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Old 03-25-2013, 07:48 PM   #126
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Offshore banking has ALWAYS been risky.
There are levels of risk as you know. The deregulation that has take place since the Clinton years has created an opportunity for catastrophic collapse. We are dealing in insanity with these derivatives. The value of the derivatives market is purportedly a hundred times that of all the wealth in the world, that's insanity. Look at Iceland they refused to accept the debt these banks were attempting to heap on them. They just said no and what happened, they are now the fastest growing economy in the world. This debt is not the debt of the Cypriot account holders. They are being robbed to pay a debt that is not theirs.

What you are seeing is a broken global fiat money system that is frantically being patched and propped up. They are just buying time on someone else's dime.
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Old 03-25-2013, 09:03 PM   #127
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There are levels of risk as you know. The deregulation that has take place since the Clinton years has created an opportunity for catastrophic collapse. We are dealing in insanity with these derivatives. The value of the derivatives market is purportedly a hundred times that of all the wealth in the world, that's insanity. Look at Iceland they refused to accept the debt these banks were attempting to heap on them. They just said no and what happened, they are now the fastest growing economy in the world. This debt is not the debt of the Cypriot account holders. They are being robbed to pay a debt that is not theirs.

What you are seeing is a broken global fiat money system that is frantically being patched and propped up. They are just buying time on someone else's dime.
One of the main Cypriot bank problems are massive Greek bond holdings.

Again, this is offshore banking, always high risk and returns, the depositors knew that and understood if the bank goes, so does their cash.

Besides, much of the deposits are suspected Russian mob money being laundered.
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Old 03-25-2013, 09:49 PM   #128
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One of the main Cypriot bank problems are massive Greek bond holdings.

Again, this is offshore banking, always high risk and returns, the depositors knew that and understood if the bank goes, so does their cash.

Besides, much of the deposits are suspected Russian mob money being laundered.
I suspect this debt is much more complex than Greek bonds and Russian laundered money. Not saying that is not one level of it but my reading tells me it is much more complex than that. Truth is neither one of us could possibly know the full details but I will be willing to bet it's not as simple as you believe. Guess I just agree to disagree on this one. If you have some time you might watch the videos I linked on my thread entitled Fantasy
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Old 03-26-2013, 06:23 AM   #129
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I suspect this debt is much more complex than Greek bonds and Russian laundered money. Not saying that is not one level of it but my reading tells me it is much more complex than that. Truth is neither one of us could possibly know the full details but I will be willing to bet it's not as simple as you believe. Guess I just agree to disagree on this one. If you have some time you might watch the videos I linked on my thread entitled Fantasy
Add greed and corruption.
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Old 03-26-2013, 07:12 AM   #130
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Add greed and corruption.
Yes I have I just spell it differently - derivative market
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Old 03-26-2013, 10:06 AM   #131
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DJIA up 75 points in latest Cypriot banking panic!

Must be that heralded "buy high, sell low" strategy I'm hearing about.
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Old 03-26-2013, 10:35 AM   #132
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One of the main Cypriot bank problems are massive Greek bond holdings.

Again, this is offshore banking, always high risk and returns, the depositors knew that and understood if the bank goes, so does their cash.

Besides, much of the deposits are suspected Russian mob money being laundered.
I wonder what would happen if a revolution took place in the Cayman Islands and some communist like Chavez took over and seized all the banks? You'd hear some squeaking then.
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Old 03-26-2013, 10:48 AM   #133
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I wonder what would happen if a revolution took place in the Cayman Islands and some communist like Chavez took over and seized all the banks? You'd hear some squeaking then.
Considering that an 'offshore bank' has been rescued and most of the deposits salvaged, there's an awful lot of ungrateful Russians still whining.

All that stopped the Cypriots from nationalizing the banks, was the bailout. So now the Germans and French have the pleasure of subsidizing Russian mob money.

And people wonder why the UK said 'no thanks' to dumping sterling and joining the Euro.
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Old 03-26-2013, 11:20 AM   #134
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One of the main Cypriot bank problems are massive Greek bond holdings.

Again, this is offshore banking, always high risk and returns, the depositors knew that and understood if the bank goes, so does their cash.

Besides, much of the deposits are suspected Russian mob money being laundered.
The rationalizations for theft are endless.

No surprise that you bought these. I will watch your reaction when they start stealing from US bank accounts.
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Old 03-26-2013, 11:28 AM   #135
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The rationalizations for theft are endless.

No surprise that you bought these. I will watch your reaction when they start stealing from US bank accounts.
Quite the opposite.

Obviously you just don't grasp the difference between an 'offshore bank' and an FDIC insured bank, or the precedent set by rescuing one.

You'd rather focus on how the poor Russian mob lost 40% of their drug money.

If the Eurozone hadn't stepped up and bailed them out, Cyprus would be looking at a banking system collapse, and EVERY depositor would have been cleaned out.

I'm sure you'd prefer that as it suits your 'collapse of the world economy' scenario.

You'll just have to wait!
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Old 03-26-2013, 06:28 PM   #136
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Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?
Submitted by Tyler Durden on 03/25/2013 17:00 -0400

European Central Bank Latvia New Normal recovery Reuters


Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.

Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.

The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.

As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

From Reuters:

While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.

No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.
So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates?

Just brilliant.

And if there was any doubt that the entire process of destroying one entire nation was simply to punish Cyprus, it can be completely cleared away now:

ECB officials contacted Latvia, another EU country that has received large Russian deposits, to warn authorities against taking in Russian money fleeing Cyprus, two sources familiar with the contacts said.

"It was made clear to our Latvian friends that if they want to join the euro, they should not provide a haven for Russian money exiting Cyprus," a euro zone central banker said.
If one thinks there is any material Russian cash therefore left in Cyprus with this epic loophole in place, we urge them to make a deposit in the insolvent nation. One person who certainly will not be allocating any of his money into Bank of Cyprus is German FinMin Schaeuble:

German Finance Minister Wolfgang Schaeuble said the bank closure had limited capital flight but that the ECB was looking closely at the issue. He declined to provide figures.
Perhaps because if he did, it would become clear that the only entities truly punished by this weekend's actions are not evil Russian billionaires, but small and medium domestic companies, and other moderately wealthy individuals, hardly any of them from the former "Evil Empire."

Companies that had to meet margin calls to avoid defaulting on deals were granted funds. Transfers for trade in humanitarian products, medicines and jet fuel were allowed.
The stealth withdrawals by Russians of course means that the two megabanks are now utterly drained of capital, and that the haircuts on those who still have unsecured deposits with the two banks will be so big it will likely mean a complete wipeout of all deposits. As in 0% recovery on your deposits!

In other words, by now any big Russian funds in Cyprus are long gone, and the only damage accrues to the locals: for one reason because their money over the critical EUR100K threshold has been "vaporized", and for another because the marginal driving force and loan demand creator in Cyprus, the Russians, are gone and are never coming back again.

This is what passes for monetary real-politik in the New Normal - an entire nation becomes collateral when pursuing a wealthy group of people. And the "wealthy group" is victorious in the end despite everything...

If we were Cypriots at this point we would be angry. Very, very angry.

http://www.zerohedge.com/news/2013-0...ir-cash-cyprus
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Old 03-27-2013, 12:52 PM   #137
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Quite the opposite.

Obviously you just don't grasp the difference between an 'offshore bank' and an FDIC insured bank, or the precedent set by rescuing one.

You'd rather focus on how the poor Russian mob lost 40% of their drug money.

If the Eurozone hadn't stepped up and bailed them out, Cyprus would be looking at a banking system collapse, and EVERY depositor would have been cleaned out.

I'm sure you'd prefer that as it suits your 'collapse of the world economy' scenario.

You'll just have to wait!
So you support the bail outs. No surprise -- given your past predilections.

The people are being raped to pay for the bank's mistakes/incompetence/criminality.

The FDIC protection here won't begin to save Americans. The fund is woefully inadequate to cover what is coming.

MHG
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Old 03-27-2013, 01:19 PM   #138
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So you support the bail outs. No surprise -- given your past predilections.

The people are being raped to pay for the bank's mistakes/incompetence/criminality.

The FDIC protection here won't begin to save Americans. The fund is woefully inadequate to cover what is coming.

MHG
And your solution is??
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Old 03-27-2013, 02:03 PM   #139
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Why gold is a great bargain today at 1605/ounce

Check out the chart below which shows the steady rise in the price of gold from 2001 to 2010 -- at which point the fed began manipulating the price to keep it from rising further.

Without that artificial cap - - you can extrapolate the slope to what gold would in all likelihood be at today -- somewhere conservatively above 2200/ounce.

The Fed's shorting of gold down to boost confidence in the dollar shows their desperation. Otherwise -- why thwart a bull market?

MHG
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Old 03-27-2013, 03:33 PM   #140
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And your solution is??
Did you watch the Paul Craig Roberts interview on Alex Jones -- last Friday.

No. The link was posted.

There is no solution. There is no way to avert what is coming. The best we can do is to try to prepare as individuals.

Here is a reasonable opinion piece about the actual significance of Cyprus. This author says it's the beginning of the end of the Euro.

MHG


Worst Bailout.... EVER
March 27, 2013 10:53 AM

http://adventuresincapitalism.com/po...lout-EVER.aspx
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Old 03-27-2013, 04:23 PM   #141
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There is no solution. There is no way to avert what is coming. The best we can do is to try to prepare as individuals.
Bull****.

Just more of your passivist fatalist negativist crapola.

The emotional health and average intelligence of humanity as whole will measurably improve when you kick the bucket.
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Old 03-27-2013, 04:44 PM   #142
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Did you watch the Paul Craig Roberts interview on Alex Jones -- last Friday.

No. The link was posted.

There is no solution. There is no way to avert what is coming. The best we can do is to try to prepare as individuals.

Here is a reasonable opinion piece about the actual significance of Cyprus. This author says it's the beginning of the end of the Euro.

MHG


Worst Bailout.... EVER
March 27, 2013 10:53 AM

http://adventuresincapitalism.com/po...lout-EVER.aspx
So you'd let Cyprus crash and burn?
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Old 03-27-2013, 05:48 PM   #143
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So you'd let Cyprus crash and burn?

Iceland didn't pay and didn't crash and burn, on the contrary the have one of the fastest growing economies in the world once they refused to be bullied into paying someone else's debt.

BTW didn't you call Cyprus an unimportant island who's banks were mostly a haven for laundered drug money. Did you catch the article reporting the Russians got most of their money out See my post above
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Old 03-27-2013, 05:52 PM   #144
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Iceland didn't pay and didn't crash and burn, on the contrary the have one of the fastest growing economies in the world once they refused to be bullied into paying someone else's debt.

BTW didn't you call Cyprus an unimportant island who's banks were mostly a haven for laundered drug money. Did you catch the article reporting the Russians got most of their money out See my post above
No and yes.

Your linked story is probably bull**** btw, I can't find any mention of it on the BBC or Economist sites. Got another source?

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Old 03-28-2013, 03:22 AM   #145
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Meanwhile Obama is continuing with infinite Quantitative Easing @ $85,000,000,000 per month. PER MONTH!!!!!!!!!!!

http://www.marketwatch.com/story/fed...ist=beforebell
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Old 03-28-2013, 06:07 AM   #146
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Meanwhile Obama is continuing with infinite Quantitative Easing @ $85,000,000,000 per month. PER MONTH!!!!!!!!!!!

http://www.marketwatch.com/story/fed...ist=beforebell
What do you think would happen if the Fed sent the signal that it no longer had faith in U.S. bonds?

Oh, and BTW, it's not Obama this, Obama that. What a bunch of crap. Like the majority of presidents, if you quizzed him on all this monetary alchemy, he wouldn't have a clue - like the overwhelming majority of Americans. Some people forget, when Wall Street created the derivatives market, they brought in physicists to design it. Even they don't understand it.

We've got to take down the casino and return to sound money principles. Too bad our politicians are too gutless and corrupt to even approach such an idea. Meanwhile, Clinton plays golf with Bush. And so it goes...

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Old 03-28-2013, 07:09 AM   #147
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What do you think would happen if the Fed sent the signal that it no longer had faith in U.S. bonds?

Oh, and BTW, it's not Obama this, Obama that. What a bunch of crap. Like the majority of presidents, if you quizzed him on all this monetary alchemy, he wouldn't have a clue - like the overwhelming majority of Americans. Some people forget, when Wall Street created the derivatives market, they brought in physicists to design it. Even they don't understand it.

We've got to take down the casino and return to sound money principles. Too bad our politicians are too gutless and corrupt to even approach such an idea. Meanwhile, Clinton plays golf with Bush. And so it goes...
And yet there is no long term plan that does not include you or me. The elite few want most of us useless eaters dead. That's how they see us.

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Old 03-28-2013, 07:39 AM   #148
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And yet there is no long term plan that does not include you or me. The elite few want most of us useless eaters dead. That's how they see us.
Yeah. Everything's a conspiracy.
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Old 03-28-2013, 08:12 AM   #149
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Yeah. Everything's a conspiracy.
See here's your problem. You see circumstances as separate but what really is taking place is a grand global plan being played out. It includes banking military agribusiness health education politics and more. This control is at the very top and many below doing their bidding are compartmentalized.

I realize how crazy and impossible this seems but none the less it is very real. At some point you will come to realize this. A some point it will be so in your face you will have to see it. Let's hope it is before they have us all on complete lock down. We are not in their plans for the future Ro. They will have robots to do most of the necessary work and we become useless eaters. Think of all the problems that would just disappear if the global population was somehow reduced by 80%. There is a group that sees this as their duty and then have been working this plan for a very long time. And "They" control most of the money and power.

If I didn't uncover this information for myself and was reading this post I would say this person writing this is completely nuts.

How do we not see this you ask?

http://www.theforbiddenknowledge.com...nd_control.htm

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Old 03-28-2013, 08:32 AM   #150
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Just for baja...

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