"If anyone thinks this were a one-time, knee-jerk response, the Bank of Cyprus is offering a free toaster for new deposits as a reminder that your money will be toast." - Michael Noonan
(from zerohedge) Guess which Cypriot is the happy one:
"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 internet is great at digging out truths about these events. In the past the corrupt parts of these things almost never came out in time to do anything about it.
Look at this breakdown on the naked capitalism blog
In related news, Canada recently released their Economic Action Plan for 2013, which includes these scary bits (pages 144-45):
"The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable."
"The Government proposes to implement a “bail-in” regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants."
I was watching a tv show about politics and economy the other night on the italian channel.
Hot items are now gold, diamonds and big safe (closet size ones). People started asking for bank checks to be put in their SDBs. Italian IRS is going to ask the banks to report the number of accesses to the SDBs.
It is getting bad in Europe. Italy has still money and house in its people's hand, which makes the situation a little better, but it is becoming messy anyway.
They also said that PIGS became FISH (France, Italy, Spain and Holland).
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(from zerohedge) Guess which Cypriot is the happy one:
"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 internet is great at digging out truths about these events. In the past the corrupt parts of these things almost never came out in time to do anything about it.
Look at this breakdown on the naked capitalism blog
cyprus got a negative 7.5 billion bailout
http://www.marketoracle.co.uk/Article39732.html
In related news, Canada recently released their Economic Action Plan for 2013, which includes these scary bits (pages 144-45):
"The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable."
"The Government proposes to implement a “bail-in” regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants."
Hot items are now gold, diamonds and big safe (closet size ones).
People started asking for bank checks to be put in their SDBs.
Italian IRS is going to ask the banks to report the number of accesses to the SDBs.
It is getting bad in Europe. Italy has still money and house in its people's hand, which makes the situation a little better, but it is becoming messy anyway.
They also said that PIGS became FISH (France, Italy, Spain and Holland).