take ur hands off my money you damn dirty bank

robert l. bentham

robert l. bentham

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http://www.washingtonpost.com/blogs...ld-be-the-start-of-the-next-financial-crisis/

bulldozerCyprus.jpg
 
robert l. bentham said:
http://www.washingtonpost.com/blogs...ld-be-the-start-of-the-next-financial-crisis/
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This is a big deal - I was talking about this the other day with some folks - and on the one hand it's hard to sympathize with these "Russians"*cough*(mafia)*cough* getting their funds skimmed it sets a truly horrible precedent. As if it wasn't already bad enough that governments could tax away the money of the average Joe to pay for the screw-ups and fraud of the big banks, now the confiscation can happen right where you keep your money. If taking money right out of people's accounts is supposed to increase confidence in banking I'm not sure how that's supposed to work. Probably it's just more bullshit. Probably it's the rich realizing that the game is coming to and end and they are getting more desperate to consolidate their wealth and grab up and cash in all the IOUs while there is still something to grab. I can see this sort of thing pushing the regular Joe out of the system and into alternatives - barter, credit cooperatives, local currencies and physical metals.
 
That makes sense, prevent a collapse by encouraging people to withdraw as much money as they can...Maybe they want the banks to collapse?
 
adz said:
That makes sense, prevent a collapse by encouraging people to withdraw as much money as they can...Maybe they want the banks to collapse?
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well ''' that'd be the easiest way to hide how bad the governments have been hiding the actual bank losses and some, only some of the money they have over printed... good news is your accounts in the caymans will prolly be safe...
 
And certain people on Whyzzat, without naming names, call anyone a Luddite who does not blindly accept technology being rolled out without consideration for consequences.

Some of you people still wonder why certain conservatives (and even certain libs) do not trust the government, any government. With a few keystrokes, your bank accounts can be emptied.
 
I have to admit, it's a strange move overall. Trust in banks is eroded. Faith in the EU is eroded. And powerful enemies in Russia are made. And all to save Cyprus? No one cared about Cyprus when the Turks invaded, and now we're risking it all? I guess EU membership has it's benefits.
 
My prediction: There will be much in terms of protest, and the good government will go back and change the tax so as to exempt the smaller accounts. Since most Cypriots will be the ones with the smaller accounts and the bigger ones belonging to foreigners, this will likely be more politically palatable. From what the Germans say, they never really wanted to hit the smaller accounts anyway, so I'm guessing the plan is to make it seem really bad and then make it seem better - that way the people think their politicians fought for them and won some concession when in reality they didn't.
 
Glaucus said:
My prediction: There will be much in terms of protest, and the good government will go back and change the tax so as to exempt the smaller accounts. Since most Cypriots will be the ones with the smaller accounts and the bigger ones belonging to foreigners, this will likely be more politically palatable. From what the Germans say, they never really wanted to hit the smaller accounts anyway, so I'm guessing the plan is to make it seem really bad and then make it seem better - that way the people think their politicians fought for them and won some concession when in reality they didn't.
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Well, I think clearly this is the test country. The elites are watching what happens. If there is no bloodshed and this goes away with a wimper, welcome this sort of thing to your local bank very soon. It is already seen as a crime to carry large amounts of cash in the USA.
 
redrumloa said:
Well, I think clearly this is the test country. The elites are watching what happens. If there is no bloodshed and this goes away with a wimper, welcome this sort of thing to your local bank very soon. It is already seen as a crime to carry large amounts of cash in the USA.
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You don't think this has happened before? You think it was better off 100 years ago? I don't. This isn't a test but it may be a warning.
 
redrumloa said:
Well, I think clearly this is the test country. The elites are watching what happens. If there is no bloodshed and this goes away with a wimper, welcome this sort of thing to your local bank very soon. It is already seen as a crime to carry large amounts of cash in the USA.
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Have to say that just about every Cypriot I've ever met has been "passionate" to the point of instability. There is a reason why there is a permanent UN presence at the border. Frankly you'd have to be deluded to think that this won't kick off bloody riots.

Russia's reaction though will be key, if they get angry enough they could simply cut gas supplies and plunge a significant chunk of Europe into darkness.

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And looking at the news, its been rejected by the parliament.

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the_leander said:
Have to say that just about every Cypriot I've ever met has been "passionate" to the point of instability. There is a reason why there is a permanent UN presence at the border. Frankly you'd have to be deluded to think that this won't kick off bloody riots.
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And unlike mainland Greeks, Cypriots are very well armed.

This seems to have been shot down, but it may come back in a different form. And whatever else they come up with isn't likely to be any more acceptable.
 
There are now rumours of the German finance minister saying the Cypriot banks will likely fail tomorrow, so expect a run on the banks. Should that happen, you'll see the same in Italy and Spain.

The irony in this is that Cyprus's economy was basically sound, it still is. The problem is that the Cypriot banks are deeply tied to the toxic stock in Greece.

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i'm guessing we're gonna need a fairly large supply of popcorn to watch this unfold...:jerry:
 
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