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  • Cyprus Right in Line with Washington Post

    03/25/2013 2:31:05 PM PDT · by Kaslin · 2 replies
    Townhall.com ^ | March 258, 2013 | Bruce Bialosky
    Cyprus, an island most people have forgotten exists, became the center of the world when they put forward a bizarre plan to solve their economic crisis. The leaders of Cyprus proposed a wealth tax that would take funds directly from people’s bank accounts. The plan was abandoned, but the idea behind it still lives on. A recent run-in that we had with the Washington Post shows just how far they are willing to go to foist a bad idea upon us. The Left has been churning some ideas to change our society, most of which will expand the reach of...
  • Dijsselbloem (Europe FM) shocker is U.S.’s template, too (Cyprus)

    03/25/2013 12:34:21 PM PDT · by Ernest_at_the_Beach · 4 replies
    Marketwatch ^ | March 25, 2013, 1:26 p.m. EDT | MarketWatch First Take
    Commentary: U.S. uninsured depositors can and do take losse True, it was news that Dutch Finance Minister Jeroen Dijsselbloem was making that acknowledgment. The European finance ministers had been stressing as recently as last week that the opposite was the case, that Cyprus was a special situation. Dutch Finance Minister Jeroen Dijsselbloem is president of the Eurogroup council. The market genuinely was shocked.
  • Japan, EU agree to start free-trade negotiations

    03/25/2013 3:07:42 PM PDT · by Olog-hai
    Associated Press ^ | Mar 25, 2013 7:59 AM EDT | Yuri Kageyama
    Japan and the European Union agreed Monday to start negotiations for a free-trade pact encompassing nations that account for nearly a third of the world economy. Japanese Prime Minister Shinzo Abe, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso spoke by telephone for 30 minutes late Monday, a Japanese government spokesman said. A Japan-EU summit set to begin Monday in Tokyo was shelved because of the financial crisis in Cyprus. The leaders agreed to launch the negotiations toward a “deep and comprehensive” free-trade deal, with the first meeting set for next month, both sides said...
  • Cyprus to shape future euro bank rescues: Eurogroup head

    03/25/2013 3:17:42 PM PDT · by mdittmar · 10 replies
    Yahoo! ^ | 3/25/13 | Luke Baker Reuters
    BRUSSELS (Reuters) - A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region's finance ministers said. The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs. "What we've done last night is what I call pushing back the risks," Dutch Finance Minister Jeroen Dijsselbloem, who heads the...
  • 2 states challenge German redistribution system

    03/25/2013 3:14:35 PM PDT · by Olog-hai · 3 replies
    Associated Press ^ | Mar 25, 2013 8:31 AM EDT
    Two wealthy German states have filed a lawsuit in the country’s highest court challenging a system under which money is redistributed to less prosperous regions. Bavaria’s state government said it and the state of Hesse filed the suit Monday with the Federal Constitutional Court. … The system is supposed to help ensure equal living conditions nationwide. …
  • The REAL Last Crusade: Nazi search for the Holy Grail which inspired Indiana Jones

    03/25/2013 12:26:34 PM PDT · by the scotsman · 33 replies
    Daily Mail ^ | 25th March 2013 | Allan Hall
    'A new exhibition in Germany about archaeology under the Nazis shows how the regime launched a 'Last Crusade' expedition in wartime to find the Holy Grail from the Last Supper of Christ. In the 1989 Last Crusade movie, Indiana Jones played by Harrison Ford was on the quest for the grail - and he was in competition with the Nazis. Now truth turns out to be stranger than fiction in the exhibition 'Dig for Germania. Archaeology under the Swastika' in Bremen. It tells how S.S. chief Heinrich Himmler allegedly visited Spain during the war because he believed the grail was...
  • EU finance ministers approve Cyprus bailout deal, funded by bank assets seizure

    03/25/2013 9:06:05 AM PDT · by redreno · 43 replies
    foxnews ^ | March 25, 2013 | FoxNews.com
    magine waking up to find out that as much as 40 percent of the money you thought was safely deposited in the bank was seized, without your permission, to bail out a near-bankrupt government. That's just what thousands of large depositors in Cyprus woke up to Monday morning after European Union officials accepted a last-minute deal offered by the island's lawmakers to secure a $13 billion bailout to avert imminent financial meltdown.
  • Russian Ties Put Cyprus Banking Crisis on East-West Fault Line

    03/23/2013 10:38:24 PM PDT · by Brad from Tennessee · 5 replies
    New York Times ^ | March 23, 2013 | By ANDREW HIGGINS
    LIMASSOL, Cyprus — Andreas Marangos, a Porsche-driving lawyer here, had just woken up when he heard the news that threatened to destroy his and Cyprus’s most lucrative business: setting up shell companies and providing financial services for wealthy Russians. He rushed to his computer to check whether the “crazy talk” he had just heard was true — that his government had agreed last week to effectively confiscate 9.9 percent of the wealth of anyone holding more than 100,000 euros, about $129,000, in a Cyprus bank. ---------------snip---------------------------- “There is a clear danger of this area becoming a platform for confrontation between...
  • Cyprus on the brink of euro exit after ECB ultimatum

    03/23/2013 11:46:28 PM PDT · by Olog-hai · 37 replies
    EU Observer ^ | 22.03.13 @ 09:29 | Benjamin Fox
    Cyprus is on the brink of bankruptcy and of becoming the first-ever country to leave the euro after the European Central Bank (ECB) issued an ultimatum on Thursday (21 March). In its statement, the ECB warned that it would turn off the tap of emergency funding to Cyprus’ banks on Monday if a rescue package is not agreed. Removing Cyprus’ emergency support could see the country's two largest banks, Bank of Cyprus and Laiki, collapse within days. Carston Brezki, senior economist at ING, described the ECB’s move as a “gun at the head of Cyprus.” …
  • Cyprus now looks to take 25 percent from bank accounts of wealthy...(Obama must be drooling)

    03/24/2013 8:45:12 AM PDT · by Dallas59 · 32 replies
    MSNBC ^ | 3/24/2013 | MSNBC
    NICOSIA -- Cyprus said on Saturday it was looking at seizing a quarter of the value of big deposits at its largest bank as it races to raise the funds for a bailout from the European Union and to avert financial collapse. Finance Minister Michael Sarris said "significant progress" had been made in talks in Nicosia with officials from the European Union, European Central Bank and International Monetary Fund. He confirmed discussions were centered on a possible levy of around 25 percent on holdings of over 100,000 euros (about $130,000) at Bank of Cyprus, and expressed hope that a package...
  • Cyprus bailout: Kremlin 'could punish Europe' in reprisal for bank levy [Prepper]

    03/24/2013 9:59:37 AM PDT · by Vince Ferrer · 29 replies
    Guardian ^ | March 23, 2013 | Helena Smith in Nicosia, Simon Goodley and Toby Helm
    Fears are growing of Russian reprisals against European businesses as EU authorities desperately seek a deal to save the Cypriot economy by imposing a 25% levy on bank deposits of more than €100,000. As the island scrambled to put together a rescue programme, its finance minister, Michalis Sarris, said "significant progress" had been made on the latest levy plan in talks with officials from the European Union, the European Central Bank and the International Monetary Fund.
  • As Cyprus teeters, Ireland says it has shown "medicine" works

    03/24/2013 12:24:01 AM PDT · by Berlin_Freeper · 17 replies
    reuters.com ^ | Mar 23, 2013 | Reuters
    Ireland's expected exit from a European bailout program later this year should be a morale boost to other euro zone countries in crisis, its European affairs minister said on Saturday.
  • EU Commission prepares ground for far-reaching economic powers

    03/23/2013 11:18:59 PM PDT · by Olog-hai · 6 replies
    EU Observer ^ | 21.03.13 @ 17:46 | Honor Mahony
    The European Commission has started preparing the ground for legislation that would prevent member states from undertaking major tax, labor or financial reforms without running it by the commission and other governments first. In an ideas paper published Wednesday (20 March), the commission said this ex-ante coordination should concern “major national economic reform plans and should take place at an early stage before the measures are adopted.” The suggested scope of covered policies would implicate virtually all national government legislation—including competitiveness and employment laws, reforms that cover product and services markets, as well as those affecting tax systems and network...
  • Europe Has A Crisis — And It's Much Bigger Than Cyprus

    03/23/2013 11:49:39 AM PDT · by blam · 14 replies
    Tbi ^ | 3-23-2013 | Joe Weisenthal
    Europe Has A Crisis — And It's Much Bigger Than Cyprus Joe WeisenthalMarch 23, 2013REUTERS/Christian Hartmann In a way, Europe should be thrilled by the week that was because financial markets barely batted an eye at the crisis in Cyprus. But Europe has a problem on its hands that's bigger than Cyprus: The economy stinks. This week we got fresh proof that things are bad or getting worse. In France, the Flash PMI report (which is a mid-month look at the combined services and manufacturing sectors of the economy) came in dismal, with the output index falling to a four...
  • Is Italy the Next Cyprus?

    03/23/2013 8:53:13 AM PDT · by Kaslin · 9 replies
    Townhall.com ^ | March 23, 2013 | Mike Shedlock
    Once trust is lost it is very slow to recover. For now, much of Europe is acting as if it believes Cyprus is a "one time" thing? But isn't that what we heard about Greece? Who is next? Italy? In an article on Handelsblatt the chief economist of Commerzbank says: Italy should bring a unique wealth tax. It is a myth to talk of crisis-strapped states. Even the German Institute for Economic Research (DIW) and the chief economist of Commerzbank, Joerg Kraemer says the numbers suggest a different view. Kramer relies on surveys of the European Central Bank. Net financial...
  • Cyprus weighs big bank levy; bailout goes down to wire

    03/23/2013 8:13:43 AM PDT · by markomalley · 22 replies
    Reuters ^ | 3/23/2013 | Michele Kambas and Costas Pitas
    Cyprus said on Saturday it was looking at seizing a quarter of the value of big deposits at its largest bank as it races to raise the funds for a bailout from the European Union and avert financial collapse. Finance Minister Michael Sarris said "significant progress" had been made in talks in Nicosia with officials from the European Union, European Central Bank and International Monetary Fund. He confirmed discussions were centered on a possible levy of around 25 percent on holdings of over 100,000 euros at Bank of Cyprus, and expressed hope that a package could be ready by the...
  • Some Cyprus Savers Could Lose A Quarter Of Their Bank Deposits In New Deal

    03/23/2013 8:03:39 AM PDT · by SeekAndFind · 22 replies
    Business Insider ^ | 03/23/2013 | Jo Adetunji, The Guardian
    Savers in Cyprus could face losing one-quarter of their bank deposits under new proposals being discussed by the government as ministers flew to Brussels to salvage a European bailout. The new bank levy would only apply to people with more than €100,000 (£85,260) in their accounts, according to the finance minister, Michael Sarris, who also said that significant progress had been made in talks with European officials. President Nicos Anastasiades travelled to Brussels to work out an alternative plan to raise funds that would allow the country to qualify for an international bailout. Cyprus must raise €5.8bn (£4.9bn) before Monday...
  • Dangerous Times: Crypto-Fascism in Italy, Hungary, Greece, Albania

    03/23/2013 5:18:48 AM PDT · by RoosterRedux · 37 replies
    AmericanThinker.com ^ | 3/23/2013 | James Lewis and Justine Aristea
    A great sense of alarm is spreading among ordinary Europeans today, especially in the south and east of the continent. Now even the elitist media are giving us the worst international news since the Cold War. Americans do not want to hear this, either. Well, you may not be interested in evil, but evil may be interested in you. Listen up. This could be important. The Washington Post just told us that a dictatorial strongman has risen to power in Hungary, a man named Viktor Orban. In a two-hour parliamentary session, Orban forced radical changes in the Hungarian constitution to...
  • Dangerous Times: Crypto-Fascism in Italy, Hungary, Greece, Albania

    03/23/2013 7:57:57 AM PDT · by SeekAndFind
    American Thinker ^ | 03/23/2013 | James Lewis and Justine Aristea
    A great sense of alarm is spreading among ordinary Europeans today, especially in the south and east of the continent. Now even the elitist media are giving us the worst international news since the Cold War. Americans do not want to hear this, either. Well, you may not be interested in evil, but evil may be interested in you. Listen up. This could be important. The Washington Post just told us that a dictatorial strongman has risen to power in Hungary, a man named Viktor Orban. In a two-hour parliamentary session, Orban forced radical changes in the Hungarian constitution to...
  • Did this man kill Cold War spy Georgi Markov with umbrella?

    03/23/2013 2:08:55 PM PDT · by the scotsman · 6 replies
    Daily Mail ^ | 22nd March 2013 | Tom Kelly
    'It was one of the most audacious acts of the Cold War which could have come straight from the pages of a spy novel. Georgi Markov was jabbed with an umbrella which fired a poison pellet into his leg as he crossed Waterloo Bridge. He died three days later – and for almost 35 years mystery has surrounded the whereabouts of his killer. Now the prime suspect has been tracked down to a small Austrian town where he works as an antiques dealer. Francesco Gullino, 66, who was known by his Communist handlers as 'Agent Piccadilly', lives in a rundown...
  • The little ones that got away: Incredible stories of Jewish children who survived the Nazi holocaust

    03/23/2013 2:14:17 PM PDT · by the scotsman · 34 replies
    Daily Mail ^ | 23rd March 2013 | Allan Hall
    'They were the children of the damned – Jews who had no place in the New World Order of Adolf Hitler and his stormtroopers. Their parents were rounded up and shipped off to die as the Nazi regime which came to power 80 years ago in Germany - set about the systematic 'cleansing' of the country. But there were good people too; people who looked beyond the religion of an innocent child and risked death by guillotine to hide them from the round-up squads. Now the heart-moving stories of 15 of these children are told for the first time in...
  • Pensions for Jewish Ghetto Laborers: Israel Angered By German Government

    03/22/2013 11:21:38 PM PDT · by Olog-hai · 2 replies
    Der Spiegel ^ | March 22, 2013 – 05:42 PM | Christoph Schult
    On Thursday, the ruling parties in Germany’s parliament blocked a measure to resolve the amount German pension funds must pay to former laborers in Nazi-era ghettos. Israeli officials are incensed and have promised to increase pressure. … The debate stems from a 2002 Bundestag law that promised to quickly make it possible for Jews who once worked in ghettos to draw a modest pension from Germany. Initially, state pension fund providers rejected roughly 90 percent of applications for this pension. Officials often disputed that the former ghetto residents had worked “voluntarily” and received some form of “remuneration” for their work,...
  • Cyprus's choice: Iceland or Greece?

    03/22/2013 9:28:38 PM PDT · by JSDude1 · 8 replies
    The Telegraph (UK) ^ | Last updated: March 22nd, 2013 | Daniel Hannan
    What will the unhappy Cypriots do? Will they mortgage themselves to a dodgy, authoritarian kleptocracy? Or – drumroll – will they spurn the EU and take Russia's money instead? Actually, there is a far better option: an option offered by another thinly populated island on the fringes of Europe whose financial sector had outgrown its economy. Cyprus could copy Iceland, let its banks collapse, and leave their shareholders and bondholders to sustain the loss. There is often a perception lag when it comes to foreign countries. Most people in the EU still have the idea that Iceland is in economic...
  • Andrew Young to Newsmax: ‘Wars Don’t Work’

    03/22/2013 8:51:18 PM PDT · by Olog-hai · 61 replies
    Newsmax ^ | Friday, 22 Mar 2013 09:50 PM | Todd Beamon and Kathleen Walter
    Former U.N. Ambassador and Congressman Andrew Young tells Newsmax TV that the United States has “got to have better intelligence and better diplomacy because wars don’t work.” “The only places where we have real troubles are Zimbabwe, Cuba, North Korea, and Iran,” says Young, the former Atlanta mayor who retired last year from the GoodWorks International global advisory firm he founded in 1996. “Russia and China were far greater threats, but we talked to them, we worked with them, we found nonviolent ways to have regime change through evolution rather than through war. What Iran wants and what North Korea...
  • Did 'executed' Nazi criminal in Schindler's List escape justice?

    03/21/2013 8:24:40 PM PDT · by the scotsman · 8 replies
    Daily Mail ^ | 22nd March 2013 | Becky Evans
    'Revelations about the execution of a notorious Nazi war criminal, immortalised in Schindler's List, have raised questions about how the mass murderer died and whether he was even hanged at all. For decades Amon Goeth, who was responsible for the deaths of tens of thousands of Jews and Poles during World War Two, was believed to have been filmed being executed in 1946. A black and white video shows executioners twice botching a hanging before he was eventually killed. But historians claim in a new National Geographic documentary called Bloody Tales that the video was from 1947 and shows Dr...
  • Crisis in Cyprus shows collapse of the West

    03/21/2013 4:37:32 PM PDT · by SteelToe · 6 replies
    Pravda ^ | March 20, 2013
    In 2014, all EU countries will hold parliamentary elections that may be won by the opponents of European integration. Recent EU measures to stabilize the situation in Cyprus showed that the foundations of the ideology of the Western world based on the Catholic and Protestant faiths have been undermined. The West is trying to explain its hurried decisions with the pressure from the Russian Federation. After the summit in Brussels approved a plan of Cyprus "rescue" (by providing a tranche of 10 billion euros in exchange for the withdrawal of 10 percent of all deposits in the country), it became...
  • Cyprus receives Monday deadline to reach bailout deal

    03/21/2013 6:56:41 PM PDT · by Kartographer · 8 replies
    Washington Post ^ | 3/21/13 | Michael Birnbaum and Howard Schneider
    The euro currency union, a centerpiece of Europe’s efforts to knit its far-flung nations into a coherent whole, edged toward a rupture Thursday when the region’s central bank said it was ready to pull the plug on Cyprus. The stark ultimatum came in a terse statement Thursday from the European Central Bank’s governing board, which said that on Monday it would cut off the flow of euros to Cyprus’s struggling banks unless the country’s leaders reach agreement with the International Monetary Fund and other European nations on the terms of a $20.5 billion bailout to save their country from financial...
  • Forget Cyprus, Nobody Is Stealing from Depositors More than Bernanke

    03/21/2013 2:41:34 PM PDT · by Kartographer · 8 replies
    Daily Ticker Yahoo Finance ^ | 3/21/13 | Bernice Napach
    After the Federal Reserve reaffirmed its easy money policy Wednesday, Chairman Ben Bernanke was asked whether the U.S. would ever think of taxing bank depositors as Cyprus has done. He said that was very unlikely but Jim Rickards, senior managing director of Tangent Capital Partners, says the Fed already has its hands in depositors’ pockets. “Nobody is stealing more money from bank depositors than Ben Bernanke,” Rickards tells The Daily Ticker. Bernanke's doing that, Rickards says, by maintaining interest rates near zero.
  • Islamists jailed for threatening Austria, Germany

    03/12/2008 6:47:16 PM PDT · by RDTF · 17 replies · 586+ views
    Breitbart ^ | March 12, 2008 | AFP
    An Austrian court on Wednesday sentenced a married couple to 22 months and four years in jail for posting a video on the Internet calling for attacks in Austria and Germany. Mona S, a 21-year-old Austrian, and her 22-year-old Egyptian-born husband Mohamed M, were found guilty of "belonging to a terrorist organisation" with links to Al-Qaeda, trying to blackmail the Austrian government and inciting a crime. The main defendant, Mohamed M., was given a four-year term while his wife was sentenced to 22 months in prison. Mona S. had translated the video, which was signed "Global Islamic Media Front", into...
  • US vs Cyprus

    03/21/2013 1:33:21 PM PDT · by Kaslin · 2 replies
    Townhall.com ^ | March 21, 2013 | Mike Shedlock
    Reader "MB" who lives in New Zealand is concerned about confiscation of deposits. He writes ... Hi Mish Apparently articles are appearing in a NZ newspaper editorials saying that the NZ government has the same policy of confiscation as that being used on Cyprus by the EU. In the event of a banking crisis, the government will be able to take deposit funds to bail out a bank. MBTheft? A letter to the Reserve Bank of New Zealand states Reserve Bank policy looks like theft. As a super-annuitant who depends on interest from term deposits to top up my pension,...
  • Berlin police helicopter collision caught on film

    03/21/2013 9:04:27 AM PDT · by KeyLargo · 15 replies
    The Telegraph ^ | Mar 21, 2013
    VIDEO Berlin police helicopter collision caught on film Two helicopters operated by the German federal police collide in snowy conditions while conducting a training exercise close to Berlin's Olympic stadium, leaving at least one person dead. 1:41PM GMT 21 Mar 2013 German authorities said two helicopters crashed near Berlin's Olympic Stadium during a federal police exercise on Thursday. One of the helicopter pilots died at the scene, fire service spokesman Stephan Fleischer said. Five people were injured, four of them seriously, he said. It wasn't immediately clear whether the injured people were in the helicopters, Mr Fleischer said. He didn't...
  • Berlin Won’t Join Effort to Ban Far-Right Party

    03/20/2013 8:17:18 PM PDT · by Texas Fossil · 16 replies
    The New York Times ^ | March 20, 2013 | MELISSA EDDY
    Chancellor Angela Merkel’s center-right government said Wednesday that it would not try to ban a far-right political party deemed “racist, anti-Semitic and revisionist” by domestic intelligence, choosing instead to focus on combating neo-Nazi extremism through other channels.
  • Muslim gang-rapes across Europe under-reported in press

    03/20/2013 1:25:56 PM PDT · by george76 · 29 replies
    dg ^ | Mar 20, 2013 | Katerina Nikolas
    High profile-gang rapes in India have been in the headlines since December. The phenomenon is growing across Europe too, but tends to be under reported due to the high incidence of Muslim perpetrators which makes it politically incorrect to mention. In December 2011 a Swedish mother-of-two was subjected to a brutal gang-rape by 12 Afghan immigrants in a refugee camp . ... The main perpetrator Rafi Bahaduri, 25, had already committed four other rapes in Sweden. The case is not unique. There is a growing trend of gang-rapes perpetrated against white women by Muslim rapists. In the U.K. there has...
  • Cyprus crisis deepens: Bailout rejected, banks may not reopen

    03/20/2013 9:22:24 AM PDT · by george76 · 29 replies
    NBC News ^ | March 20, 2013 | Alastair Jamieson
    Cypriot leaders held crisis talks on Wednesday to avert financial meltdown after rejecting the terms of a controversial European Union bailout, turning instead to Russia for help. Banks on the Mediterranean island may never reopen, Germany warned after lawmakers late Tuesday turned down a $12.9 billion deal that would have seen Cypriots lose up to 10 per cent of their bank deposits. Thousands of Cypriots withdrew savings over the weekend fearing the deal might pass, emptying ATMs and sending global money markets into a steep dive. Banks were ordered to remain closed after finance officials predicted a run on savings...
  • Out of Ideas, Governments Try a Bank Heist

    03/18/2013 10:33:20 PM PDT · by Kaslin · 31 replies
    Townhall.com ^ | March 19, 2013 | John Ransom
    During the Great Depression criminals like Bonnie and Clyde, Willie Sutton, Pretty Boy Floyd, John Dillinger and Baby Face Nelson robbed banks. They attained some degree of folk hero status by sticking it to banks that some felt were responsible for the Depression era misery.  With liberal ideas firmly in the saddle, civilizing us, so to speak, we have come a long way from those dreary days. No longer would we applaud such criminals. Instead, today, we send them to Congress, or parliament, or the legislature, where governments try to achieve folk hero status by robbing banks and depositors alike....
  • Palestinian Paper: Hitler Maligned by History

    03/19/2013 9:26:40 AM PDT · by Olog-hai · 17 replies
    Newsmax ^ | Tuesday, 19 Mar 2013 12:07 PM | Cyrus Afzali
    Adolf Hitler’s place in history has been distorted because Germany lost the Second World War, an op-ed in the official Palestinian Authority newspaper Al-Haya Al-Jadida has claimed. Instead, Hitler was well-organized, hated alcohol, and went to bed early while Winston Churchill and Franklin Roosevelt were alcoholics, the op-ed, printed on the eve of President Barack Obama’s visit to the Middle East, claimed. “Had Hitler won, Nazism would be an honor that people would be competing to belong to, and not a disgrace punishable by law,” the piece written by Hassan Ouda Abu Zaher said, according to a translation provided by...
  • German pilot in WWII spared an American B-17 pilot over Germany only to reunite 40 years later

    03/18/2013 10:18:04 AM PDT · by robowombat · 84 replies
    War History.com ^ | March 12, 2013
    German pilot in WWII spared an American B-17 pilot over Germany only to reunite 40 years later and become fishing buddies March 12, 2013 at 21:45 The pilot glanced outside his cockpit and froze. He blinked hard and looked again, hoping it was just a mirage. But his co-pilot stared at the same horrible vision. “My God, this is a nightmare,” the co-pilot said. “He’s going to destroy us,” the pilot agreed. The men were looking at a gray German Messerschmitt fighter hovering just three feet off their wingtip. It was five days before Christmas 1943, and the fighter had...
  • Iraq: The Spies Who Fooled the World

    03/17/2013 9:02:46 PM PDT · by the scotsman · 43 replies
    BBC News ^ | 18th March 2013 | Peter Taylor
    'The lies of two Iraqi spies were central to the claim - at the heart of the UK and US decision to go to war in Iraq - that Saddam Hussein had weapons of mass destruction. But even before the fighting started, intelligence from highly-placed sources was available suggesting he did not, Panorama has learned.'
  • The Whole World Will Revolve Around The Tiny Island Of Cyprus

    06/28/2012 6:35:58 AM PDT · by blam · 6 replies
    TBI ^ | 6-28-2012 | Wolf Richter, Testosterone Pit
    The Whole World Will Revolve Around The Tiny Island Of Cyprus Wolf Richter, Testosterone Pit Jun. 28, 2012, 8:41 AM Finland doesn’t get the white-hot attention Germany does, but it should because it could be the driving force behind a breakup of the Eurozone. And it fired another shot: it demanded collateral for its share of the billions of euros that Cyprus would receive from the bailout Troika. Cyprus is the fifth of 17 Eurozone countries to ask for a bailout. It’s panic time. The first tranche, €1.8 billion, is needed by June 30 to prop up its second largest...
  • Cypriot Authorities in Revised Deal Talks

    03/17/2013 6:47:25 PM PDT · by dynachrome · 9 replies
    CNBC ^ | 3-17-13 | Peter Spiegel in Brussels and Kerin Hope in Nicosia
    "We had proposed a levy with a rate of zero below €100,000, and a higher one afterwards," said the official. "The Cypriot president did not want to agree to a levy higher than 10 per cent, and if you do the numbers you get the 6.75 and 9.9 [percent]." Cypriot officials insisted no levy on smaller depositors was impossible. One senior Cypriot official involved in the talks said that because about 35 percent of all deposits are below the threshold, exempting them would mean a rate so high for the rest that it would no longer be viewed as a...
  • Markets Are Diving All Across Asia

    03/17/2013 7:03:27 PM PDT · by blam · 44 replies
    TBI ^ | 3-17-2013 | Joe Weisenthal
    Markets Are Diving All Across Asia Joe WeisenthalMarch 17, 2013 The weird thing about finance: A bailout deal that will save Germany a few billion in taxpayer dollars (by shifting the burden to Cypriot depositors) is wiping exponentially more than that off the world's market indices today. CNBC's Deirdre Wang Morris tweets a photo of the CNBC Asia market wall, which is as good a way as any other to see the carnage.
  • President defends Cyprus bank levy as ‘least painful option’ (buried lead)

    03/17/2013 3:17:20 PM PDT · by Lorianne · 60 replies
    France 24 ^ | 17 March 2013
    The president of Cyprus Nicos Anastasiades said in a televised address on Sunday that the controversial bank levy being imposed as part of an EU bailout deal is the "least painful" option available under the circumstances President Nicos Anastasiades said Sunday that a controversial bank levy on private depositors in Cyprus banks as part of an EU bailout deal was the "least painful" option for the financially embattled island. "I chose the least painful option, and I bear the political cost for this, in order to limit as much as possible the consequences for the economy and for our fellow...
  • Raid on Cypriot deposits shakes Europeans' faith in savings (9.9% theft by govt)

    03/17/2013 3:32:46 PM PDT · by Red in Blue PA · 112 replies
    Reuters ^ | Sun Mar 17, 2013 5:01pm EDT | By Harry Papachristou and Sonya Dowsett
    (Reuters) - Europeans' faith in the safety of their savings has been shaken by a levy on Cypriot bank deposits to pay for a bailout, even though there was no sign of a rush to withdraw cash in Madrid or Dublin. People told Reuters they were angered but unsurprised that politicians should dip into citizens' deposits. And as bankers expressed concern the proposed terms of Cyprus's bailout could unnerve savers elsewhere, some leftist leaders voiced outrage. Euro zone finance ministers want Cypriots to pay up to 9.9 percent of their deposits in return for a 10 billion euro ($13 billion)...
  • Cypriot President Anastasiades promises natural gas bonds to depositors

    03/17/2013 2:22:46 PM PDT · by DeaconBenjamin · 14 replies
    ekathimerini.com ^ | Sunday March 17, 2013 (21:22)
    Cypriot President Nicos Anastasiades told his citizens on Sunday that he has chosen the least catastrophic option and confirmed that depositors will get bonds linked to natural gas earnings for the haircut their bank accounts have suffered. He also said he is trying to change the terms imposed on Nicosia for the bailout of the 10 billion euros. In a televised address Anastasiades admitted that Cyprus is undergoing “the most tragic moments since 1974,” in reference to the Turkish invasion that has led to the occupation of the northern third of the island. “The first option would have led to...
  • ANALYST: The Cyprus Deal Could Be The 'Trigger' We Were Waiting For In Europe

    03/17/2013 8:52:16 AM PDT · by blam · 48 replies
    TBI ^ | 3-17-2013 | Matthew Boesler
    ANALYST: The Cyprus Deal Could Be The 'Trigger' We Were Waiting For In Europe Matthew BoeslerMarch. 17, 2013, 10:41 AMStephen Z on Flickr On Thursday, Société Générale analysts made a prescient call on Europe. "It is far too early to dismiss euro area crisis as a key [market] driver," wrote SocGen's Vincent Chaigneau. "We fear another shockwave in the spring." As it turns out, they may not have had to wait very long. News this weekend that the ECB, EU, and IMF bailout of the Cypriot banking system will include an instant 10 percent "tax" on bank deposits before banks...
  • Two Side of Cyprus

    03/17/2013 10:52:43 AM PDT · by WriteOn · 51 replies
    Zerohedge ^ | Bruce Kasting
    Let me first (try to) give you a justification for the seizure of bank deposits in Cyprus. Everybody who knows any thing about Cyprus also knows that the domestic banks were a parking lot for Russian hot money. I wrote about this back in 2011 (Link). There are a gazillion other articles saying the same thing. That being the case, the seizure of some of the black Russian money as part of a bailout for Cyprus is not really a surprise. With dirty money flowing in, the stupid banks in Cyprus used the deposits to buy crappy assets like the...
  • Central Bank of Cyprus orders island's lenders to block customers' transfers

    03/17/2013 7:36:54 AM PDT · by DeaconBenjamin · 11 replies
    ekathimerini.com ^ | Sunday March 17, 2013 (15:00)
    Cyprus’s central bank has written to the island’s lenders to ask them to block customer’s transfers and payments, according to reports on the island. Cypriot website 24h revealed on Sunday that the Central Bank of Cyprus wrote to Cypriot lenders on Saturday, March 16 to ask them to stop all form of payments from their accounts, even those that were from one account at the bank to another.The measure comes after the Eurogroup asked Cyprus to impose a one-off tax on depositors as part of its bailout. Kathimerini English Edition understands that the capital controls do not apply to the...
  • IMF Marxists Tax and Seize Personal Funds in Cyprus – Crickets Ensue

    03/17/2013 9:41:03 AM PDT · by Nachum · 23 replies
    Noisy Room ^ | 3/17/13 | TMH
    Very few things give me nightmares… Yesterday’s event in Cyprus was one of them and the media is conspicuously silent. What do you get when you combine worldwide Marxist elitists, bankers and the media? A worldwide depression and a new dark age. The IMF (in case you are wondering who they are) is using Greece as a proving ground for the rest of us. It is a fascist Petri dish. They just implemented an across the board tax on all bank accounts over a holiday with no warning and no recourse. 9.9% if you have over 100,000 Euros in the...
  • Nicosia [Cyprus] declares Tuesday a bank holiday, but ECB urges action

    03/17/2013 7:42:19 AM PDT · by DeaconBenjamin · 28 replies
    ekathimerini.com ^ | Sunday March 17, 2013 (14:48)
    The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesdayas depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed. Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.There...
  • Think Cyprus can't happen here? It already did.

    03/17/2013 8:42:48 AM PDT · by wcvarones · 20 replies
    W.C. Varones ^ | 3/17/2013 | W.C. Varones
    There's two bulls standing on top of a mountain. The younger one says to the older one: "Hey pop, let's say we run down there and f*** one of them cows". The older one says: "No son. Lets walk down and f*** 'em all".                           - Robert Duvall in ColorsThe world was shocked this weekend to learn that the European Union would fund the bailout of Cyprus by confiscating the assets of ordinary bank account holders.  Core Europeans and Americans no doubt comforted themselves that such a...