"Cyprus is unique. Besides being tiny, its banking system looks different from those in most other countries. Much of the big money deposited in its banks is from foreign investors, including Russians who have long been suspected of money laundering. Those investors had fair warning that Cypriot banks were troubled. The issue has been simmering for six months. But those investors left their money in the bank, in part because they were gambling that the banks would be bailed out at no cost to them. If the current plan is approved, depositors will have lost that bet.
Worse, the strategy employed in the bailout of Greece — in which bondholders of its sovereign debt were paid less than face value — will not work in Cyprus. Cyprus’s banks own much of the country’s debt, so any effort to reduce that debt by forcing debt holders to accept less would only make the banks more troubled.Given the brutal history between Russia and so much of Europe — and speculation that so much of the money is ill gotten — it is clear why it would be so politically unpalatable to countries in the euro zone, Germany in particular, to bail out Russian depositors. And even if the move were to create a run on the banks in Cyprus, the contagion would be limited."
First the obvious. Cyprus is still being hit with inflation. That's lie one. Just because they were offering a better return does not means the Euro they kept on compute files was not eroded by inflation. But it was a nice try by the talking heads. Lie number two. It's a tax they've been avoiding. If you live their you are taxed. If we deposited savings in a bank in Turkey for example, why should we be paying tax there? We don't live there and we don't work there. So much for lie two.There are other lies. All Russians are laundering money there. Therefore, all people must have their private property confiscated.
Now lets talk about some truths. This is a banking system that made some terrible investments. These investments were so bad that a child would not have made that error. We've been through all these comparisons closer to home. Our banksters admitted that this was deliberate. It really comes down to a question of just how stupid you'd have to be to believe that these guys made an honest mistake. Fortunately, after it was clear that no one would be charged here they came out and told the truth.
So now in Cyprus were have the IMF saying pony up a third and we'll give you the rest. Cyrpiates say "how do we come up with that, we're broke"? The IMF says "the Russian money is stolen so just thieve from everybody". Remember when Elizabeth May brought up the fact that the IMF told our politicos to damage our healthcare system to keep our credit good and our politicos did just that? Why should anyone be surprised to see the ugly head of the IMF surfacing in yet another fraud.
In the USA the people had to pay for the banks by having the government buy them and secure loans so that some could continue. In Cyprus we have a foreign private entity calling the shots. Had Cyprus bailed it's own banks out all would be good. They could demand the money back over time.
This confiscation sends the message that the people will never see the money back even when the banks return to full profitability! GM has to pay back all the money why are banks special?
The auctioneer has called fair warning. UM ah er really? Savings around the world have been the most protected tenets of our money system. In the old days bills were redeemable for gold. They in a brazen attempt to fool all the people they decided you should trust in God! Well, here's your God and your God is stealing from you. Why not just change it to "In IMF we trust"? So now, our talking heads would have it that the people and savers of Cyprus were given fair warning that the banks would steal their money. Where in the warnings did they say this? Why is it that it was not reasonable for them to expect the banks to save themselves? I bet that not one penny of the bonuses is being scraped back. Worse yet, no arrests.
What this proves to everyone is that you should not save in any bank anywhere. You should have portable property namely gold and preferably gold coins. Solid proof of this can be found in Canada. If you think you own your property just try not paying your taxes. If you have guns gold and a getaway plan on the other hand, you are much safer. If you have a very large pile of gold you can afford to protect it and transport it.
Returning to the expectation that the banks would solve their own hand made problems. We are 100% certain that they knew what they were doing when they got into it and we are equally certain they had no intention of trying to solve it. They could solve it. In fact, all the banks involved world wide could solve this problem. They could simply make those instrument illegal. Make it retroactive too. The 10 times global GDP worth of them gone with the push of a button. Remove the zeros from the balance sheets and continue business as usual.
If this is not done I am 100% certain the thievery will continue. The problem is so big it will make the current debasement look comical. Add another zero to all the sums everywhere.
Last, the banking system has run full circle. These are the money changers right out of biblical times and they have managed to force all of us along with the current of the stupid right into a fascist state one government world. Businesses are the only safe haven yet. The next leg of the journey will be one where the businesses come under attack by the money changers as they strive for total dominance. Yes people, they do need to corral you into businesses as your safe haven. You might think they can't topple businesses but you'd be wrong. They already own enough of them and or have enough tentacles in them so that they can send them down erroneous paths. Our giant Quebec construction firm is an example. The corruption in Quebec and BC governments is proof of how they can do it.
When the banks open in Cyprus don't expect a mass run. There will be a run but those fleeing will want to move slower in the hopes that the banks won't halt it all together. Proof of the moving bar. See today's news. Now they are saying they don't want to confiscate from the poorest of the savers. Ie. the local mom and pops. They are trying to put a friendly face on the theft.
And now for the lighter side: http://www.cbc.ca/news/business/story/2013/03/19/business-cyprus-bank-bailout.html
[Edit] 3:08 ET
So now the criminal cartel of bankers runs up against the politicos.
"In a sign of the scale of disagreement over the deposit charge, the country's central bank governor, Panicos Demetriades, recommended that no accounts below €100,000 be touched. That level represents the amount of savings that are supposed to be insured if a bank collapses."
Does it take a rocket scientist to figure out what happens when you steal insured money? This comes under the lable of UGFK (kidding). Default is the way to go. I can't steal from the people on my road to pay my debts without risking jail. The same MUST hold true for them. Let the stakeholders decide if they want to rescue the banks who committed crimes with their money.
To add to the absurd statement.
"Charalambous said Cypriot authorities believe depositors should be protected, but that a wholesale exemption for those below €100,000 would mean a "disproportionate" burden on large savers, and a "very detrimental" knock-on effect on economic growth."
This one is labled AUFK. These people don't invest locally. Has the writer of this story ever been there? His head must be up his arse. This is a safe haven for ill gotten gains. Look at the crooks our BC government does with our health care billing. They hid in an identical place just on a different island but for the very same reasons. (Notice with the election coming not a word is said about this? More proof that both parties are against the people.)
There is one lesson I hope that the people of the world take away from this. And that is to remember that a single currency is not possible without a complete union of monetary policy, and therefore a fiscal and political union that is complete and comprehensive. Otherwise a powerful group will wield monetary policy for their own benefit, and the rest of the currency area be damned.
When the single world currency proponents come around again with their proposals, what they are really proposing is a one world government to be established in the ensuing crisis which their actions will eventually provoke. http://www.24hgold.com/modern-money-a-study-in-confidence-and-crisis.aspx?