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Dark times in Cyprus, are we next?


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#16    keithisco

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Posted 19 March 2013 - 04:56 PM

Latest news is that ALL members of the Cyprus Govt. refused to vote. Now where does that leave (Greek)Cyprus, and why do I even care? More to the point, why is it that the Banks ludicrous lending in the first place led to this world crisis, yet now the same banks (many of whom were bailed out with taxpayers money)want to give unrestricted Bonuses to their employees?? Are we all stupid??


#17    keithisco

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Posted 19 March 2013 - 04:58 PM

View PostJeremiah65, on 19 March 2013 - 04:39 PM, said:

There is a lot of breaking info on this.

Apparently the money grab is not going to be approved and the Cypriot Finance Minister has resigned.

http://www.zerohedge...inister-resigns

Crowds are gathering outside of parliament.

http://www.rightnow....3433304743.html

This is almost assuredly going to cause a run on banks regardless.  People are angry.  If they grab the money, the people will take whatever they have left.  if they do not grab the money, people will still draw their money out.  Lose-lose anyone?

There are rumors that apparently the UK is sending a plane with a million Euros cash for their military to Cyprus.  This might be an indicator that the banks are not going to opening anytime soon.  This is hearsay though and I have not confirmed it.  Hopefully someone might know if this is fact or false.

Very interesting developments.  I think what we are seeing is the unraveling.  These bailouts and handouts are not sustainable.  Grabbing the people's money isn't going to solve an unsustainable debt and deficit problem.  The small guys will be the first to fall.  Keep your eyes on things folks...this might be the first domino.


But then again, I have no idea what I am talking about.
Grab the physical assets of the Banks, not their depositors...


#18    freetoroam

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Posted 19 March 2013 - 05:02 PM

it is a disgrace that the little people are going to suffer, the rich elite Cypriots have been doing their dealings with the Russian mafia and trust me none of them are going to be affected by this!!
I have friends over there, Cypriot friends, and they are very worried.

Edited by freetoroam, 19 March 2013 - 05:04 PM.

In an ideal World a law would be passed were NO guns were allowed and all those out there destroyed, trouble is the law makers are not going to take a risk of trying to pass that without making sure they are armed first.

#19    keithisco

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Posted 19 March 2013 - 05:13 PM

View Postfreetoroam, on 19 March 2013 - 05:02 PM, said:

it is a disgrace that the little people are going to suffer, the rich elite Cypriots have been doing their dealings with the Russian mafia and trust me none of them are going to be affected by this!!
I have friends over there, Cypriot friends, and they are very worried.

In Spain, if you are not registered for Spanish Tax via an NIE Number then your Bank Services are severely limited, even if you are an EU Member state. Last time I looked, Russia is not an EU Member, Cyprus has acted in a way that is unconscionable. Leave Registered Cypriot Citizens alone, and simply sequester all Non - EU deposits.


#20    freetoroam

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Posted 19 March 2013 - 05:35 PM

View Postkeithisco, on 19 March 2013 - 05:13 PM, said:

In Spain, if you are not registered for Spanish Tax via an NIE Number then your Bank Services are severely limited, even if you are an EU Member state. Last time I looked, Russia is not an EU Member, Cyprus has acted in a way that is unconscionable. Leave Registered Cypriot Citizens alone, and simply sequester all Non - EU deposits.

Legendary trader Jim Sinclair:  “This has quickly turned into a PR nightmare because it is not a ‘tax,’ but instead a ‘confiscation.’  They have stolen KGB money in order to meet the liabilities of the banks.  Up to this point, bank depositors have been held whole in this most serious Western, and by consequence international financial meltdown.
Up to now the psychology has been that if you have money in the bank you really don’t have to worry too much. This represents a complete change in the strategy that has existed up to the present time, which has been crucial in holding together the financial world after the meltdown of the over-the-counter derivative has done so much damage.”
Eric King:  “The aftermath of this debacle and some of the chess moves that are going on here, your thoughts?”
Sinclair:  “Taking Russian money is very foolish.  You have to understand the culture of the people you are dealing with.  The government leaders in Cyprus have no ability to protect themselves from the retribution of the former Russian KGB agents, including Putin himself.
The government leaders in Cyprus are trying to back-pedal right now in order to save their lives.  Let me say it again, they are trying to save their own lives.  Remember, ‘revenge is best served cold.’
I would also add that this was the biggest mistake made by the IMF and the ECB in their history.  Every time you do business with a Russian company, you do business with a bank in Cyprus.  Money goes in, it goes out, but it all funnels through Cyprus.
Coming down on Cyprus as a test case for the new ‘Bail-In’ rather than ‘Bailout,’ the utilization of the depositors money to pay for the losses, could very well derail the entire efforts so far to maintain the appearance of solvency in the West.

In an ideal World a law would be passed were NO guns were allowed and all those out there destroyed, trouble is the law makers are not going to take a risk of trying to pass that without making sure they are armed first.

#21    bmk1245

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Posted 19 March 2013 - 07:00 PM

Quote

CYPRIOT lawmakers overwhelmingly rejected a deeply unpopular tax on bank deposits on Tuesday, throwing into doubt an international bailout for the troubled euro zone member needed to avert default and a banking collapse.

The 56-seat parliament voted by 36 votes against and 19 abstentions to bury the bill, a condition of a 10 billion euro European Union bailout for the Mediterranean island. One deputy was absent.
(link)

I have sneakin' suspicion...  Cyprus will become autonomous province of the Great Russian Federation...

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#22    Render

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Posted 19 March 2013 - 08:53 PM

They trully handled this in the stupidest way possible.

"Crisis time..we need to prevent a huge banking collapse, what can we do? Oh i know, let's scare the entire population into taking away all their money from the banks"
What the hell?
Im curious to see the after effects thursday and friday. I don't think the population will reason "it was just a scare, lets all leave our money on the banks" ... i think it will be more along the lines off "they'll find another way to screw us over, best to take as much money from our account as we can."

I could be wrong, but they only enlarged the problem and the crisis with that.


#23    keithisco

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Posted 19 March 2013 - 09:05 PM

Do not forget that this attempt was not simply an ECB manoeuvre. It was also fully endorsed by the IMF, and which nation is the largest contributor to that fund? It could even be argued that the IMF is deliberately undermining confidence in the Euro by insisting on unrealistic conditions. If this is the case then it will seriously backfire because an undervalued Euro on the Exchange Markets will make Euro Exports much more attractive and boost exports.

Edited by keithisco, 19 March 2013 - 09:09 PM.


#24    AsteroidX

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Posted 19 March 2013 - 09:07 PM

wouldnt this destroy the Euro..If it happened in America the run on banks would be absolute.


#25    Render

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Posted 19 March 2013 - 09:12 PM

View PostAsteroidX, on 19 March 2013 - 09:07 PM, said:

wouldnt this destroy the Euro..If it happened in America the run on banks would be absolute.

the Euro is bigger than Cyprus though.


#26    Jor-el

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Posted 19 March 2013 - 09:17 PM

View PostAsteroidX, on 19 March 2013 - 09:07 PM, said:

wouldnt this destroy the Euro..If it happened in America the run on banks would be absolute.

I understand one thing in the middle of all this, there is war going on, a war between the Dollar and the Euro, but within the Euro Zone there is another war being fought, a war of influence, on who will ultimately call the shots in this future federation of states, what is interesting is that this is an old ambition, an ambition that fuelled Napolean, Hitler and a number of other so called "visionaries".

The sad thing is the corpses this vision has left behind, maybe they are merely metaphorical now, but destroyed lives by the thousands aren't any less gruesome, just because they aren't physically dead.

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#27    danielost

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Posted 19 March 2013 - 09:25 PM

View PostJor-el, on 18 March 2013 - 08:27 PM, said:

I find it strange how we in the European Union seem to class everything in life as secondary aside from finances, Cyprus woke up yesterday with the news that a new one time tax was going to be instituted, where people whose lifesavings in banks are over  ¤100 000 must pay 10% of those deposits to the government while under that ammount it is 6.75%.

As some have classified it it is legalized piracy by a sovereign nation.

The trouble is that if this passes, are we going to see the same type of thing in other countries that are classified as "risky investments"?

Where is the line between saving a nation and destroying it?

I find this attitude to be somewhat similar to Portugals "piracy" of its citizens wealth, where we got an aproximate 10% increase in what we have to pay the government in the annual IRS statements. Are we seeing the 1st signs of a European money gobbling machine?

No, this isn't the start.  The start was the greek austraty measures.


California, passed a new tax today.  They then made it retro active five years and are going to fine everyone for not paying it.


This is going to happen in the usa if we don't cut spending.  Batter a scaple the an axe.

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#28    danielost

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Posted 19 March 2013 - 09:28 PM

View Postkeithisco, on 19 March 2013 - 04:58 PM, said:


Grab the physical assets of the Banks, not their depositors...

Same thing.

I am a Mormon.  If I don't use Mormons believe, those my beliefs only.
I do not go to church haven't for thirty years.
There are other Mormons on this site. So if I have misspoken about the beliefs. I welcome their input.
I am not perfect and never will be. I do strive to be true to myself. I do my best to stay true to the Mormon faith. Thanks for caring and if you don't peace be with you.

#29    Finity

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Posted 19 March 2013 - 09:52 PM

They say it won't happen anywhere else. But they wouldn't tell anyone if it was about to, because we would all clean out the banks over night.  I moved most of my savings out of the bank and in to other things months ago. It's just not safe in them any more, you make next to nothing on interest, and there is no point in it all just sitting there waiting to be robbed.

Maybe it's time to go back to stuffing the mattress, or buying a safe at home :P

The people at the "top" will ALWAYS look after themselves before us plebs.  Because to get in to power you have to either inherit it, or work your way up a corrupt ladder putting yourself before others.

Edited by Finity, 19 March 2013 - 10:10 PM.


#30    itsnotoutthere

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Posted 19 March 2013 - 11:39 PM

Personally I'm not gonna panic too much, because i haven't got any savings in the bank. Having said that, if i did they'd be somewhere else by the end of the week.

Edited by itsnotoutthere, 19 March 2013 - 11:39 PM.

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