The clowns that orchestrated this theft better hire some body guards. The Russian mafia doesn't get mad---they get even.
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
Yep, PH - the death of the ex-pat Russian billionaire this past weekend may have been their calling card. They don't make their statement on the same day, usually a couple years later.
Q: Are You Printing Money? Bernanke: Not Literally
Yep, folks who launder illicit and tax-evasion money in tiny haven countries with obscure banking laws, lax regulation, a lot of corruption, and factions with deep-rooted resentment should be concerned that some of the money might be "appropriated" by authorities looking to resteal some of that which was stolen in the first place.
Let me know when "they" start going after average joes $5k or $50k accounts and other assets that they earned by working for it
edit: maybe someone should start a poll: "How concerned are you that your tax-sheltered offshore account(s) will be unfairly confiscated?" A) very Quite, but on the other hand, I stole that money anyway C) No, they'll be fine D) what offshore accounts? I wish..
<< <i>Yep, folks who launder illicit and tax-evasion money in tiny haven countries with obscure banking laws, lax regulation, a lot of corruption, and factions with deep-rooted resentment should be concerned that some of the money might be "appropriated" by authorities looking to resteal some of that which was stolen in the first place.
Let me know when "they" start going after average joes $5k or $50k accounts and other assets that they earned by working for it
edit: maybe someone should start a poll: "How concerned are you that your tax-sheltered offshore account(s) will be unfairly confiscated?" A) very Quite, but on the other hand, I stole that money anyway C) No, they'll be fine D) what offshore accounts? I wish.. >>
So, they are only going after the bank accounts of the crooks and are exempting the bank accounts of legitimate businessmen?
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, folks who launder illicit and tax-evasion money in tiny haven countries with obscure banking laws, lax regulation, a lot of corruption, and factions with deep-rooted resentment should be concerned that some of the money might be "appropriated" by authorities looking to resteal some of that which was stolen in the first place.
Let me know when "they" start going after average joes $5k or $50k accounts and other assets that they earned by working for it
edit: maybe someone should start a poll: "How concerned are you that your tax-sheltered offshore account(s) will be unfairly confiscated?" A) very Quite, but on the other hand, I stole that money anyway C) No, they'll be fine D) what offshore accounts? I wish.. >>
So you don't think a person could have 100k in a retirement account?
I would just like to inform everybody that I have been watching the favorite "news" source of posters on this forum. On Special Report on Fox News, Charles Krauthammer explained that what happened in Cyprus "would not" happen in the US for the following reason-the private savings accounts in Europe that were tapped into by the government were not insured. In the US, the FDIC insures bank accounts for up to $250,000 USD. Apparently-at least according to Fox News, there was no such guarantee from the start for the accounts that were tapped into by big brother in Europe. I haven't read this thread until the last page-but if there is fear mongering, or people say the sky is falling-then that isn't what's happening.
Before anybody disagrees with what I am about to type-I warn you-it is from the only trusted news source of republicans-Fox News. The US bailout in 2008 involved way more debt for US banks-and no private/individual citizens' bank accounts were tapped into. So you could make an analogy to a US bailout with the one that is taking place in Europe-but you would be comparing apples and oranges. How bout them PMs today! WHOO...KEEP STACKIN. Buy your gold, guns, and bullets. And barricade the doors shut so that the government can't come and take any of your private wealth!
<< <i>I would just like to inform everybody that I have been watching the favorite "news" source of posters on this forum. On Special Report on Fox News, Charles Krauthammer explained that what happened in Cyprus "would not" happen in the US for the following reason-the private savings accounts in Europe that were tapped into by the government were not insured. In the US, the FDIC insures bank accounts for up to $250,000 USD. Apparently-at least according to Fox News, there was no such guarantee from the start for the accounts that were tapped into by big brother in Europe. I haven't read this thread until the last page-but if there is fear mongering, or people say the sky is falling-then that isn't what's happening. >>
Accounts are insured up to 100,000 euros per EU law. In the US accounts are insured up to $250,000. If in fact Cyprus goes after only amounts above 100K euros, which are not insured, then bank insurance claims will be zero.
FDIC fund balance is currently about $30 billion. US banking deposits are in excess of $6 trillion. FDIC insurance will only protect depositors in a very, very limited banking theft/collapse. A major banking crisis will expose FDIC to have been nothing more than a marketing ploy to convince Americans their money was "safe."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>I would just like to inform everybody that I have been watching the favorite "news" source of posters on this forum. On Special Report on Fox News, Charles Krauthammer explained that what happened in Cyprus "would not" happen in the US for the following reason-the private savings accounts in Europe that were tapped into by the government were not insured. In the US, the FDIC insures bank accounts for up to $250,000 USD. Apparently-at least according to Fox News, there was no such guarantee from the start for the accounts that were tapped into by big brother in Europe. I haven't read this thread until the last page-but if there is fear mongering, or people say the sky is falling-then that isn't what's happening. >>
Accounts are insured up to 100,000 euros per EU law >>
Well, that tickles me pink. Fox News has misinformed viewers yet again. This is my punishment for believing something spoken on Fox News. Earlier in Special Report, Shannon Bream talked about how Joe Biden's trip was costing taxpayers 1 million dollars per day. Fox News is the same station that reported the BOGUS story that Barack Obama's trip to India in 2010 was costing US taxpayers 200 million dollars per day. Here you are. fair and balanced
What was Fox New's defense when they were called out for their crap? "Well, we got it from the Drudge Report." Fox News and the Drudge Report go hand in hand when it comes to spewing misinformation.
Cypriot banks are really Russian banks. Russia is not part of the EU. The banks failed. Let the Russians bail them out.
Really, this is so stretched beyond proportions its comical.
This will not happen in the USA. But if you think it will, then buy PMs. And when the PMs dont perform the way you think they should have, you'll know why.
Well, if the above post is true, then what I said about there being no guarantee of specific insurance for the accounts that were tapped into would have been correct. Gulp...was Fox News correct?
I want everybody who reads this thread to view the video I posted in the link above-and take what they see into consideration the next time they determine what channel to turn on when they watch TV.
<< <i>Cypriot banks are really Russian banks. Russia is not part of the EU. The banks failed. Let the Russians bail them out.
Really, this is so stretched beyond proportions its comical.
This will not happen in the USA. But if you think it will, then buy PMs. And when the PMs dont perform the way you think they should have, you'll know why. >>
Cyptriot banks are European Union banks that hold a lot of Russian money. What makes this banking crisis in the smallest of EU countries important is the precedents being set by the outsiders providing the bailout and the actions of account holders' own representatives. The first domino has been pushed, Spain is next.
And when the next US financial crisis explodes and your PMs perform exactly the way you thought they would, be glad you took cohodk's advice and bought them.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
"The first domino has been pushed, Spain is next. And when the next US financial crisis explodes and your PMs perform exactly the way you thought they would, be glad you took cohodk's advice and bought them."
And I'll be right derryb, as will you......after they lose 50-70% of their value in dollar terms.
The stock market has also been a great buy in a financial crisis. As have parts of the real estate market. And fine art, and rare coins, and rare cars, ect. The beauty of a financial crisis is that those who maintain liquidity can take advantage of opportunity.
<< <i>And I'll be right derryb, as will you......after they lose 50-70% of their value in dollar terms.
The stock market has also been a great buy in a financial crisis. As have parts of the real estate market. And fine art, and rare coins, and rare cars, ect. The beauty of a financial crisis is that those who maintain liquidity can take advantage of opportunity. >>
(bold emphasis mine)...Sounds like Baleyville turning into Pottersville, good ol' Mr. Potter, yep
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.
I pop in on the cyprus forum once a day. There are threads about ATM 's blood shortages, stores unable to restock etc.
Lots of stuff about UK pensions being suspended. Threads about how certain groups are able to withdraw money from banks that are supposedly closed .
The percentage of sheeple is going down as the lightbulbs start to go on. No threads about PM's if they didn't have them already its too late now to get any.
Russians can withdraw from the Bank of Cyprus via its Russian subsidiary Uniastrum Bank in Russia, which circumvents the bank closures in Cyprus. The POINT is that if you are a normal working class stiff like most people, you don't get to make the decisions about your own money unless you HAVE it in hand.
I find your behavior somewhat immature. Please note what our host has posted regarding basic commentary. If you don't think this applies to you for some reason, I guess we'll be finding out soon enough.
Rule 5) If you have nothing to contribute to an OP then do not post. Snide remarks and other negative comments will result in your losing your ability to post. No more warnings.
Rule 8) This forum is provided for the education and sharing of information. Not as a personal soapbox. If you want to learn and share information about US Coins [Precious Metals] you are welcome.
Q: Are You Printing Money? Bernanke: Not Literally
<< <i>The beauty of a financial crisis is that those who maintain liquidity can take advantage of opportunity. >>
amen brother
and for those who have not yet realized it, all major news organizations have a hidden agenda - they go this way or they go that way. Large corporate ownership has prostituted them.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Don't feed the troll and he'll go away. He's just looking for attention.
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>Why does "Darwin" writing style seem familiar? >>
Wasn't he pro FOX?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Looks like the EU wants to pass a law that makes all EU bank accounts in excess of 100,000 euros liable for a bank's failure. As I said earlier, teeny little Cyprus is a test on how blatent the theft can become. What will be interesting if this law passes will be to see where European Union savers, and businesses, run to as an alternative to protect their savings.
Banks fail because of their own inability to make wise investments and the fact that fractional lending allows them to take great risk with depositor money. Fractional lending (loaning out extreme multiples of each deposited $1) is nothing short of loaning something you don't have and would be illegal if you or I got caught doing it. Fractional lending is a big part (and weakness) of banking profit strategy and is the only other method besides central bank printing that creates money out of thin air. Fractional lending is why bankers fear a run on the bank - most of the deposits (along with lots of newly created money) have been loaned out. Banks remain afloat only because a small precentage of deposits are pulled out at any given time by depositors. Want to shut a bank down? Get 5% of the depositors (in dollar terms) to pull their money.
Cypriot banks are failing because of their large investments in Greek bonds. The worldwide banking industry is one big house of cards. Their unreasonable risk taking to get the most return on money that is not even theirs lines them up like dominos. For this reason, politicians and central banks will bail them out at all costs - even if requires the theft of private funds. Realize that the theft of private funds is not limited to stealing bank deposits. Devaluation of a currency, either outright or by the increasing the supply of the currency, is just as damaging.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I'm sure that it was noted when you set up your account that the coverage only went up to 100,000 euros.
The tempation to go much all in than that must have been very high considering you could get 11% on a 5 year CD type account if you put more than 150,000 in.
Where else in the world was anyone paying that kind of interest? When they talk about 80 billion in their it sounds like a lot but why wasn't it a trillion at those rates?
the deal apparently says bond holders etc get wiped out thats fine, big depositors hurt over 100,000 . Why aren't they talking about clawbacks against whoever thought buying greek bonds was smart? Seriously Greek bonds?
Isn't this the moral hazard that they talk about? They pay bonuses for high returns thats the carrot sure , but where is the stick? The stick is getting swung but its missing the decision makers and hitting the depositors .
Doesn't driving interest rates to zero push people that don't want to be in stocks into places like cyprus that offer high returns?
<< <i>considering you could get 11% on a 5 year CD type >>
There's a reason for paying higher interest; greater risk.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I do hope that people around the world and more so for the USA to believe it cannot happen here..........It can and probably will in another shape or form.......probably not so blatant
The plot thickens while merkel and the gang were leaning on Cyprus for the past week making headlines all over the place Germany was bailing out a bank of its own in full
I've been saying since 2009 that the European banks are in much worse shape than US banks, and is the reason why I have been saying since then that the US dollar index probably had bottomed. The dollar will continue to strengthen against all other fiat currencies for several more years.
<< <i>I've been saying since 2009 that the European banks are in much worse shape than US banks, and is the reason why I have been saying since then that the US dollar index probably had bottomed. The dollar will continue to strengthen against all other fiat currencies for several more years. >>
Best house in a bad neighborhood.
My grocer says dollar index strength is irrelevent when it comes to his food prices. I agree. Index might matter if I fly to Europe to shop.
The advantage of a strong index is foreign demand for dollars resulting in a likelyhood of selling more soverign debt to them. Just what we need, more debt.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>I've been saying since 2009 that the European banks are in much worse shape than US banks, and is the reason why I have been saying since then that the US dollar index probably had bottomed. The dollar will continue to strengthen against all other fiat currencies for several more years. >>
Best house in a bad neighborhood.
My grocer says dollar index strength is irrelevent when it comes to his food prices. I agree. >>
If your grocer is complaining about food costs, then he might want to point fingers at his suppliers, cuz the price of the foods has been quite stable over the past 2 years. Higher food prices have nothing to do with a weak (or strong) dollar.
<< <i>If your grocer is complaining about food costs, then he might want to point fingers at his suppliers, cuz the price of the foods has been quite stable over the past 2 years. Higher food prices have nothing to do with a weak (or strong) dollar. >>
I'm complaining about food costs. He says his cost of doing business in today's business environment is what drives prices up. He also says the fixes to economic problems are the causes of new problems he has to deal with. like I said, dollar strength is irrelevant to domestic cost of living.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>The advantage of a strong index is ....PMs are much cheaper to acquire. >>
True, and it works the other way around - when those dollars lose strength the PMs they bought become a store of value.
You have finally solved the "store of value" argument.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>The advantage of a strong index is ....PMs are much cheaper to acquire. >>
One cannot infer that from a rising USDX. While it has happened in the past, that's no guarantee it continues to happen.
Let's say in one year the USDX rises from .83 to .91 because the relative value of the USD rises 10% against the basket of currencies. But what's not visible is that the purchasing power of those other currencies have dropped 12% while the USD has only fallen say 10%. On paper the USD is "winning." In real life, all the currencies are losing, bigtime. Those PMs could be much more costly to acquire even if the USDX has risen. The index is not anchored to anything so it's value as a comparison tool is somewhat limited. With each nation trying to outprint the next guy, I wouldn't think of using the USDX as a comparison tool. Two guys jump out of an airplane w/o chutes. One guy has an umbrella to slow his ascent. That guy (usdx) is the strongest horse in the race and continues to acquire more minutes of life. Which guy ultimately wins?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Yes, it's part of the government's "nowhere to run" plan. This normally would've been a joke comment involving tin foil a few years ago, sadly it's no longer a joke.
Q: Are You Printing Money? Bernanke: Not Literally
Comments
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 knew it would happen.
Let me know when "they" start going after average joes $5k or $50k accounts and other assets that they earned by working for it
edit: maybe someone should start a poll: "How concerned are you that your tax-sheltered offshore account(s) will be unfairly confiscated?" A) very
Liberty: Parent of Science & Industry
<< <i>Yep, folks who launder illicit and tax-evasion money in tiny haven countries with obscure banking laws, lax regulation, a lot of corruption, and factions with deep-rooted resentment should be concerned that some of the money might be "appropriated" by authorities looking to resteal some of that which was stolen in the first place.
Let me know when "they" start going after average joes $5k or $50k accounts and other assets that they earned by working for it
edit: maybe someone should start a poll: "How concerned are you that your tax-sheltered offshore account(s) will be unfairly confiscated?" A) very
So, they are only going after the bank accounts of the crooks and are exempting the bank accounts of legitimate businessmen?
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, folks who launder illicit and tax-evasion money in tiny haven countries with obscure banking laws, lax regulation, a lot of corruption, and factions with deep-rooted resentment should be concerned that some of the money might be "appropriated" by authorities looking to resteal some of that which was stolen in the first place.
Let me know when "they" start going after average joes $5k or $50k accounts and other assets that they earned by working for it
edit: maybe someone should start a poll: "How concerned are you that your tax-sheltered offshore account(s) will be unfairly confiscated?" A) very
So you don't think a person could have 100k in a retirement account?
<< <i>I would just like to inform everybody that I have been watching the favorite "news" source of posters on this forum. On Special Report on Fox News, Charles Krauthammer explained that what happened in Cyprus "would not" happen in the US for the following reason-the private savings accounts in Europe that were tapped into by the government were not insured. In the US, the FDIC insures bank accounts for up to $250,000 USD. Apparently-at least according to Fox News, there was no such guarantee from the start for the accounts that were tapped into by big brother in Europe. I haven't read this thread until the last page-but if there is fear mongering, or people say the sky is falling-then that isn't what's happening. >>
Accounts are insured up to 100,000 euros per EU law. In the US accounts are insured up to $250,000. If in fact Cyprus goes after only amounts above 100K euros, which are not insured, then bank insurance claims will be zero.
FDIC fund balance is currently about $30 billion. US banking deposits are in excess of $6 trillion. FDIC insurance will only protect depositors in a very, very limited banking theft/collapse. A major banking crisis will expose FDIC to have been nothing more than a marketing ploy to convince Americans their money was "safe."
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>I would just like to inform everybody that I have been watching the favorite "news" source of posters on this forum. On Special Report on Fox News, Charles Krauthammer explained that what happened in Cyprus "would not" happen in the US for the following reason-the private savings accounts in Europe that were tapped into by the government were not insured. In the US, the FDIC insures bank accounts for up to $250,000 USD. Apparently-at least according to Fox News, there was no such guarantee from the start for the accounts that were tapped into by big brother in Europe. I haven't read this thread until the last page-but if there is fear mongering, or people say the sky is falling-then that isn't what's happening. >>
Accounts are insured up to 100,000 euros per EU law >>
Well, that tickles me pink. Fox News has misinformed viewers yet again. This is my punishment for believing something spoken on Fox News. Earlier in Special Report, Shannon Bream talked about how Joe Biden's trip was costing taxpayers 1 million dollars per day. Fox News is the same station that reported the BOGUS story that Barack Obama's trip to India in 2010 was costing US taxpayers 200 million dollars per day. Here you are. fair and balanced
What was Fox New's defense when they were called out for their crap? "Well, we got it from the Drudge Report." Fox News and the Drudge Report go hand in hand when it comes to spewing misinformation.
Here are specific examples of bogus claims made by Fox reporters.
Really, this is so stretched beyond proportions its comical.
This will not happen in the USA. But if you think it will, then buy PMs. And when the PMs dont perform the way you think they should have, you'll know why.
Knowledge is the enemy of fear
The finest reporting from Fox News
I want everybody who reads this thread to view the video I posted in the link above-and take what they see into consideration the next time they determine what channel to turn on when they watch TV.
<< <i>Cypriot banks are really Russian banks. Russia is not part of the EU. The banks failed. Let the Russians bail them out.
Really, this is so stretched beyond proportions its comical.
This will not happen in the USA. But if you think it will, then buy PMs. And when the PMs dont perform the way you think they should have, you'll know why. >>
Cyptriot banks are European Union banks that hold a lot of Russian money. What makes this banking crisis in the smallest of EU countries important is the precedents being set by the outsiders providing the bailout and the actions of account holders' own representatives. The first domino has been pushed, Spain is next.
And when the next US financial crisis explodes and your PMs perform exactly the way you thought they would, be glad you took cohodk's advice and bought them.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I think slovenia is next not spain , spain has all the laundered drug money to keep it afloat a while longer.
Whats the picture of george costanza for? and why are you mad at fox news ?
Bloomberg is where its at nowadays .............every morning I'm in the loop with betty lu and sara and sheila and emily wow theres your Fox news
The stock market has also been a great buy in a financial crisis. As have parts of the real estate market. And fine art, and rare coins, and rare cars, ect. The beauty of a financial crisis is that those who maintain liquidity can take advantage of opportunity.
Knowledge is the enemy of fear
<< <i>And I'll be right derryb, as will you......after they lose 50-70% of their value in dollar terms.
The stock market has also been a great buy in a financial crisis. As have parts of the real estate market. And fine art, and rare coins, and rare cars, ect. The beauty of a financial crisis is that those who maintain liquidity can take advantage of opportunity. >>
(bold emphasis mine)...Sounds like Baleyville turning into Pottersville, good ol' Mr. Potter, yep
I pop in on the cyprus forum once a day. There are threads about ATM 's blood shortages, stores unable to restock etc.
Lots of stuff about UK pensions being suspended. Threads about how certain groups are able to withdraw money from banks that are supposedly closed .
The percentage of sheeple is going down as the lightbulbs start to go on. No threads about PM's if they didn't have them already its too late now to get any.
Russian work-around for rich Russian oligarchs
The 2nd Point, is per Jim Sinclair - Cyprus is going to stay in the Euro regardless of what it takes.
Sinclair's point, and I believe that he is still correct on this - is that the only option left is still to inflate the currencies, worldwide.
We report, you decide. Oh, for the troll, it has nothing to do with Fox (or Media Matters). Learn something.
I knew it would happen.
We distort, you believe.
Rule 5) If you have nothing to contribute to an OP then do not post. Snide remarks and other negative comments will result in your losing your ability to post. No more warnings.
Rule 8) This forum is provided for the education and sharing of information. Not as a personal soapbox. If you want to learn and share information about US Coins [Precious Metals] you are welcome.
I knew it would happen.
<< <i>The beauty of a financial crisis is that those who maintain liquidity can take advantage of opportunity. >>
amen brother
and for those who have not yet realized it, all major news organizations have a hidden agenda - they go this way or they go that way. Large corporate ownership has prostituted them.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
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
On the otherhand, I wonder if the Cypress folk can get into their SD boxes?
In God We Trust.... all others pay in Gold and Silver!
<< <i>Why does "Darwin" writing style seem familiar? >>
Wasn't he pro FOX?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
EU to push for losses on big savers at failed banks
Banks fail because of their own inability to make wise investments and the fact that fractional lending allows them to take great risk with depositor money. Fractional lending (loaning out extreme multiples of each deposited $1) is nothing short of loaning something you don't have and would be illegal if you or I got caught doing it. Fractional lending is a big part (and weakness) of banking profit strategy and is the only other method besides central bank printing that creates money out of thin air. Fractional lending is why bankers fear a run on the bank - most of the deposits (along with lots of newly created money) have been loaned out. Banks remain afloat only because a small precentage of deposits are pulled out at any given time by depositors. Want to shut a bank down? Get 5% of the depositors (in dollar terms) to pull their money.
Cypriot banks are failing because of their large investments in Greek bonds. The worldwide banking industry is one big house of cards. Their unreasonable risk taking to get the most return on money that is not even theirs lines them up like dominos. For this reason, politicians and central banks will bail them out at all costs - even if requires the theft of private funds. Realize that the theft of private funds is not limited to stealing bank deposits. Devaluation of a currency, either outright or by the increasing the supply of the currency, is just as damaging.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I'm sure that it was noted when you set up your account that the coverage only went up to 100,000 euros.
The tempation to go much all in than that must have been very high considering you could get 11% on a 5 year CD type account if you put more than 150,000 in.
Where else in the world was anyone paying that kind of interest? When they talk about 80 billion in their it sounds like a lot but why wasn't it a trillion at those rates?
the deal apparently says bond holders etc get wiped out thats fine, big depositors hurt over 100,000 . Why aren't they talking about clawbacks against whoever thought buying greek bonds was smart? Seriously Greek bonds?
Isn't this the moral hazard that they talk about? They pay bonuses for high returns thats the carrot sure , but where is the stick? The stick is getting swung but its missing the decision makers and hitting the depositors .
Doesn't driving interest rates to zero push people that don't want to be in stocks into places like cyprus that offer high returns?
<< <i>considering you could get 11% on a 5 year CD type >>
There's a reason for paying higher interest; greater risk.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Well even with greek bonds how could 11% be sustainable?
The plot thickens while merkel and the gang were leaning on Cyprus for the past week making headlines all over the place Germany was bailing out a bank of its own in full
Der Spiegel english
Knowledge is the enemy of fear
<< <i>I've been saying since 2009 that the European banks are in much worse shape than US banks, and is the reason why I have been saying since then that the US dollar index probably had bottomed. The dollar will continue to strengthen against all other fiat currencies for several more years. >>
Best house in a bad neighborhood.
My grocer says dollar index strength is irrelevent when it comes to his food prices. I agree. Index might matter if I fly to Europe to shop.
The advantage of a strong index is foreign demand for dollars resulting in a likelyhood of selling more soverign debt to them. Just what we need, more debt.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
And do not seem to be concerned.
<< <i>Somebody has been watching too much Fox News.
We distort, you believe. >>
At least 5 posts bashing Fox and a sig line to boot. Somebody's drinking the Koolaid.
Knowledge is the enemy of fear
<< <i>
<< <i>I've been saying since 2009 that the European banks are in much worse shape than US banks, and is the reason why I have been saying since then that the US dollar index probably had bottomed. The dollar will continue to strengthen against all other fiat currencies for several more years. >>
Best house in a bad neighborhood.
My grocer says dollar index strength is irrelevent when it comes to his food prices. I agree. >>
If your grocer is complaining about food costs, then he might want to point fingers at his suppliers, cuz the price of the foods has been quite stable over the past 2 years. Higher food prices have nothing to do with a weak (or strong) dollar.
Knowledge is the enemy of fear
<< <i>If your grocer is complaining about food costs, then he might want to point fingers at his suppliers, cuz the price of the foods has been quite stable over the past 2 years. Higher food prices have nothing to do with a weak (or strong) dollar. >>
I'm complaining about food costs. He says his cost of doing business in today's business environment is what drives prices up. He also says the fixes to economic problems are the causes of new problems he has to deal with. like I said, dollar strength is irrelevant to domestic cost of living.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>The advantage of a strong index is ....PMs are much cheaper to acquire. >>
True, and it works the other way around - when those dollars lose strength the PMs they bought become a store of value.
You have finally solved the "store of value" argument.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
While the banks were closed money leaked out of the countrycapital controls for some
If you are one of the "right" people then rules don't apply. Why were the banks shut so long? Maybe the money wasn't leaking fast enough.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>The advantage of a strong index is ....PMs are much cheaper to acquire. >>
One cannot infer that from a rising USDX. While it has happened in the past, that's no guarantee it continues to happen.
Let's say in one year the USDX rises from .83 to .91 because the relative value of the USD rises 10% against the basket of currencies.
But what's not visible is that the purchasing power of those other currencies have dropped 12% while the USD has only fallen say 10%. On paper
the USD is "winning." In real life, all the currencies are losing, bigtime. Those PMs could be much more costly to acquire even if the USDX has risen. The index
is not anchored to anything so it's value as a comparison tool is somewhat limited. With each nation trying to outprint the next guy, I wouldn't think of using
the USDX as a comparison tool. Two guys jump out of an airplane w/o chutes. One guy has an umbrella to slow his ascent. That guy (usdx) is the strongest horse in the race
and continues to acquire more minutes of life. Which guy ultimately wins?
Heres a business that had an account at Laiki bank in cyprus
hows my balance sheet look?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Yes, it's part of the government's "nowhere to run" plan. This normally would've been a joke comment involving tin foil a few years ago, sadly it's no longer a joke.
I knew it would happen.
<< <i>"It can happen here" >>
It's been going on here for years. It just isn't as blatant as the process in the Cyprus banks.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940