Cyprus now wants to take 80%

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???
 
TheEnd said:
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???
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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

The politicians of the western world are coming after your bank accounts. In fact, Cyprus-style "bail-ins" are actually proposed in the new Canadian government budget. When I first heard about this I was quite skeptical, so I went and looked it up for myself. And guess what? It is right there in black and white on pages 144 and 145 of "Economic Action Plan 2013" which the Harper government has already submitted to the House of Commons. This new budget actually proposes "to implement a 'bail-in' regime for systemically important banks" in Canada. "Economic Action Plan 2013" was submitted on March 21st, which means that this "bail-in regime" was likely being planned long before the crisis in Cyprus ever erupted. So exactly what in the world is going on here? In addition, as you will see below, it is being reported that the European Parliament will soon be voting on a law which would require that large banks be "bailed in" when they fail. In other words, that new law would make Cyprus-style bank account confiscation the law of the land for the entire EU. I can't even begin to describe how serious all of this is. From now on, when major banks fail they are going to bail them out by grabbing the money that is in your bank accounts. This is going to absolutely shatter faith in the banking system and it is actually going to make it far more likely that we will see major bank failures all over the western world.
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The Government proposes to implement a "bail-in" regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants.
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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.
 
Lovey80 said:
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.
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I'm always up for linching some bankers , might as well throw in some poli's at the same time :D
 
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 :o
 
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?
 
hihosilver said:
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?
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You could start here hihosilver. :)

http://www.comlaw.gov.au/Details/F2011L02422/Explanatory Statement/Text
 
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
 
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