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Europeans Planted Seeds
of Crisis in Cyprus

New York Times, by Andrew Higgins

Original Article

Posted By:pineledger, 3/27/2013 4:52:22 AM

Nicosia, Cyprus--When European finance chiefs explained their harsh terms for rescuing Cyprus this week, many blamed the tiny Mediterranean nation’s wayward banking practices for bringing ruin on itself. But the path that led to Cyprus’s current crisis — big banks bereft of money, a government in disarray and citizens filled with angry despair — leads back, at least in part, to a fateful decision made 17 months ago by the same guardians of financial discipline that now demand that Cyprus shape up.

Comments:
More financial tinkering with unintended (one assumes) consequences. Frau Merkel appears to be the bull in the china shop.

      


Post Reply  

Reply 1 - Posted by: Trigger2, 3/27/2013 6:41:24 AM     (No. 9245898)

The Bildenberg Group in action.

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Reply 2 - Posted by: planetgeo, 3/27/2013 7:23:07 AM     (No. 9245930)

In an era of governance by thieves, it´s a good idea to understand the concept of a bank. The common belief that a bank is where they store your money until you need it is at the root of the problem. Banks simply take your money and spread it around to other people, charging them more to use it than they give you for giving it to them. That´s how banks really work.

So if a government of thieves tells the banks they MUST give your money to special people (well, like themselves, for example, or their pals and pet causes), and then those people blow it, that same goverment of thieves now knows where the rest of your money is ...that´s right, in the banks. So guess where they´re going to go to "fix" things. It´s like the fox knowing where the duck hid all her eggs.

Cyprus explained. And soon, Spain and Italy. And eventually, here.

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R-G1
  
R-VAR_AD


 
Reply 3 - Posted by: RancherJack, 3/27/2013 7:40:49 AM     (No. 9245949)

Jacques Delors conceived of the Euro.

"Sovereignty? Yes, you´ll have to give up as little, but the ROI will be much greater than what little sovereignty you lose."

"What if?"

"Well, then. The banking apparatus will have to be taken over."

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Reply 4 - Posted by: gabula, 3/27/2013 8:40:51 AM     (No. 9246069)

Bonnie and Clyde on Steroids!!!

Gabula

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Reply 5 - Posted by: LZK, 3/27/2013 9:22:09 AM     (No. 9246139)

I have many Portuguese friends who didn´t like this Euro/thing when it was proposed....

They saved their Portuguese money because they said it would be the only safety/net when the Euro dies....

They were right....

LZK

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Reply 6 - Posted by: bigfatslob, 3/27/2013 9:51:52 AM     (No. 9246209)

While Europe acts like John Dillinger which will spread to Italy and Spain you all better prepare for it to happen here.
Start putting your money in Bank of Folger Coffee Can and replace the stuffing in the mattress with your savings.
Anything with an account number will be fair game. Obama has too much time left in office and 2014 will be his launch to total confiscation and theft of all monies.
You´ve been warned by the bigfatslob.

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Reply 7 - Posted by: stryker714, 3/27/2013 10:00:12 AM     (No. 9246232)

This is a good reason not to accept the tripe of benefits the One Worlders espouse
for making individual countries come under the control of one entity. The one entity
cannot perform. It´s better left to the "locals" AKA known as the individual banking
systems of each country. It´s a good reason not to allow the US to fall under global
governance or the same thing will happen to us. The One Worlders are so derelict
and incompetent they are like the Pac-man that just eats, eats, eats money it sees,
then tries to eat more when it learns where additional caches of cash are, like #2 says. Stop the flesh, er cash eating bacteria!

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Reply 8 - Posted by: coldoc, 3/27/2013 10:27:59 AM     (No. 9246304)

Don´t for a minute think that obama hasn´t considered the same thing here.

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Reply 9 - Posted by: JHHolliday, 3/27/2013 2:55:01 PM     (No. 9246819)

He has, #8. They floated a trial balloon 4 years ago about taking a portion of everyone´s retirement plans and replacing that with US Treasury Bonds. It was to be a ´one-time only´ confiscation....bwahahaha

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Reply 10 - Posted by: JHHolliday, 3/27/2013 2:59:18 PM     (No. 9246826)

What the EU has done in one fell stroke is destroy any confidence in southern European banks. The Cyprus debacle is bad enough but that fool from the Netherlands said that they would use the same tactics on any country that asked for a bailout in the future.

A bank (or country) can´t exist if the depositers feel the government can steal their money at any time.

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Reply 11 - Posted by: gone2pot, 3/27/2013 4:49:33 PM     (No. 9246982)

A thousand dollars in the Bank of Cyprus deposited four years ago sans theft equals 1250. The same thousand in ANY US bank equals 991 dollars. Capital controls notwithstanding, Cypriots with deposits under 100 grand in Euro´s is WAY better off than you. EC´s prez Trichet promised the new EU nation in 2008 through 2011 that if Cyprus invested in Greek bonds, that Greece bonds would not get a haircut. The EU from Brussels encouraged Cypress to by Greek bonds, sealed with a kiss. In 2012, the EU blew away the value of Greek bonds. What a shock. Who knew spending at 120 percent GDP would bankrupt a nation? Now, there´s about 10 TRILLION US bango bucks deposited in US banks. Guess how much FDIC has on hand to insure it all? 25 billion. For you in Rio Linda 25 billion is a LOT less than 10 trillion. As northern Europe sans ex-pat Brits in Cyprus, act like cows looking at a passing train, watch their continent implode, our stock market and our dollar is soon to be the uber strongest on earth until we implode. Say good-night, Dick.

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Reply 12 - Posted by: uno, 3/27/2013 9:29:16 PM     (No. 9247346)

Why be responsible when you created the crisis to begin with. Manufactured crises are simply ripe for the taking by the disingenuous crooks that set the wheels in motion. Who doesn´t see the end result of that scenario? Sound like anybody we know of...hmmm?

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