The straw THAT might break the Camel's (banking worldwide) Back

[sammy the sage]

Do they NOT realize what a run on THE banks this WILL cause there...and it could spread easily...they're not the only ones not solvent...

http://www.nytimes.com/2013/03/18/bu...oofinance&_r=0

It's ALWAYS the LITTLEST things that end up causing THE biggest mess :mad:

They should JUST default LIKE Iceland.... :faint:

[PaceAdvantage]

Link no worky...

[sammy the sage]

new link...different...reporting...basically a government STEALING people's savings by force...

http://www.ft.com/cms/s/0/af345602-8e47-11e2-9d6b-00144feabdc0.html#axzz2NqmFo7fw

[PaceAdvantage]

This new link isn't much better than last...

I take it whatever you are posting about (most likely the Cyprus bank levy) is the reason behind the big drop in futures tonight...DOW down about 140 points...GOLD up almost $4...

Is this the event that provides the market correction everyone has been expecting for like forever now? :lol:

Too bad it didn't come before options expiration on Friday... :lol: :lol: :bang: :bang:

[JustRalph]

http://paceadvantage.com/forum/showthread.php?t=101826

This article was getting 6k hits a minute last night......it's a business insider piece

[lamboguy]

http://brucekrasting.com/two-sides-of-cyprus/


this move is going to be voted on in Cyprus around 8:00 this morning. even though i don't trust any government or banker i am not so sure how much this move alone is a game changer. there aren't that many citizen's in Cyprus with bank or brokerage accounts to begin with, but there is a bunch of Russian money there. PUTIN is a text book definition of what a sneak is. the way he reacts to this will tell the whole story. he may not be ready yet to throw the whole worlds financial system into chaos yet.

[sammy the sage]

Despite that $250k deposit insurance...the FDIC is leveraged 100/1...any kind of bank run...stateside...would bring it crashing down like the 30's...

And there WILL be a run on the banks in Cyprus...question begs...does it spread...

It will if they decide to go after 401k's here...

[badcompany]

Despite that $250k deposit insurance...the FDIC is leveraged 100/1...any kind of bank run...stateside...would bring it crashing down like the 30's...

And there WILL be a run on the banks in Cyprus...question begs...does it spread...

It will if they decide to go after 401k's here...

The Fed or the ECB can stop any type of run with an announcement and a few keystrokes. The danger is in the currency crashing. What Central Banks can't print is value.

[classhandicapper]

Quite honestly, I'll be surprised if the architects of this don't need 24 hour security to protect them from getting assassinated.

It's bad enough the international monetary and banking system is woefully unsound and welfare states around the globe are collapsing, but when they start confiscating savings it's pretty much time for revolution. You can no longer protect yourself from all the incompetency and corruption by being prudent and making sure you can take care of yourself when it all comes tumbling down.

Wait, when they start coming after the gold or make it illegal to hold you'll know the end is near.

[Tom]

That is why people need guns.
Comes the time when you need to act on your own behalf.

[classhandicapper]

The insanity of taxing people that saved for themselves (for whatever reason) in a responsible manner in order to bail out people and governments that were irresponsible, corrupt, etc.. is so mind boggling to me it makes me want to go there and beat some some sense into these idiots myself.

The one thing the world needs is for more people to live within their means, behave more responsibly, and take care of themselves and NOT look for handouts, government programs etc..

Confiscating savings is essentially begging everyone to take their money elsewhere or behave poorly.

[Robert Goren]

The Dow took a hit early and is now bouncing back. A Russian(and EU) problem, not an American one. That doesn't mean I think the American banks are in good shape, but this is not going to effect them.

[classhandicapper]

The Dow took a hit early and is now bouncing back. A Russian(and EU) problem, not an American one. That doesn't mean I think the American banks are in good shape, but this is not going to effect them.

It might the next time Spain, Italy, Greece or some other country is perceived to be on the brink and savers in those countries consider the risk to their own savings too great to keep their money in those banks.

Once you start bank runs, all hell can break loose because all the major banks are daisy chained.

That's one of the many flaws in the monetary and banking system. Weak banks don't have the reserves to withstand a bank run. When a few of those collapse, they take out marginal ones, which takes out average ones....

That's why central bankers and governments around the world are printing tons of money and also borrowing (and in this case stealing) from taxpayers to bail out banks. They know once they start falling, the whole system is at risk of coming down. But you can't do that forever because that path leads to hyperinflation.

The solution is very difficult no matter how you slice it, but it should involve creating a sound monetary and banking system because we don't have one now. What we have now is system that allows government and bankers to transfer wealth to themselves from savers in a backdoor fashion. That's why it's so hard to fix it. It would be like asking a scam artist to voluntarily give up his life of crime.

[horses4courses]

Many of the big deposits in Cyprus are from Russians.
Your guess is as good as mine where that money was earned.

All of a sudden they are being forced to pay nearly 10% on their holdings?
Oooh boy...... :eek:

http://www.irishtimes.com/news/world/europe/cyprus-parliament-postpones-vote-on-bailout-1.1329799

[Valuist]

new link...different...reporting...basically a government STEALING people's savings by force...

http://www.ft.com/cms/s/0/af345602-8e47-11e2-9d6b-00144feabdc0.html#axzz2NqmFo7fw

Have to wonder if the Obama administration tries to float a trial balloon about doing something similar here. I think if they try to go after 401 (k)'s, you could see a civil war here.

[Actor]

That is why people need guns.
Comes the time when you need to act on your own behalf.So are you proposing that we go down to the bank and withdraw our funds at gunpoint? I think the government would take a dim view of that, and they have more guns.

Can't decide whether to use :lol: or :bang:

[Actor]

The solution is very difficult no matter how you slice it, but it should involve creating a sound monetary and banking system because we don't have one now. What we have now is system that allows government and bankers to transfer wealth to themselves from savers in a backdoor fashion. That's why it's so hard to fix it. It would be like asking a scam artist to voluntarily give up his life of crime.Exactly.
I think if they try to go after 401 (k)'s, you could see a civil war here.This is one of the scenarios that the survivalists (a.k.a. doomsday preppers) have been preparing for.

[Tom]

So are you proposing that we go down to the bank and withdraw our funds at gunpoint? I think the government would take a dim view of that, and they have more guns.

Can't decide whether to use :lol: or :bang:

You need to take a reading comprehension course.

[lamboguy]

you need to follow the 3G plan, GOLD,GUNS, and a GET AWAY PLAN

[Robert Goren]

It might the next time Spain, Italy, Greece or some other country is perceived to be on the brink and savers in those countries consider the risk to their own savings too great to keep their money in those banks.

Once you start bank runs, all hell can break loose because all the major banks are daisy chained.

That's one of the many flaws in the monetary and banking system. Weak banks don't have the reserves to withstand a bank run. When a few of those collapse, they take out marginal ones, which takes out average ones....

That's why central bankers and governments around the world are printing tons of money and also borrowing (and in this case stealing) from taxpayers to bail out banks. They know once they start falling, the whole system is at risk of coming down. But you can't do that forever because that path leads to hyperinflation.

The solution is very difficult no matter how you slice it, but it should involve creating a sound monetary and banking system because we don't have one now. What we have now is system that allows government and bankers to transfer wealth to themselves from savers in a backdoor fashion. That's why it's so hard to fix it. It would be like asking a scam artist to voluntarily give up his life of crime.We had our bank runs in the fall of 2008 . GWB bailed them out.

[Robert Goren]

you need to follow the 3G plan, GOLD,GUNS, and a GET AWAY PLANThe guns and gold won't help much. People with more guns will take your gold assuming you can even get to it. As for the get away plan, where do you run to?

[horses4courses]

That is why people need guns.
Comes the time when you need to act on your own behalf.

Damn straight :lol:

[PaceAdvantage]

Appears to be nothing but another yawner to be shrugged off, basically...at least that's how the markets took it...big losses overnight Sunday were all but erased at mid-afternoon...market dropped some into the close, but down 60 points is nothing...

Asia has opened tonight up 1.5%...

This market apparently won't be stopped anytime soon.

Next.

[sammy the sage]

Appears to be nothing but another yawner to be shrugged off, basically...at least that's how the markets took it...big losses overnight Sunday were all but erased at mid-afternoon...market dropped some into the close, but down 60 points is nothing...

Asia has opened tonight up 1.5%...

This market apparently won't be stopped anytime soon.

Next.

Yes the PLUNGE protection team in full force...pretty easy if all you need is a keystroke and nothing to BACK it.... :faint:

[Tom]

Damn straight :lol:

Someone robs you, you think it is ok?
You support government theft.
Oh wait, you do.

Never mind.

[horses4courses]

Someone robs you, you think it is ok?
You support government theft.
Oh wait, you do.

Never mind.

A ridiculous post deserves a similar reply.

Just what we need in this country.
Every angry old cuss waving their shotguns around every time they are p.o.'ed.
Oh wait, nothing out of the ordinary there.

[TJDave]

GET AWAY PLAN

To where?

I hope it's downhill.

[Tom]

A ridiculous post deserves a similar reply.

Just what we need in this country.
Every angry old cuss waving their shotguns around every time they are p.o.'ed.
Oh wait, nothing out of the ordinary there.

They got a word for people like that.
Founding Fathers.
Dollars to donuts YOU would have supported the King.

And, in a typical lib-diversion, of which your are a master, I did not ever imply every time they got po'd - I referred to a very specific situation.
The FF did so for 3% tax. I am pretty tame by comparison. But feel free to bend the truth....I know how good it makes you feel. And after all, that is all that matters, right?

[ArlJim78]

A ridiculous post deserves a similar reply.

Just what we need in this country.
Every angry old cuss waving their shotguns around every time they are p.o.'ed.
Oh wait, nothing out of the ordinary there.
according to our senile VP that is exactly what you're supposed to do. if you hear a noise you fire off a couple rounds thru the window or into the door.

[sammy the sage]

Now a 5 day bank holiday...ouch...other's beginning to wake up worldwide...

http://finance.yahoo.com/blogs/daily-ticker/why-cyprus-bail-bigger-deal-think-141844402.html

And we've been wondering WHY the Homeland security forces...(the new brownshirts)...need all THAT extra ammo AND armored vehicles...pretty obvious now.... :mad: :bang:

[PaceAdvantage]

Cyprus parliament has rejected the bank levy, throwing their bailout by the ECB into question...depositor's money is safe... :lol: ...for now... :lol: :lol:

http://www.marketwatch.com/story/cyprus-uncertainty-rises-amid-new-bank-bill-2013-03-19

[lamboguy]

that's good news across the board for now. but what we are seeing is that the technocrats will try anything on you.

stay tuned, there are wild times ahead in these financial markets

[badcompany]

that's good news across the board for now. but what we are seeing is that the technocrats will try anything.

Most of these people are failed politicians. You can see why. Good politicians find more subtle ways to steal money. :)

[Tom]

If you had money in those banks, would you leave it there when they reopen?

[classhandicapper]

Have to wonder if the Obama administration tries to float a trial balloon about doing something similar here. I think if they try to go after 401 (k)'s, you could see a civil war here.

I'm the least violent person you are ever going to meet, but on the day they come after my private savings all bets are off. Shaved head, tattoos, stockpiles of weapons, and fury unleashed.

[classhandicapper]

We had our bank runs in the fall of 2008 . GWB bailed them out.

That's true, but what makes you think it won't happen again on an even larger scale that we now have fewer resources to handle without a hyperinflation.

[TJDave]

That's true, but what makes you think it won't happen again on an even larger scale that we now have fewer resources to handle without a hyperinflation.

Too Big To Fail.

[classhandicapper]

Too Big To Fail.

Too big to fail = print a few more trillion on top of the trillions the Fed has already printed in the last few years = hyperinflation = Weimar republic = every man for himself

[JustRalph]

40% ???

http://www.bloomberg.com/news/2013-03-25/cyprus-to-chop-banking-system-to-win-aid-avoid-default.html

[classhandicapper]

If I was Putin (or the leader of quite a few other countries ) I'd do everything in my power to divorce my country from the current western global monetary and banking system of fiat money, central banking, the IMF etc...

The whole thing is one gigantic intrinsically immoral rape and pillage scam.

Russia could easily team up with a few other world powers and create a sounder monetary/banking system where they could trade among themselves in a new reserve currency and dramatically decrease their US Dollar reserves and dependence/association with the west.

I don't know all the details of this new arrangement or whether many of the Russian depositors that are going to get screwed were criminals or not etc.. To me, that is secondary. What should happen in a case like this is that the bank shareholders should get wiped out first, then the bondholders should get wiped out, and only then should depositor capital over 100 Euro (or whatever their rule is) be at risk.

They are pillaging the depositors first in order to keep the Cyprus banks whole and protect other banks.

So basically the same moronic corrupt scumbags that created this scam global system and screwed up these Cyprus banks are being protected at the expense of innocent taxpayers, depositors etc... in another version of the US and other European banking bailouts.

At what point do the sheep stop allowing themselves to be slaughtered and actually kill the wolf first!

Seriously, we should be rounding up the financial elite, central bankers, IMF heads, and the corrupt politicians that do their bidding and jail them all for crimes against humanity.

It's impossible for me to even root for the US and western Europe in these matters. I'm almost willing to cope with the pain it would cause me just to see our system fail, get reorganized into a sounder system, and the criminals get wiped out. It's sad that I often find myself rooting for countries like Russia, Malaysia, supposed enemies in the Middle East etc... that occasionally talk about creating a new reserve currency and sounder system, but I can't help it. Once you understand our system, you simply must loathe it.

[Valuist]

Just imagine US bank depositors having their money taken from them. Oh yeah, its already happening.

Bernanke is keeping interest rates at zero. They could easily be 2 or 3%. Think of how many people who have savings accounts who are earning nothing. Same effect as Cyprus, only in our case, its ALL savings deposits; not just those above certain numeric thresholds.

[redshift1]

Wonder how long the lines will be when they re-open the banks.

[classhandicapper]

Just imagine US bank depositors having their money taken from them. Oh yeah, its already happening.

Bernanke is keeping interest rates at zero. They could easily be 2 or 3%. Think of how many people who have savings accounts who are earning nothing. Same effect as Cyprus, only in our case, its ALL savings deposits; not just those above certain numeric thresholds.

Exactly.

They pillage us here through the back door, front door, side door etc... but this kind of back door pillage requires that you actually understand inflation, interest rates, real interest rates etc...

Half our population can barely read and do arithmetic, let alone understand "real interest rates", monetary policy, banking etc... The rest are too busy making ends meet to think about it. So the wolves keep slaughtering the sheep and the sheep keep wondering what went wrong.

One day a brave and intelligent sheep is going to kill a wolf. He may get demonized for it, but he may also make the rest of the wolves think twice.

[lamboguy]

i thought banks in the western world were supposed to be safe places for your money. if you had over 100,000 euro's in the banks of Cypress, you just lost 40% of your money because the banks in Cypress made bad bets.

the next country to get hit will probably be Spain after this test case. after that it will be Portugal, then Italy. when they get done in Europe they will hit the United States.

while this is going to be happening, people are going to tell you that the fed is going to stop buying mortgages and that its a very bad time to own gold because its in a bubble.

good luck

[JustRalph]

Just read that Spain and Italy are going to do the same thing within a month.

There are going to be bank runs all over Europe if one more banking system seizes anything.

This could get real ugly.

Don't worry about Spain though.........that tourist money is going to bail them out any minute!




i thought banks in the western world were supposed to be safe places for your money. if you had over 100,000 euro's in the banks of Cypress, you just lost 40% of your money because the banks in Cypress made bad bets.

the next country to get hit will probably be Spain after this test case. after that it will be Portugal, then Italy. when they get done in Europe they will hit the United States.

while this is going to be happening, people are going to tell you that the fed is going to stop buying mortgages and that its a very bad time to own gold because its in a bubble.

good luck

[Robert Goren]

If I was Putin (or the leader of quite a few other countries ) I'd do everything in my power to divorce my country from the current western global monetary and banking system of fiat money, central banking, the IMF etc...

The whole thing is one gigantic intrinsically immoral rape and pillage scam.

Russia could easily team up with a few other world powers and create a sounder monetary/banking system where they could trade among themselves in a new reserve currency and dramatically decrease their US Dollar reserves and dependence/association with the west You haven't clue about the state of the Russian ecomony or the lack of one. They are a third world country with some oil and Nukes. In reality, they are Mexico with Nukes. They have nothing going for them except what they can get in trade with west.