Posted on 03/28/2013 11:22:24 AM PDT by blam
The Loneliest Bank Run
By Greg Guenthner
March 28, 2012
Chaos descended on Cyprus early this morning.
In a bizarre twist, the regularly-scheduled bank run transformed into a financial media throwdown as journalists from across the globe mobbed the dozen or so patrons lined up in front of the banks in downtown Nicosia.
“We expected much more people,” said Argyros Eraclides, manager of a Bank of Cyprus branch in the Stavrou area of Nicosia. “Fortunately there are only some people who needed cash for the day, but customers reacted fantastically. We expected some people to be more aggravated.”
Hang on… this isn’t what everyone was predicting. Instead of Cypriots trampling each other to grab their allotted cash allowance, we get reporters trampling each other to catch a glimpse of the small groups that actually showed up to the banks…
How many times do I have to say it?
You can’t trade the news…
With this whole Cyprus bank run, we have another classic case of expectations vs. reality. The media hypes the hell out of these “events” instead of focusing on big-picture outcomes. And you try to time your buying and selling off of what could happen as opposed to what is happening right in front of your face.
For the past two days, the market has melted higher. Yesterday, the S&P flirted with all-time highs. Today might be the day it finally breaks through.
Hang on tight. Stick with stocks. The world’s not ending just yet…
They aren’t armed.
Just wait until our turn occurs.
a. No one has any money anyway.
b. The big money is held by foreigners.
c. Anyone with money withdrew it long ago.
d. It hasn't sunk in yet.
e. They're not too bright
where do those not in the country club go?
BULL!
CYPRUS BANKS FINALLY REOPEN BUT ANGER LINGERS
Note: this is from Sky New, but the online address won’t print or link.
sky.com/story/1070853/cyprus-banks-finally-reopen-but-anger-lingers
Cyprus’ banks have opened their doors after the longest enforced bank holiday in Europe’s history.
Queues grew outside branches across the country, with no signs of panic as employees limited the number of customers allowed in at any one time.
But many residents expressed anger at the country’s controversial bailout - which requires Cyprus to raise 5.8bn euros (£4.9bn).
[snip]
The media is hiding this story. No surprise, as the folks who own the big media companies are banksters.
Agreed. The stock market is a sucker bet if there ever was one.
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