March 19, 2013 – CYPRUS – In the early hours of Saturday, Cyprus agreed to a “bailout” with the EU and IMF that is very controversial because it imposes an immediate one-time tax on everyone with money in a Cypriot bank before banks reopen on Tuesday (Monday is a holiday). The deal still needs to be passed by Parliament and that’s not a sure thing. Ekathimerini has this report: The Cypriot government is now sweating over a possible rejection by the island’s parliament of the shocking set of measures imposed on Nicosia for the eurozone to bail its economy out of a likely default, announced in the early hours of Saturday. The Cypriot government is preparing the bill to be tabled in Parliament probably on Sunday in an emergency session, as everything will have to be voted by Monday night for Cypriot banks to open on Tuesday. The stakes are incredibly high. Here’s a statement from Cypriot President Nicos Anastasiades warning of total financial collapse and euro exit if there’s no deal.“It is well known that the deep economic crisis and the state of emergency in which the country has found itself did not come about in the last fortnight since we have undertaken the administration of the country. The state of emergency and critical nature of the times does not allow me, as they do not allow anyone, to embark on a blame game. On Tuesday, March 19 we would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis, which would put a definitive end to the uncertainty and restart our economy…(without a deal) Such an uncontrolled situation would push the whole banking system into collapse with all the attendant consequences. As a result of the above, the service sector would be led to a complete collapse with a possible exit from the euro. That, in addition to the national weakening of Cyprus, would lead to devaluation of the currency by at least 40%.” –BI
Former US Treasury official warns of system-wide collapse: Outspoken, controversial former Assistant of the US Treasury Paul Craig Roberts spoke yesterday about the problems that Western policy-makers face and the inevitability of the current financial system ending in ruin. There are no economic policy solutions. You can’t deal with [the excessive money printing] by cutting spending because you already have high unemployment. How are you (the Fed) going to contain the inflation? Are you going to jack interest rates up and wreck what little is left of the economy? The whole thing is a disaster waiting to happen. And they (mainstream media and government officials) avoid it. There is no talk about it. It’s so obvious. How can you not see it? And yet they never mention it. So I just feel compelled. It’s my responsibility to mention it. Roberts claims that the game of printing money cannot last and that there are already early warning signs that the US dollar is slipping in its role as the global reserve currency. Eric Sprott of Sprott Asset Management continued with the same theme yesterday in response to Roberts’ comments: They play games, and they manipulate things (such as gold and silver). They are so lucky because they get to borrow money at zero (percent) and lend it to people. They are given this right to make money, and then they turn around and lever it up, and throw derivatives on top of that. I totally agree that someday it will just fall apart and we will find out that none of the counterparties can pay. I’ve never been hopeful for the financial system. Ever since the 2008 financial crisis all we’ve had is printing of money and backstopping of banks. The one thing which has happened since Lehman, Lehman was a liquidation, and there has never been a liquidation allowed since. Nothing is allowed to liquidate, whether it’s Fannie, Freddie, various banks, nobody is allowed to liquidate, and I know exactly why they are not allowed to liquidate, because if they liquidated the first domino falls. And once the first domino falls, everyone starts worrying about counterparties and the whole system fails. That’s why they need to keep propping it up week after week. Somebody is always getting bailed out. It’s just ongoing and anybody who has any common sense at all knows it will end in ruination. –Mining
The words of William Butler Yeats’ poem, The Second Coming, spring to mind-
Turning and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
Surely some revelation is at hand;
Surely the Second Coming is at hand….
You can read the rest! Yeats foresaw the birth of the beast of the apocalypse- and surely WWl, WWll and the rest followed up until today. But we foresee the real Second Coming- hopefully in the hearts of all and from Heaven, and before the world splits more apart politically, economically, physically and spiritually.
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Great poem.
Bad, bad news in Cyprus. Probably the first domino in the economic crash.
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Paula…Oh… How True are those words of Yeats…We must pray for Peace…The Lord forever on our lips…Lord Have Mercy and forgive us our sins as we forgive those who have sinned against us !!!
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Thank you everyone. Bless the people of Cyprus and all of us. The powers that Be but really are not- seem determined to take the people’s wealth, health, attention, energy, and if possible, their very souls. What we can do is to not give them our power, to prepare, to pray and to practice the presence of the God.
Paula
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Wonderful poem. Thank you for sharing this. You’re right. We do foresee the real Second Coming. Maranatha
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So it begins. Time to batten down the sails, and ready the cannons!
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Thanks Paula! If money is an agreement, there’s going to be a whole lot of disagreeable people soon. I suggest invest in garden tools and seeds that will be worth more than money soon enough,
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Just to said that the second coming have no link with the US currency collapse, in those 2000 years how much monetary model have changed ?! A lot, and now its time to change the economic model again. USA is not the center of the universe at all.
And Jesus don’t care about money either, for Him it’s better to be poor than be rich.
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Could this happen here in America. Oh yes it can! And Oh yes it will!
Before I am classified as a doomsayer,paranoid or whatsoever. Scriptures say that men will throw their gold and silver into the streets. A few years ago, North Koreans awaken one morning and found that not only had their currency had been devalued but replaced with a new currency and entire savings gone. Last night in a discussion with my mom regarding this situation, she made the comment that we can print our own money and I reminded her that too much of a good thing makes it eventually worthless.
So, if you prepp and many of us do, continue to do so if i may be so bold. Suppose we could not buy food for one week or any other needed purchases. Suppose your local food store would not accept the cash that many of you have stashed because it has been devalued and a new one not issued. I was raised to save for a rainy day. I believe the world economic system as we know it is about to implode and 401k’s, stocks,mutual funds and CD’s,savings and checking accounts are going to suffer great loss of value if not complete devastation.
To me, it just makes sense the way I see how things are developing.
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Cyprus is sitting on a natural gas gold mine
http://money.cnn.com/2013/03/21/news/economy/cyprus-natural-gas/index.html?hpt=hp_t2
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Cyprus is the first domino. The globalists had to tip this first domino, to disrupt complacency. This is not accidental. It is not mismanagement nor incompetence. It is intentional. The time for being nice is long gone. Here is my highly opinionated piece, also from the 19th: currenteventsusa.wordpress.com/2013/03/19/cyprus-is-the-first-domino/
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