You're going to what my WHAT?????
Posted on 03/25/2013 7:53:06 AM PDT by blam
Cyprus Shows Your Savings Will Be Stolen! UK Theft Is By Means Of High Inflation
Economics / Credit Crisis 2013
March 25, 2013 - 03:24 AM GMT
By: Nadeem Walayat
Different faces but the same old story is being replayed in a small part of the Euro-zone, Cyprus, and that story is one of the Cypriot banking crime syndicate gambling with depositor funds on the debt markets, this time it's Greek bonds, yes, these master-eds of the universe used depositor funds to pile into soon to go bankrupt Greece because of the high yields they offered so that the bankster's could bank bonuses on the basis of fictitious profits as illustrated by the fact that they have dumped an infinitely pile of losses (Greek Bond's ) onto Cypriot tax payers, far beyond anything that any other Euro-zone member has had to face to date.
The Damage Has Been Done, Expect a Bank Run
The emerging details early Monday morning in the face of a literally eye popping deadline are that of at least 40% of deposits over Euro 100k will be stolen in the two largest cypriot banks, one of them Laiki (2nd largest) will definitely be wound down, many mainstream commentators have jumped onto the fact that the depositors will receive shares in the banks which might be fine if the shares were given AFTER the banks were restructured i.e. bad assets being written down, but they are not instead the depositors are likely to be handed what amounts to worthless toilet paper in exchange for their hard cash.
The damage has been done, as the one thing that the banking system relies on has been destroyed and that thing is confidence. No depositor in Cyprus has any confidence in any cypriot bank and will try to transfer out of the Cyprus tax haven at the earliest possibility so there will be a bank run on cypriot banks the unfolding of which will be inline with the capital controls have been put in place.
The damage has been done to the Cypriot economy as its biggest industry the finance sector has been destroyed to result in huge job losses.
The damage has been done as all businesses have been impacted severely due to both many businesses having had their bank deposits stolen and for Cyprus having become a cash economy, where credit is scarce and not trusted by suppliers, so expect many non finance related business to go bust over the coming months.
The damage has been done to the reputation of Cyprus, where it is now seen as a high risk destination for tourists and investors for the reason of perceived instability, just as Greece's tourist industry has suffered.
The damage has been done geopolitical as Turkey profits from this crisis as Northern Cyprus is not only stable, but like the mainland is prospering. Also there is the potential for conflict with the suggested sale of Natural gas deposits around Cyprus as they effectively belong to both North and South Cyprus, whilst this does not mean a military conflict it will make investors more reluctant to enter a potential conflict zone given the flammable nature of natural gas.
Why Should Germany Bailout The Cyprus Tax Haven?
As ever the blame is being leveled at Germany for German tax payers not digging deeper into their pockets to bailout Cyprus as illustrated by the Cypriot born Dragon's Den star Theo Paphitis laying the blame at the Germans for not finding the extra Euro 6 billion rather face the truth that the Cypriot Bankster's and the Cypriot politicians are WHOLLY responsible for the current crisis because this crisis has its roots in actions several years AFTER the 2008 financial crisis i.e. Cypriot bankster's used depositor funds to gamble on Greek bonds and off course lost heavily which is why the banks went bankrupt.
Bank Holiday Financial Armageddon - The Path to Hyperinflation
Well over a year ago I attempted to map out how euro-zone financial armageddon might play out for the UK that would start with a Bank Holiday that would keep getting extended until the Government had worked out the mechanisms for stealing your savings. The big difference between the UK and euro-zone members is that the UK can and would print an unlimited amount of currency to prevent nominal loss to depositors Cyprus style, the consequences of which would be a collapse in sterling and resulting very high inflation whereas that option has not been available to the likes of Cyprus by virtue of having the Euro so it is forced to outright steal depositor funds.
(snip)
You're going to what my WHAT?????
I thought Americans learned that lesson years ago?
Keating seven?
This will probably be a very unpopular response. But
Russia should demand a return of their money loaned in 2011 or threaten war to get it back.
So where do you keep money if not in a bank account? if you put it under your mattress, and it is discovered, the assumption is that it was obtained illegally and it is confiscated.
If you keep it in a bank, the government sets interest rates at an effective negative rate and thus steals your money that way.
If you keep it in a retirement account, the fascist marxists plot ways to take it while making you think that they are helping you.
You keep it at the bank...in a safe deposit box.
You spend it. Buy tangible items. Going Galt becomes more appealing every time something like this happens which shows how fragile freedom is becoming around the world, especially since “fellow travelers” are in charge here.
If the bank goes under, what makes you think they will not open your safe deposit box?
They were calling the seizing of bank deposits on Cyprus a “haircut.”
It looks more like a scalping with 40 percent seizure of accounts over 100-thousand Euros.
Heard on the news this AM that TEXAS is considering setting up their own State controlled Gold Depository.
Have you found anything on FR about this?
“Hang onto your Gold boys, ‘cause the South is going to rise again!”
-——their money loaned in 2011 ——
The money of which you speak in 2011 was the same money loaned to Russia by the IMF in around 199?
It is possible the IMF is getting back some of it’s money from Russians after a 15 year period when it was untouchable in Switzerland and Cyprus
Conversation between Glenn Beck and Rick Perry
(It’s further down the page than the stuff regarding Madonna)
I’m so thankful Rick Perry is our governor! I’m praying he keeps standing strong and means what he says here!
Another concerning topic on Glenn’s mind is what went on in Cyprus over the weekend. The government is taking 7% to 10% of the savings their citizens currently have in bank accounts, and have shut down their bank accounts until at least Thursday.
“It’s really to send a message that this is not your money,” Glenn said.
“What’s happening over in Europe will eventually come here if we don’t turn the page, and it may come anyway,” Glenn added. “How does somebody how does a state protect to make sure that the people’s money in their banks never fall under this, that they just can’t, they just can’t seizure money or in a state’s case that they just don’t take the money from the state?”
Governor Perry’s belief is that what is happening in Cyprus are just the canaries in the cole mine.
“I will suggest to you that are nothing more than a piece of paper are that may be just about what they’re worth. I mean, if you don’t have physical gold, it’s one of the reasons that, you know, we were in the process in Texas of bringing gold that belongs to the State of Texas back into the state,” the Governor told Glenn.
Governor Perry went on to explain that Texas legislature in the process of bringing the gold they own back to the state. And despite Glenn’s skepticism that it could be done, because of rehypothecation, Perry seemed confident. Rehypothecation is when a bank or other broker-dealer takes the collateral pledged by its clients and reuses that same collateral to cover it’s own borrowing.
“I’ll tell you Mexico they’re [the Federal Reserve] going to turn down. They’ve already turned down Germany at the Federal Reserve, and it’s all because of rehypothecation. When people understand what rehypothecation really means, the game is up. And I’d be surprised if Texas is allowed to get their gold back.”
“If we own it, I will suggest to you that that’s not someone else’s determination whether we can take possession it, bring it back or not,” Gov. Perry responded.
Glenn liked that answer quite a bit.
“This is a very good transition and I know you didn’t mean it this way but I’m going to take it that way because it makes me feel better. There is currently, and you know, a serious and perhaps the biggest and most serious attempt to do this since reconstruction,” Glenn said. ”And when they tried to grab the guns from African American and freedmen, there is a serious attack on guns, you can’t buy ammo, you can’t buy guns, and what’s going to happen if Colorado passes it and it starts to move in that way and the president just says, ‘You know what? It’s moving that way and that’s where we’re going?’”
“Well, I think this gets right back to the conversation and the strong argument that we’ve made for the last couple of years relative to the Tenth Amendment and that our Founding Fathers understood clearly that, you know, there are, there are enumerated powers in our Constitution,” Gov. Perry stated. “It lays them out. It clearly articulates what the federal government is to be involved with and the Tenth Amendment clearly shows that if it is not enumerated, if these powers are not delegated to the United States by the Constitution, then they are reserved for the states or to the people. And that goes right to the heart of a substantial number of these of these arguments.”
He went on to add that if states continue to sign these bills regulating gun manufacturers, they’ll be welcomed into the state of Texas.
“Mag pool I can assure you has already been contacted by the State of Texas inviting them to move their operation here, that they not only will be free to manufacture but they will be welcomed wholeheartedly and look forward to allowing those employees to keep more of what they work for so that they won’t be overtaxed as well as over-regulated in a state like Colorado,” he said.
Glenn added onto the Governors comment about encouraging companies and individuals to move to Texas, asking him to encourage that people be invited to Texas for the freedom, not just the jobs. He noted about progressives moved to Colorado and are changing that landscape. Glenn is afraid that the same thing will begin to happen in Texas.
“We’re recruiting people that truly believe in freedom,” Perry responded. “If they’re takers, if they want government to take care of them from cradle to the grave, they’re going to stay in California. They’re going to stay in states with these rich programs that they take other people’s money and then redistribute it. The people that are coming here are people who still believe in the basis for America, that the freedom from overtaxation and freedom from overregulation, freedom from over-litigation.”
Governor Perry added, “Colorado had, I will suggest to you, too many programs that lured too many people that want government taking care of them rather than believing in the free market system and allowing people the freedom to fail as well as the freedom to succeed.”
It’s safe to say Glenn is much happier to now have Rick Perry as the governor of his state than Gov. Cuomo.
Glen is wrong. The reason for the action was to attempt to save the banking system and thus protect the depositors.
His bias prevents him from seeing the reality
The thieves in Washington don’t have to raid the banks directly as they are doing quite well devaluing our savings and our retirement by rendering our dollar weaker with each passing day.
I and millions of other Americans are witnessing our hard earned retirement dollars disappearing in relation to buying power at the same time the lying government and media keep telling us we have low inflation.
As the vermin in office can manipulate the CPI using any products or services which will serve their purpose they have hidden the huge loss in American wealth for the average citizen.
1st Amendment twisted and distorted from original intent of “Freedom OF Religion” to “Freedom FROM Religion” and we do nothing.
2nd Amendment violate for decades and we do nothing. “SHALL NOT BE INFRINGED” is an absolute yet we allowed the government to INFRINGE on so much of it as to render it worthless.
4th Amendment violated at airports, train stations, government buildings, private communications, etc and we do nothing.
Killing of babies protected by the “Right to Privacy” (not by a right to abortion) yet the “Right to Privacy” is non-existent thanks to the Feds, State and local governments.
Seizure of private property and we do nothing.
Waco, Ruby Ridge and we do nothing.
Once they have our guns we will not be able to do anything even if we somehow regenerated a backbone.
The problem is who do you go to war against and who actually stole the Russians money ? Apparently Cyprus got into trouble because they used the Russian deposited money to buy Greek Debt. Greece is their age old ally. So as Germany was selling its Greek Bonds, Cyprus was buying them with Russian money. So the Russians were the pump and the Germans were the dump. Pump and dump play. So the Euro weenies stole the Russian mob money when they bailed out Greece and forced a > 70 % Devil's Haircut on the Greek bonds. Cyprus banks lost about 4.5 billion when that occurred. Coincidently, almost exactly the amount the EU demanded be stolen from the Cyprus depositors (ie - The Russians).
So it was the Greek financial crisis that caused the EU to steal the Russian mob money from Cyprus. Go to war over this ? The Russians will probably just turn off the gas next winter and freeze a few thousand Euro weenies.
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