I have said the ramifications for business in Cyprus will be dire. Appalling. Zerohedge has picked up on the Bitcointalk thread: http://www.zerohedge.com/news/2013-03-29/caught-cyprus-crossfire-small-businesses-suddenly-zero-cash "So while Cypriots may have been quite cool and collected during yesterday's bank reopening when the Troika was kind enough to give them access to 300 of their cash per day, one wonders just how cool and collected they will be when the implications of the cash crunch spread through the system, when hundreds of small and medium business are forced to lay everyone off overnight, when paychecks suddenly stop and when not only savings but ongoing cash grinds to a halt. Because if the locals thought the deposit haircut is the worst of it, just wait until the full brunt of what a -20% depressionary collapse in the economy hits them head on."
Put a pic of some Bullion next to that one with a suitable title and spread it around online...facebook etc The mainstream need a push in the right direction
I read the thread from Bitcoin. I found out about Holodomor, meaning the genocide of Ukranian people in 1932, 1933. http://www.holodomor.org.uk/ http://www.holodomorthemovie.com/synopsys.html
So even if you didn't have a Cyprus bank account if someone like this owed you money, you'd most likely take a haircut too. That will propagate all throughout Cyprus and into neighboring countries that do business there.
They really need to get out of the euro and should have taken advantage of the capital controls to do so. The overnight evaporation of money wouldn't be so severe then. They would obviously have overnight evaporation of purchasing power like in the Asian crisis but they'd still have the means for transacting among themselves and give a quick clear price signal to foreign tourists etc that their money will now go much further in Cyprus. I believe every Euro has a region code stamped on it (eg there are "Italian" euros, "Greek" euros etc). Assuming Cyprus has their own as well then they can use those notes in parallel as a de facto Cypro-dollar until they get an official Cypro-dollar printed and spread through the economy. Any foreigners holding Cyprus Euros in their wallets will lose purchasing power and vice versa for any Cypriots who happen to have Greek etc Euros in their wallets.
Apart from 1 weak-as-p!$$ student march... there wasn't one riot... not one protest... not one arrest over this. As far as I'm concerned The Cypriots now have no right to complain. They just rolled over like little puppy-dogs... absolutely pathetic!
As this spreads there will be silent protests as people move to Bitcoin, Gold, Silver, or other assets that can't be confiscated easily.
That's a bit harsh. They're a very aged population and old people don't riot. Plus the whole society has just lost a large portion of their liquid assets. Going around destroying infrastructure and buildings, how would that help anyone at all. Why would this man riot? He would probably injure himself in the process. http://www.smh.com.au/national/i-we...-man-i-woke-up-a-poor-man-20130328-2gxab.html Life is not like American television, where as soon as there is a hiccup in politics or law and order, everyone goes to the shops, smashes everything and carry off all the televisions.
Well then how about UK television?.... or Thailand's.... or Greece's... or Chile's... Burma. Even the Canadian's throw a decent riot over a simple hockey match still..
Note the last comment They are changing the wording about what "your cash" deposited into your "savings account" really is (technically now telling the truth). It's not your savings that you can withdraw it's an "investment" that presumably you made as a sophisticated investor fully cognisant of the banks lending practices and clients.
^ the truth shall set you free Like i've said in another post or two, I think that people learning the truth (and a hard lesson at that) about banking will be the key to better and safer banking. Almost everyone around the world seems so fixated on the haircuts and the empathy towards people getting the haircuts, that they can't see beyond the first painful step of the process. If you think about this logically, things should have always been this way. Deposit insurance and bailouts are a bunch of crap. What we need are safer banks, with more reserves and less speculation on risky loans and other investments. And how do we go from point A to point C? Through B of course.
Interesting read. Capital controls, bank runs, what more to come ? Most notable is the assertion that Merkel will be exposed as a liar to the voters if Cyprus leaves the Euro and Germany's liabilities are exposed. It looks like the IMF and EEU will throw Cyprus on the bonfire that has consumed Greece. They are now at the point where they can pillage the Mediterranean members and once they have pulled all the wealth out of those countries, ringfence the 'core states', leaving the southern European peasants to eat cake. http://www.telegraph.co.uk/finance/...s-finally-killed-myth-that-EMU-is-benign.html
UK - Somewhat youthful but heterogeneous society with more people horrified by the riots than encouraging them. Thailand - Young population Greece - Larger population than Cyprus, and the trouble was where all the young people live eg Athens, not on the retirement islands Chile - Youthful population Burma - Young population, definitely not a homogenous society where they were rioting as they can't stand the pushy religion of their neighbours. How does that compare to elderly Greek Cypriots. None of these sitations compare to the aged population of Greek Cypriots.
