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Cyprus ! ! Bank Run ! ! Haircut ! ! Nationalization

Discussion in 'Politics' started by NasaJoe, Mar 21, 2013.

  1. I'll admit, im a little confused. But if you asked me.. I would tell you that.

    Cyprus' banks are closed and are possibly not considering re-opening or are considering being nationalized. If nationalized they would only refund 40% of all funds above the insured rate (of 100K euros / or usd or w/e).

    So what went from a possible 9.9% levy on funds over $100k turned into a 40% levy on funds over $100k.

    As we speak people are raiding ATM's to withdraw what little funds they allow.. Cyprus parliament has yet to vote on anything..

    When I told this to my grandfather his response was.. that could never happen here...
  2. Never say never.
  3. #3 NasaJoe, Mar 23, 2013
    Last edited by a moderator: Mar 23, 2013
    Cyprus decides on nationalization..

    It doesnt explicitly say whether deposits over the insured amount will be levied and in what amount.. but that very well may be to come in future legislation.

    And a 1% tax on all bank deposits.. Effectively negative bank interest rates considering they give you almost no apr on savings accounts.. who would be so stupid?

    forgot to link: http://worldnews.nbcnews.com/_news/...ailout-greece-to-take-over-bank-branches?lite
  4. I'd remind gramps that:

    1- Commercial banks are only obliged by law to hold reserves, in the form of Federal Reserve notes, of 10% to back all demand deposits that they have. Ninety percent of their demand deposits are backed by nothing.
    2- The FDIC holds just half of 1% of all the deposits it insures.
  5. and peole wonder why i do not like banks
  6. I'm also going to assume Grandpa is also relying on 2nd Amendment rights for droves of armed US citizens storm the bank buildings, demanding their money, right?

    Yes, and the government response to that "terrorist" attack would be drone strikes, tear gas, and mass arrests to "maintain order", all while drafting up more laws to disarm America.

    By the time this Administration gets done fucking us over, we won't even remember we elected our first black president. All we will remember was a president who promised more than anyone ever has before, and turned out to be just another liar.:mad:
  7. Russian Leader Warns, “Get All Money Out Of Western Banks Now!”

    \tSubmitted by Michaelwiseguy on Fri, 03/22/2013 - 03:14in

    \t \t \t \tRussian Leader Warns, “Get All Money Out Of Western Banks Now!”
    "A Ministry of Foreign Affairs (MFA) “urgent bulletin” being sent to Embassies around the world today is advising both Russian citizens and companies to begin divesting their assets from Western banking and financial institutions “immediately” as Kremlin fears grow that both the European Union and United States are preparing for the largest theft of private wealth in modern history.
    According to this “urgent bulletin,” this warning is being made at the behest of Prime Minister Medvedev who earlier today warned against the Western banking systems actions against EU Member Cyprus by stating:
    “All possible mistakes that could be made have been made by them, the measure that was proposed is of a confiscation nature, and unprecedented in its character. I can't compare it with anything but … decisions made by Soviet authorities … when they didn't think much about the savings of their population. But we are living in the 21st century, under market economic conditions. Everybody has been insisting that ownership rights should be respected.”
    Medvedev's statements echo those of President Putin who, likewise, warned about the EU's unprecedented private asset grab in Cyprus calling it “unjust, unprofessional, and dangerous.”"
    "The facts which state that the only way to resolve the massive debt load is through a global coordinated debt restructuring (which would, among other things, push all global banks into bankruptcy) which, when all is said and done, will have to be funded by the world's financial asset holders: the middle-and upper-class, which, if BCS is right, have a ~30% one-time tax on all their assets to look forward to as the great mean reversion finally arrives and the world is set back on a viable path.
    But not before the biggest episode of “transitory” pain, misery and suffering in the history of mankind. Good luck, politicians and holders of financial assets, you will need it because after Denial comes Anger, and only long after does Acceptance finally arrive.”
    To the evidence that the masses of Americans or Europeans average citizens will begin protecting themselves against this apocalyptic outcome their remains little evidence as their so-called “mainstream” media continues to cover-up this coming catastrophe. But, and as Russia has now warned, the time for protecting oneself is fast running out, and the only survivors will be those who listened."
    is it wrong to try and convince people worldwide to start a huge bank run:D

  8. [ame=http://www.youtube.com/watch?v=VcRfutKCClY]Peter Schiff: Cyprus More Honest Than US By Confiscating Deposits Rather Than Using Inflation - YouTube[/ame]
  9. INSIGHT-Money fled Cyprus as president fumbled bailout | Reuters

    If they raise taxes high income earners leave, if they attempt to levy banks, high income earners use their political ties to avoid paying back into the system. Their attempts to attain wealth will never work..

    If you acquired your money honestly, but do not have your thumb on a politician you will get squeezed. The game is rigged.
  10. #13 ProvidencePlant, Mar 26, 2013
    Last edited by a moderator: Mar 26, 2013
  11. ^link is 404
  12. How about a worldwide bank run:hello::hello::hello:
  13. #17 NasaJoe, Mar 26, 2013
    Last edited by a moderator: Mar 26, 2013
    If bank runs start occurring its going to be because of the threat the banks face to the depositors similarly to what is happening in Cyprus, not sporadically and for no reason. Once the banks start posing a more serious threat to the depositors they will attempt to move their money, rest assured.

    But attempt is highlighted because in the future, when this surely starts to happen, there will be capital controls in place making it near impossible for the people to get access to their money. Using force and coercion, the gov will be ahead of the people everytime..

    Because nothing like this could ever happen here :rolleyes:

    Here's a good article from zerohedge that discusses the various forms of what is most likely to come once things start heating up.

    Expect These Eight Steps From The Government
  14. #18 NasaJoe, Mar 27, 2013
    Last edited by a moderator: Mar 27, 2013
    Check out this little 1984 newspeak via no other than Krugman, who if i recall just a few days ago was praising these levy measures..

    Cyprus bail-out: as it happened - March 26, 2013 - Telegraph

    Cyprus really should leave the union...
  15. im just sayin that it would be a really fun trend to get started:D why let the scum make the best moves first?
  16. 'I went to sleep Friday as a rich man. I woke up a poor man' | smh.com.au


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