So how long until the new 80% levy takes effect? Is it from todasy being the first Monday after the article.... Only a few hours to go until banks open again over there???
I think the troikas planned approach is best summed up by this video; [youtube]http://www.youtube.com/watch?v=i2KLyBapfTc[/youtube]
Surely an 80% levy is going to cause some sort of at least minor bank run over there..... why is'nt there any new news of this happening?
there will be no run, just fast walk. since those stuck could not get all the money at once, but will never put the money into the system again.
http://www.worldviewweekend.com/new...-proposed-new-2013-canadian-government-budget Canada puts 'bail-ins' in its 2013 budget
I am not so sure what the big deal is anyway. No government should ever insure or back a bank period. Sure put some laws in place that allow banksters to be hanged or stoned if they are involved in the dealings that sink a bank, but governments should never ever be insuring deposits or bailing out any bank.
Alot of talk on Cyprus over @ Kitco over past days. I'm still trying to fathom it all & to think other banks are now claiming they also have a "bail in", so they can too, fleece their sheep. Absolutely ludicrous! Also much lately about how Bitcoin is becoming a serious hedge from the banksters. I personally refuse to muse over this as an alternative. I realise it's a touchy subject but what's more absurd is the manipulation of PMs & how PM prices have not risen in spite of Cyprus, Benny's printing or anything else that's news lately
I was sent this link recently http://www.dailymail.co.uk/news/art...-pat-familys-dream-building-home-crushed.html the bit i found most interesting was... In a further cruel twist, Maria was told yesterday that a 200,000 euro loan she and Michael, who was born in Cyprus, have taken out at the bank to help build their house will still have to be repaid. 'So we cannot use some of our "confiscated" funds to pay that off,' she said. No, the bank has taken that and we will end up paying for a loan for years for a house that we cannot afford to build.' So your capital can be confiscated, but the confiscation has no relationship at all to your debt, which still needs to be repaid. Your debt becomes their asset, after your assets help with their debt, can't wait !
Sorry this might be off the beaten path here but can someone show me some link to the Australian Gov websites which clearly states what banks they will guarantee a $100K deposit. Is it purely for Aussie banks and credit unions? Say for example what about super funds which invest overseas? Is there a list somewhere? or has that initiative all be cancelled now that Big Joe Hockey is in town?
You could start here hihosilver. http://www.comlaw.gov.au/Details/F2011L02422/Explanatory Statement/Text
See these APRA pages: http://www.apra.gov.au/CrossIndustry/FCS/Pages/fcs-adi-html.aspx http://www.apra.gov.au/adi/Pages/adilist.aspx
There is some interesting conversation in this radio piece: [youtube]http://www.youtube.com/watch?v=aNecrAm-j_U[/youtube] Talks about a coming collapse of the US Financial system through stuxnet type worm which will bring down all financial institutions and possibly the power grid. During this time accounts to be emptied and martial law to be enacted. Load up on anti-stress pills and have a listen. A number of Black Swan concepts arise during this discussion. p.s. ignore the godsquad stuff and listen to the finance material.
It was my understanding that the grubbyment guarantee was capped? 20 billion is ringing a bell? anyone know for sure? Not sure if it's first come first served, or 20 billion spread across an institutions account holders? Either way, if it is capped, it still sounds painful.
10%...40%...80%...the next step is obviously... [youtube]http://www.youtube.com/watch?v=M5QGkOGZubQ[/youtube] The haircut now looks like a decapitation.
It is extremely unfortunate for those involved, but it is a very good lesson for everyone else. Most pm investors don't trust the government. Yet if you keep amounts in the bank over the guaranteed amount, you are trusting both the bank and the government. That is why I stick with local banks that are strong financially. As a believer in Austrian economics, I don't believe in government guarantees anyway.
from what i've read a while ago in US many of the local banks right after '08 many got bought out because they filed for bankruptcy. I also read somewhere something similar happened in 1930s where the big banks bought out small players increasing their market share