Cyprus-Forum.com

[sven]

The Slog is a Brilliant Blog, and I thought this is one Blog that everyone might want to take into consideration
http://hat4uk.wordpress.com/2013/03/25/ ... epositors/

GLOBAL LOOTING: Bernanke shifty on US depositors.

The global roll-out of thieving from citizen savers continues. I missed this three days ago, but I’m grateful to a US Slogger for pointing it out to me: on March 22nd, Federal Reserve Chairman Ben Bernanke refused to say that the United States will not use Cypriot techniques of taxing the people by confiscating a percentage of their savings accounts.

During a press conference held to explain his view on economic conditions in the United States, Bernanke said his meetings with the Federal Open Market Committee drew him to the conclusion that the economic outlook is “following its own pre-established expectations”….which could of course mean down a mineshaft or up in an Atlas rocket.

However, when pressed about whether an EC-style approach to Cyprus (involving taking money from savers) might be on the cards in the US, Bernanke spoke less than plainly.

The government of Cyprus last week accepted the principle of stealing funds from private citizens as a condition to get a so-called ‘bailout’ from the five-humped camel of eurozone aid. “I was wondering if you can tell me,” one reporter asked optimistically, “how if a run on the banks happens in Cyprus, how that might affect U.S. markets. And also is it possible for the U.S. to levy a tax on regular deposits here? Or why not?”

Bernanke replied somewhat oddly, “the only trigger for actions such as the ones taken in Cyprus would be if depositors panicked”. I say ‘oddly’ because surely the catalyst for panic would be, um, if news leaked that the US Government was indeed about to rob depositors.

Either way, by not stating clearly whether it could happen in the U.S. or not, Bernanke effectively suggested that the door is open for money-seizing in the U.S.

Bernanke added that he believed it to be unlikely that a Cyprus’ scenario could replicate in the United States. He then reminded the audience that in the U.S. the FDIC insures savings and that this fact is an assurance for depositors who may be concerned. However, as The Slog revealed two days ago, the FDIC recently wrote a paper jointly with the Bank of England openly suggesting depositor haircuts.

Indeed, in February 2012 President Obama expressed concern about the FDIC’s ability to meet its obligations, suggesting that the entity could easily become insolvent. On March 4, Congresswoman Chairman Sheila Bair went further in saying that the FDIC was on its way to becoming insolvent, and that its job to insure bank deposits must therefore be in danger.

In the case of Cyprus, its own government’s word came to nought, because European bankers had that government by the balls: it is they who decided what would be done in Spain, Greece, Portugal, Italy, and latterly in Cyprus.

The lesson from this and previous posts on the subject is crystal clear: we can no longer trust any banking institution to defend our savings against State rape. Indeed – when in dire straits – they will actively encourage it.

Well worth checking the Main Blog Page below, The Slog. 3-D bollocks deconstruction
http://hat4uk.wordpress.com/
I have no connection with it, just a really good read with a different perspective to the main stream view. It is also worth giving the comments the time of day as well, they can add a little more info and some humour.

[sven]

http://hat4uk.wordpress.com/2013/03/30/ ... lt-or-die/

More looting-levies, more asset taxes. Now it’s default or die.

Why electing defaulters to power is the only way left

Friday having seen the enthusiastic support of De Nederlandsche Bank President Klaas Knot for Djisselbloem’s plan to pick the pockets of every despositor in Europe, there are now hardly any major nations still in the closet when it comes to Global Looting.

On Thursday, Canadian bloggers cottoned on to the plans of their government via the annual budget statement. On pages 144 and 145 of “Economic Action Plan 2013″ (already submitted to the Canadian House of Commons), it openly proposes ‘to implement a ‘bail-in’ regime for systemically important banks’ there.

The second wave of evidence about what’s coming I referred to yesterday: the banks hastily sending out acres of fly-shit to their customers to blame any future disappearance of money-substances from their accounts. The general line of defence being offering by these creeps is “ve are only obeyink orders”. The first one out of the blocks appears to have been Santander. Yesterday, the one from HSBC started landing on Slogger doormats. Guess what? The wording and headings are exactly the same as the Santander mailshots.

In short, the entire operation is being coordinated and run by the Treasury. Any chance of Ed Miliband – our friend in tough times – asking a PMQ about this next Wednesday? Don’t hold your breath. Our MPs these days simply do as they’re told, or what they want – whichever is the easiest and most profitable route at the time.

What we are seeing come to pass at the moment is what those previously nutwhack sites from three years ago were screaming at a deaf audience: in the end, they’ll confiscate our money to bail out the lunatics. But where will it end?

There’s a Radio 4 audio clip of Michael Winner at his best in the BBC archives, grumbling two decades ago about how restaurants steal from their customers. Winner says:

“I called a waiter over and said look, you’ve added an obligatory 15% service charge to the bill and a cover charge of 10%. Now my credit-card slip has arrive and you’ve left a blank space so I can add a further gratuity on top. Should I just undress so you can have my clothes as well?”

Bizarrely, we now have to ask ourselves the same about Djisselbloem Plan…and where it will end. After all, there’s plenty to go at.

For example, behind the guise of us “all being in this together”, George Osborne could painlessly announce an emergency Budget in the UK, and slap a 5% levy on all houses valued over £250,000. “The rich must help depress house prices so the young can get on the bandwagon” the Squeaky Draper would allege. If nothing else, this would please Vince Cable, who has been demanding a ‘mansion tax’ for two years already. Note the use of ‘mansion’ there, to suggest ‘a tiny minority of the rich’. But it wouldn’t be of course: a good 60% of all houses in London are now worth over half a million, and the average British house price is currently about £160,000. So at least 40% of property owning Brits would have to cough up £10,000.

How they’d raise it is another matter – which is why thus far the emphasis has been on theft via a willing intermediary. There, the government takes what it already knows you’ve got available….without taxpayers having to bother the poor banks for a loan, they too having no money either, allegedly. The increasingly vicious nature of this circle is mind-blowing.

But such complications about property are seen by Treasury nomenklatura (and their accountancy advisers) as merely obstacles needing some creative thought applied to their removal. One said to me earlier this week, “It would actually be remarkably simple: the tax would be declared, payable with interest on the sale of the house. It would simply be a disguised way of bringing the Stamp Duty further downmarket”. Easy when you know how innit?

The problem for the Brussels-am-Berlin rapists in Greece was that they were (and still are) forced to demand tax monies from those who haven’t got any left. When one gets to the same stage of madness as Louis XVI, it’s time for a rethink. Cyprus was it, and this is now – quite clearly – going to be the future for all of us. But care must be taken not to turn a depression into a slump, so direct takes on future purchases have to be avoided: even the FinMin mobsters can grasp that much.

So the next stop could be property. But how much further could they go after that? I would say “not much”…because again, it is a classic case of taxing the sans coulottes and raising the price of their bread: you don’t collect any tax, and it results in Bastille-storming. Greece is, I would say, very close to this stage now, as is Italy. I suspect that only Tsipras and Grillo can stop it. Who might come after them, however, doesn’t bear thinking about.

For what it’s worth, here’s my two-pennorth: I suspect that what we’ll get is banks being ‘rescued’ worldwide, the quicker to empty them of SME and private deposits. It would be Communist seizure spun as national necessity.

Take the situation with Britain’s RBS. The Treasury has been trying to flog it for eighteen months without any success, and its CEO Stephen Hester has tried to rape his SME customers but been caught, stupid boy. Along the way, to save its subsidiaries the bank has had to inflict several ‘glitches’ to avoid paying some £80 billion by a certain date. But the situation inside the bank remains as dire as ever.

The official date suggest that ‘the taxpayer’ already owns 82% of the Royal Bank of Skullduggery, which is of course bollocks because all we own is a ginormous debt. The Establishment owns and runs it as a means of trying the fleece the taxpayer. But it would be a matter of two days work to nationalise (“save”) the bank completely, and then enact a Laika-style assets freeze. The rules having been changed already (see mailshots previously spotted) the Treasury would simply say to everyone – “the rich” – with monies over £100,000 in the bank that they they were no longer insured. Money is then printed by Carney the Canuck in Threadneedle Street to amortise the RBS debt into a ‘Bad Bank’, and the rest goes into the freezer….aka Her Majesty’s Government. What’s left – smaller savers and investment banking – is then given to another disaster like HBOS, thus making their balance sheet look better. Sorted. Until HBOS goes tits-up.

Of course, in the end you run out of things to nationalise rationalise. A wannabe popular Labour administration could dash in to stop electricity, water, gas and local councils ‘profiteering’ at the citizenry’s expense….an election winner if ever there was one. This gives you a free hand to put up all the prices and hand them straight over to the HMRC. But then you run out of things to improve, save, rescue and freeze. Inflation goes up and economic growth goes down. So ergo the tax take falls. What then?

It isn’t going to work.

The answer is that there is no “what” to happen “then”. The strategy is so obviously doomed, it cannot possibly get that far. Once the wealthy have all the ‘glitz bricks’ property and the gold, the global system will ban gold sales to the public. FDR did it, this mob wouldn’t hesitate to. For real people, there will be nowhere to invest, no way out of being levied, and in the end, nowhere to work.

But this still has no, zilch, zero and f**k all chance of monetising the debts, derivatives and other insurance calls sitting out there in the ether. What the Eunatics are doing today – and the other leeches will do the day after tomorrow – is a pointless waste of time, a last few yards along which to kick the battered can before it finally rolls over the cliff, has a string attached to it, and they all promise that hanging onto the string is the only way, and thus represents our socio-patriotic duty.

Wake up Dumbos, it isn’t going to work.

You’ve tried taxes, you’ve tried austerity, you’ve tried levies, you’ve tried asset freezes, and you’ll try every sneaky-snakey trick in your little black book: but it isn’t going to be enough. More and more money will go to Asia, more and more worthless fiat money will be printed, more and more debt will accrue in the West, and then one day when nothing is being produced and bond markets, stock markets and commodity markets are going through the floor, we will end up with what I identified years ago as Indeflation – inflated Sovereign demands, deflated goods value, and zero demand.

You will I’m sure all be bored by this by now, but as I have been saying since Spring 2009, debt forgiveness is the only way out.

The current asylum inmates will never do that: never never never. Be they BamBers promoting their euro, Wall Street running Washington, Beijing exporting crap and owed trillions by its buyers, globalist bankers, multinational producers, politicians, tax accountants or corporate lawyers, they will never relent. They can’t: if they do, the problems will be horrendous but soluble. Their downside is that there will no longer be any place in it for them.

While we still have the democratic electoral power to do so, the one and only way now to force debt forgiveness globally is for we, the People, to elect politicians who promise to default on all debt the day after they are elected. Yes, I know this will evoke a crisis via immediate capital flight from that country, but they’re just going to have to live with it. The alternative is, as I’ve tried to outline above, an unthinkable can-strewn road heading towards mass lemming impressions.

The first country to do this, I imagine, will be Italy. Greece may well be next, but I think Spain could still beat them to it. Without doubt, the nation that can do it with the least pain is France – given its relatively sparse population sitting on a huge amount of food-producing land. For Britain – dependent on services and hugely overpopulated – it would the the end.

But once such things happen, the game really will be up for mercantilist globalism. ‘Siege economies’ need be no such thing: self-sufficiency by nation – with judicious trade in surpluses – remains the best way forward: and the only way to avoid a cataclysmic thermo-nuclear conflict in the end.

Too many visitors to this site see me as ‘doom-mongering’, but they rarely leave anything in the way of rationally argued support for their opinion. My prediction is very simple:

1. Global Looting is coming and it will be self-defeating.

2. The people at the top are mad and stupid.

3. They will not countenance debt forgiveness, so they must be replaced by those who will.

4. The mercantilist model of global economics and Friedmanite econo-fiscal ideas are a busted flush.

5. Self-sufficient Sovereigns trading in surpluses represent the best future for the human race.

Tell me why I’m wrong – with the facts to support it – and I’ll happily listen. For me, it’s Page One sanity compared to what we have now. Over to you.

And for the rest of us who know the self-styled élite will wind up killing us all given half a chance, I’m making a special appeal for you to forward and repost this essay in as many places as possible. Hits are of absolutely no importance to me beyond the raising global awareness of the need to do something before it’s too late. Thanks.

[sven]

http://investmentwatchblog.com/cyprus-s ... Sfmdwmg.99

Cyprus-Style Bank Account Confiscation Is In The New 2013 Canadian Government Budget!
March 28th, 2013 by Michael

The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style bank account confiscation is actually 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 reportedthat 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.

What you are about to see absolutely amazed me when I first saw it. The Canadian government is actually proposing that what just happened in Cyprus should be used as a blueprint for future bank failures up in Canada.

The following comes from pages 144 and 145 of “Economic Action Plan 2013″ which you can find right here. Apparently the goal is to find a way to rescue “systemically important banks” without the use of taxpayer funds…

Canada’s large banks are a source of strength for the Canadian economy. Our large banks have become increasingly successful in international markets, creating jobs at home.

The Government also recognizes the need to manage the risks associated with systemically important banks — those banks whose distress or failure could cause a disruption to the financial system and, in turn, negative impacts on the economy. This requires strong prudential oversight and a robust set of options for resolving these institutions without the use of taxpayer funds, in the unlikely event that one becomes non-viable.

So if taxpayer funds will not be used to bail out the banks, how will it be done? Well, the Canadian government is actually proposing that a “bail-in” regime be implemented…

The Government proposes to implement a “bail-in” regime for systemically important banks.This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants.

So if the banks take extreme risks with their money and lose, “certain bank liabilities” (i.e. deposits) will rapidly be converted into “regulatory capital” and the banks will be saved.

In other words, the banks will just be allowed to grab money directly out of your bank accounts to recapitalize themselves.

That may sound completely and utterly insane to us, but this is how things will now be done all over the western world.

According to RT, the European Parliament will soon be voting on a new law which will make Cyprus-style bank account confiscation a permanent solution for when major banks fail throughout the EU…

A senior lawmaker told Reuters the Cyprus model may not be an isolated case, and is perhaps a future template in dealing with troubled European banks.

The new template is now likely to turn into a full-scale EU law, letting taxpayers off the hook in case a bail-out is needed, but imposing major losses on bigger savers on a permanent basis.

“You need to be able to do the bail-in as well with deposits,” said Gunnar Hokmark, member of European Parliament, who is leading negotiations with EU countries to finalize a law for winding up problem banks, Reuters reported.

“Deposits below 100,000 euros are protected … deposits above 100,000 euros are not protected and shall be treated as part of the capital that can be bailed in,” Hokmark told Reuters, adding that he was confident a majority of his peers in the parliament backed the idea.

The European Commission has written the draft of the law, which now awaits approval from eurozone member states and the parliament on whether and when it can be implemented. It’s been reported, the law is planned to take effect in the beginning of 2015.

Are you starting to understand?

The other day when I said that “The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts“, I was not exaggerating.

And for those in Cyprus with deposits of over 100,000 euros, the news just keeps getting worse and worse.

When the crisis first erupted, they were told that 10 percent of all deposits over 100,000 euros would be confiscated.

Then a few days later they were told that it would be 40 percent.

Now, according to the Washington Post, those with deposits over 100,000 euros at the second largest bank in Cyprus may lose as much as80 percent of those deposits…




A deal was finally reached in Brussels with other euro countries and the International Monetary Fund early Monday. The country’s second-largest bank, Laiki, is to be split up, with its healthy assets being absorbed into the Bank of Cyprus. Savers with more 100,000 euros ($129,000) in either Bank of Cyprus and Laiki will face big losses. At Laiki, those could reach as much as 80 percent of amounts above the 100,000 insured limit; those at Bank of Cyprus are expected to be much lower.

Sadly, the truth is that those people will be lucky to ever see any of that money ever again.

How would you feel if someone came along and wiped out your life savings so that banks that took incredibly reckless risks could be bailed out?

Needless to say, a lot of people in Cyprus are very, very angry right now. The following reactions from outraged depositors in Cyprus are from Sky News…

“They have stolen our money,” Milton Loucas told Sky News.

“I have been working for 60 years. I am 80 years old. I cannot work again for my living – they have cut the lot.

“Our money, our social insurance – they have cut them. How are we going to live?”

Another Cypriot, Stelios, came out of the bank empty handed.

“I tried to get my February wages and they gave me a piece of paper only,” he said.

“I have two children in the army and they asked for money – I don’t have money to give them.

“The Government didn’t pay anybody. My old parents didn’t get their pension.”

A lot of people have just had their entire lives turned upside down.

But there were some people that were told ahead of the crisis and were able to get their money out in time.

According to the BBC, foreigners pulled a whopping 18 percent of their money out of Cyprus banks during the month of February alone…

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.

So how did they know to pull their money out and who told them?

In addition, branches of the two largest banks in Cyprus were kept open in Moscow and London even after all of the banks in Cyprus itself were shut down. So wealthy Russians and wealthy Brits have been able to take all of their money out of those banks while the people of Cyprus have been unable to. It is hard to even find the words to describe how unfair that is. The following is from a recent article by Mark J. Grant…

So let us then turn back to Cyprus and see why the Russians are not quite so upset as they were at the beginning of the crisis. The answer to this question is Uniastrum bank which is headquartered in Moscow. Eighty percent (80%) is owned by the Bank of Cyprus. After the crisis began and right up until the capital controls were implemented the bank wasopen for business with no restrictions upon withdrawals. So the crisis began, was all over the Press and the Russian depositors walked into the local bank and withdrew their money from Uniastrum, the Bank of Cyprus, or had it wired in from the other local Cyprus banks and it was then withdrawn. Problem solved!

At the same time Laiki bank and the Bank of Cyprus had operating branches in London. There were no restrictions there either so people could walk into those banks and withdraw their money as well. No restrictions at all right up until the time of the Capital Controls. In the meantime, in Cyprus, people and institutions could not get at their money so the Russians and many British took out their money, closed their accounts while the people in Cyprus were left high and dry.

The wealthy always seem to come out ahead somehow, don’t they?

Meanwhile, those in Cyprus with deposits under 100,000 euros are now dealing with some very stringent capital controls. In other words, there are some very tight restrictions on what they can do with their money. For example, the maximum daily cash withdrawal has been set at 300 euros. The following are some of the other restrictions that are in force right now…

As well as the daily withdrawal limit, Cypriots may not cash cheques.

Payments and/or transfers outside Cyprus via debit and or credit cards are allowed up to 5,000 euros per person per month.

Transactions of 5,000-200,000 euros will be reviewed by a specially established committee, with applications for those over 200,000 euros needing individual approval.

Travellers leaving the country will only be allowed to take 1,000 euros with them.

When the next great wave of the economic collapse strikes, capital controls and bank account confiscation will suddenly become “normal” all over the world.

So get prepared while you still can.

One thing that you can do is make sure that you don’t have all of your eggs in one basket. The following is what Jim Rogers recently told CNBC…

“I, for one, am making sure I don’t have too much money in any one specific bank account anywhere in the world, because now there is a precedent,” he said. “The IMF has said ‘sure, loot the bank accounts’ the EU has said ‘loot the bank accounts’ so you can be sure that other countries when problems come, are going to say, ‘well, it’s condoned by the EU, it’s condoned by the IMF, so let’s do it too.’”

The more places that you have your money, the more difficult it will be for “the powers that be” to loot it.

The global elite are fundamentally changing the game. From now on, no bank account on earth will ever be able to be considered “100% safe” again. This is going to create an atmosphere of fear and panic, and no financial system can operate normally when you destroy the confidence that people have in it.

Confidence is a funny thing – it can take decades to build, but it can be destroyed in a single moment.

None of us will ever be able to have confidence in our bank accounts again, and I fear that the next wave of the economic collapse may be closer than I had first anticipated.