It's About Liberty: A Conservative Forum
Topics => Economy => Topic started by: ToddF on March 18, 2013, 08:08:46 AM
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I can't believe I'm first with this but someone has to be, I guess.
Direct confiscation of the most meager of savings...it's here, or there anyway (http://www.ft.com/cms/s/0/b501c302-8cea-11e2-aed2-00144feabdc0.html)
If this isn't the straw that breaks the camel's back I don't know what could be.
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I like the part where the finance ministers said, “Don’t worry, this is a unique situation”, it's like rain, it goes away. Yeah, the raincloud goes on and takes the rain to the next destination, Italy?
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I thought we had a link posted already, maybe I imagined it.
We did discuss it briefly here -
http://itsaboutliberty.com/index.php/topic,7918.0.html (http://itsaboutliberty.com/index.php/topic,7918.0.html)
But yeah, these EuroIdiots are just admitting out loud they're losing control as a result of their socialist utopia imploding on them, they cannot tax or otherwise confiscate enough wealth to save their asses, and we cannot stop the theft in our own land (especially the non-stop Ctrl-P debasement of the dollar), the EuroTards are just further down the drain than we are.
It will eventually leap the ocean.
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You'd think at least SOMEONE would step up and seek justice. I suppose it shouldn't surprise me, given our declaration's truism about mankind's disposition to suffer evils while they are sufferable. But sometimes I am amazed that so few people can control so many. Why do entire populations simply obey the edicts of the tiny ruling class when those edicts are so obviously criminal? Why do we?
I understand the truth of human disposition, but I don't understand the why of it. How politicians remain alive is beyond me.
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Coming to a country near you
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The question then becomes: what would "Cyprus" look like if it took place in the US? (http://www.zerohedge.com/news/2013-03-18/what-cyprus-would-look-us)
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/03/Solyndra%20Shares.png)
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If the government can rob openly, so can the people, the laws of men are fungible and without any moral anchor, time to go Jesse James on their asses!
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You'd think at least SOMEONE would step up and seek justice. I suppose it shouldn't surprise me, given our declaration's truism about mankind's disposition to suffer evils while they are sufferable. But sometimes I am amazed that so few people can control so many. Why do entire populations simply obey the edicts of the tiny ruling class when those edicts are so obviously criminal? Why do we?
I understand the truth of human disposition, but I don't understand the why of it. How politicians remain alive is beyond me.
The reason is because most people are preoccupied with living their own lives, whereas the tiny minority of overlords is preoccupied with controlling everyone else's. It's their day job, you see. It's why we have a built-in disadvantage versus the Left. Politics and ideology is their job, it is literally their full time job for which they are paid (with our money). Oleg Atbashian at The People's Cube has deftly summarized it as the Amateur Right versus the Professional Left.
It seems highly probable that this action in Cyprus will spook people in other European countries, especially in Greece, Italy, and Spain, into pulling their money out of the bank. And the Overlords would have to have known this before they moved on Cypriot bank accounts, so that raises the question of why they would take an action that they know is likely to cause a bank run. They would also have to know that a bank run will expose the fact that only a tiny fraction of the deposits are actually held by the banks. My spidey sense tells me something else is about to happen. Could this be the initiation of the economic implosion we've long been expecting in the vaguest sense?
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It could be the first tooth on the global zipper to come apart that starts the cascade. The PTB's are always fearful of events that can lead to a cascade, and rightly so. It's just that their options are being strangled and they don't like that. Their ability to bullshyt the people is greatly impacted as well by watchdogs, most of whom reside online. It is no surprise that the things most under attack around the globe circulate around the control of information, financial activity and civil rights. Where is one bankrupt and debased nation to get support? Other bankrupt and debased nations? The global crash could be just around the corner.
And not to be overly alarmist, but it kind of puts all of the ominous actions we've been seeing into a clearer perspective, doesn't it?
At present the PTB's are all playing chicken and none of them know who is about to lose their chair first when the music stops. At that point a new sound will be heard - mass civil chaos.
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It seems highly probable that this action in Cyprus will spook people in other European countries, especially in Greece, Italy, and Spain, into pulling their money out of the bank. And the Overlords would have to have known this before they moved on Cypriot bank accounts, so that raises the question of why they would take an action that they know is likely to cause a bank run. ... Could this be the initiation of the economic implosion we've long been expecting in the vaguest sense?
This should be causing Banks runs everywhere. It won't. But it should. They could have just done yet another dollar swap to cover whatever they wanted to cover. They didn't. The only rational behavior after this is to empty the banks. Italy is up next (http://www.infowars.com/banking-chief-calls-for-15-looting-of-italians-savings/)
I didn't know Russia had such exposure either. (http://news.yahoo.com/putin-hits-dangerous-cyprus-bank-deposit-levy-091554439.html) Banks shut till Thursday now? (http://www.guardian.co.uk/business/2013/mar/18/eurozone-crisis-cyprus-bailout-savers-markets)
This may be a deliberate, controlled implosion. U.S. will be next. Gotta spend, spend, spend and get the new place ready. News like this makes me want to gt it all out now, but I keep over-estimating human intelligence. We still have time. Probably years if past history is any judge. Dollar index is still over 80. Gold still hasn't hit $2000. Maybe they just consider Europe easier picking right now- no guns, no tradition of liberty. Just the banksters and govt colluding to impoverish their people and make them slaves, and since Libtards never suspect a government could have anything but their best interests at heart ( except when those evil conservatives impose austerity) they will be fully reduced to nothing. And they deserve it.
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Don't worry. If we prevent people from getting at their money, we can diffuse the situation (http://www.channel4.com/news/cyprus-bailout-levy-vote-european-union-russia)
::thinking::
::popcorn::
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Yeah, hilarious.
This is what you get for saving anything in a ZIRP environment, when in any scenario where all markets were free and there was not any printing and monetization and other gaming going on...encouraging people to save and lower debt would be the right thing to do. So in the perverse world we live in saving money is punished and therefor stupid.
The whole world has gone full-retard.
Yeah, this is going to end well...
/
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mASs CoNfuSioN and Over Stimulation, that's the recipe.
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I like the part where the finance ministers said, “Don’t worry, this is a unique situation”, it's like rain, it goes away. Yeah, the raincloud goes on and takes the rain to the next destination, Italy Spain?
FIFY
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Your on.
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It could be the first tooth on the global zipper to come apart that starts the cascade.
The quote I read elsewhere: Cypriot banks are Europe's modern version of Archduke Ferdinand. The European Union house of cards will fall, sucking everybody down into the misery hole, culminating in war.
I wouldn't be surprised if the literal opening shots in this war were to come from Russian mobsters taking out a few European Union 'finance' ministers and/or their families.
The next haircut destination will be Greece/Italy/Spain, a true pick 'em, maybe all three.
I expect to hear horrible tales of gun running into Cyprus to surface soon. I remember something about an armed people are a free people, and a free and armed people can take care of this insane banking business with extreme prejudice.
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Putin and his Russian Mafia are going to make the Cypriots an offer they can't refuse .
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Putin and his Russian Mafia are going to make the Cypriots an offer they can't refuse .
It was an easy call for you to make, eh SH?
Rooskies offer gas exploration rights in bailout terms (http://www.weeklystandard.com/blogs/report-russian-company-offers-bailout-cyprus-exchange-gas-exploration-rights_707768.html)
I do find it hilarious that a nation with truly shady banking practices is talking about helping someone else out, these clowns always have strings attached, and if I had to guess this is an easy way to both launder some illegitimate cash and possibly have some strategic land worth acquiring during foreclosure negotiations.
Oh sure, and in looking for related news somebody is already describing how deep the Rooskie connections go, looks like they've been worming their way into Cyprus for some time now...
http://www.ft.com/cms/s/0/cd6ad842-8fc0-11e2-ae9e-00144feabdc0.html#axzz2Nz8ldBJk (http://www.ft.com/cms/s/0/cd6ad842-8fc0-11e2-ae9e-00144feabdc0.html#axzz2Nz8ldBJk)
I like the north vs south regional differences discussed, kinda makes one wonder if when a rift explodes open if they have their own little civil war. Anyway, it will be interesting to see if the Italy and Spain have pre-haircut runs. I sure would be looking to get whatever I had out, especially if I had anything significant.
Interesting who socialists eventually go after though in this era of crony capitalism...rich donors get a pass as do the ubber poor...everbody else (that so-called middle-class socialist parties always claim they are so for!) get scalped.
Let it all hit the fan, people do not learn lessons well when there is no pain involved.
ETA - The crumbling appears to be occuring, this could be a rocky morning, what are the odds that the panicked EU central bankers are forced to intervene with direct aid?
http://www.zerohedge.com/news/2013-03-19/cyprus-president-says-parliament-will-still-reject-bailout-plan-making-other-plans (http://www.zerohedge.com/news/2013-03-19/cyprus-president-says-parliament-will-still-reject-bailout-plan-making-other-plans)
And...the rest of Europe (and everybody else for that matter!) beware the lessons here, none greater than "Rule-changes are getting ‘regressively’ more creative and sinister."!
http://www.zerohedge.com/news/2013-03-19/cyprus-oh-irony (http://www.zerohedge.com/news/2013-03-19/cyprus-oh-irony)
You are not paranoid, they really are out to get you!
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Putin and his Russian Mafia are going to make the Cypriots an offer they can't refuse .
It was an easy call for you to make, eh SH?
Yeah . I've always had an amazing grasp of the obvious .
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China taking the Gulf of Mexico, Russians taking the Mediterranean.
They should have listened to Patton.
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If "If's and but's were candy and nuts"...
::gaah::
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Putin and his Russian Mafia are going to make the Cypriots an offer they can't refuse .
You got that right ....
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Sinclair_-_All_Hell_Is_Breaking_Loose_After_Cyprus_Catastrophe.html (http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Sinclair_-_All_Hell_Is_Breaking_Loose_After_Cyprus_Catastrophe.html)
Most of the deposits made by Russians are "former" KGB. ::popcorn::
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Ex-KGB agents....yeah that's just who the eurocrats want to piss off.
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::popcorn::
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March 31 1814, Talleyrand gave to Czar Alexander the key to Paris.
"I remember April" and they do too. They want it, they want it. They want it and the stupid SOBs are nudging them on. I thought Merkel and her crew were smarter than this.
Who's going to march triumphant down the Champs Élysées this time?
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Put on your tinfoil hat. ::foilhathelicopter:: Its time to listen to Celente on Alex Jones talk about Cyprus
Gerald Celente: Cyprus Looting is Only The Beginning for Global Elite (http://www.youtube.com/watch?v=bv-TfBXEOAc#ws)
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Your on.
::curtsy4::
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An hour plus? Summary, please?
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What Pan said. I got ADD, or is it CRS. . .er whatever. . .
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More info via ZH:
http://www.zerohedge.com/news/2013-03-19/what-does-no-vote-mean-cyprus-and-eurozone (http://www.zerohedge.com/news/2013-03-19/what-does-no-vote-mean-cyprus-and-eurozone)
If the EU was serious about cracking the whip, they would let bankruptcy take its course, but the Greek lesson is that fear of contagion get the EU to back down, so...
And it appears Spain is readying itself for the barber -
http://www.zerohedge.com/news/2013-03-19/spain-preparing-its-own-deposit-levy (http://www.zerohedge.com/news/2013-03-19/spain-preparing-its-own-deposit-levy)
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Deposit tax or not, when the banks do reopen in Cyprus there are going to be massive withdrawals and that will be the end of their banking system.
Since the EU can't devalue the Euros for just Cyprus I am not sure what else they can do except go the austerity route.
Should be an interesting next few months.
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An hour plus? Summary, please?
Summary:
I predicted this years ago. We are screwed. Cyprus is a trial. Italy is next.
Timing is anywhere from next week to years from now.
Nothing really new. Just confirmation from Celente that he hasn't changed his mind.
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They need intact banks to buy the debt to pay for the free s**t the piglets demand.
And ugly circle we/they've drawn for our/themselves.
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It's OK with me, there is little in the bank on the deposit side short of what goes in and out for routine bills, my exposure is minimal, and if it brings things to a head I am hard pressed to see a downside.
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BOT - Banks in Cyprus to remain closed, capital controls in the offing, cannot wait to see the people go apenuts when they open again, and perhpas what the rooskie repsonse is going to be, this is high drama people!
http://www.zerohedge.com/news/2013-03-20/cyprus-banks-reopen-next-tuesday-earliest-capital-controls-become-reality (http://www.zerohedge.com/news/2013-03-20/cyprus-banks-reopen-next-tuesday-earliest-capital-controls-become-reality)
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BOT - Banks in Cyprus to remain closed, capital controls in the offing, cannot wait to see the people go apenuts when they open again, and perhpas what the rooskie repsonse is going to be, this is high drama people!
http://www.zerohedge.com/news/2013-03-20/cyprus-banks-reopen-next-tuesday-earliest-capital-controls-become-reality (http://www.zerohedge.com/news/2013-03-20/cyprus-banks-reopen-next-tuesday-earliest-capital-controls-become-reality)
Easy peasy, Libertas. Cypriot government will exempt Russian accounts. Whether they double-down on the native "rich" in order to make up the difference??
~~~~~~~~~~~~~~~
Thanks for the summary, Weisshaupt.
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The natives should be fleeing that island, but waiting this long, it's too late for them now. Poor bastards.
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Surprise!
Link (http://www.zerohedge.com/news/2013-03-21/fed-has-already-imposed-cyprus-tax-us-savers)
[blockquote]While to most onlookers the idea of a direct deposit tax instituted by domestic US banks remains far off - the issue of the Fed's monetary policies, particularly since the last recession, has had a significant impact on "savers." While the individuals in Cyprus have been faced with an outright extraction of capital from their accounts - U.S. savers have had their savings negatively impacted much more surreptitiously. The continued drive by the Fed's monetary policies to artificially suppress interest rates to create a negative interest rate environment for savers is a defacto "tax" on savings. The destruction of principal since the turn of the century, which is far more disastrous than it appears when adjusted for inflation, has ended the dream of retirement for many individuals. So, can the U.S. potentially have a direct tax on savings? It's already happened.[/blockquote]
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More info via ZH:
http://www.zerohedge.com/news/2013-03-19/what-does-no-vote-mean-cyprus-and-eurozone (http://www.zerohedge.com/news/2013-03-19/what-does-no-vote-mean-cyprus-and-eurozone)
If the EU was serious about cracking the whip, they would let bankruptcy take its course, but the Greek lesson is that fear of contagion get the EU to back down, so...
And it appears Spain is readying itself for the barber -
http://www.zerohedge.com/news/2013-03-19/spain-preparing-its-own-deposit-levy (http://www.zerohedge.com/news/2013-03-19/spain-preparing-its-own-deposit-levy)
Charles are you reading this??
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Zirp to Nirp, we are merely trying to play kabuki and make it appear we are better off when in fact the structural problems the PTB's have created only boxed them in and strangled their options. Nothing illustrates this madness more clearly than so-called market makers and pundits praising the fact that the FOMC statement is a cookie cutter of the previous meeting(s) and as such the "good news" is that nothing unexpected came forth! Yes, when the so-called unexpected hits it will be a sledgehammer to everyone's face, there will be little time to digest how and why, chaos shall have everyone by the nose. Continue hard asset hedging, real will survive, all kabuki will evaporate like it was never really there to begin with.
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Yep, they are in the chute, who defalts first, we're waiting for the bell.
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Here is how the deal is supposed to work. (http://www.realclearpolitics.com/articles/2013/03/19/cyprus_and_the_death_of_deposit_insurance_117513.html#ixzz2OEb2QkpJ)
... The government guarantees ordinary bank deposits, but in exchange it imposes regulations meant to prevent banks from failing so that they will rarely have to call on the government guarantees. But then there's a complication. While the government's deposit insurance raises enough money to handle the failure of a limited number of smaller banks, there are some institutions that grow so big that the government doesn't have enough money to cover their losses if things go wrong. That's one of the reasons why these banks become "too big to fail," which necessitates even more government support, in exchange for which they are supposed to be placed under an even heavier layer of regulation.
Cyprus is a signal that this whole system is failing. Government regulation doesn't actually guarantee solvency; in fact, it is the insolvency of the governments themselves that triggered the Euro crisis. Moreover, when things really go wrong, the government can't actually guarantee all of the deposits—and now we're starting to wonder whether they're still interested in trying.
... Can Cyprus happen here? Well, some on the left are already floating plans to rescind the tax exemptions on retirement accounts, making a grab for a big pile of your savings.
But will they do what Cyprus is doing with our bank deposits? Probably not. If history is any guide, our political czars wouldn't attempt something so crude as to just grab money from our accounts. No, they'll do what they have always done: siphon it gradually by printing lots of money and inflating away our savings.
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So, can the U.S. potentially have a direct tax on savings? It's already happened.
See: http://itsaboutliberty.com/index.php/topic,7924.msg93850.html#msg93850 (http://itsaboutliberty.com/index.php/topic,7924.msg93850.html#msg93850)
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According to John Roberts the US government can do whatever it damn well pleases, you petulant little serfs.
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So, can the U.S. potentially have a direct tax on savings? It's already happened.
See: http://itsaboutliberty.com/index.php/topic,7924.msg93850.html#msg93850 (http://itsaboutliberty.com/index.php/topic,7924.msg93850.html#msg93850)
Yeah, you really see the insanity in these two pics -
(http://www.streettalklive.com/images/stories/1dailyxchange/Purchasing-Power-Dollar-CPI-032013.PNG)
(http://www.streettalklive.com/images/stories/1dailyxchange/Debt-Savings-Incomes-GDP-032013.PNG)
Get on board the BOHICA express!
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According to John Roberts the US government can do whatever it damn well pleases, you petulant little serfs.
6-28-12 will be seen as the point in history where the United States of America officially ceased being a Republic and was transformed into the tyranical state we see blooming before our eyes on a daily basis.
Damn them, damn them all to Hell!!!
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And the latest - EU & Russia shoot down latest Cypriot plan even before the Cypriots can vote on it.
http://www.zerohedge.com/news/2013-03-22/europe-russia-reject-latest-cyprus-bailout-plan-it-even-voted-parliament (http://www.zerohedge.com/news/2013-03-22/europe-russia-reject-latest-cyprus-bailout-plan-it-even-voted-parliament)
Dance monkey, dance!
::)
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These are all good but these three top the list for me!
(http://www.acting-man.com/blog/media/2013/03/washing-machine.jpg)
(http://www.acting-man.com/blog/media/2013/03/Gimme.png)
(http://www.acting-man.com/blog/media/2013/03/breakdown.jpg)
H/T ZH - http://www.zerohedge.com/news/2013-03-22/cyprus-cartoon-catalog (http://www.zerohedge.com/news/2013-03-22/cyprus-cartoon-catalog)
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I saw a good line in one of the comments on Zero Hedge: "the Keynestone Cops"
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The Cyprus Solution - Outright theft of 40% on account holders over 100k Euros.
http://www.guardian.co.uk/world/2013/mar/25/cyprus-eu-draft-agreement-bailout (http://www.guardian.co.uk/world/2013/mar/25/cyprus-eu-draft-agreement-bailout)
As one might imagine, the Rooskies are not very happy!
http://www.zerohedge.com/news/2013-03-25/merkel-very-happy-russian-pm-furious-stealing-what-already-been-stolen-continues (http://www.zerohedge.com/news/2013-03-25/merkel-very-happy-russian-pm-furious-stealing-what-already-been-stolen-continues)
It is not an understatement to say wars have begun over much less.
::saywhat::
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That's closer to what it should be, anyway. Nothing is guaranteed over 100K.
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The Cyprus Solution - Outright theft of 40% on account holders over 100k Euros.
http://www.guardian.co.uk/world/2013/mar/25/cyprus-eu-draft-agreement-bailout (http://www.guardian.co.uk/world/2013/mar/25/cyprus-eu-draft-agreement-bailout)
As one might imagine, the Rooskies are not very happy!
http://www.zerohedge.com/news/2013-03-25/merkel-very-happy-russian-pm-furious-stealing-what-already-been-stolen-continues (http://www.zerohedge.com/news/2013-03-25/merkel-very-happy-russian-pm-furious-stealing-what-already-been-stolen-continues)
It is not an understatement to say wars have begun over much less.
::saywhat::
I have to believe that most of the Russian depositors are likely to be organized crime mobster types. I am thinking that this will not end well for some people.
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Russia has had Europe over a barrel before with natural gas deliveries. They are highly dependent on Russian supplies of gas. That will be the least of their worries. My advice to these eurocrats is to watch for hair starting to fall out. That's usually the first sign of radio poisoning.
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Yeah, the kind of people that support politicans over there make the kind of people that support policians over here look like Boy Scouts!
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Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus? (http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus)
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If I were the German finance minister I would be watching my back.
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If I were in the EU I would leave.
ETA - http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html (http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html)
If your ass isn't leaving already it may be too late!
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Let's announce ahead of time you're going to confiscate what people put into banks.
That's certainly a recipe for success.
::popcorn::
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Let's announce ahead of time you're going to confiscate what people put into banks.
That's certainly a recipe for success.
::popcorn::
They MUST know that. They are pushing for bank runs in Europe. They must feel ready. They want the panic, the riots and collapse so they can install martial law and dictatorship. That also means they probably feel they are ready here. This panic <COULD> spread quickly. However the SHEEP are just so dumb. They may never panic, and I think our govt wants the same, but plan to do it more gently via inflation
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Let's announce ahead of time you're going to confiscate what people put into banks.
That's certainly a recipe for success.
::popcorn::
They MUST know that. They are pushing for bank runs in Europe. They must feel ready. They want the panic, the riots and collapse so they can install martial law and dictatorship. That also means they probably feel they are ready here. This panic <COULD> spread quickly. However the SHEEP are just so dumb. They may never panic, and I think our govt wants the same, but plan to do it more gently via inflation
Playing chicken, er sheep?
::facepalm::
It's called backing into the same result, such pussies, quit wasting time!
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This is good.
http://www.zerohedge.com/news/2013-03-27/furious-cyprus-begins-investigating-who-breached-capital-controls (http://www.zerohedge.com/news/2013-03-27/furious-cyprus-begins-investigating-who-breached-capital-controls)
The hand-wringing will continue until the capital control evaders have been identified!
::hysterical::
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Comrade, I am afraid we are not safe here in Russia. Bwaa ha ha ha.
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Now Cyprus moves straight to armed robbery. (http://hotair.com/archives/2013/03/27/cyprus-banks-add-security-in-preparation-for-reopening/)
Cyprus will impose limits on money transfers and dispatch extra security guards to prepare for Thursday’s reopening of the banks, which have been shut for almost two weeks to avoid a run during the country’s financial drama.
A banking official said Wednesday that new controls will include restrictions on large-scale transfers from the country’s two largest and most troubled lenders, Bank of Cyprus and Laiki. Both are being restructured and big depositors face losses of as much as 40 percent. …
Meanwhile, private security firm G4S will install 180 of its staff at bank branches across the island to keep a lid on possible trouble, said John Argyrou, managing director of the firm’s Cypriot arm.
“Our presence there will be for the comfort of both bank staff and clients, but police will also be present,” he said.
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About that whole breaching of capital controls, just what does tiny little Cyprus think it's going to do when the trail leads to a bunch of "former" KGB operatives? What are they going to do, threaten Russia with an embargo of olive oil?
I'm thinking their answer will be something along the lines of ???? ??????
(http://translate.google.com/#ru/en/%D0%B5%D1%81%D1%82%D1%8C%20%D0%B4%D0%B5%D1%80%D1%8C%D0%BC%D0%BE)
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They'll get a prompt "Yeb vos!" followed by a rude gesture and a guttural laugh.
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...despite the ongoing liquidity blockade, capital controls and (somewhat) closed Cyprus banks, one particular group of people... [Russia? (http://www.zerohedge.com/news/2013-03-27/furious-cyprus-begins-investigating-who-breached-capital-controls)] ...found ways to bypass the ringfence and pull their money out quickly and quietly.
...
As Spiegel reports, the Cypriot Parliament, which may or may not last too long once the banks reopen...has begun investigating the capital flight ...
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Cyprus is not that far from other countries,The money will move out as fast as people can get their hands on it.
There are enough boats and shoreline to make it impossible to stop anything from leaving. They want to tax deposits??What deposits are they going to get with that policy?
Those people know what an underground economy is and how it works all too well.Look for hangings in the near future.
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I'm sure wires around the globe are glowing red hot from all the fast and furious transfers taking place.
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Ann Barnhardt's take
'THIS (CYPRUS) OPENS UP ENORMOUS POSSIBILITIES...'
POSTED BY ANN BARNHARDT - MARCH 18, AD 2013 10:47 AM MST
'... for the Administration.'
Thus spoken on CNBC this day.
A couple of points. First, there STILL is confusion about these confiscations, dating back to the MF Global theft. People are still trying to say that the money that was/is confiscated, both from the MF Global customers and the Cypriot bank accounts is somehow "investment" capital.
No, no, no, no, no.
If you deposit money in a custodial account, you are NOT investing in the brokerage firm or in the bank. The MF Global customers were not investors in MF Global or sharing in any way in MF Global's proprietary trading profits. The people of Cyprus are not investors in their banks. The people of Cyprus who deposited money in the bank were not signing on to a share in an uber-leveraged scheme involving repos and credit default swaps on Greek sovereign paper.
THEY WERE PEOPLE WHO SIMPLY DEPOSITED THEIR MONEY, THEIR PROPERTY IN CURRENCY FORM, THE FUNGIBLE PROXY FOR THEIR LABOR AND CREATIVE CAPACITY WHICH THEY HAD ACCUMULATED, INTO A SACROSANCT, INSURED, CUSTODIAL DEMAND DEPOSIT AND/OR TIME DEPOSIT ACCOUNT.
The MF Global accounts were the same - they were fully-backed demand deposit accounts that were used to margin the account holder's futures and options positions. They were the sole, private property of the account holder and MF Global had ZERO ownership interest in that customer money.
Do you know why people used to keep fairly large balances in brokerage accounts like MF Global? Because before MF Global, brokerage accounts were guaranteed 100% by the exchange. No maximums. If a firm failed, the purpose and role of the exchange was to backstop and guarantee the firm with zero liquidity interruption. And, remembering that on the day MF Global imploded and the customer funds were swept and wired to JP Morgan, the Chicago Mercantile Exchange had an emergency slush fund of over EIGHT BILLION DOLLARS ready to go, the fact that the customers were not made INSTANTLY whole by the Chicago Mercantile Exchange is totally nefarious and criminal regardless of the circumstances.
Now the total integral failure of the brokerage paradigm has occurred in the retail banking paradigm. All deposits in the EU *were* insured up to 100,000 Euro, just like the farcical FDIC insurance. Now everyone knows that it is all total cow poop, just like the guarantees on brokerage accounts has been proved multiple times to be total cow poop.
Oh, and the oligarchs are trying to call this a "tax". Um, no. Taxes are passed by legislatures. This is Christine Legarde and some German bureaucrats arbitrarily, forcibly confiscating private bank accounts. Any "law" passed ex post facto in Cyprus will merely be a show trying to make it appear that this is not the arbitrary tyranny that it is.
Finally, I don't care how much Russian money laundering is going on in Cyprus, and yes, I know it is huge. This is totally beside the point. Just because criminal money laundering is happening through Cypriot banks doesn't mean that anyone has the right to confiscate the money of innocent Cypriots. The whole Russian money laundering excuse is a total red herring. Look, the nation with the largest absolute quantity of money laundering is the United States of America. Think HSBC. Think Wachovia. Think Washington Mutual. Think Bank of America. Does that mean that every bank account in the entire country can be levied - and not just in the banks with the money laundering but EVERY ACCOUNT IN EVERY BANK IN THE NATION? Of course not.
Bottom line: I shut down my brokerage firm precisely because I knew that there was no longer any rule of law and that customer money was totally indefensible. Now the same thing has happened in the retail banking sector and Obama regime cronies are openly declaring on national television that across-the-board private property confiscations are being regarded as "opening up enormous possibilities."
DO NOT sit around and wait for your money, be it in retirement accounts, stock accounts, money market accounts or even in simple bank accounts or CDs, to be stolen. There is probably going to be a small reaction lag as the low-information populaces of the Southern European countries (Greece, Italy, Spain, Portugal) are slow on the uptake of what has happened, but it won't last forever. Once Guido in Naples gets his head around this, the Eurozone will be O.V.E.R. And the the US banks carrying HUNDREDS OF TRILLIONS OF DOLLARS in leveraged European sovereign debt over-the-counter derivatives will implode into a black hole-esque singularity at the speed that information can cross the Atlantic Ocean, which AIN'T VERY DARN LONG, kids.
**If you haven't seen it already, I have an 8-part, 2.5 hour YouTube presentation recorded just recently in November 2012, explaining exactly these topics on YouTube. Click on the link that says "YouTube" on the left to go to my YouTube Channel homepage. Part 1 of the econ presentation should be at the top of the list.
Emphasis mine. While I admit this is possible, I don't think it likely. It assumes a rational reaction from the European herd of sheep, and the same reaction in our herd. If Ann's reasoning were correct, the whole thing would have collapsed in 2008, because everyone would have seen through the farce of just printing up more money to cover AIG.
When the European derivatives implode, I think the Fed will instead choose to print to cover any US exposure to it, vs trying to engage in direct levy's on Bank accounts. Since the banks don't actually spend the money the fed loans them to stay solvent, the print to cover mechanism is non-inflationary. The 1s and 0s in the bank accounts here just stay the same, the banks balance sheets will always magically come out in the black. As long as the banks don't lend that money and as long as the economy is contracting and money velocity stays low, this won't have much of an impact. . Our printing press can prevent us from getting sucked into Europe's black hole, and thus prevent the dominoes from spreading here. It preserves the status quo and just ups the numbers on the Feds own balance sheets - you know, the ones we aren't allowed to see. Yes, technically the banks owe that money back to the Fed, but the fed can talk as long as they want getting it back - because interest rates are basically negative. Why? Inflation..
The currency destroyer here is the Deficit spending. The government is printing money AND spending it. Entitlements continue to grow. We will run 1-2 Trillion in deficits for each year from now on, and perhaps more as Obamacare comes into full effect. Our collapse occurs when Foreign powers dump the dollar in reaction to the clearly unsustainable path we are on, and all of those dollars overseas come home to America - looking for something, anything to buy before the dollar is worthless. This will drive prices up - and the govt will most likely respond by upping the entitlement payouts - thus provding us with the Wage/price spiral needed for hyperinflation. The politicians aren't going to let their little herd of sheep starve - not while they can steal and print more.
Congress may eventually make a play for 401k and IRA money or even try the direct bank account levy, but it won't be because they "need" the money, but simply, because they want control. Just like Obamacare isn't about healthcare at all, but about control of who will get what treatment. Don't be too outspoken our your daughter won't get the treatment she needs for that Pneumonia. Don't make waves or the EBT we forced you onto will be cut off. They want us all to be beggars.
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They can confiscate your paper here by inflation/devaluing the dollar easier than by a direct pull.[blockquote] nd all of those dollars overseas come home to America - looking for something, anything to buy before the dollar is worthless. This will drive prices up - and the govt will most likely respond by upping the entitlement payouts - thus provding us with the Wage/price spiral needed for hyperinflation.[/blockquote]
Coupled with the possible reality that [blockquote]Don't make waves or [we will make life more difficult and unpleasant for you].[/blockquote]
This brings one back to the question of what to do with that fiat stuff.
Instead of farmland I think land at the farthest practical commuting
distance from Big City. It should become more attractive as the cities become less attractive and retain it's value as long as we have an economy.
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Instead of farmland I think land at the farthest practical commuting
distance from Big City. It should become more attractive as the cities become less attractive and retain it's value as long as we have an economy.
I still like farmland. You can always have a truck farm for income.
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If one didn't sell it to city slickers and had a tractor he would call it farmland.
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I still like farmland. You can always have a truck farm for income.
1) If people start starving I would expect any "official" farm of any size to be raided, confiscated or otherwise forced to serve the "common good"
2) If Fuel prices become too high, you can't get your truck to market, or, if you do, the people there can't afford it - this happened during the great depression - people were hungry in the cities with plenty of food on the farms and no way to get it there cost effectively.
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1) If people start starving I would expect any "official" farm of any size to be raided, confiscated or otherwise forced to serve the "common good"
That scares me as much or more than them seizing my money. BASTARDS!!!
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It appears (http://www.zerohedge.com/news/2013-03-30/whos-next-italys-monte-paschi-admits-billions-deposit-outflows), given news from Italy today, that European depositors are increasingly coming to the realization that deposits in their local bank are not 'safe' places to put their spare cash, but are in fact... ::jawstheme::
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1) If people start starving I would expect any "official" farm of any size to be raided, confiscated or otherwise forced to serve the "common good"
That scares me as much or more than them seizing my money. BASTARDS!!!
Sadly, that is the history. That is what these people do. They see people starving and we have to "do something" - obviously the capitalistic freedom based model isn't working, we must take over the farms and operate them to ensure everyone gets food. The romans tried to pass laws keeping foramers on thier land and farming at a loss. The Russians went after the Kulaks.
Also see my other post about the incredibly intrusive farm survey the Fed wants farmers to answer. You don't want the govt to think of you as a farm - even AG zoning may be used to make that determination (but you probably need that) .I suspect they will go after low lying fruit first- the best farmland ( Iowa) and larger acreages, giving you time if you own less than prime farmland and a small establishment. Something large enough to provide for you and yours, but not so large that it can provide for anyone else.
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I think the Barnhardtian Scenario could happen, but it requires a full systemic global collapse of faith in the banking system, right now the patch and smile method is still in play and a form of financial mutually assured destruction is all that is holding it together, the currency wars are where the PTBs are playing off each other for advantage and that little game might get out of hand once a big enough player experiences a real crisis, I don't think there is a corner of the world exempt from the coming chaos. Things will get local real quick for everybody.