The news over the weekend is that the Cyprus banking system will have a “holiday” on Monday which was “scheduled” AND at least Tuesday which was not. The ECB and IMF wanted a 40% haircut and apparently the deal reached is one where balances under €100,000 will be reduced by 6.75% and by 9.9% for those over €100,000. Understand that much of what is deposited in Cyprus are funds from wealthy Russian oligarchs and mafia.
This is a disaster on so many levels I can’t even count them all. First off, what happened to the rule of law? I thought that in a capitalistic society that equity holders lose first, then preferred shareholders followed by unsecured then secured debtors…DEPOSITORS are the absolute last in line to lose money. This is being called a “tax”, when in reality it is outright theft! In this case the depositors are first in line which will surely cause a bank run in Cyprus…which will be followed by runs in other places like Greece, Spain, Italy and Portugal. Make no mistake, this could turn into something ugly and HUGE very quickly as the world runs entirely on confidence and won’t run without it.
Investors (depositors) the world over will see this and shortly understand that the rule of law is no longer and that “possession” is now more than 9/10th’s of the law. The possibility exists that within 2 weeks the entire system is shuttered.
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Maybe it takes the russian mob to do something about the banksters, that’ll be the mother of all mob-wars!!
Dudes!
“Bernankster” Hungry for ” Dark Meat” looking for a ” Big Chew Chew”
cover your balls!
MFGlobal for the masses. That is the real story here. Surely the whole “it’s okay it is just the wealth of Russian crooks” is mere spin to hide the truth?
Cyprus should take half the Euro bailout and take the other half in a Russian loan. They can collateralize it with a Russian naval base on Cyprus. Britain has 2 sites just on that island – they can share one with the Russkies, I’m sure. And Russia will not demand such a large “tax” on deposits.
Or rather “MFGlobal for the Russians”!
I wouldn’t rule out the possibility that gold closes down on the day.
That would be the final nail in the coffin of precious metals, making the U.S. dollar appear as the ultimate eternal safe haven.
Ironically, there might even be a stampede out of gold rather than bank runs.
Such is the system we live in, and I wouldn’t rule it out.
Those in control are both monsters and masters of human herding and manipulation.
Naturally, they’ll be the buyers of gold if it spikes down hard.
A while ago I learned that the russian oligarchs and mafia are infact members of the tribe and not actually russian. If that is the case then we are dealing with the same type of people that run much of the financial world as we currently know it. The public label, language and location might vary but it is the same type of people.
Protect yourselves and your savings people . If you don’t no one else will.
“russian oligarchs and mafia”
Yes, so if this is true, then…..
1. why not freeze / seize this money as it’s illegal
2. why are these banks not taken to task, as we saw with the Mexican drug money
Maybe because this is smoke and mirrors, or because nobody (in charge) cares any more
Interesting that Russia just seized 20 tonnes of heroin which is a very serious amount of lost money to a NATO protected crime fest. Also, they are saying now that the Cypriot banks will stay closed until Thursday to “prevent a bank run.” Is this a joke? If you lock people out of their bank accounts until then with empty ATMs you will guarantee a bank run. The only way to stop a bank run at that point is to never open at all. Meanwhile Europeans on-lookers will start a bank run right across Europe
I wonder if Christine Lagarde had a straight face when she describes this “outright
theft” as a “stability levy.”…Can anyone explain what’s more destabilising to an
economy than a run on the banks?
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in german … telephone-Interview from Lars Schall with an author currently in Spain ….
Bankrun Europa? !!!
” ..In einer aktuellen Stellungnahme zur Enteignung von Bankeinlagen in Zypern sagt Marc Friedrich, Co-Autor von “Der größte Raubzug der Geschichte“, dass eine neue Eskalationsstufe der Bankenrettung erreicht sei. “Es ist eine Farce, was derzeit passiert.“ Das gelte im Übrigen auch für die erneuerte Einlagengarantie durch die Bundesregierung….”
http://www.larsschall.com/2013/03/18/bankrun-europa/#comment-7842
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What happens to debt if the system is going down? Who owns it? I can see some sense in withdrawing deposits but would there be a case for paying off overdraft?
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Banks closed until thursday … thats why:
meanwhile several learjets with russian and ukrain oligarchs have landed in Larnaka!
taking away what they can … (secretly, but in plain sight)
What a farce!
source: in german
http://www.format.at/articles/1312/931/354896/zypern-banken-donnerstag-oligarchen
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A possible link http://www.infowars.com/over-20-tons-of-heroin-seized-in-afghanistan/
This happened in Afghanistan before 12th March. The Russians seized nearly 21 tonnes of heroin and destroyed a bunch of laboratories. 21 tonnes of heroin is some very serious monetary loss and we already know that the cabal are largely running this drug operation.
Four days later Christine Lagarde of the IMF pushes for a 40% confiscation of deposits from Cypriot banks of which a large amount is from Russia. They keep implying that this is drug money or criminal money but that it mostly hype. Cyprus does banking for lots of different people and Cyprus has a lot of Russian ex-pats living their and running businesses there. As we now know, most drug money flows through banks like Barclays and Wells Fargo.
They are now extending the bank holiday right through the week which means people are going to run out of fuel and food and businesses are going to start closing and going out of business which is absolutely surreal.
There may be many reasons why the Cypriot banks are in trouble but it safe to say that people putting deposits in these banks are not part of the problem and it’s sheer insanity for any bank to attack it’s depositors.
Hapalochlaena
The Russian Maffia’s venom of choice, only the saliva is required. Professional hit men make friends with a friend of the target, giving a false name and story. then they engineer a meet with the target. Naturally the bogus friend is introduced, and the killer handshake ensured the target has mere hours to live! No suspicions are aroused.
The Russian Maffia send a large wreath to the funeral of each and every target they eliminate
http://www.youtube.com/watch?v=SNxJwCGJtsA
Has anyone heard of bank runs in other EU countries? I don’t think there have been any (banks in Cyprus and Greece apparently are closed today due to religious holiday but I think that they are open in other countries). Strange. People in the US would have acted a lot differently, I think. I guess those EU bureaucrats know their people better than we do.
Danny
You are dead on again on that one but you most look at the big picture. The faster they crash there own fiat game that is well past running its course(FIAT RESERVE CHARTER ONE HUNDRED YEARS) starting in 1913 and ending in 2013 the faster they can commence WW3 and lend their new fiat two all sides fighting and control Boardwalk and the game again.
These Bank runs & chaos will ultimately give us “The One World Central Bank.”
This has always been the plan. & now the plan has been put in motion.
The East / West / North / South, all Governments are working together.
The rest is theater !