Cyprus Could this be the little thing that turns into the big thing

Dice21

Depositors that have money in Cyprus banks are being charged 6.9%(under 100K) or 9.9% (over 100K) to finance the Greece bailout of the government. This could shoot PM's thru the roof and it could also give our own government ideas. Any thoughts?

ksammut

Here is a link to the story.

The Cyprus Bank Bailout

derryb

Wonder if their Homeland Security stocked up on bullets.

carew4me

flat out theft by thugocrats.

mugging the savers!


WHO IS JOHN GALT?

DoubleEagle59

Treat it as a glimpse into our future.

CaptHenway

Do you think that the U.S. government might ever tax U.S. Savings accounts to bail out the "Too Big To Jail" banks?

Dice21

If there isn't blood in the streets you can best believe some politicians are looking at how this develops..........I see people moving money into safer venues like PM's........

jmski52

"All your money are belong to us"

I assume that they were enjoying higher yields being paid by the Greek bonds, until now. What part of "risk" don't people understand?

Well, I doubt that it could ever happen here. Our government is much too wise to let something that outrageous happen.

Move along. Nothing to see here.

roadrunner

Yes, all of our savings deposits are "insured" by FDIC.

(Federal Deposits Internally Cleansed).

DrBuster

Coming soon to a theater near you.....

tneig

I think we have already been paying. They are very slick at hiding their methodology from us, but printing and spending is not that hard to see.



<< <i>Do you think that the U.S. government might ever tax U.S. Savings accounts to bail out the "Too Big To Jail" banks? >>

TheBigB

As Ben Bernanke said... The U.S. government has a technology, called a printing press

roadrunner

Sinclair thinks a lot of the money actually belongs to the Russians - oops

CaptHenway

@Roadrunner ... now THAT is interesting!!!!!

piecesofme

OnlyGoldIsMoney

Those who kept their cash in a mattress or in the form of precious metals now have a minimum of 6.9% more than those who left their money in "safe" banks.

I wonder how many depositors with insider information were able to pull out their money on Thursday or Friday.

Overdate

<< Well, I doubt that it could ever happen here. Our government is much too wise to let something that outrageous happen. >>

I can't imagine that anyone in Congress who values re-election would ever vote for such a plan. It's not even certain that Cyprus' Parliament will ratify it.

Of course unlimited money printing in the U.S. will eventually produce the same result, but without the pesky bank runs and social unrest.

PerryHall

<< <i>Do you think that the U.S. government might ever tax U.S. Savings accounts to bail out the "Too Big To Jail" banks? >>



Who was it that said "Inflation is the cruelest tax of all."? I think it may have been Ben Franklin.

jmski52

the little thing that turns into the big thing

I give this about 10% odds of causing a major run on the European banking system, and about a 2% chance that it would cascade over to the US. Either way, I'll be making an adjustment or two next week, just to "tidy-up".

The ramification for Europe is when Gasprome cuts off the EU's heating fuel next winter in response.

piecesofme

I can't imagine that anyone in Congress who values re-election would ever vote for such a plan

Holding lower level office is not required to still be the one pulling the strings. Being in office and having the ability to possibly vote on such a measure is a bonus for the person who may be offered puppet master status if they lose election.
Go ahead, call me a conspiracy theoretician...and I would then call you naive

derryb

purpose according to Cyprus president is to prevent failure of nation's two largest banks. When will we ever learn!
new funding strategy for IMF, who is now demanding cash up front.


<< <i> I can't imagine that anyone in Congress who values re-election would ever vote for such a plan. >>


The 2008 US bank bailout approvals were a much more expensive plan for its nation's citizens. Most all who voted for it were re-elected.

jmski52

<< Well, I doubt that it could ever happen here. Our government is much too wise to let something that outrageous happen. >>

I can't imagine that anyone in Congress who values re-election would ever vote for such a plan.

I was being facetious when I said that the government would never let such an outrageous thing happen. The government only cares about the government.

ricko

<< <i>The 2008 US bank bailout approvals were a much more expensive plan for its nation's citizens. Most all who voted for it were re-elected. >>



This fact alone proves the ignorance of the vast majority of the American voters. Cheers, RickO

Overdate

<< The 2008 US bank bailout approvals were a much more expensive plan for its nation's citizens. Most all who voted for it were re-elected. >>

That was 2008. Two years later the Tea Party booted many bailout supporters, and Republicans regained control of the House. With what the public has learned since then, the bailouts have become very unpopular and a repeat of the 2008 scenario appears unlikely (at least to me).

Politically, the path of least resistance in the U.S. is continued monetary debasement rather than direct wealth confiscation.

1jester

“What’s just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian ‘black money.’ Russian ‘black money’ is KGB money, now in business. The leader of Russia (Putin) was a former KGB official. Whose money do you think they have taken? This is the biggest mistake the IMF could possibly have ever made.”



PS: Sinclair knows what he's talking about, and he doesn't mince words.

bronco2078

<< <i>“What’s just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian ‘black money.’ Russian ‘black money’ is KGB money, now in business. The leader of Russia (Putin) was a former KGB official. Whose money do you think they have taken? This is the biggest mistake the IMF could possibly have ever made.”



PS: Sinclair knows what he's talking about, and he doesn't mince words. >>




I'm pretty sure the russian oligarchs and the Eurocrats are on the same side in this one. Don't forget both groups are all mostly former communists. Any of the really important depositors got advance warning as others have pointed out. The dirt poor with no money in the bank don't get hit directly either. Once again the bailout seems to land on the necks of the middle class .

News around the web says the vote has been delayed , so its not a done deal yet. The parliament has been ordered to vote for it of course but we shall see.

Baley

<< <i> This could shoot PM's thru the roof ... Any thoughts? >>



Hope springs eternal, eh?

carew4me

Delay or no delay, pass or fail the message is clear now,
at the whimsy of the ruling elite, they may , at a time of their choosing,
steal the deposits of citizens. Clearly signaling that they have
first rights to these monies. The fiat is only yours to borrow and
can be confiscated at will to address the poor fiscal decisions
of the bumbling, well nourished elites.

Of course we as a people are much to docile and subservient to stop and they know it.


Trillions if PUBLIC pensions and entitlements in this country are due soon...What will our state and federal
governments do?

The low information voters are actually ASKING for higher taxes...its almost too easy.

On paper..it pays to appear broke

jmski52

Hope springs eternal, eh?

Man good man Baley, surely you realize that nobody is expressing "hope" about this situation?

derryb

Will boost dollar index a bunch. Normally, this causes a drop in metals priced in dollars.

renman95

<< <i>Sinclair thinks a lot of the money actually belongs to the Russians - oops >>



So exactly what is Putin going to do, take his shirt off and flex? I'm scared.

KUCH

<< <i>Do you think that the U.S. government might ever tax U.S. Savings accounts to bail out the "Too Big To Jail" banks? >>



YES!

tneig

Yep, one must make plans or let others make plans for them!



<< <i>Delay or no delay, pass or fail the message is clear now, at the whimsy of the ruling elite, they may , at a time of their choosing, steal the deposits of citizens. Clearly signaling that they have first rights to these monies. The fiat is only yours to borrow and can be confiscated at will to address the poor fiscal decisions of the bumbling, well nourished elites.

Of course we as a people are much to docile and subservient to stop and they know it. >>

Spooly

jmski52 knew this would happen!

jmski52

jmski52 knew this would happen!

To paraphrase my newest hero, Benjamin Carson, Head of Neurosurgery at Johns Hopkins, "Economics isn't brain surgery".

So exactly what is Putin going to do, take his shirt off and flex? I'm scared.

Yes! Is ride on pony and dance in water with kayak! Then cut off gas pipeline!

<< Do you think that the U.S. government might ever tax U.S. Savings accounts to bail out the "Too Big To Jail" banks? >>

And Illinois, and California, and New York. And Eygpt, of course. And Afganistan of course, so that they will like us much better.

roadrunner

One news account I just read says that this haircut is going ahead with or without the backing of the Cypriat parliament. That won't sit too well.
The IMF has to try this in baby steps. If it works here, they will be gain confidence that it can be tried on larger nations.

Gold and silver gapped up with gold at $1607. More than likely that gap will refill by Wed's FOMC announcement.

Baley

<< <i>Hope springs eternal, eh?

Man good man Baley, surely you realize that nobody is expressing "hope" about this situation? >>



Heh, outside this forum, I'm "the metals nut" in my community; Gosh I'd like to be "right" someday again, like I was from 2006-2011

CaptHenway

Well, that didn't last long........

sebrown

Well the markets are reacting accordingly. Asia down over 2% as I write.

renman95

comrade say whot happenz in cyprus wont stay in cyprus, hahaha

-renski

cohodk

<< <i>Well the markets are reacting accordingly. >>




Indeed. So far a big yawn. For all markets and currencies.

Unknown

This content has been removed.

derryb

The markets know it was a bluff. Won't happen. IMF just testing the waters.

Dice21

Testing ---testing---soon to be the future.......anyone that has other thoughts needs to get their head out of the ether(clouds)..........the sheeple will never see it coming

roadrunner

Sinclair: You don't mess with the Russians

Even if the Cypriot haircut is taken off the table, the IMF will find another patsy where they can conduct a 6.9% haircut, ideally one where the Russians aren't involved...lol.

You also don't mess with the Baldies!

bronco2078

Heres a video good link from zerohedge that sums it up, if foul language offends you maybe pass on it the london cabbie breaks it down

THISISME

I think this is happening to us already but in a slightly different way.

Interest rates are close to 0% on CDs and bank accounts.
My interest bearing checking account is paying .01%.

Inflation is everywhere. Food, gas, electric, car repair, etc.

Paper money has lost at least 10% of its value in my opinion.

MilesWaits

<< <i>Heres a video good link from zerohedge that sums it up, if foul language offends you maybe pass on it the london cabbie breaks it down >>



WOW! 9:45 with nary a FU***IN breath!

I have seen psychotic persons that couldn't maintain that kind of drama and emotional stamina. And they made a lot less sense.

Paging DeNiro.

cohodk

You guys are telling me the world is afraid of the Russians? And Putin?

derryb

What's alarming is that the IMF bailout is only $13 Billion. Ben will print that before the Cyprus banks re-open.

Contrary to MSM reports, it is believed 80% (and not 20%) of these bank deposits are actually Russian "black money" that has been exported from Russia (primarily to Cyprus) since the KGB partnered with Russian robber barrons with a new business model and economic control in 1985.

Putin will not sit by and allow the IMF to take this money. I'm thinking Cyprus will leave the EU and and get a sweet deal to buddy up with Russia. Look for Russia to bail out Cyprus's banks. Good possibility this is nothing more than an IMF ploy to get Russia to bail out Cyprus.



<< <i>You guys are telling me the world is afraid of the Russians? And Putin? >>


Most non-russian hardened criminals fear the russians, as they probably should. Russian underworld is a just a tad ruthless, and that's who most of these bank deposits most likely belong to. IMF probably goofed big time with this plan, look for them to change course if it doesn't result in a Russian bailout.

bronco2078

<< <i>You guys are telling me the world is afraid of the Russians? And Putin? >>



You need to bone up on your Global Illuminati trivia

The russian communists turned "social democrats" turned oligarch/mafia types owe their fortunes to the western European and American crony capitalists.

Ever since JP morgan financed the october revolution they have been in the bag

The "fear" is just your standard media driven bread and circus routine