sum of money, right now.
There’s a madness to their method.
Only to point out the obvious. European banks work like US banks....there’s 100k limit for bank insurance protection with each single account. What US investors have done for years....was walk into bank A....open a CD account for something less than $250k (the amount that FDIC would pay). Then they go to bank bank B....just a mile down the road, and open another account for another amount less than $250k. It might take an entire morning to carefully open a couple of accounts but you’ve basically saved a million dollars easily by this method. The Europeans will figure the same scheme and do it the same way.
What the public needs to do...is simply ask some stupid questions. How exactly are the banks giving out their bonds or loans? Have they reached a point where they have idiots running the banks and just giving money to government bond programs with no hope of ever getting the money back?
I suspect that there will be an increase in home safe sales over the next year. Lots of people will start to believe in just keeping their money in some flower pot within their apartment or home.
The elites are willing to destroy the credit market to save, not it, but their elite status.
Coming soon to your bank and 401K.
And the Free Trade Communists will still insist “Free Trade works”....as their fellow Free Traders....the EU...force more taxes on Cypriots to bail out the bad loans.
The real story here is that we will still have dumb as f... Free Trader Commies pushing their failed economics
Wonder what the Russians will do to screw the EU over this
amazing.
a fake currency (like the USD, yes) and issued by a non-country...
and now the geniuses are stealing it right out of the peoples’ bank accounts!?
no smarts at all.
if they want to steal their peoples’ money, they could just steal its purchasing value by printing more and more and more and more (just like in USA, any fool can see it works quite well here....)
or they could just raise taxes and steal their peoples’ money that way ...(do they also call it the Great Obama Depression?)....
but to just grab it ... such common thievery (thuggery) ... shows no class ... no class at all....
I thought Europe was supposed to be, er, “cultured?”
but no, the pigs have their snouts firmly in the trough and their just slurping it up like ...well.... pigs....
kiss Europe bye=bye
If you have money in any EU bank, you might want to think about moving to some other country.
Take the Euros and give each one DM100 in exchange.
In six months, they’ll be thankful.
http://www.economy.com/dismal/article_free.asp?cid=232885&tid=5AB5D93B-6C42-4355-8264-60410C40EF8E
Want to read some real insanity? Click the link above. The northern EU is issuing negative yield bonds. People are paying the government to hold their money. I read where banks here had bought negative yield paper from the US as well. This may indicate that the banks, because of politics and their charters, may have no choice but to “invest” their depositor’s money in these bonds. The EU is on its death bed. Private depositors are crazy to leave their money in banks. Note that it says deposits have been declining in EU banks for some time.
um... no they wont... because now everyone will simply not put their money in the bank!
are these people REALLY that dumb?