Posted on 03/17/2013 11:35:50 PM PDT by Lancey Howard
Nikkei down 340 at the close.
It will be very interesting to see how Wall Street reacts (or doesn't).
Fasten your seat belts.
(( ping ))
Remember! It’s not “theft” when the government steals your money! /sarc
...bumpity, bump, bump- look at frosty go...
The deposit raid is being taken as an EU sign of desperation. They would have to be to pull a stunt like that.
saw that picture on F R a few years back and it still makes me laugh, that is one terrified cat and kids..
Yep.
Tip ‘o the iceberg.
The country is Cyprus. Cypress is a tree.
They have also apparently extended the bank holiday through Tuesday.
Anyone remember Obama’s ideas on 401k plans? He wanted to take them and convert them...
The Brits are none too happy, as they have quite a few people and quite a few accounts there.
FDR announced the 1933 Bank closure on a Sunday. Leaving it over a weekend, with no final plan in place, leaves time for tempers to erupt, which they are.
Yes, I think that’s what post #4 was about.
Anyway, (whew) I’m glad it was only a tree that got its bank accounts shaved.
What a relief!
FRegards,
LH
The following is a link to an old thread, about an even older booklet (”The Revolution Was”, written in 1937?) about FDR. The entire booklet is on that thread and VERY interesting - and is very eery when we see Obama following in FDR’s footsteps. Sorry for the long excerpt - but it is VERY chilling:
http://www.freerepublic.com/focus/f-news/2185147/posts
In his inaugural address, March 4, 1933, the President [FDR] declared that the people had “asked for discipline and direction under leadership”; that he would seek to bring speedy action “within my Constitutional authority”; and that he hoped the “normal balance of executive and legislative authority” could be maintained, and then said: “But in the event that Congress shall fail... and in the event that the national emergency is still critical... I shall ask Congress for the one remaining instrument to meet the crisis — broad executive power to make war against the emergency, as great as the power that would be given to me if we were in fact invaded by a foreign foe.”
It is true that people wanted action. It is true that they were in a mood to accept any pain-killer, and damn the normal balance of authority between the executive and legislative authority. That was an emotional state of mind perfectly suited to a revolutionary purpose, and the President took advantage of it to make the first startling exposition of New Deal philosophy. Note his assertion of the leadership principle over any other. Discipline under leadership. Note the threat to Congress — “in the event that Congress shall fail.” But who was to say if the Congress had failed? The leader, of course. If in his judgment the Congress failed, then, with the people behind him, he would demand war powers to deal with an economic emergency.
The word emergency was then understood to mean what the dictionaries said it meant — namely, a sudden juncture of events demanding immediate action. It was supposed to refer only to the panic and the banking crisis, both temporary.
But what it meant to the President, as nobody then knew, was a very different thing. Writing a year later, in his book, On Our Way, he said: “Strictly speaking, the banking crisis lasted only one week.... But the full meaning of that word emergency related to far more than banks; it covered the whole economic and therefore the whole social structure of the country. It was an emergency that went to the roots of our agriculture, our commerce, our industry; it was an emergency that has existed for a whole generation in its underlying causes and for three-and-one-half years in its visible effects. It could be cured only by a complete reorganization and measured control of the economic structure....It called for a long series of new laws, new administrative agencies. It required separate measures affecting different subjects; but all of them component parts of a fairly definite broad plan.”
So, what the New Deal really intended to do, what it meant to do within the Constitution if possible, with the collaboration of Congress if Congress did not fail, but with war powers if necessary, was to reorganize and control the “whole economic and therefore the whole social structure of the country.” And therein lay the meaning — the only consistent meaning — of a series of acts touching money, banking and credit which, debated as monetary policy, made no sense whatever.
And now I have a link for you. If you have about fifteen minutes, you will not be disappointed, I promise:
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