"Cypriot President Nicos Anstasiades is not willing to discuss the Russian’s offer according to Newsit who cited an anonymous source close to the President. “The president is not going to discuss this plan because he wants a solution that will come from the EU,” said the anonymous source."
hummmmm....not much of a stretch to see the US ira's and 401's have 10% of the account balance redistributed to gov retirement bonds. This would provide sufficient grist to run talking head shows for 6 months at least so no doubt that the media would be totally on board with the fear mongering. Starts with an announcement of an economic emergency.
The top 2% could probably get out of the way or suffer minor nicks but the worker bees would be hosed. Maybe there's an outrage by the public so the gov renegotiates down to 7.5% and people just grumble and gripe about how it ain't fair and they shouldn't be allowed to do that. But the bees don't drain their accounts because of the early withdrawal penalties and taxes so they just grumble and gripe. The status quo survives, though somewhat diminished.
BHAWAHAHAHAHAH...Got GOLD, got REAL ESTATE, got YOUR HEAD OUTTA YOUR BEHIND?
<< <i>hummmmm....not much of a stretch to see the US ira's and 401's have 10% of the account balance redistributed to gov retirement bonds. This would provide sufficient grist to run talking head shows for 6 months at least so no doubt that the media would be totally on board with the fear mongering. Starts with an announcement of an economic emergency.
The top 2% could probably get out of the way or suffer minor nicks but the worker bees would be hosed. Maybe there's an outrage by the public so the gov renegotiates down to 7.5% and people just grumble and gripe about how it ain't fair and they shouldn't be allowed to do that. But the bees don't drain their accounts because of the early withdrawal penalties and taxes so they just grumble and gripe. The status quo survives, though somewhat diminished.
BHAWAHAHAHAHAH...Got GOLD, got REAL ESTATE, got YOUR HEAD OUTTA YOUR BEHIND? >>
THIS !!!!!!!!!!!!
Apply it to an IRA where you would be penalized for early withdrawal and you would suffer a hit either way. The correct answer is to pull it anyway but sheeple wouldn't pull the trigger.
Another thing the penalty in that case would miss the 48% completely so a president that did it could still get elected
not much of a stretch to see the US ira's and 401's have 10% of the account balance redistributed to gov retirement bonds.
Kinda makes that 10% early withdrawal penalty a moot point, doesn't it? But not really, when you consider having control and physical possession (which is how it ought to be anyway).
Q: Are You Printing Money? Bernanke: Not Literally
This move by the ECB and/or the IMF provides NO long term solution to the global debt. Short term, the banks can meet their obligations, but in the long run, money will run out of Cyprus, people will hoard, and taxes will rise to make up for the shortfall. GEEZ!
Round and round we go, same problems, same non-solutions.
I've been out of the system for 4 yrs and current investment is UP, 115%.
Oh well, I'll just go watch some basketball or baseball.
Does everyone here understand...... This will not end well?
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
"Putting cash on deposit makes you a creditor. And in financial crises, the creditor always pays in the end, whether through inflation, default or a "levy"." - Adrian Ash
And how do you propose people pay their bills, with American Eagles? Exposure to the paper system is a requirement to exist in the real world. The solution is to not hold any more paper than needed for short term expenses.
All this talk about lazy greeks and russian black money is smoke and mirrors as usual. The great thing about the internet is that somewhere out there someone has figured out whats going on and puts on the web.
In point #13 he reminds us that a lot of accounts over 100,000 are liable to be businesses accounts . What a great idea lets steal 10% of the payroll at 4:59 on a friday afternoon.
Other things to think about, the Laiki bank , the one thats in the worst shape was heavily invested in greek bonds which got smashed by the EU's greek bond restructure. Also non Cyprus banks that have nothing to do with the bad banks are being hit by a tax as well. Why would you punish the prudent banks for what the imprudent banks do?
Why would you punish the prudent banks for what the imprudent banks do?
Doesn't socialism always punish the prudent for what the imprudent have done? It's a corrupt arrangement, and that's not to say that crony capitalism is any less corrupt.
In both cases, the governments are too big, period. <end of rant>
Q: Are You Printing Money? Bernanke: Not Literally
<< <i>The imf just challenged the Russian mob. Pass the popcorn. Well played Vladimer
First cyprus. Then the eu. Then the u.s.
Cyprus is the trial balloon.
This may be the first shot of ww3. >>
The IMF is headquartered and run out of Washington. Looks like they don't get the whole world. The cold war has returned.
And, according to John Rubino: "This isn't the first assault on property rights since the financial system seized up in 2009. In the US, contracts governing bond seniority were abrogated when General Motors went bankrupt. A case could also be made that the US bank bailouts were a blatant theft of taxpayer cash -- and that inflation itself violates property rights by secretly stealing savers' wealth. But taking the bank accounts of people who had no role in their bank's bad decisions or the economic policies that led to the bailout is the first theft that's visible and understandable for the average person. As such it risks changing mass psychology in a way that no other financial crime of the past thirty years has done. More immediately, like on Monday, what Italian in their right mind will leave money in their local bank after seeing what happened to Cypriots this week? Probably not many. Which means bank runs, followed by capital controls, followed by another euro-crisis eruption."
Yeah, it makes you wonder where those that were saying that only criminals hoard cash were coming from and wonder even more if they are still out there. Maybe they are new agers that think their little plastic card is access to all the cash they need...hope it works out for you, sorry for the ebt-ers. Turns out that Cyprus merchants aren't taking plastic now and all sales are cash. Bet if it spreads to our shores that you could could get gas here for 10 cents a gallon again...in '64 roosies; dinner for two for a couple of walkers, new car for a handful of buffalos.
CNBC interviewed a big fund manager this morning who said that Cyprus was a non-event to everyone except for a few wealthy Russian oligarchs. I had to chuckle at that.
<< <i>I liked what Jim Sinclair said about the Cyprus event, of course he reads huge consequences into it with Lagarde's apartment getting raided and Bernanke saying he would not seek another term. >>
The last IMF director was set up for a fall when his controllers decided it was time for him to go. Won't be any different for his replacement.
<< <i>Frankly, he looks very tired to me, retirement is overdue for old Ben. >>
Yep, the puppet strings are a bit too tight, he is definitely showing the affect.
<< <i>CNBC interviewed a big fund manager this morning who said that Cyprus was a non-event to everyone except for a few wealthy Russian oligarchs. I had to chuckle at that. >>
Yes I laughed very hard too.
I believe it is our responsibility to overreact to every event that occurs on this planet.
Overreact?.........I believe it is our responsibly to be pro-active......with the lies and cheating going on the American public should be more than aware of the behind the scenes crap going on in the banking community.......this Cyprus thing was and is only a drop in the bucket............It WILL get to be the norm if we let it............Do not believe that the good old USA is not looking at this with serious intent...........First tax on IRA's.........then tax on bank deposits......then tax on bank withdrawal............someone has to pay for the bankers making BILLIONS..........and it will always be the ones that have the less to lose..........My 2cents
So those 130k accounts are all russian black money I suppose.
Payroll accounts for medium size businesses could easily hold 100k , hey guess what all of you employees get a 20% pay cut or 20% of you are fired
If you own a gas station and you sell all the gas in the big underground tanks how much does it cost to fill them? 100,000 ? Those are big tanks they cost a lot to fill . What happens if you take 10 or 20% of that business owners bank account?
How about a supermarket or a department store that could have a million in its account but be operating on thin margins , what are they supposed to do? Refill the bank accounts by doubling prices?
When are Cyprus banks scheduled to reopen? I'd be surprised if there wasn't a run on their banks. I sure wouldn't trust them with my money.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Yep, and every time the earth completes another revolution, we're all one more day deader. >>
"Time" Pink Floyd: Dark Side of the Moon. Thought they burned all copies of that album in Baleyville? "Equality" must have discovered a copy in a cave somewhere.
Do your best to avoid circular arguments, as it will help you reason better, because better reasoning is often a result of avoiding circular arguments.
Thought we would have heard something bout Cyprus by now. "Bank Holiday" coming to a place near you! Starring Joe Pesci as The Bernanke and Robert NeNiro as Jammie Dimon.
<< <i>When are Cyprus banks scheduled to reopen? I'd be surprised if there wasn't a run on their banks. I sure wouldn't trust them with my money. >>
They talked about it on the NBC Evening News tonight. The banks are still closed, with no resolution in sight. Some ATM machines have been refilled, with 100 Euro maximum withdrawals.
Another thing they showed was people stocking up at supermarkets on the grounds that with their business accounts frozen, the stores cannot order more goods.
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.
Well now its looking like a 40% haircut or 100% for some ? And they make a deal that says the parliment isn't even allowed to vote yea or nay.
The lords of finance in Brussels wave a hand and the trappings of your silly little democracy disappear. The whole time all that freedom etc. was was actually non binding fluff
There is talk that there may be no need for the government to vote for this - since it is not a 'tax' but a bank restructuring. It seems they have kept it in the bankers... the ECB (in its independent way) tells the Cypriot NCB what it should do, the Cypriot central bank then restructures its bank how it sees fit - good/bad bank and haircuts where it sees fit - this then gets around need for vote from government AND any possibility of a European Union law (on taxation) being broken...
Farewell Russian oligrach money. We hardly knew ye.
I'm curious how they determine who has 100,000 in their account. Are we talking average daily balance here or just a snapshot over a holiday weekend ? what if you managed rental property and a bunch of tenants sent in rent and it was parked in your account over the weekend. Another idea I'm sure those of us in the building trades are aware you could have large balances in an account right after being paid for a job which might all flow right out when the next paychecks go out. Or maybe you took out a construction loan and were getting ready to purchase a piece of land or just gave the lumberyard a big check for materials ?
It seems as though the media is sticking to the party line about black money and tax havens painting Cyprus as a nation of lazy bums and tax cheats .
I wonder why they didn't jump all over the state of Delaware in 2007 when we were having a financial crisis here ?
Comments
While I find him to be arrogant, he is one of the top forensic banking analysts.
Exit bunker, enter Matrix. LOL
Russian Company Offers to Bailout Cyprus in Exchange for Gas Exploration Rights
"Cypriot President Nicos Anstasiades is not willing to discuss the Russian’s offer according to Newsit who cited an anonymous source close to the President. “The president is not going to discuss this plan because he wants a solution that will come from the EU,” said the anonymous source."
Exit bunker, enter Matrix. LOL
The top 2% could probably get out of the way or suffer minor nicks but the worker bees would be hosed. Maybe there's an outrage by the public so the gov renegotiates down to 7.5% and people just grumble and gripe about how it ain't fair and they shouldn't be allowed to do that. But the bees don't drain their accounts because of the early withdrawal penalties and taxes so they just grumble and gripe. The status quo survives, though somewhat diminished.
BHAWAHAHAHAHAH...Got GOLD, got REAL ESTATE, got YOUR HEAD OUTTA YOUR BEHIND?
<< <i>hummmmm....not much of a stretch to see the US ira's and 401's have 10% of the account balance redistributed to gov retirement bonds. This would provide sufficient grist to run talking head shows for 6 months at least so no doubt that the media would be totally on board with the fear mongering. Starts with an announcement of an economic emergency.
The top 2% could probably get out of the way or suffer minor nicks but the worker bees would be hosed. Maybe there's an outrage by the public so the gov renegotiates down to 7.5% and people just grumble and gripe about how it ain't fair and they shouldn't be allowed to do that. But the bees don't drain their accounts because of the early withdrawal penalties and taxes so they just grumble and gripe. The status quo survives, though somewhat diminished.
BHAWAHAHAHAHAH...Got GOLD, got REAL ESTATE, got YOUR HEAD OUTTA YOUR BEHIND? >>
THIS !!!!!!!!!!!!
Apply it to an IRA where you would be penalized for early withdrawal and you would suffer a hit either way. The correct answer is to pull it anyway but sheeple wouldn't pull the trigger.
Another thing the penalty in that case would miss the 48% completely so a president that did it could still get elected
Kinda makes that 10% early withdrawal penalty a moot point, doesn't it? But not really, when you consider having control and physical possession (which is how it ought to be anyway).
I knew it would happen.
Exit bunker, enter Matrix. LOL
<< <i>Looks like New Zealand is the on-deck circle >>
That move got telegraphed; now, how quickly can one remove their funds from the NZ banks?!
It only took 3 days hitler weighs in on cyprus
<< <i>It only took 3 days hitler weighs in on cyprus >>
brilliant! my favorite lines, "Don't cry, we can still eat horsemeat", and "<sigh> Eva would have spent it anyway"
Liberty: Parent of Science & Industry
Round and round we go, same problems, same non-solutions.
I've been out of the system for 4 yrs and current investment is UP, 115%.
Oh well, I'll just go watch some basketball or baseball.
Does everyone here understand...... This will not end well?
<< <i>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. >>
+1
Loves me some shiny!
<< <i>Voted down! >>
And now what???
I knew it would happen.
Exit bunker, enter Matrix. LOL
<< <i>Get out of the paper system.
And how do you propose people pay their bills, with American Eagles? Exposure to the paper system is a requirement to exist in the real world. The solution is to not hold any more paper than needed for short term expenses.
Exit bunker, enter Matrix. LOL
Here is the best breakdown of the real situation from the naked capitalsm blog
All this talk about lazy greeks and russian black money is smoke and mirrors as usual. The great thing about the internet is that somewhere out there someone has figured out whats going on and puts on the web.
In point #13 he reminds us that a lot of accounts over 100,000 are liable to be businesses accounts . What a great idea lets steal 10% of the payroll at 4:59 on a friday afternoon.
Other things to think about, the Laiki bank , the one thats in the worst shape was heavily invested in greek bonds which got smashed by the EU's greek bond restructure. Also non Cyprus banks that have nothing to do with the bad banks are being hit by a tax as well. Why would you punish the prudent banks for what the imprudent banks do?
Doesn't socialism always punish the prudent for what the imprudent have done? It's a corrupt arrangement, and that's not to say that crony capitalism is any less corrupt.
In both cases, the governments are too big, period. <end of rant>
I knew it would happen.
Well played Vladimer
First cyprus. Then the eu. Then the u.s.
Cyprus is the trial balloon.
This may be the first shot of ww3.
<< <i>The imf just challenged the Russian mob. Pass the popcorn.
Well played Vladimer
First cyprus. Then the eu. Then the u.s.
Cyprus is the trial balloon.
This may be the first shot of ww3. >>
The IMF is headquartered and run out of Washington. Looks like they don't get the whole world. The cold war has returned.
And, according to John Rubino:
"This isn't the first assault on property rights since the financial system seized up in 2009. In the US, contracts governing bond seniority were abrogated when General Motors went bankrupt. A case could also be made that the US bank bailouts were a blatant theft of taxpayer cash -- and that inflation itself violates property rights by secretly stealing savers' wealth. But taking the bank accounts of people who had no role in their bank's bad decisions or the economic policies that led to the bailout is the first theft that's visible and understandable for the average person. As such it risks changing mass psychology in a way that no other financial crime of the past thirty years has done. More immediately, like on Monday, what Italian in their right mind will leave money in their local bank after seeing what happened to Cypriots this week? Probably not many. Which means bank runs, followed by capital controls, followed by another euro-crisis eruption."
Exit bunker, enter Matrix. LOL
Got 90%?
Exit bunker, enter Matrix. LOL
<< <i>I liked what Jim Sinclair said about the Cyprus event, of course he reads huge consequences into it with Lagarde's apartment getting raided and Bernanke saying he would not seek another term. >>
The last IMF director was set up for a fall when his controllers decided it was time for him to go. Won't be any different for his replacement.
<< <i>Frankly, he looks very tired to me, retirement is overdue for old Ben. >>
Yep, the puppet strings are a bit too tight, he is definitely showing the affect.
Exit bunker, enter Matrix. LOL
<< <i>CNBC interviewed a big fund manager this morning who said that Cyprus was a non-event to everyone except for a few wealthy Russian oligarchs. I had to chuckle at that. >>
Yes I laughed very hard too.
I believe it is our responsibility to overreact to every event that occurs on this planet.
Liberty: Parent of Science & Industry
Chief of Staff
Never let a crisis go to waste.
So those 130k accounts are all russian black money I suppose.
Payroll accounts for medium size businesses could easily hold 100k , hey guess what all of you employees get a 20% pay cut or 20% of you are fired
If you own a gas station and you sell all the gas in the big underground tanks how much does it cost to fill them? 100,000 ? Those are big tanks they cost a lot to fill . What happens if you take 10 or 20% of that business owners bank account?
How about a supermarket or a department store that could have a million in its account but be operating on thin margins , what are they supposed to do? Refill the bank accounts by doubling prices?
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
<< <i>Not good. It will cause more bank runs. Hold on and get out. But maybe some of us want a haircut. >>
We take a haircut every time Ben prints another dollar. Only difference is our haircut is one hair at a time. . . less obvious.
Exit bunker, enter Matrix. LOL
Liberty: Parent of Science & Industry
<< <i>Yep, and every time the earth completes another revolution, we're all one more day deader. >>
Well, at least that outcome isn't being determined by banksters.
Exit bunker, enter Matrix. LOL
<< <i>Yep, and every time the earth completes another revolution, we're all one more day deader. >>
"Time" Pink Floyd: Dark Side of the Moon. Thought they burned all copies of that album in Baleyville? "Equality" must have discovered a copy in a cave somewhere.
Thought we would have heard something bout Cyprus by now. "Bank Holiday" coming to a place near you! Starring Joe Pesci as The Bernanke and Robert NeNiro as Jammie Dimon.
it's natural to try to find someone else to credit or blame
Liberty: Parent of Science & Industry
<< <i>When are Cyprus banks scheduled to reopen? I'd be surprised if there wasn't a run on their banks. I sure wouldn't trust them with my money. >>
They talked about it on the NBC Evening News tonight. The banks are still closed, with no resolution in sight. Some ATM machines have been refilled, with 100 Euro maximum withdrawals.
Another thing they showed was people stocking up at supermarkets on the grounds that with their business accounts frozen, the stores cannot order more goods.
Enjoy life people. Sheesh!!!!!
Knowledge is the enemy of fear
Well now its looking like a 40% haircut or 100% for some ? And they make a deal that says the parliment isn't even allowed to vote yea or nay.
The lords of finance in Brussels wave a hand and the trappings of your silly little democracy disappear. The whole time all that freedom etc. was was actually non binding fluff
who'd a thunk it
There is talk that there may be no need for the government to vote for this - since it is not a 'tax' but a bank restructuring. It seems they have kept it in the bankers... the ECB (in its independent way) tells the Cypriot NCB what it should do, the Cypriot central bank then restructures its bank how it sees fit - good/bad bank and haircuts where it sees fit - this then gets around need for vote from government AND any possibility of a European Union law (on taxation) being broken...
Farewell Russian oligrach money. We hardly knew ye.
Exit bunker, enter Matrix. LOL
Liberty: Parent of Science & Industry
Liberty: Parent of Science & Industry
Liberty: Parent of Science & Industry
<< <i>all i know is my bad grooming aint my fault, "they" did it to me >>
I'm curious how they determine who has 100,000 in their account. Are we talking average daily balance here or just a snapshot over a holiday weekend ? what if you managed rental property and a bunch of tenants sent in rent and it was parked in your account over the weekend. Another idea I'm sure those of us in the building trades are aware you could have large balances in an account right after being paid for a job which might all flow right out when the next paychecks go out. Or maybe you took out a construction loan and were getting ready to purchase a piece of land or just gave the lumberyard a big check for materials ?
It seems as though the media is sticking to the party line about black money and tax havens painting Cyprus as a nation of lazy bums and tax cheats .
I wonder why they didn't jump all over the state of Delaware in 2007 when we were having a financial crisis here ?