22 Responses to Cyprus: The bank ‘rescue package’ designed to destroy the economy?

  1. Brandon says:

    I think this is a test run for the bigger countries. Cyprus is a very small country that could have easily been “bailed out.” Yet they those to steal directly from the people this time instead of indirectly. You have to ask yourself why…

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    • nickk0 says:

      The scary thing, is that OTHER countries in the Eurozone – and around the world – will ‘borrow’ this same idea.

      This is a double-stupid, if not triple-stupid, idea – not just because they are *appropriating* [read: stealing] people’s money ‘legally’ (??) – but because this, will succeed in driving more people’s money ‘underground’, since they won’t trust ‘legitimate’ (??) institutions like banks anymore.
      Then, Governments around the world, will have a ‘new’ problem to deal with… namely, a growing and uncontrolled ‘underground’ economy.
      Then, Governments will have to impose new / draconian measures, to control or stamp out these ‘underground’ economies.

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  2. When will we wake up and see what is being done here… Glad you posted about this for its daylight robbery of peoples hard earned money while those in the high places get richer and fatter.

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  3. kvm2 says:

    This “bail out” was on the backs of the depositors, ie the little people to protect the bond holders..So, another instance where the rich are bailed out.. What happened to the deposit insurance these people were supposed to hve…. This is just a practice run, using a small country as the test subject to guage how to handle the fleeced depositors in larger countries…With the large bank financial crisis we are looking at , why not make the banks py, not the ever suffering people????

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  4. PKK says:

    Wow. Well I have friends in Cyprus and its interesting that many of the depositors at the 100K and above mark are ex-pat Russian millionaires and billionaires. This move will make many people angry. And they were lined up all weekend taking whatever cash they could get out of these banks. I think EU knows its pushing people and a violent revolution is the excuse the powers that be are looking for. Pray. Love, Paula

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  5. Dennis E. says:

    One internet report stated that what Cyprus really wanted to do was to tax/grab money deposited by Russians in Cyprus banks that could not be taxed but they had to tax everybody.

    Now, if you remember, The Bush Administration wanted to privatize Social Security I believe, speaking to the goverment raiding private accounts.

    And in Australia, there was a report that the goverment was going to take those personal banking accounts that were in the inactive status. I don’t know if that/when that was going to occur.

    Who knows, but it is good have some cash on hand, but if you rent and there is a banking holiday,
    do you know if you’re rental company will take cash? Most likely, may not.

    Isn’t the goverment sneaky and untrustworthy…..almost downright evil at times…..

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  6. kvm2 says:

    Mish Shedlock has a comment from a financial person how this could have been handled, yet still protect the “average person”(we the poor)..I would suggest that they do what Iceland did, tell the debt holders to fly a kite, and jail the bankers that got the country in this mess.Politicals as well.. Russian money, and the implication it is dirty..??? You first have to prove the money is “dirty”,just finger pointing don’t count…..With virtually no interest paid, and what is being paid, below the actual inflation rate, why bury cash in banks? We all know the system is a sham, so what is wrong with one third in Precious metals..Actual physical metal as opposed to paper, non metal backed ETF’s..And held where it can’t be removed for your protection…

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  7. PIITM says:

    Beta Test – external pilot-test of a product before commercial quantity production. At the beta test stage, the product has already passed through the first-level, and glaring defects have been removed. But (since the product may still have some minor problems that require user participation) it is released to selected customers for testing under normal, everyday conditions of use to spot the remaining flaws.

    This is not a “bail out.”

    A bank account is the private property of a citizen – like your car or your house.
    Corrupt banks are stealing people’s money and they’re not going to stop there – retirement accounts, savings, etc., etc., etc.
    The IMF wanted 40% of these accounts

    The chief economist of the German Commerzbank called for Italians to be plundered for 15% of their savings.

    Cyprus has a debt to GDP ratio of about 87 percent, but the United States has a debt to GDP ratio of well over 100 percent.

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  8. Joseph t. Repas says:

    It is no different in the USA but under a different guise; not only that but the Democrats are playing WITH the Republicans to get it done..I warned people about this five years ago but I was not attached to EP or other major blog sites then; This is how it has been unfolding….The US health care plan is going to be a windfall for big business while ripping apart the middle class. The Government says mandatory health care for everyone and it is MANDATORY to have it or you will be fined. the government says you will have a choice between what your employer offers or you can join the government plan…REALLY? Yes, businesses will be required to offer health insurance but what they are doing is ” allowing” the rates to go so high that only a tiny percentage will be able to afford it. Big business will in essence ” dump” the other 90% of it’s health care costs on the US government and reap BILLIONS in instant profit! as the workers flail with a health care that will be much more interested in squeezing costs than healing people. Freedom will be GONE! Big companies are already BLAMING people for becoming ill and are surcharging in every possible way. The US government will not be able to pay for this ;Therefore, the limits they put on patients will be gruesome; especially if some big disease or war strikes. The economy will crash because people will spend 120% of their income on health care and fuel, and few products will be bought, negating part of the windfall profits. In case you are wondering; the Republicans ploy in this is to say that they will not raise taxes on the wealthy so that it will look like the Democrats really are for the little guy but my belief is that both parties are in on this…Is it a conspiracy? Probably.

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  9. Gwil says:

    Maybe it is purely a coincidence that this so-called ‘bail out’ follows upon the heels of an announced discovery not long ago, within the last month or so, I believe it was by a US geological survey team, that the sea around Cyprus holds the world’s biggest gas reserves. A bit odd to say the least.

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  10. Dr. Veronika Rampold says:

    Today at 5.30 PM I gave a comment to an article about the planned “account haircut” which had been published on a German web site (www.web.de)
    quoting “North American Freelancer sites” to say that “Cyprus is a B Test”
    and warned my German fellow citizens to take at least some cash off their accounts before it is too late.
    I wrote “don’t trust Mrs Merkel”s guarantees about German accounts.”
    One hour later the article commented on by me had been removed, and another put in its place, about German accounts being safe, Cyprus NOT being a B Test – with a long and elaborated discussion of especially THIS point ! – and Merkel being honest.
    Call this a coincidence if you like, readers.
    I’d rather call it censorship, or propaganda.

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    • Joseph t. Repas says:

      Thank you for speaking out Dr. veronika! Of course the elite don’t care that we know of their devious plots; they know we are impotent and even if enough people wake up; the rebuttal to riots in the streets would make Syria look like Disney World and only the innocent would suffer. Cling to Jesus everyone…It’s going to be a bumpy ride.

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  11. And they thought it was “their” money for which they had exchanged their labor and talents? Nope! It’s not theirs if they can’t have the possession and use thereof.

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  12. TexasRedNeck says:

    >>>>Joseph T.<<<< The real terrorist are in Washington D.C. our nation is already ruined. Both political parties are in on enslaving American's.

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  13. Cookie's mum says:

    “We have just witnessed one of the most important events in history

    and it will have a major impact on the gold market”- Jim Sinclair

    A deal was reached over this past weekend. The Cyprus banking system is now DEVALUING balances under 100,000 Euros by 6.75% and by 9.9% for those over 100,000 Euros. This is being called a “tax.” It is not. It is outright theft! The funds withdrawn in Cyprus by depositors via the use of ATM machines this past weekend already had an additional 10% deducted from their accounts.

    Whether the Cyprus situation is real, done by stupidity or “planned” doesn’t matter. REAL fear will be generated. And with real fear will also bring with it REAL purchases of gold and silver.

    Could ” Cyprus ” be avoided? Yes, it can still be avoided with a $10 billion bailout. However, if it is not avoided, then it is game on and “the wind” will be at the PM backs and those that fought so hard for so long to suppress the prices will be on the other side of the trade and “mark” prices to the moon!

    A week ago, Sinclair said the bottom is in (above $1,550). He promised that gold would be moving well away from $1,600 by March 27th. So far, his predictions are holding up. Today, March 18, gold is trading at $1605.

    Greg Simmons
    http://www.physicsofchange.com

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  14. Irene C says:

    Reading the comments here and I agree. But what I also feel is that many of the behind-the-scenes people are hoping that all the economies will eventually fail. Then they will come up with a fool-proof plan to create a one-world economic plan which will put everyone on an even playing field. Well, even for everyone except for those who are behind the scenes. Someone has to make money out of this.

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  15. democrats, republicans, just two heads of the same beast. it’d like two rival gangs blaming the other for all the gang violence.

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  16. Gwil says:

    Here’s part of a chart from OENB which I believe may be the Austrian National Bank published in one of today’s papers showing that Cyprus is in 8th place in the Eurozone bad debt league:

    1- Greece 175.6 % BIP
    7 – France 93.4 % BIP
    8 – Cyprus 93.1 % BIP
    9 – Germany 80.7 % BIP

    The Eurozone-17 have an average debt of 95.1 % BIP.

    So what’s the story behind the story?

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