End Times and Current Events

General Category => Europe => Topic started by: Mark on March 17, 2013, 11:10:06 am

Post by: Mark on March 17, 2013, 11:10:06 am

ATMs drained as bailout tax triggers run...

Parliament delays vote...

'Dangerous precedent'...

Post by: Psalm 51:17 on March 17, 2013, 02:45:06 pm
Yeah, pretty much going on all over Europe...

Italy - gridlocked elections(can't form new government), largely b/c a Ron Paul-like character threw his hat into the 3rd party mix, and the center-right party put a formerly disgraced PM who's going through numerous criminal trials into the ring(Berlesconi). Yes, this dog and pony show has been ALL BY DESIGN. Pretty much everyone should have seen this coming miles away. Nonetheless no government formed, and throw in the fact one of the Euro's largest economy is extremely debt-ridden and on the brink...

Greece - even all of these "austerity" packages isn't helping them, but is continuing to make them worse.

Portugal and Spain - unemployment rate continues to go through the roof, with riots getting worse.

France - they have their Obama in power now.

2013 is going to be really interesting...WATCH...

Post by: Psalm 51:17 on March 17, 2013, 02:56:23 pm

ATMs drained as bailout tax triggers run...

Parliament delays vote...

'Dangerous precedent'...

Was just reading these articles - there are times when you end up reading news articles like these 2 or 3 times, and it STILL feels like you're watching some mind-less Hollywood movie, and then realize a bit later you were reading a NEWS ITEM, and STILL can not believe what you were reading was some news item.

As Christians, we do not have the spirit of fear, I agree. And yes, we are likely living in the last days where as love grows cold iniquity abounds. But nonetheless, again, even news items like this WILL make your head spin pretty fast, as I don't recall other draconian bank bailout/austerity bills going THIS far.

Alot like the homosexual agenda that was reaping its rotten fruit now - alot of the agendas the NWO are successfully pushing are stuff you would never have imagined would happen in a million years.(ie-6 year old transgender kids wanting "their rights")

In the last days, perilous times shall come...

Post by: Psalm 51:17 on March 17, 2013, 03:30:12 pm
Hmmm...Cyprus, a little know country, but be a real sleeper in all of this...

ANALYST: The Cyprus Deal Could Be The 'Trigger' We Were Waiting For In Europe


Now, the banks have a problem on their hands.  "The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed," reports Greek newspaper Kathimerini .

Many market observers are expressing concerns that the decision could have a ripple effect throughout Europe come Monday when markets open. After all, if European leaders have decided to violate the unspoken rule of bank bailouts – that deposits are sacrosanct – what's to say it can't happen in a bigger eurozone country, like Spain?

In a Sunday morning note to clients, Morgan Stanley economist Joachim Fels wrote, "I view this as  a worrying  precedent with potentially systemic consequences  if depositors in other periphery countries  fear a similar treatment in the future."

"This will probably go down as an ill-thought-out rescue plan with consequences for peripheral Europe," says Galy. "It breaks a cardinal rule — namely, public trust on which money relies

The decision, therefore, has everyone scratching their heads. Why would European leaders play with that public trust in bank deposits?
The SocGen report last week predicting a new eurozone "shockwave" this spring summed it up concisely: " Germany, now six months into a general election, will not be keen to share further risks and tolerate policy slippage."

Post by: Psalm 51:17 on March 17, 2013, 08:18:43 pm
Australia shares fall as Wall St, Cyprus uncertainty hit

Gold hits 2-1/2-week high on Cyprus bailout plan

Yen firms, Asia shares fall on jitters from Cyprus deal

Seoul shares likely to be hurt by Cyprus bailout uncertainty

Euro Drops Versus Yen, Dollar as Cyprus Turmoil Roils Markets

Post by: Mark on March 18, 2013, 07:40:10 am
Cyprus set to seize personal savings...

Plan moves ahead as vote delayed...

Putin: 'Unfair,' 'Dangerous'...

FT: Here come bank runs...

Germany: Not our idea...

Italy to follow?

Markets rattled...

Euro tumbles...


Post by: Mark on March 18, 2013, 07:59:46 am
After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a "wealth tax".  The government of Cyprus was given two options by the IMF and the EU - either they could confiscate money from private bank accounts or they could leave the eurozone.  Apparently this was presented as a "take it or leave it" proposition, and many are using the world "blackmail" to describe what has happened.  Sadly, this decision is going to set a very ominous precedent for the future and it is going to have ripple effects far beyond Cyprus.  After the banksters steal money from bank accounts in Cyprus they will start doing it everywhere.  If this "bank robbery" goes well, it will only be a matter of time before depositors in nations such as Greece, Italy, Spain and Portugal are asked to take "haircuts" as well.  And what will happen one day when the U.S. financial system collapses?  Will U.S. bank accounts also be hit with a "one time" wealth tax?  That is very frightening to think about.

Cyprus is a very small nation, so it is not the amount of money involved that is such a big deal.  Rather, the reason why this is all so troubling is that this "wealth tax" is shattering confidence in the European banking system.  Never before have the banksters come directly after bank accounts.

If everything goes according to plan, every bank account in Cyprus will be hit with a "one time fee" this week.  Accounts with less than 100,000 euros will be hit with a 6.75% tax, and accounts with more than 100,000 euros will be hit with a 9.9% tax.

How would you feel if something like this happened where you live?

How would you feel if the banksters suddenly demanded that you hand over 10 percent of all the money that you had in the bank?

And why would anyone want to still put money into the bank in nations such as Greece, Italy, Spain or Portugal after all of this?

One writer for Forbes has called this "probably the single most inexplicably irresponsible decision in banking supervision in the advanced world since the 1930s."  And I would agree with that statement.  I certainly did not expect to see anything like this in Europe.  This is going to cause people to pull money out of banks all over the continent.  If I was living in Europe (and especially if I was living in one of the more financially-troubled countries) that is exactly what I would be doing.

The bank runs that we witnessed in Cyprus over the weekend may just be a preview of what is coming.  When this "wealth tax" was announced, it triggered a run on the ATMs and many of them ran out of cash very rapidly.  A bank holiday was declared for Monday, and all electronic transfers of money were banned.

Needless to say, the people of Cyprus were not too pleased about all of this.  In fact, one very angry man actually parked his bulldozer outside of one bank branch and threatened to physically bulldoze his way inside.

But this robbery by the banksters has not been completed yet.  First, the Cypriot Parliament must approve the new law authorizing this wealth confiscation on Monday.  If it is approved, then the actually wealth confiscation will take place on Tuesday morning.

According to Reuters, the new president of Cyprus is warning that if the bank account tax is not approved the two largest banks in Cyprus will collapse and there will be complete and total financial chaos in his country...

    President Nicos Anastasiades, elected three weeks ago with a pledge to negotiate a swift bailout, said refusal to agree to terms would have led to the collapse of the two largest banks.

    "On Tuesday ... We would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis," Anastasiades said in written statement.

    In several statements since his election, he had previously categorically ruled out a deposit haircut.

The fact that the new president had previously ruled out any kind of a wealth tax has a lot of people very, very upset.  They feel like they were flat out lied to...

    "I'm furious," said Chris Drake, a former Middle East correspondent for the BBC who lives in Cyprus. "There were plenty of opportunities to take our money out; we didn't because we were promised it was a red line which would not be crossed."

But apparently the wealth confiscation could actually have been far worse.  According to one report, the IMF and the EU were originally demanding a 40% wealth tax on bank account holders in Cyprus...

    As the President of Cyprus proclaims  to his people that "we' should all take responsibility as his historic decision will "lead to the permanent rescue of the economy," it appears that the settled-upon 9.9% haircut is a 'good deal' compared to the stunning 40% of total deposits that Germany's FinMin Schaeuble and the IMF demanded.

Could you imagine?

How would you feel if you woke up someday and 40% of all your money had been taken out of your bank accounts?

At this point, there is still some doubt about whether this plan will actually be adopted or not.

Right now the new president of Cyprus does not have the votes that he needs, but you can be sure that there is some high level arm twisting going on.

Originally the vote was supposed to happen on Sunday, but it was delayed until Monday to allow for some extra "persuading" to be done.

And of course the people of Cyprus are overwhelmingly against this wealth tax.  In fact, one poll found that 71 percent of the entire population of Cyprus wants this plan to be voted down.

The funny thing is that Cyprus is not even in that bad of shape.

The unemployment rate is around 12 percent, but in other European nations such as Greece and Spain the unemployment rate is more than double that.

Cyprus has a debt to GDP ratio of about 87 percent, but the United States has a debt to GDP ratio of well over 100 percent.

So if they will go directly after bank accounts in Cyprus, what will stop them from going after bank accounts in larger nations when the time comes?

In the final analysis, this is a game changer.  No longer will any bank account in the western world be considered to be 100 percent safe.

Trust is a funny thing.  It takes a long time to build, but it can be destroyed in a single moment.

Trust in European banks has now been severely damaged, and that damage is not going to be undone any time soon.

A recent blog post by the CEO of Saxo Bank, Lars Christensen, did a great job of explaining how incredibly damaging this move by the IMF and the EU truly is...

    This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

    if you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.

    Depositors in other prospective bailout countries must be running scared - is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now.

This is the biggest moment that we have witnessed since the beginning of the European financial crisis.

Financial authorities in Europe could try to calm nerves by at least pretending that this will never happen again in any other country, but so far  they are refusing to do that...

    Jeroen Dijsselbloem, president of the group of euro-area ministers, on Saturday declined to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.

Such a measure is "not currently being considered" for other members of the eurozone?

Yeah, that sure is going to make people feel a lot more confident in what is coming next.

I have insisted over and over that the next wave of the economic collapse would originate in Europe, and we may have just witnessed the decision that will cause the dominoes to start to fall.

The banksters have sent a very clear message.  When the chips are down, they are going to come after YOUR money.

So what do you think about the bank robbery that is taking place in Cyprus?  Please feel free to post a comment with your thoughts below...


Post by: Kilika on March 18, 2013, 01:07:17 pm
So what do you think about the bank robbery that is taking place in Cyprus?

Robbery? I don't think so. Now if the depositors were not allowed to remove their money from the taxed accounts, then yeah, more or less theft of money they aren't entitled to.

All people have to do is remove their money from those accounts. Bankers have control only in two ways; holding your money, or debt.

If you don't borrow, and you don't put your money in their "for profit" banks, they have no claims to your money.

Banks are "for profit". They are in business to make money off of money, preferably off other people's money.

There is no requirement to put your money in a bank. Yet the banking system and general handling of paying for things is all designed around using the banking system.

There is no law that prevents you from paying cash for a car or house, or anything, yet.

The ones crying for the security of banks are the rich. Where do you put millions, or hundreds of millions in cash? How do you buy a business or Lear jet with cash? Lots of suit cases? Now we start to see why Jesus tells us...

"It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God." Mark 10:25 (KJB)

Post by: Mark on March 18, 2013, 06:50:16 pm
Argentina Makes Grab for Pensions Amid Crisis

BUENOS AIRES — Hemmed in by the global financial squeeze and commodities slump, Argentina’s leftist government has seemingly found a novel way to find the money to stay afloat: cracking open the piggybank of the nation’s private pension system.

Argentina’s President Cristina Fernandez de Kirchner speaks next to Economy Minister Carlos Fernandez (right) at the National Social Security Administration in Buenos Aires on Monday. 

The government proposed to nationalize the private pensions, which would provide it with much of the cash it needs to meet debt payments and avoid a second default this decade.

The move came as wealthy nations unveiled fresh steps to fight the credit crunch. The U.S. Federal Reserve said it would bolster money-market funds, which have faced withdrawals, by lending as much as $540 billion to the industry. France said it would inject $14 billion into six banks on condition they agree to increase their lending. In a sign banks were a little more willing to lend to each other, the London interbank offered rate, a benchmark for many business and consumer loans, again declined.

Argentine President Cristina Kirchner said the move to take over the private pension system was aimed at protecting investors from losses resulting from global market turmoil. Funds in the system, which is parallel to a government pension system, are administered by financial firms. The private system has about $30 billion in assets and generates about $5 billion in new contributions each year.

While no one knows for sure what the government would do with the private system, economists said nationalization would let the government raid new pension contributions to cover short-term debts due in coming years.

rest: http://www.fromthetrenchesworldreport.com/argentina-makes-grab-for-pensions-amid-crisis/38166/

Post by: Psalm 51:17 on March 18, 2013, 09:21:58 pm
Well, the newly appointed Pope is from Argentina...

Post by: Kilika on March 19, 2013, 03:51:14 am
open the piggybank of the nation’s private pension system

And when a country starts stealing from their public, they are in serious financial trouble.

Looks like several countries are "staying afloat" artificially, and would collapse if they didn't get help. So while they seem to be limping along, in reality more than one of those countries have effectively already collapsed.

Post by: Mark on March 19, 2013, 06:03:27 am
The Great Cyprus Bank Robbery Shows That No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe

The global elite have now proven that when the chips are down they are going to go after any big pile of money that they think they can get their hands on.  That means that no bank account, no retirement fund and no stock portfolio on earth is safe.  Up until now, most people assumed that private bank accounts were untouchable and that deposit insurance actually meant something.  Now we see that there is no pile of money that is considered "off limits" by the global elite and deposit insurance means absolutely nothing.  The number one thing that any financial system depends on is faith.  If people do not have faith in the safety and stability of a financial system, it will not work.  Well, the people that rule the world have just taken a sledgehammer to the trust that we all had in the global financial system.  They have broken the unwritten social contract that global banking depends on.  So now we will see a run on the banks, and this will not just be limited to a few countries in southern Europe.  Rather, this will be worldwide in scope.  Yoda may have put it this way: "Begun, the global bank run has."  All over the world, frightened people are going to start pulling money out of the banks.  A lot of that money will go into gold, silver and other hard assets.  And as money starts coming out of the banks, this could cause many of the large banks that have been teetering on the edge of disaster to finally collapse.

Many of you may not believe that they would ever come after bank accounts, retirement funds or stock portfolios in the United States.

Many of you may be entirely convinced that the Great Cyprus Bank Robbery could never happen in America.

Well, where do you think this whole plan was dreamed up?

It was the IMF that reportedly pushed the hardest for the wealth tax in Cyprus, and the IMF is headquartered right in the heart of Washington D.C.

Almost every nation on the planet has to deal with the IMF.  It is an organization that is dominated by the United States and that is always involved when there is an international debt crisis.

If the IMF thinks that it is a great idea to steal from bank accounts to solve a financial crisis in Cyprus, why wouldn't they impose a similar solution in other countries in the future?

And if bank accounts are no longer safe, are there any truly safe places to put your money?

You can trust the politicians when they tell you that an unannounced "wealth tax" will never happen where you live if you want, but that is the exact same lie that the politicians in Cyprus were telling their people until the day that it happened.  The following is from an article in the Cyprus Mail...

    And after all, President Anastasiades had emphatically declared in his inauguration speech that “absolutely no reference to a haircut on public debt or deposits will be tolerated,” adding that “such an issue isn’t even up for discussion.” Finance Minister Michalis Sarris made similarly reassuring statements, arguing that it would be lunacy for the EU to impose such a measure because it would threaten the euro system.

At this point, politicians in Cyprus have been given two very unappealing options.  Either they vote yes on the wealth tax and destroy all faith in the banking system of Cyprus, or they vote no and they are forced out of the eurozone.  In either case, we will probably see the financial system of Cyprus collapse and their economy plunge deep into depression.

At this point, the vote has been delayed until Tuesday.  Apparently some additional "arm twisting" was required to get the needed votes.

And there have been proposals to change the terms of the wealth tax.  Reportedly, some politicians want to impose a maximum rate of up to 15 percent on bank accounts of over 500,000 euros so that the rate on smaller accounts can be decreased.

It has also been announced that the earliest that banks in Cyprus will reopen will be Thursday.

But what is happening in Cyprus is small potatoes compared to how this will affect the rest of the world.  The entire planet is watching this unfold, and as a recent article by Lucas Jackson described, faith in the global financial system is being greatly shaken...

    It would be hard to over-emphasize how significant the Cyprus situation is.  The EU demonstrated under no uncertain circumstances that they will destroy the rule of law to maintain their own power.  It was a recognition of tyranny that many of us have always assumed was the case but yesterday became reality.

    The damage done here is not related to the size of the haircut - currently discussed between 3 and 13% - but rather that the legal language which each and every investor on the planet must rely on in order to maintain confidence in the system has been subordinated to the needs of the powerful elite.  To the power elite making the major decisions in DC, London, Berlin, France, Brussels, et. al., laws are like ice cream, easily melted.

    Which begs the question, who is next?  Will it be Portugal?  Greece? Spain?  Italy?  France???

    Will they impose a “one-time” tax on your bank account?  Your house?  Your stocks and bonds?  Retirement accounts?

The global elite have declared open season on all large piles of money, and now many people all over the world will consider taking money out of the bank to be the rational thing to do.  This will especially be true in countries in southern Europe since they would probably be the next to have wealth confiscated.

This is so abundantly clear that even Paul Krugman of the New York Times understands this...

    It’s as if the Europeans are holding up a neon sign, written in Greek and Italian, saying “time to stage a run on your banks!”

    Tomorrow and the days immediately following should be very interesting.

The global elite have truly "crossed the Rubicon" by going after private bank accounts.  It is almost as if they purposely chose the most damaging solution possible to the financial crisis in Cyprus.

Many in the financial world are absolutely stunned by all of this.  For example, David Zervos is describing this move as a "nuclear war on savings and wealth"...

    All of us should really take a moment to consider what the governments of Europe have done. To be clear, they initiated a surprise assault on the precautionary savings of their own people. Such a move should send shock waves across the entire population of the developed world. This was not a Bernanke style slow moving financial repression against risk free savings that is meant to stir up animal spirits and force risk taking. This is a nuclear war on savings and wealth - something that will likely crush animal spirits. This is a policy move you expect from a dictatorial regime in sub-Saharan Africa, not in an EMU member state. If the European governments can clandestinely expropriate 7 to 10 percent of their hard working citizen's precautionary savings after the close of business on a Friday night, what else are they capable of doing? Why even hold money in a bank account? Are they trying to start a bank run?

So what motivated the global elite to do this?

According to CNBC, one of the motivations was to go after the Russians that had been using the banking system of Cyprus to launder money...

    Indeed, the IMF is reported to have been keen on the levy as a way to stem the flood of Russian money into the island over the last few years which has prompted concerns over money laundering.

Russian money accounts for about 25 percent of all money in the banking system of Cyprus, and obviously the Russians are quite upset by what the IMF and the EU have decided to do.  Even Vladimir Putin is loudly denouncing this move...

    Russian President Vladimir Putin called the tax “unfair, unprofessional and dangerous,” according to a statement posted on the Kremlin website. Russian companies and individuals have $31 billion of deposits in Cyprus, according to Moody’s.

And you haven't heard a lot about this in the western media, but the Russians have actually stepped forward and have offered to help Cyprus out of this jam.  For example, there are reports that Russian investors are interested in buying the two banks that were the primary cause of this bailout...

    Officials have also said Russian investors are interested in buying a majority stake in Cyprus Popular Bank and increasing their holdings in Bank of Cyprus - the two biggest banks on the Mediterranean island.

And according to Sky News, Gazprom has offered Cyprus a very large sum of money for the right to explore their offshore gas reserves that have not been developed yet...

    The uncertainty comes as Russia's finance minister said his country would consider restructuring its loans to Cyprus.

    Russian energy giant Gazprom has also reportedly offered financial assistance to Cyprus in exchange for access to the island's gas reserves.

So far the government of Cyprus has rejected the help of the Russians, but could they change their mind at some point?  Apparently the Russians are offering enough money to completely fund the bank bailout...

    According Greek Reporter, Gazprom made an offer over the weekend to the Cypriot government to fund the bank restructuring planned under the Cypriot bailout (which is set to cost up to €10bn) in exchange for exclusive exploration rights for Cypriot territorial waters. How reliable this story is remains to be seen, but it does hint at the geopolitical tension which we have been warning about.

    Gazprom is known to be very close to the Russian government and despite Russian President Vladimir Putin overtly slamming the deposit tax - calling it "unfair, unprofessional and dangerous" -  it is unlikely that they would let this opportunity pass untouched. Fortunately, the Cypriot government is said to have rejected the deal off the bat, but if displeasure towards the eurozone and the EU grows, the Russian option may become increasingly appealing.

It will be very interesting to see what happens.

Meanwhile, some European officials are already suggesting that other nations in southern Europe should have a "wealth tax" imposed upon them.  The following comes from an article by Paul Joseph Watson...

    Joerg Kraemer, chief economist of the German Commerzbank, has called for private savings accounts in Italy to be similarly plundered. “A tax rate of 15 percent on financial assets would probably be enough to push the Italian government debt to below the critical level of 100 percent of gross domestic product,” he told Handelsblatt.

A "tax" of 15 percent on all financial assets?

Could you imagine if you woke up one morning and the government had decided to suddenly steal 15 percent of all the money that you had in bank accounts, retirement funds and stock portfolios?

If I had a bank account in Italy I would be very nervous right about now.

Under normal circumstances these kinds of things don't happen, but governments will use an "emergency" to justify all kinds of things.  I recently came across an article that included a great quote by Herbert Hoover that put this beautifully...

    "Every collectivist revolution rides in on a Trojan horse of ‘emergency’. It was the tactic of Lenin, Hitler, and Mussolini. In the collectivist sweep over a dozen minor countries of Europe, it was the cry of men striving to get on horseback. And ‘emergency’ became the justification of the subsequent steps. This technique of creating emergency is the greatest achievement that demagoguery attains."

This is what the elite love to do.

They love to create order out of chaos.

And this is just the beginning.  The Great Cyprus Bank Robbery was just a beta test for what is coming next.

As the global financial system crumbles, the global elite are going to target our bank accounts, our retirement funds and our stock portfolios.  You might want to start thinking about how you will protect yourself.

So what are your thoughts on all of this?  Please feel free to post a comment with your thoughts below...


Post by: Kilika on March 19, 2013, 01:35:44 pm
They can only take what's in an account! 15% of nothing is, nothing.

Post by: Mark on March 19, 2013, 02:25:26 pm
Cyprus to seize cash from 'rich' -- with savings of $25,867.73 or more in bank...

Will confiscate deposits from all others...

Trading suspended amid bailout woes...

Europe's leaders run out of credit...

Russian Co. Offers Bailout in Exchange for Gas Exploration Rights...

New Zealand planning account seizures...

Post by: Psalm 51:17 on March 19, 2013, 02:36:53 pm
Not that these "bailouts" were ever good, but now it's coming to a point where they can't afford anything more to a little country like Cyprus, AND now New Zealand is getting into the same act as Cyprus...and now Russia is using this opportunity for more materialism grabs?

Some very interesting times ahead..

Post by: Kilika on March 19, 2013, 02:38:50 pm
I might add that though I say they can't tax what isn't there, they can by closing down the bank, which prevents withdrawals.

Post by: Psalm 51:17 on March 20, 2013, 07:00:40 pm
Cyprus banks to remain shut until Tuesday amid bailout crisis

Cypriot banks on brink in Icelandic flashback

Cyprus banks shut until Tuesday amid scramble for Plan B

Cypriot officials have said the country's banks, which were closed to prevent mass withdrawals, will remain shut until at least Tuesday.

On Wednesday afternoon the cabinet began an emergency meeting to discuss alternatives to an EU-IMF bailout deal rejected by parliament on Tuesday.

Reports say the government is considering imposing capital controls when banks are reopened.

Meanwhile, Cyprus' finance minister is in Moscow to seek help from Russia.

Russia holds multi-billion dollar investments in Cyprus.

Finance Minister Michalis Sarris said after talks with Russian Finance Minister Anton Siluanov: "There were no offers, nothing concrete," but he added, "we're happy with a good beginning."

Talks are expected to continue in Moscow on Thursday.

The banks will remain shut on Thursday and Friday this week and Monday 25 March is a scheduled bank holiday. The stock exchange also remains closed.

Germany has said banks in Cyprus may never reopen if a bailout is not agreed.


Post by: Psalm 51:17 on March 21, 2013, 11:45:57 am
Why Russians Are Freaked Out About Cyprus

MOSCOW — As the Cypriot Parliament debated the “haircut” on bank deposits, the across the board tax on bank accounts to finance a bailout of the country’s economy, Russian President Vladimir Putin came out blasting the move as “unfair, unprofessional and dangerous.”
Putin and others in Russia are panicking in large part because Russians have parked a massive amount of money in Cyprus, including money some believe was obtained through less than legal means.  Russians and Russian financial institutions that have deposited or invested money in Cyprus stand to lose a lot if depositors are asked to cover any bailout, or if the island’s economy takes a nosedive.
According to Moody’s ratings agency, Russians keep $19 billion in Cypriot banks, nearly as much as Cyprus’ entire GDP. Russian banks have an additional $12 billion invested and have loaned another $40 billion to Cypriot companies of Russian origin.
The island is also a popular vacation destination for Russians. Aside from the financial benefits, the weather is decidedly more attractive than in Moscow. Some parts of the island even have signs written in Russian.
There so much Russian money in Cyprus because Russia has a low tax rate (flat 13 percent for personal income), but many Russians are eager to park their money in perceived safe havens abroad, away from corruption, and also far away from scrutinizing eyes. Cyprus’ 10 percent corporate tax rate is low and the island was seen as politically stable. It also doesn’t ask a lot of questions about where the money came from.
Capital flight is a major concern in Russia, a reflection of how little confidence there is in Russian financial institutions as well as the need to stash potentially ill-gotten gains elsewhere. Last year $56 billion fled the country. On Tuesday it was reported that $14-16 billion have left Russia for overseas havens so far this year, already exceeding what was perhaps an overly optimistic estimate by the central bank that only $10 billion would leave during all of 2013.
Russia has loaned Cyprus money before, but the fact that Russia is freaking out is also freaking out Cyprus. The fear is if Russian money leaves the country, Cyprus’ economy will collapse. The Wall Street Journal reported that Cyprus is offering Russia favorable partnerships in energy projects and other ventures in exchange for a bailout. The Cypriot foreign minister held talks with Russian officials in Moscow today and will continue discussions on Thursday.
The Associated Press contributed to this report

Post by: Psalm 51:17 on March 21, 2013, 09:35:34 pm
Exclusive: Euro zone call notes reveal extent of alarm over Cyprus

BRUSSELS (Reuters) - Euro zone finance officials acknowledged being "in a mess" over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy.

In detailed notes of the call seen by Reuters, one official described emotions as running "very high", making it difficult to come up with rational solutions, and referred to "open talk in regards of (Cyprus) leaving the euro zone".

The call was among members of the Eurogroup Working Group, which consists of deputy finance ministers or senior treasury officials from the 17 euro zone countries as well as representatives from the European Central Bank and the European Commission. The group is chaired by Austria's Thomas Wieser.

Cyprus decided not to take part in the call, a decision that several participants described as troubling and reflecting the wider confusion surrounding the island's predicament.

"The (Cypriot) parliament is obviously too emotional and will not decide on anything, if Cyprus does not even feel that they can attend the call it is a big problem for us," the French representative said, according to the notes seen by Reuters.

"We have never seen this."


Post by: Mark on March 22, 2013, 07:32:57 am
Russia rebuffs Cyprus, EU awaits bailout "Plan B"

 Russia rebuffed Cypriot entreaties for aid on Friday, leaving the island's increasingly isolated leaders scrambling to strike a bailout deal with the European Union by next week or face the collapse of its financial system.

In Nicosia, lawmakers considered proposals to nationalize pension funds, pool state assets and split the country's second-largest bank in a desperate effort to satisfy exasperated European allies.

The governor of the Central Bank, Panicos Demetriades, warned political leaders the country would face a disorderly bankruptcy on Tuesday unless they approved the bills, an official present at the talks said.

"The next few hours will determine the future of the country," government spokesman Christos Stylianides said before the parliamentary debate. "We must all assume our share of the responsibility."

Even if the measures are approved, there was no confirmation they would raise the 5.8 billion euros demanded by the EU in return for a 10 billion euro ($12.93 billion) bailout to avoid a default.

Hundreds of protesters rallied outside the parliament and depositors, who began raiding banks' cash machines last weekend, queued again to withdraw what they could.

The clock was running down to a Monday deadline set by the European Central Bank for a deal to be in struck before it cuts funds to Cyprus's stricken banks, potentially pushing it out of Europe's single currency.

Nicosia angrily rejected a proposed levy on tax deposits in exchange for the EU bailout on Tuesday and turned to the Kremlin to renegotiate a loan deal, win more financing and lure Russian investors to Cypriot banks and gas reserves.

"The talks have ended as far as the Russian side is concerned," Russian Finance Minister Anton Siluanov told reporters after two days of crisis talks with his Cypriot counterpart, Michael Sarris.

Russians have billions of euros at stake in Cyprus's outsized and now crippled banking sector, a factor in the EU's unprecedented demand that bigger depositors take a hit in the interests of keeping Cyprus afloat.

But Siluanov said Russian investors were not interested in Cypriot gas and that the talks had ended without result. Sarris was due to fly home, where lawmakers were locked in yet more crisis talks.

New bills submitted to the Cypriot parliament included a "solidarity fund" to bundle state assets, including future gas revenues and nationalized semi-state pension funds, as the basis for an emergency bond issue.

JP Morgan likened it to "a national fire sale", and euro zone paymaster Germany indicated it opposed the nationalization of pension funds.

They were also considering a bank restructuring bill that officials said would see the country's second largest lender, Cyprus Popular Bank, split into good and bad assets, and a government call for the power to impose capital controls to stem a flood of funds leaving the island when banks reopen on Tuesday after a week-long shutdown.


There was no silver bullet, however, and Cyprus's partners in the 17-nation currency bloc were increasingly unimpressed. It was unclear whether parliament would even vote on the bills on Friday.

"I still believe we will get a settlement, but Cyprus is playing with fire," Volker Kauder, a leading conservative ally of German Chancellor Angela Merkel, told public television ARD.

Merkel told lawmakers that nationalization of pension funds was unacceptable as a way to plug a hole in finances and clinch the bailout, parliamentary sources said.

Two lawmakers quoted the chancellor as saying debt sustainability and bank restructuring would have to be the core of any deal, which she called a matter of "credibility".

They also quoted Merkel as saying: "There is no way we can accept that", and "I hope it does not come to a crash".

Her finance minister, Wolfgang Schaeuble, said he did not know whether euro zone finance ministers would meet over the weekend. "I can't say in advance if and when Cyprus will deliver results," he said.

Cypriots have been stunned by the pace of the unfolding drama, having elected conservative President Nicos Anastasiades barely a month ago on a mandate to secure a bailout.

News that the deal would involve a levy on bank deposits, even for smaller savers, outraged Cypriots, who raided cash machines last weekend.

While EU lenders, notably Germany, had wanted larger, uninsured bank depositors to bear some of the cost of recapitalizing the banks, Cyprus feared for its reputation as an offshore banking haven and planned to spread the levy to deposits under 100,000 were covered by state insurance.

Senior euro zone officials acknowledged in a confidential conference call on Wednesday that they were "in a mess" and discussed imposing capital controls to insulate the currency area from a possible collapse of the small Cypriot economy.

Cyprus itself refused to take part in the call, minutes of which were seen by Reuters. Several participants described its absence as troubling and reflecting the wider confusion surrounding the island's predicament.

In Brussels, a senior European Union official told Reuters an ECB withdrawal would mean Cyprus's biggest banks being wound up, wiping out the large deposits it has sought to protect, and probably forcing the country to abandon the euro.

"If the financial sector collapses, then they simply have to face a very significant devaluation, and faced with that situation, they would have no other way but to start having their own currency," the EU official said.

Cypriot banks have been crippled by their exposure to Greece, the center of the euro zone debt crisis.

On Thursday there were angry scenes outside parliament, where hundreds of demonstrators gathered after rumors spread that Popular Bank would be closed down and its staff laid off.

"We have children studying abroad, and next month we need to send them money," protester Stalou Christodoulido said through tears. "We'll lose what money we had and saved for so many years if the bank goes down."


Post by: Psalm 51:17 on March 22, 2013, 11:28:06 am
Well, it's starting to become more clearer why Russia will likely be a major end times player.

Post by: Psalm 51:17 on March 22, 2013, 11:41:41 am
Cyprus crisis: Government says deal could come within hours - live

Euro Finance Heads Said to Weigh Closing Two Cyprus Banks

Post by: Mark on March 22, 2013, 04:09:56 pm
UK sends financial experts fly to Cyprus to advise on bailout - @guardian

Cypriot parliament adopts law creating 'solidarity fund' to pool state assets - @Reuters

Cypriot Parliament adopts law giving government powers to impose capital control on banks - @Reuters

Post by: Psalm 51:17 on March 22, 2013, 07:38:11 pm
Cypriot Bailout Linked to Gas Potential

Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout.

On Wednesday, the Greek-Cypriot government voted against asking its citizens to bank on the future of gas exports by paying a 3-15% levy on bank deposits in return for a stake in potential gas sales. The scheme would have partly funded a $13 billion EU bailout.

It would have been a major **** that had Cypriots asking how much gas the island actually has and whether it will prove commercially viable any time soon.

In the end, not even the parliament was willing to take the ****, forcing Cypriots to look elsewhere for cash, hitting up Russia in desperate talks this week, but to no avail.

The bank deposit levy would not have gone down well in Russia, whose citizens use Cypriot banks to store their “offshore” cash. Some of the largest accounts belong to Russians and other foreigners, and the levy scheme would have targeted accounts with over 20,000 euros. So it made sense that Cyprus would then turn to Russia for help, but so far Moscow hasn’t put any concrete offers on the table.

Plan A (the levy scheme) has been rejected. Plan B (Russia) has been ineffective. Plan C has yet to reveal itself. And without a Plan C, the banks can’t reopen. The minute they open their doors there will be a withdrawal rush that will force their collapse.

In the meantime, cashing in on the island’s major gas potential is more urgent than ever—but these are still very early days.

In the end, it’s all about gas and the race to the finish line to develop massive Mediterranean discoveries. Cyprus has found itself right in the middle of this geopolitical game in which its gas potential is a tool in a showdown between Russia and the European Union.     

The EU favored the Cypriot bank deposit levy but it would have hit at the massive accounts of Russian oligarchs. Without the promise of Levant Basin gas, the EU wouldn’t have had the bravado for such a move because Russia holds too much power over Europe’s gas supply

Cypriot Gas Potential

The Greek Cypriot government believes it is sitting on an amazing 60 trillion cubic feet of gas, but these are early days—these aren’t proven reserves and commercial viability could be years away. In the best-case scenario, production could feasibly begin in five years. Exports are even further afield, with some analysts suggesting 2020 as a start date. 

In 2011, the first (and only) gas was discovered offshore Cyprus, in Block 12, which is licensed to Houston-based Noble Energy Inc. (NBL). The block holds an estimated 8 trillion cubic feet of gas.

To date, the Greek Cypriots have awarded licenses for six offshore exploration blocks that could contain up to 40 trillion cubic feet of gas. Aside from Noble, these licenses have gone to Total SA of France and a joint venture between Eni SpA (ENI) of Italy and Korea Gas Corp. 

But the process of exploring, developing, extracting, processing and getting gas to market is a long one. Getting the gas extracted offshore and then pumped onshore could take at least five years and some very expensive infrastructure that does not presently exist. The gas would have to be liquefied so it could be transported by seaborne tankers.

The potential is there: Cyprus’ gas discoveries adjoin Israeli territorial waters where the discovery of the massive Leviathan gasfield (425 billion cubic meters or 16 trillion cubic feet) and smaller Tamar gasfield (250 billion cubic meters or 9 trillion cubic feet) have foreign companies in a rush to cash in on this.

There are myriad problems to extracting Cypriot gas—not the least of which is the fact that some of this offshore exploration territory is disputed by Turkey, which has controlled part of the island since 1974.

Gas exploration has taken this dispute to a new level, with Turkey sending in warships to halt drilling in 2011, and threatening to bar foreign companies exploring in Cyprus from any license opportunities in Turkey. The situation is likely to intensify as Noble prepares to begin exploratory drilling later this year in Block 12.

In the meantime, there is no shortage of competition on this arena. Cyprus will have to vie with Israel, Lebanon and Syria—all of which have made offshore gas discoveries of late in the Mediterranean’s Levant Basin, which has an estimated total of 122 trillion cubic feet of gas and 1.7 billion barrels of oil.   

Blackmailing Cyprus?

While Greek Cypriot citizens are not willing to **** away their savings on gas futures, Russia and the European Union are certainly less hesitant.

This is both a negotiating point for Cyprus and a convenient tool of blackmail for Russia and the EU. Essentially, the bailout is the prop on a stage that will determine who gets control of these assets.

Theoretically, Cyprus could guarantee Russia exploration rights in return for assistance. As much as this is possible, the EU could ease its bailout negotiations if it becomes clear that a Russian bailout of sorts is imminent.

Gas finds in the Mediterranean and particularly across the Levant Basin—home to Israel’s Leviathan and Tamar fields—could be the answer to Russian gas hegemony in Europe. The question is: How much does Cyprus count in this equation? A lot

Though only half of the estimated resources in the Levant Basin, Cyprus’ potential 60 trillion cubic feet of gas could equal 40% of the EU’s gas supplies and be worth a whopping $400 billion if commercial viability is proven.

Russia is keen to keep Cyprus and Israel from cooperating too much toward the goal of loosening Russia’s grip on Europe before Moscow manages to gain a greater share of the Asian market.

Russia is also not keen on Israel’s plan to lay an undersea natural gas pipeline to Turkey’s south coast to sell its gas from the Leviathan field to Europe. Turkey hasn’t agreed to this deal yet, but it is certainly considering it. This is fraught with all kinds of political problems at home, so for now Ankara is keeping it as low profile as possible.

With all of this in mind, Russia is doing its best to get in on the Levant largesse itself. While it’s also courting Lebanon and Syria, dating Israel is already in full force. Gazprom has signed a deal with Israel that would give it control of Tamar’s gas and access to the Asian market for its liquefied natural gas (LNG). Tamar will probably begin producing already in April at a 1 billion cubic feet/day capacity.

In accordance with this deal, which Israel has yet to approve, Gazprom will provide financial support for the development of the Tamar Floating LNG Project. In return, Gazprom will get exclusive rights to purchase and export Tamar LNG. It is also significant because Tamar is a US-Israeli joint venture—so essentially the plan is to help Russia diversify from the European market.   

What does this mean for Cyprus? The chess pieces are still being put on the board, and both fortunately and unfortunately, Cyprus’ gas potential will be intricately linked to its bailout potential.

Post by: Psalm 51:17 on March 23, 2013, 12:42:20 pm
Problem-Reaction-Solution - coming soon will be a One World Banking system when things like this keep up(even banks in America could go this similar route), hence ushering in the Rev 13 prophecies.

Cyprus passes bills for EU bailout; Greece to take over bank branches

Lawmakers in Cyprus approved three bills late Friday aimed at securing a bailout for its troubled banks from the European Union and averting a financial meltdown.

The legislation includes one bill that allows the government to divide the wobbling lenders into good and bad banks -- a law that would likely to be applied first to Cyprus Popular Bank. The goal is to restructure without hurting small depositors.

A second law puts in place restrictions on financial transactions in times of crisis and a third sets up a "solidarity fund."

The country is expected to adopt more legislation in an effort to raise the 5.8 billion euros Cyprus needs to get an EU bailout.

Among the other bills being brought forward is one that imposes a tax of less than 1 percent on all bank deposits, Averof Neophytou, deputy head of the governing DISY party told The Associated Press.

Earlier Friday a Greek Bank was chosen to take over the local branches of Cyprus's troubled banks in a bid to shelter Greek customers of those institutions and help Cyprus shrink its bloated banking sector.

Piraeus Bank of Greece was to take over the operations in a deal that a source close to the matter said involved the transfer of 17 billion euros of loans and 14 billion euros of deposits, Reuters reported

The terms of the deal were not expected to emerge until Sunday, and would need to be approved by European competition authorities, according to Greece's bank bailout fund.

Worried the crisis could trigger panic among Greek depositors, Greek officials had been working to agree on a deal since early this week. They were forced to put the plans on hold after Cyprus voted down a proposed bank levy included in its bailout agreement.

"We have responded to the necessity of utterly safeguarding the depositors of the Cypriot banks in Greece," Piraeus Chairman Michalis Sallas said

There was no immediate announcement about the fate of the Greek operations of Cyprus's third-biggest bank, Hellenic Bank, which are much smaller than those of the top two.

"It's unclear if the deal will include Hellenic Bank. Either way, it won't move the needle much," a Greek bank bailout fund official told Reuters.

Cypriot banks hold 8 percent of Greek banking deposits and 10 percent of loans. They have about 300 branches in Greece.

Post by: Psalm 51:17 on March 24, 2013, 03:43:48 pm
Surprise, surprise...Last resort - the EU...Problem-Reaction-Solution...

Cyprus turns to EU in last-ditch bid for bailout
Cyprus turns to Brussels for last-ditch help to secure bailout deal after week of flailing

BRUSSELS (AP) -- Cypriot politicians turned to the European Union on Sunday in a last-ditch effort to help their island nation forge a viable plan to secure an international bailout after failing for a week to find a solution to a crisis that could force their country into bankruptcy.

Politicians were under pressure to come up with a solution quickly. The European Central Bank has threatened to stop providing emergency funding to Cyprus' banks after Monday if there is no agreement on a way to raise 5.8 billion euros ($7.5 billion) needed to get a 10 billion euro rescue loan package from the International Monetary Fund and the other European countries that use the euro currency.

If Cyprus fails to secure a bailout, some of its banks could collapse within days, rapidly dragging down the government and possibly forcing the country of around 1 million out of the eurozone. Analysts say that could threaten the stability of the currency used by more than 300 million people in 17 EU nations.

Despite that risk, Europe's biggest economy maintained a hard line on the negotiations. German Finance Minister Wolfgang Schaeuble said in an interview "if possible we want to avoid seeing Cyprus sliding into insolvency." But he cautioned that he is "known for not giving in to blackmail, by nobody and nothing."


Post by: Psalm 51:17 on March 24, 2013, 09:29:23 pm
Cyprus cuts bailout deal

March 25, 2013 10:45AM

FIERCE negotiations to resurrect a deal for the EU and the IMF to bail out Cyprus appear to have wrapped up early, President Nicos Anastasiades has indicated on Twitter.

"Efforts have culminated", read a translation from the Greek, with EU sources subsequently stating that a preliminary agreement is in place to hit Bank of Cyprus depositors with a massive 40 per cent "haircut" on deposits of more than 100,000 euros pending endorsement by Eurogroup finance ministers.

more: http://www.news.com.au/breaking-news...#ixzz2OVMcKrOa

Post by: Psalm 51:17 on March 24, 2013, 09:40:02 pm
This seems to be the trends with these "economic crisises" - the government puts out a plan the public doesn't like, the public gets angry and protests, the MSM and the respective governments play "doom and gloom", and VOILA...from one minute it goes to "near collapse" to "we found a solution...err...lifeline!". Ultimately, the more these "solutions" persist, the more one of the end times prophecy entities, the One World Banking System, is being set in play before our very eyes. Since the Fall of 2008, it's been rinse and repeat how many times?

From what we're witnessing, these big mass of protesters need Jesus instead.

(http://Psalms 18:2  The LORD is my rock, and my fortress, and my deliverer; my God, my strength, in whom I will trust; my buckler, and the horn of my salvation, and my high tower.
Psa 18:3  I will call upon the LORD, who is worthy to be praised: so shall I be saved from mine enemies.)

Post by: Mark on March 25, 2013, 07:57:41 am

Deal calls for 40% seizure on accounts above 100,000 Euros...

Russian nationals stand to lose billions...

Furious: 'Tantamount to theft'... No thats THEFT!!

Regulation, error wipe out all profits for UK banks...

Spain Brings the Pain to Bank Investors...

Post by: Mark on March 25, 2013, 08:13:44 am
Mass Panic In Cyprus: The Banks Are Collapsing And ATMs Are Running Out Of Money

European officials are openly admitting that the two largest banks in Cyprus are "insolvent", and it is now being reported that Cyprus Popular Bank only has "enough liquidity to cover the next few hours".  Of course all banks in Cyprus are officially closed until Tuesday at the earliest, but there have been long lines at ATMs all over Cyprus as people scramble to get whatever money they can out of the banks.  Unfortunately, some ATMs appear to be "malfunctioning" and others appear to have already run out of cash.  You can see some photos of huge lines at one ATM in Cyprus right here.  Some businesses are now even refusing to take credit card payments.  This is creating an atmosphere of panic on the streets of Cyprus.  Meanwhile, the EU is holding a gun to the head of the Cyprus financial system.  Either Cyprus meets EU demands by Monday, or liquidity for the banks will be totally cut off and Cyprus will be forced out of the euro.  It is being reported that European officials believe that the "economy is going to tank in Cyprus no matter what", and that it would be okay to let the financial system of Cyprus crash and burn if politicians in Cyprus are not willing to do what they have been ordered to do.  Apparently European officials are very confident that the situation in Cyprus can be contained and that it will not spread to other European nations.

(Read More....) http://theeconomiccollapseblog.com/archives/mass-panic-in-cyprus-the-banks-are-collapsing-and-atms-are-running-out-of-money

Words Of Warning: Get Your Money Out Of European Banks

If you still have money in European banks, you need to get it out.  This is particularly true if you have money in southern European banks.  As I write this, the final details of the Cyprus bailout are being worked out, but one thing has become abundantly clear: at least some depositors are going to lose a substantial amount of money.  Personally, I never dreamed that they would go after private bank accounts in Europe, but now that this precedent has been set it should be apparent to everyone that no bank account will ever be considered 100% safe ever again.  Without trust, a banking system simply cannot function, and right now there are prominent voices on both sides of the Atlantic that are loudly warning that trust in the European banking system has been shattered and that people need to get their money out of those banks as rapidly as they can.  Even if you don't end up losing a significant chunk of your money, you could still end up dealing with very serious capital controls that greatly restrict what you are able to do with your money.  Just look at what is already happening in Cyprus.  Cash withdrawals through ATMs have now been limited to 100 euros per day, and when the banks finally do reopen there will be strict limits on financial transactions in order to prevent a full-blown bank run.  And of course anyone with half a brain will be trying to get as much of their money as they can out of those banks once they do reopen.  So the truth is that the problems for Cyprus banks are just beginning.  The size of the "bailout" that will be needed to keep those banks afloat will just keep getting larger and larger the more money that is withdrawn.  Cyprus is heading for a complete and total banking meltdown, and because the economy of the island is so dependent on banking that means that the economy of the entire nation is going to collapse.  Sadly, similar scenarios will soon start playing out all over Europe.
(Read More....) http://theeconomiccollapseblog.com/archives/words-of-warning-get-your-money-out-of-european-banks

Post by: Psalm 51:17 on March 25, 2013, 03:27:47 pm
If/when this comes to America, we'll see how the modern-day churches will react - wouldn't surprise me if they're the ones panicking the most b/c with those very big budgets they've stored up(and I've seen some medium-sized ones have as much as $100K set aside for a "rainy day"), and to boot those pastors/deacons aren't grounded in the word very well...

Matthew 6:19  Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal:
Mat 6:20  But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:
Mat 6:21  For where your treasure is, there will your heart be also.

Post by: Kilika on March 25, 2013, 04:05:33 pm
And if they insist on laying treasures on earth by serving mammon in the world, then they must expect thieves to show up, just like scripture says.

Post by: Mark on March 25, 2013, 05:32:19 pm
Cyprus central bank says all banks to remain closed until Thursday, reversing earlier decision for Tuesday opening - @Reuters

Why isnt there riots?  ??? seriously?

Post by: Psalm 51:17 on March 25, 2013, 05:38:23 pm
Cyprus central bank says all banks to remain closed until Thursday, reversing earlier decision for Tuesday opening - @Reuters

Why isnt there riots?  ??? seriously?

Well, don't the Jesuits normally take control of both sides of the protests, riots, et al? Maybe for now, they've convinced them to lay low. I don't know.

Post by: Psalm 51:17 on March 26, 2013, 03:26:46 pm
Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief
Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, told the FT and Reuters that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

"If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'," he said.

"If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders."

Ditching a three-year-old policy of protecting senior bondholders and large depositors, over €100,000, in banks, Mr Dijsselbloem argued that the lack of market contagion surrounding Cyprus showed that private investors could now be hit to pay for bad banking debts.


Post by: Kilika on March 26, 2013, 04:04:12 pm
We know these people operate under the "problem, reaction, solution" method, so here we have a problem, and they are reacting big time, but what is their intended solution? Typically, it's to usher in new ways, and "improvements" that they claim will fix the current "problem".

Well, the current problem is with finances, they claim, so does that mean this is leading up to a change in the financial system, to "make it better and more secure"?

Another question is how does the Federal Reserve bank allow a bank to go bust? Don't they watch their own banks? Where are regulators to make sure our financial system is operating responsibly? Seems to me they watch very closely, and those banks are intentionally being trashed, for financial gain is some way. Bankers have been at this games for hundreds of years. They know the deal, so to me, the only way there can be such a "crisis" in Europe like they claim is that it is manufactured, intentional.

They can claim individual countries are at fault, but they can't cross borders like banks do, so that claim is invalid. The banking system has no borders, and all countries participate in it. It's the fault of bankers, and their handlers.

Post by: Mark on March 27, 2013, 11:31:35 am
G4S Readies Guards as Cypriot Banks Prepare to Open

A British security firm that transports cash for Cypriot banks is working round the clock, sending teams out with police protection to stock bank machines and readying guards for when banks reopen on Thursday.

The world's largest security firm, G4S, moves cash and will provide guards for Cypriot lenders including Bank of Cyprus and Cyprus Popular Bank, the two biggest, which are to be combined and see large depositors' accounts frozen under a bailout agreed at the weekend.

Cypriot banks have been shut for more than a week while the government worked out the bailout and will stay closed until Thursday to prevent a run. Meanwhile, Cypriots have been queuing to withdraw cash from automatic teller machines, with limits at some shrinking down to 100 euros a day.

John Arghyrou, managing director of the Cyprus business for G4S, said its 750 employees have been working through the night, going out to replenish cash machines with police guard. Licensing rules prevented the firm from bringing in extra staff to handle the unprecedented workload.

"Demand is greater than we can provide... We haven't closed since the crisis started," he told Reuters. "I've never seen anything like it in terms of what is going on from a security perspective. I would say the workload has quadrupled because the whole system has changed."

Arghyrou would not comment on whether more cash has been flown in to replenish the vaults so that banks are ready to open on Thursday, but said he did not expect a bank run.

"People have had time to digest the agreement so maybe there won't be that scenario whereby people run to the banks to withdraw," he said.

"I don't see people panicking, I see people worrying about what the next day will hold for them, whether the next day they will have a job. I see people having a lot of questions and waiting for answers."

While the banks have been closed, businesses have been calling on the security company to find places to keep their cash and asking for guards and alarms to protect their assets.

They are also using G4S as an intermediary to bring money from overseas to pay wages and suppliers, and drawing on its systems for shipping cash to provide guarantees for payments abroad, effectively using it as a kind of bank.

The next big test will come on Thursday when 180 G4S guards will be deployed at bank branches to help handle an anticipated surge of customers demanding cash and answers.

Arghyrou said his unarmed teams had been ready to go into action late on Monday night, when a last-minute decision was made to delay the banks' opening until Thursday.

"The staff will be based outside branches and are there to control queues, if there are any queues," he said. "We will be in contact with the police. Basically it is to make the banking people feel safe and the customers as well."

G4S earns 18 percent of its 7.3 billion pound turnover from its cash transporting business, which is struggling for growth in developed markets. The rest comes from running services like prisons, manned guarding and port protection.

The firm achieved notoriety for admitting just weeks before the start of last year's London Olympics that it could not provide a promised 10,400 venue guards, hitting its profit and reputation.


Post by: Mark on March 27, 2013, 11:32:43 am
Cyprus to limit cash, credit-card use abroad

Cyprus is set to restrict the flow of cash from the island and may curb the use of Cypriot credit cards abroad as it tries to avert a run on its banks after agreeing a tough rescue package with international lenders.

A Greek newspaper published details of what officials told Reuters was as yet only a draft government decree to restrict outward payments to documented imports and limit how much people could take abroad in banknotes or spend on credit cards.

With banks due to reopen on Thursday after nearly two weeks, Finance Minister Michael Sarris said capital controls would be "within the realms of reason". But Cypriots, fearing for their savings and angered by the bailout deal struck on Monday in Brussels, are expected to besiege lenders in the morning.

Athens newspaper Kathimerini, citing the government decree, said measures would remain in force for seven days after the banks reopen. Cypriots wanting to send money overseas would have to prove that the transactions meet strict rules laid out by the authorities. The decree allows businesses to pay for imports if they provide officials with the necessary documentation.

The use of credit and debit cards overseas would be restricted to 5,000 euros per month, and individuals travelling abroad could take a maximum of 3,000 euros on each trip. Funds deposited with banks for a fixed term cannot be withdrawn early.

Officials at the Cypriot central bank and finance ministry told Reuters that the newspaper report was based on draft proposals and a final version had yet to be adopted.

Cypriots have taken to the streets of Nicosia in their thousands to protest against a bailout deal that will push their country into an economic slump and cost many their jobs.

Some 500 protesters marched from the EU offices in Nicosia towards the presidential palace on Wednesday. Waving banners and flags, they chanted: "I'll pay nothing; I owe nothing."

European leaders said the deal averted a chaotic national bankruptcy that might have forced Cyprus out of the euro.

"We will look at the best way to limit the possibility of large sums of money leaving, and not imposing punitive conditions on the economy, businesses and individuals," Finance Minister Sarris told local television.

The central bank governor said earlier that "loose" controls would apply temporarily to all banks, which have been shut since final bailout talks got under way in mid-March.

Speaking after meeting government officials, the head of the Cyprus chamber of commerce said: "We have been assured that limitations will not affect transactions within Cyprus at all."

"Where there will be limitations is on what we spend abroad and also on capital outflows," Phidias Pelides told reporters.


Russia, whose citizens have billions of euros in Cyprus and use Cypriot banks to move money around even among Russian firms, cautioned Nicosia against imposing onerous controls on healthy banks and noted that Moscow was reviewing loan terms to Cyprus.

"If there are such measures, this will not foster trust but only provoke additional problems for participants, depositors," Russian Finance Minister Anton Siluanov said on Tuesday.

He cautioned that Russian willingness to restructure and extend a 2.5-billion euro loan made to Cyprus in 2011 would depend on the island's decision on capital controls.

"We will discuss (restructuring of the loan) in the context of the decisions the parliament adopts," he said. "We are prepared to discuss within these parameters."

State-controlled Russian bank VTB has a subsidiary in Cyprus, Russian Commercial Bank, which has not been directly affected by a bailout deal which focuses on big local banks that lost badly in the restructuring of debts in neighboring Greece.

The terms of the 10-billion euro ($13-billion) rescue from the European Union, International Monetary Fund and European Central Bank have stirred popular anger within Cyprus at the country's partners in the EU, notably Germany, the bloc's main paymaster and fiercest advocate of austerity.

On Tuesday, many hundreds of high school students protested at parliament, in the first major expression of popular anger since the bailout was agreed in the early hours of Monday in Brussels. The deal largely side-stepped the Cypriot parliament, and has triggered opposition calls for a referendum.

"They've just got rid of all our dreams," said one student, named Thomas.

Outside the central bank on Tuesday, about 200 employees of the country's biggest commercial lender, the Bank of Cyprus, demanded the resignation of central bank governor Panicos Demetriades, chanting "Hands off Cyprus" and "Disgrace".

Dimos Dimosthenous, a veteran Bank of Cyprus employee, said: "The bank is being driven to closure. That will be the end."

A Bank of Cyprus official said its chief executive, Yiannis Kypri, had been removed on the orders of the central bank.

It follows the appointment of a special administrator to run the bank, which is being restructured as part of the bailout deal, and an offer to resign by its chairman, Andreas Artemis.


The second largest lender, Cyprus Popular Bank, also known as Laiki, is to be shut down, and accounts of under 100,000 euros and some loans will be moved to the Bank of Cyprus. Deposits at both banks over the 100,000-euro mark, which is an EU benchmark for state insurance, will be frozen.

Government officials have estimated that these larger depositors, many of them wealthy foreigners including Russians, could lose around 40 percent of their cash.

On Wednesday, the government was appointing special crisis teams of economic experts to advise ministers.

Many Cypriots say they do not feel reassured by the bailout deal, however, and are expected to besiege banks as soon as they reopen after a shutdown that began over a week ago.

A 42-year-old Romanian hotel maid, who gave her name as Maria, said she was worried she would not be able to cash her pay cheque due on Friday. The hotel, she said, was unable to pay staff in cash because most guests paid by credit card.

"What will I do?" she asked. "Hold up the cheque and look at it?"


Post by: Psalm 51:17 on March 28, 2013, 09:49:51 am
Cyprus banks reopen amid tight security and tough curbs

Banks in Cyprus have reopened after a two-week closure amid EU-IMF bailout talks, with orderly queues for cash and strict limits on daily withdrawals.

Branches were replenished with cash overnight and police were deployed amid fears of a run on the banks.

Some queues did form but the mood was calm, and the country's president thanked Cypriots for their "maturity".

The restrictions on the free movement of capital represent a profound breach of an EU principle, correspondents say.

However, the European Commission on Thursday justified the move, saying the "stability of financial markets and the banking system in Cyprus constitutes a matter of overriding public interest".

Information from the Central Bank of Cyprus released on Thursday showed that foreign depositors had already withdrawn 18% of their cash from the nation's banks during February, before the current crisis hit home.

Cyprus is the first eurozone member country to bring in capital controls.

Cyprus needs to raise 5.8bn euros ($7.4bn; £4.9bn) to qualify for a 10bn-euro bailout from the European Commission, European Central Bank and the International Monetary Fund, the so-called troika.

As part of the bailout plan, depositors with more than 100,000 euros will see some of their savings exchanged for bank shares.

An earlier plan to tax small depositors was vetoed by the Cypriot parliament last week.


Post by: Mark on March 29, 2013, 04:28:37 am
   The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts

The Global Elite Are Very Clearly Telling Us That They Plan To Raid All Of Our Bank AccountsDon't be surprised when the global elite confiscate money from your bank account one day.  They are already very clearly telling you that they are going to do it.  Dutch Finance Minister Jeroen Dijsselbloem is the president of the Eurogroup - an organization of eurozone finance ministers that was instrumental in putting together the Cyprus "deal" - and he has said publicly that what has just happened in Cyprus will serve as a blueprint for future bank bailouts.  What that means is that when the chips are down, they are going to come after YOUR money.  So why should anyone put a large amount of money in the bank at this point?  Perhaps you can make one or two percent on your money if you shop around for a really good deal, but there is also a chance that 40 percent (or more) of your money will be confiscated if the bank fails.  And considering the fact that there are vast numbers of banks all over the United States and Europe that are teetering on the verge of insolvency, why would anyone want to take such a risk?  What the global elite have done is that they have messed around with the fundamental trust that people have in the banking system.  In order for any financial system to work, people must have faith in the safety and security of that financial system.  People put their money in the bank because they think that it will be safe there.  If you take away that feeling of safety, you jeopardize the entire system.
(Read More....) http://theeconomiccollapseblog.com/archives/the-global-elite-are-very-clearly-telling-us-that-they-plan-to-raid-our-bank-accounts

   Cyprus-Style “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget!

Cyprus-Style Bank Account Confiscation Is In The New Canadian Government BudgetThe politicians of the western world are coming after your bank accounts.  In fact, Cyprus-style "bail-ins" are actually proposed in the new Canadian government budget.  When I first heard about this I was quite skeptical, so I went and looked it up for myself.  And guess what?  It is right there in black and white on pages 144 and 145 of "Economic Action Plan 2013" which the Harper government has already submitted to the House of Commons.  This new budget actually proposes "to implement a 'bail-in' regime for systemically important banks" in Canada.  "Economic Action Plan 2013" was submitted on March 21st, which means that this "bail-in regime" was likely being planned long before the crisis in Cyprus ever erupted.  So exactly what in the world is going on here?  In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be "bailed in" when they fail.  In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU.  I can't even begin to describe how serious all of this is.  From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts.  This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.
(Read More....) http://theeconomiccollapseblog.com/archives/cyprus-style-bank-account-confiscation-is-in-the-new-canadian-government-budget

Post by: Psalm 51:17 on March 30, 2013, 10:11:26 am
Cyprus details heavy losses for major bank customers

10:52am EDT

By Karolina Tagaris

NICOSIA (Reuters) - Major depositors in Cyprus's biggest bank will lose around 60 percent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks and saved the island from bankruptcy.

Initial signs that big depositors in Bank of Cyprus would take a hit of 30 to 40 percent - the first time the euro zone has made bank customers contribute to a bailout - had already unnerved investors in European lenders this week.

But the official decree published on Saturday confirmed a Reuters report a day earlier that the bank would give depositors shares worth just 37.5 percent of savings over 100,000 euros. The rest of such holdings might never be paid back.

The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.

Banks reopened to relative calm on Thursday after an almost two-week shutdown and the imposition of capital controls. The streets of Nicosia were calm on Saturday, filled with crowds relaxing in its cafes and bars.

There is no sign for now that ordinary customers in other struggling euro zone countries like Greece, Italy or Spain are taking fright at the precedent set by the bailout.

"Cyprus is and will remain a special one-off case," German Finance Minister Wolfgang Schaeuble, one of the architects of the euro zone's response to a debt crisis now in its fourth year, told German mass-selling daily Bild.

"The savings accounts in Europe are safe."

European officials have worked hard this week to stress that the island's bailout was a unique case - after a suggestion by Eurogroup chairman Jeroen Dijsselbloem that the rescue would serve as a model for future crises rattled European financial markets.

"Together in the Eurogroup we decided to have the owners and creditors take part in the costs of the rescue - in other words those who helped cause the crisis," said Schaeuble.

"Cyprus's economy will now go through a long and painful period of adjustment. But then it will pay back the loan when it is on a solid economic foundation."

Cypriot President Nicos Anastasiades said on Friday that the 10-billion euro ($13 billion) bailout had contained the risk of national bankruptcy and would prevent it from leaving the euro.

Cypriots, however, are angry at the price attached to the rescue - the winding down of the island's second-largest bank, Cyprus Popular Bank, also known as Laiki, and an unprecedented raid on deposits over 100,000 euros.

Etyk, a bank worker's union, called a rally outside parliament for Thursday to protest against potential job cuts and a hit on their pension funds. ($1 = 0.7788 euros)

(Additional reporting by Erik Kirschbaum in Berlin; Writing by Patrick Graham; Editing by Jon Boyle)

Post by: Mark on March 30, 2013, 11:23:52 am
This Is What It Feels Like To Have Your Life Savings Confiscated By The Global Elite

What would you do if you woke up one day and discovered that the banksters had "legally" stolen about 80 percent of your life savings?  Most people seem to assume that most of the depositors that are getting ripped off in Cyprus are "Russian oligarchs" or "wealthy European tycoons", but the truth is that they are only just part of the story.  As you will see below, there are small businesses and aging retirees that have been absolutely devastated by the wealth confiscation that has taken place in Cyprus.  Many businesses can no longer meet their payrolls or pay their bills because their funds have been frozen, and many retirees have seen retirement plans that they have been working toward for decades absolutely destroyed in a matter of days.  Sometimes it can be hard to identify with events that are happening on the other side of the globe, but I want you to try to put yourself into their shoes for a few minutes.  How would you feel if something like this happened to you?

For example, just consider the case of one 65-year-old retiree that has had his life savings totally wiped out by the "wealth tax" in Cyprus.  His very sad story was recently featured by the Sydney Morning Herald...

''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.''

John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.

He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings.

He planned to spend it on his grandchildren - some of whom live in Cyprus - putting them through university and setting them up. There would be medical bills; he has a heart condition. The interest was paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a boat.

He wanted to leave any big purchases a few years, to be sure this was where he would spend his retirement. There was no hurry. But now it is all gone.

''If I made the decision to stay, I was going to build a house,'' John says. ''Unfortunately I didn't make the decision yet.

''I went to sleep Friday as a rich man. I woke up a poor man.''
You can read the rest of the article right here.

How would you feel if you suddenly lost almost everything that you have been working for your entire life?

And many small and mid-size businesses have been ruined by the bank account confiscation that has taken place in Cyprus.

The following is a bank account statement that was originally posted on a Bitcoin forum that has gone absolutely viral all over the Internet.  One medium size IT business has lost a staggering amount of money because of the "bail-in" that is happening in Cyprus...

The following is what the poster of this screenshot had to say about what this is going to do to his business...

Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

Special thanks to:

- Jeroen Dijsselbloem
- Angela Merkel
- Manuel Barroso
- the rest of officials of "European Comission"
With each passing day, things just continue to get worse for those with deposits of over 100,000 euros in Cyprus.  A few hours ago, a Reuters story entitled "Big depositors in Cyprus to lose far more than feared" declared that the initial estimates of the losses by big depositors in Cyprus were much too low.

And of course the truth is that those that have had their deposits frozen will be very fortunate to ever see any of that money ever again.

But just a few weeks ago, the Central Bank of Cyprus was swearing that nothing like this could ever possibly happen.  Just check out the following memo from the Central Bank of Cyprus dated "11 February 2013" that was recently posted on Zero Hedge...

Sadly, the truth is that the politicians will lie to you all the way up until the very day that they confiscate your money.

You can believe our "leaders" when they swear that nothing like this will ever happen in the United States, in Canada or in other European nations if you want.

But I don't believe them.

In fact, as an outstanding article by Ellen Brown recently detailed, the concept of a "bail-in" for "systemically important financial institutions" has been in the works for a long time...

Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.
If you do not believe that what just happened in Cyprus could happen in the United States, you need to read the rest of her article.  The following is an extended excerpt from that article...


Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.”  The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.

The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state:

An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself—thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country, the new equity holders would take on the corresponding risk of being shareholders in a financial institution.
No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks.  The directive is called a “resolution process,” defined elsewhere as a plan that “would be triggered in the event of the failure of an insurer . . . .” The only  mention of “insured deposits” is in connection with existing UK legislation, which the FDIC-BOE directive goes on to say is inadequate, implying that it needs to be modified or overridden.


You can find the rest of her excellent article right here.  I would encourage everyone to especially pay attention to what she has to say about derivatives.

Sadly, what is happening in Cyprus right now is just the continuation of a trend.  In recent years, governments all over the world have turned to the confiscation of private wealth in order to solve their financial problems.  The following examples are from a recent article posted on Deviant Investor...

October 2008 – Argentina’s leftist government, facing a gigantic revenue shortfall, proposes to nationalize all private pensions so as to meet national debt payments and avoid its second default in the decade.

November 2010 – Headline – Hungary Gives Its Citizens an Ultimatum: Move Your Private Pension Fund Assets to the State or Permanently Lose Your Pension – This is an effective nationalization of all pensions.

November 2010 – Ireland elects to appropriate ten billion euros from its National Pension Reserve Fund to help fund an eighty-five billion euro rescue package for its besieged banks. Ireland also moves to consider a regulatory move that compels some private Irish pension funds to hold more Irish government debt, thereby providing the state with a captive investor base but hugely raising the risk for savers.

December 2010 – France agrees to transfer twenty billion euros worth of assets belonging to its Fonds de Reserve pour les Retraites (FRR), the funded portion of its retirement system, to help pay off recurring social benefits costs. No pensioners are consulted.

April 2012 – Argentina announces that its Economy Ministry has taken an emergency loan from the national pension fund in the amount of $4.3 billion. No pensioners were consulted.

June 2012 – Treasury Secretary Timothy Geithner unilaterally appropriates $45 billion from US federal pension funds to help tide over US deficits for the remainder of fiscal year 2011.

January 2013 – Treasury Secretary Geithner again announces that the government has begun borrowing from the federal employees pension fund to keep operating without passing the approaching “fiscal cliff” debt limit. The move effectively creates $156 billion in borrowing authority from federal pension funds.

March 2013 – Open Bank Resolution finance minister, Bill English, is proposing a Cyprus style solution for potential New Zealand bank failures. The reserve bank is in the final stages of establishing a rescue scheme which will put all bank depositors on the hook for bailing out their banks. Depositors will overnight have their savings shaved by the amount needed to keep distressed banks afloat.
Can you see the pattern?

As I wrote about the other day, no bank account, no pension fund, no retirement account and no stock portfolio will be able to be considered 100% safe ever again.

And once the global derivatives casino melts down, there are going to be a lot of major banks that are going to need to be "bailed in".

When that day arrives, they are going to try to come after your money.

So don't leave your entire life savings sitting in a single bank - especially not one of the banks that has a tremendous amount of exposure to derivatives.

Hopefully we can get more people to wake up and realize what is happening.  We are moving into a time of great financial instability, and what worked in the past is not going to work in the future.

Be smart and get prepared while you still can.

Time is running out.

pics links: http://theeconomiccollapseblog.com/archives/this-is-what-it-feels-like-to-have-your-life-savings-confiscated-by-the-global-elite

Post by: Kilika on March 30, 2013, 03:02:28 pm
So don't leave your entire life savings sitting in a single bank - especially not one of the banks that has a tremendous amount of exposure to derivatives.

Uh, don't leave your money in ANY bank. At least not any amount you cannot afford to lose.

As for the rich? What do they do? Lose a TON of cash, because they can't get their hands on that much cash since withdrawals have been limited. But then those with lots of money likely already moved around their funds, a luxury many don't have, and now it's too late.

Post by: Psalm 51:17 on April 11, 2013, 11:15:11 am
Cyprus bailout swells to $30 billion

BRUSSELS (AP) — The cost of bailing out Cyprus has swollen to euro 23 billion ($30 billion), with the crisis-hit country having to take on the lion's share of the measures needed to avoid bankruptcy, according to a draft document by the country's international creditors.

The draft document, obtained by The Associated Press Thursday, says the country will have to find 13 billion euros ($17 billion) — an increase on the 7 billion euro contribution agreed during the country's chaotic bailout talks last month. The money will be raised by imposing heavy losses on large bank deposits, levying additional taxes, privatizations and a part-sale of the central bank's gold reserves.


Post by: Psalm 51:17 on April 29, 2013, 12:26:03 am
Sinclair: Day Of Financial Infamy As Cyprus Depositors Flushed

Today legendary trader Jim Sinclair told King World News that today is a day of financial infamy as Cyprus depositors have now officially been flushed.  Sinclair also stated that history will show this day as being as serious as the flushing of Lehman Brothers.  Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say in this remarkable interview.

Eric King:  “Jim, we now know the answer to the ‘Cyprus Solution.’”

Sinclair:  “Yes, Cyprus depositors have now been flushed.  The Bank of Cyprus, the island’s largest bank said it has converted 37.5% of deposits exceeding 100,000 euros into a Class A share, with an additional 22.5% held as a buffer for possible conversion in the future.

Another 30% will be temporarily frozen and held as a deposit.  So the amount of money that has been taken from the Cyprus depositors is in all practicality almost their entire accounts.  Major depositors funds have now been taken in grand style.

Depositors everywhere are now defined as lenders to the banks.  Today is a day of financial infamy.  History will see this event as serious as the flushing of Lehman Brothers....

“Lehman Brothers was flushed to create a flow of huge funds into the financial system.

The flushing of Cyprus was done to steal massive funds from depositors.  The major percentage of their funds taken were replaced by worthless stock in a bankrupt bank.  Up to now everything in Cyprus was speculation as no definitive action had taken place.  Now it has.

Are you a depositor in your bank?  Then know you are now lending your money to that bank with virtually no return.  So the bank earns big money and you get none of it, but assume all of the risk.  If the bank goes broke because of their criminal activities, you lose your money."

Full Story At:  http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/28_Sinclair__Day_Of_Financial_Infamy_As_Cyprus_Depositors_Flushed.html

Post by: Kilika on April 29, 2013, 03:39:13 am
Are you a depositor in your bank?  Then know you are now lending your money to that bank with virtually no return.

It's always been that way with banks. It didn't just start. It's how they became so financially wealthy, using depositors money as collateral for loans without actually owning that collateral.  ::)

Post by: Mark on June 13, 2014, 05:47:23 am
Georgia To Seize Dormant Bank Accounts: “Government is Going to Grab it”

You’re probably thinking that inflationary devaluation of your savings or paying negative interest rates on cash deposits is about as far as government is willing to go in its efforts to keep funding its debt-laden endeavors. They certainly wouldn’t consider touching the bank accounts of hard working Americans. Only the Europeans have the audacity to go after the savings of the average depositor.

Well, the Europeans and apparently now the Georgians, too. And we’re not talking about the western backed country that went to war with Russia in recent years.

We’re talking about the U.S. state that claims “Wisdom, Justice, Moderation” as its motto.

According to Simon Black at Sovereign Man, the State of Georgia has taken the unprecedented step of lowering the threshold on inactive or dormant bank accounts to just twelve months. What that means to average Georgians is that if you fail to utilize your account within one year your deposited funds will be confiscated by the state.

Though all 50 states have regulations pertaining to dormant bank accounts, Black says that Georgia takes the grand prize in how swiftly they’re prepared to go after your money.

    Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.

    In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.

    So much for setting aside money for a rainy day and having the discipline to never touch it.

    If you’ve locked away money for your children’s savings or unforeseen emergencies, your government might be sharpening its knives ready to dig in.

    And just like central bank policies punish savers with interest rates that don’t come close to keeping up with inflation, these policies provide disincentives for people to be responsible and save money.

    It’s just another example of how the entire system is rigged against the individual… and all the more reason to divorce oneself from it. Physical gold, anyone?

    Full report at Sovereign Man via Zero Hedge

In 2013 Australia passed similar legislation, but their threshold was set at three years.

“In the last 12-months since the legislation was passed,” says Simon Black, “the Australian government has seized a whopping 80,000 accounts totaling A$360 million.” The implications of the new law are staggering. In that single year Australia confiscated more money than in the previous five decades combined.

Governments on the local, state and federal level are getting desperate amid underfunded retirement plans and bloated budgets. Going forward they’ll have no choice but to get more and more creative at how they “generate” revenue.

We hope you’re keeping an eye on that IRA. You haven’t really touched that for twelve months either, have you? Congress has already held hearings on whether or not they should reappropriate retirement savings and pool them into a government run investment fund. You know, kind of like Obamacare.

Or how about that parcel of land you own out on the countryside for weekend camping trips and hunting? You haven’t been out there for a while, nor have you really built anything on it, which must mean you’re not using it anymore…

There is historical evidence that suggests that government, when left with no way to pay for their massive budgets and spending, will resort to extraordinary methods to ensure the money keeps coming in to State coffers.

As the Roman empire was collapsing because of unfunded pension liabilities for its military the government devalued its currency by removing 90% of the silver content from its coins. Roosevelt confiscated gold during the Great Depression and imposed stiff penalties for those who didn’t comply. Struggling to keep up with its massive budget deficits, last year France passed their “millionaire tax,” which authorized the government to levy a 75% tax on companies that pay out more than €1 million in salaries.

Devising innovative ways to separate the citizenry from its money is business as usual within legislative institutions.

Georgians who haven’t touched their accounts since last year should either withdraw their money or, as government officials and banks would prefer, go spend it on something and put that cash to work. Otherwise you face the real possibility of having those assets seized.

As for the residents of the other forty-nine states, keep an eye on what your respective state legislators are doing.

Chances are a lot of light bulbs in Capital cities around the country just popped on.


Post by: Mark on June 15, 2014, 11:23:44 am
Australia Seizes 360M From Dormant Bank Accounts And All 50 U.S. States Are Doing This Too

Do you have a bank account that you don't actively use or a safe deposit box that you have not checked on for a while?  If so, you might want to see if the government has grabbed your money.  This sounds absolutely crazy, but it is true.  All over the world, governments are shortening the time periods required before they can seize "dormant bank accounts" and "unclaimed property".  For example, as you will read about below, just last year the government of Australia seized a whopping 360 million dollars from dormant bank accounts.  And this kind of thing is going on all over America as well.  In fact, all 50 states actually pay private contractors to locate bank accounts and unclaimed property that can be seized.  In some states, no effort will be made to contact you when your property is confiscated.  And in most states, the seized property permanently become the property of the state government after a certain waiting period has elapsed.  So please don't put money or property into a bank somewhere and just let it sit there.  If you do, the government may come along and grab it right out from under your nose.

In this day and age, broke governments all over the globe are searching for "creative ways" to raise revenues.  In Australia for example, the time period required before the federal government could seize a dormant bank account was reduced from seven to three years, and this resulted in an unprecedented windfall for the Australian government over the past 12 months...

    The federal government has seized a record $360 million from household bank accounts that have been dormant for just three years, prompting outrage in some quarters amid complaints that pensioners and retirees have lost deposits.

    Figures from the Australian Security and Investments Commission (ASIC) show almost $360 million was collected from 80,000 inactive accounts in the year to May under new rules introduced by Labor. The new rules lowered the threshold at which the government is allowed to snatch funds from accounts that remain idle from seven years to three years.

    The rule change has delivered the government a massive bonanza with the money collected in the year to May more than the total collected in the past five decades combined.

Most Americans are not going to be too concerned about this because it is happening on the other side of the planet.

But did you know that this is happening all over the U.S. as well?

For instance, the waiting period in the state of California used to be fifteen years.

Now it is just three years.

And when California grabs your money they don't just sit around waiting for you to come and claim it.  Instead, it gets dumped directly into the general fund and spent.

If you do not believe that California does this, just check out the following information that comes directly from the official website of the California State Controller's Office...

    The State acquires unclaimed property through California's Unclaimed Property Law, which requires "holders" such as corporations, business associations, financial institutions, and insurance companies to annually report and deliver property to the Controller's Office after there has been no customer contact for three years. Often the owner forgets that the account exists, or moves and does not leave a forwarding address or the forwarding order expires. In some cases, the owner dies and the heirs have no knowledge of the property.

And it is not just bank accounts and safe deposit boxes that are covered by California law.  The reality is that a vast array of different kinds of "unclaimed property" are covered...

    The most common types of Unclaimed Property are:

    Bank accounts and safe deposit box contents

    Stocks, mutual funds, bonds, and dividends

    Uncashed cashier's checks or money orders

    Certificates of deposit

    Matured or terminated insurance policies


    Mineral interests and royalty payments, trust funds, and escrow accounts.

And when a state government grabs your property, the consequences can be absolutely devastating.  The following is an excerpt from an ABC news report from a few years ago...

    San Francisco resident Carla Ruff's safe-deposit box was drilled, seized, and turned over to the state of California, marked "owner unknown."

    "I was appalled," Ruff said. "I felt violated."

    Unknown? Carla's name was right on documents in the box at the Noe Valley Bank of America location. So was her address -- a house about six blocks from the bank. Carla had a checking account at the bank, too -- still does -- and receives regular statements. Plus, she has receipts showing she's the kind of person who paid her box rental fee. And yet, she says nobody ever notified her.

    "They are zealously uncovering accounts that are not unclaimed," Ruff said.

    To make matters worse, Ruff discovered the loss when she went to her box to retrieve important paperwork she needed because her husband was dying. Those papers had been shredded.

    And that's not all. Her great-grandmother's precious natural pearls and other jewelry had been auctioned off. They were sold for just $1,800, even though they were appraised for $82,500.

And some states are even more aggressive than the state of California in going after bank accounts.

In a recent article, Simon Black noted that the state of Georgia can go after "dormant bank accounts" after just one year of inactivity...

    In fact, each of the 50 states has its own regulations pertaining to the seizure of dormant accounts. And the grand prize goes to… the great state of Georgia!

    Georgia’s Disposition of Unclaimed Properties Act sets the threshold as low as one year.

    In other words, if you have a checking account in Georgia that you haven’t touched in twelve months, the state government is going to grab it.

    So much for setting aside money for a rainy day and having the discipline to never touch it.

As economic conditions get even worse, the temptation for governments all over the planet to grab private bank accounts is going to become even greater.

We all remember what happened in Cyprus.  When the global financial Ponzi scheme finally collapses, politicians all over the world are going to be looking for an easy way to raise cash.  And our bank accounts may be one of the first things that they decide to confiscate.

So please don't keep all of your eggs in one basket, and check on all of your accounts in regular intervals.

In this day and age, it pays to be diligent.