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 INTERNATIONAL ECONOMIES 
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Post Re: INTERNATIONAL ECONOMIES
Cyprus Crisis

Dateline: Thursday 21st March 2013
------------------------------------

The European Central Bank has raised the stakes by warning the Cypriot govt. that it is considering cutting off emergency liquidity provision to its banks if a bailout with the EU and IMF is not agreed by Monday.

It seems that the ECB is taking this very hardline stance in retaliation for the Cypriot Parliament rejecting its terms (ie: thieving from ordinary people's bank accounts). Another development is that Russian Prime Minister Dmitry Medvedev has told some visiting EU bigwigs that any solution must include Russian participation.

The above is my re-wording of some data gleaned from here:
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/5adf82bc-9201-11e2-851f-00144feabdc0.html#ixzz2OAwuV1EM

===========================

Meanwhile, VTB, Russia's No.2 bank, has said that it is not interested in buying banking assets in Cyprus, as talks continued on whether Russia can provide help to the island in return for equity in its banks. Furthermore, VTB has said that with losses in the "tens of millions of euros" being possible, it would re-examine its business in Cyprus if a bank deposit levy is enforced, with a total shut-down of its operations on the island not being ruled out.

The above is my re-wording of some data gleaned from here:
http://www.reuters.com/article/2013/03/21/russia-cyprus-vtb-idUSL6N0CD6WM20130321

===========================

hmm, in about 10 days from now there will be a 4 day holiday, as its Easter. Could there be some sort of global / europe-wide financial reset?

:shtf :shtf :shtf

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Thu Mar 21, 2013 6:22 am
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Post Re: INTERNATIONAL ECONOMIES
Great post, simon!

Cyprus: The Sum of All FUBAR
Paul Krugman

At this point the Cyprus situation is pretty clear — and clarity does not bring reassurance. In fact, it looks as if Cyprus has managed to combine in one place everything that has gone wrong elsewhere.

1. Runaway banking. Cyprus has a huge banking system — assets around 8 times GDP — based on a business model of attracting offshore money with high rates and good opportunities for tax avoidance/evasion.

I’ve done some asking around, and cleared up something that was puzzling me. Officially, only about 40 percent of the deposits in Cypriot banks are from nonresidents, which would imply resident deposits of almost 500 percent of GDP, which is crazy. But the answer is that I do not think that word “resident” means what you think it means. Some of the money is from wealthy expats living in Cyprus; much of it is from rich people who have resident status without, you know, actually living there. So we should think of Cypriot deposits as mainly coming from non-Cypriots, attracted by that business model.

And the business model only works until there’s a big loss somewhere; since Cypriot banks were investing in Greece and in their own domestic real estate bubble, doom was inevitable. Which brings me to:

2. Big domestic real estate bubble, Spain or Ireland-sized. Not yet fully deflated, which means lots more losses to come. And the combination of the real estate bubble and the income from dodgy banking also led to:

3. Massive overvaluation, with Cypriot prices and costs having risen much more than in the rest of the euro area. In 2008 the current account deficit was more than 15 percent of GDP!

What can be done? First off, Cypriot banks cannot honor their debts, which unfortunately overwhelmingly take the form of deposits. So a default on deposits is inevitable.

As I now understand it, the initial screwup was a joint error of the Europeans and the Cypriots. Europe didn’t want an explicit bank resolution, which would among other things have given clear seniority to small insured deposits; instead, it wanted this essentially fictitious tax scheme. Meanwhile, the Cypriot government still has the illusion that its banking model can survive, and wanted to limit the hit to the big overseas depositors. Hence the debacle of the small-deposit tax.

In the end this probably comes, in some version, to what it should have been from the start — a big haircut on deposits over 100,000.

But even then the situation is by no means under control. There’s still a real estate bubble to implode, there’s still a huge problem of competitiveness (made worse because one major export industry, banking, has just gone to meet its maker), and the bailout will leave Cyprus with Greek-level sovereign debt.

So then what? As a number of people have pointed out, Cyprus is arguably better positioned than Iceland to do an Iceland, because devaluing a reintroduced Cypriot currency could bring in a lot of tourism. But will the Cypriots — who haven’t even reconciled themselves to the end of their round-tripping business — be willing to go there?

Truly awesome stuff.

http://krugman.blogs.nytimes.com/2013/03/21/cyprus-the-sum-of-all-fubar/

"Doing an Iceland..." just what these banksters need, IMHO. :mrgreen:

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Thu Mar 21, 2013 7:09 am
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 Re: INTERNATIONAL ECONOMIES
CONTAGION! Depositor Haircut Bail-Ins Spread to New Zealand, Gov’t Discussing Cyprus Style Solution for Bank Failure!

Depositor haircut wealth confiscations have just gone from a one-off in Cyprus to the new thing in 2013.

The New Zealand government is reportedly pursuing a policy of Cyprus style depositor haircuts for all future bank failures!

The plan would not limit the haircuts to any percentage, but would steal whatever is necessary from depositors to prop up the failing bank institution: Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat. <snip>

read more:
http://www.silverdoctors.com/contagion-depositor-haircut-bail-ins-spread-to-new-zealand-govt-discussing-cyprus-style-solution-for-bank-failure/#more-23498

http://tinyurl.com/dxgfgte

==========================================

BANK MANAGER VERIFIES CASH WITHDRAWL LIMITS AND REDUCED HOURS COMING TO US BANKS WITHIN 60 DAYS

Just received a call from a highly agitated bank manager who stated that within 60 days, banks will be greatly reducing their hours, days of operation, amount of withdrawals and a requirement to fill out "paperwork" if the amount is questioned by bank officials. <snip>

read more:
http://www.stevequayle.com/index.php?s=33&d=325

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Thu Mar 21, 2013 2:17 pm
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Post Re: INTERNATIONAL ECONOMIES
Cyprus secures bailout, avoids bankruptcy
Mar 24, 9:44 PM (ET)

By JUERGEN BAETZ and DON MELVIN

BRUSSELS (AP) - Cyprus secured a package of rescue loans in tense, last-ditch negotiations early Monday, two EU diplomats said, saving the country from a banking system collapse and bankruptcy.
The cash-strapped island nation needs a 10 billion euro ($13 billion) bailout to recapitalize its ailing lenders and keep the government afloat. The European Central Bank had threatened to cut crucial emergency assistance to the country's banks by Tuesday without an agreement.

The finance ministers of the 17-nation eurozone accepted the plan reached in 10 hours of negotiations in Brussels between Cypriot officials and the so-called troika of creditors: the International Monetary Fund, the European Commission and the ECB.

Under the plan, Cyprus' second-largest bank, Laiki, will be restructured and holders of bank deposits of more than 100,000 euros will have to take losses, the diplomats said. They spoke on condition of anonymity pending the official announcement. It was not immediately clear whether the holders of large deposits in the remaining Cypriot banks would equally be forced to take losses.

The diplomats also did not elaborate on how much large deposit holders would lose. Making them take a hit is expected to net several billion euros, reducing the amount of rescue loans the country needs.

Without a deal by Monday night, the tiny Mediterranean island nation of about 1 million would have faced the prospect of bankruptcy, which could force it to abandon the euro currency and spur turmoil in the eurozone of 300 million people.

To secure a rescue loan package, Nicosia had to find ways to raise 5.8 billion euros so it could qualify for the 10 billion euro bailout package. The bulk of that money is now being raised by forcing losses on large deposit holders as well as bond holders in Laiki bank, which will be split into a bad bank of toxic assets and a remaining viable core business.

But Cyprus resisted pressure by creditors to also unwind the country's largest lender, Bank of Cyprus, the diplomat said.

A plan agreed to in marathon negotiations earlier this month called for a one-time levy on all bank depositors in Cypriot banks. But the proposal ignited fierce anger among Cypriots because it also targeted small savers. It failed to win a single vote in the Cypriot Parliament.

Under the new agreement, average savers' deposits with all Cypriot banks of up to 100,000 euros will be guaranteed by the state in accordance with the EU's deposit insurance guarantee, the diplomat said.

In an illustration of the depth of the fear of a banking collapse, Cyprus' central bank on Sunday imposed a daily withdrawal limit of 100 euros ($130) from ATMs of the country's two largest banks to prevent a bank run by depositors worried about their savings.

snip

Read more here: http://apnews.excite.com/article/20130325/DA57QO100.html

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Sun Mar 24, 2013 8:38 pm
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Post Re: INTERNATIONAL ECONOMIES
Lets see if the :shtf

I think maybe the :shtf

If not the Russia will let the :shtf

But the ECU et al actually want the :shtf

So whether the :shtf will be amazing to watch!!


How can you just go and take depositors money to save the criminal bankers' excesses????

:shtf :shtf

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Mon Mar 25, 2013 2:51 am
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Post Re: INTERNATIONAL ECONOMIES
Ahhh but, Sky, in the eyes of the EU - these are not normal "depositors." These are the funds of Russian "oligarchs." Perhaps even laundered money. :sarcasism

As the old saying goes - "there is no honor among thieves." :crylaugh

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Mon Mar 25, 2013 8:02 am
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Post Re: INTERNATIONAL ECONOMIES
Why Does No One Speak of America’s Oligarchs?

One of the striking elements of the demonization of Cyprus was how it was depicted as a willing tool of Russian money launderers and oligarchs. Never mind the fact, as we pointed out, that Cyprus is not a tax haven but a low-tax jurisdiction, and in stark contrast with the Caymans and Malta, has double-taxation treaties signed with 46 nations and has (now more likely had) with six more being ratified. Nor is it much of a tax secrecy jurisdiction, according to the Financial Secrecy Index. Confusingly, in the overall ranking, lower numbers are worse (Switzerland as number 1 is the baaadest) but in the secrecy score used to derive the rankings, higher is worse, with 100 being utterly opaque. The total rank is a function of “badness” (secrecy score) and weight (amount of business done). You’ll notice that all the countries ranked as worse than Cyprus have secrecy scores more unfavorable than it, with the exception of Germany, which is a mere 1 point out of 100 less bad, and the UK, which scores considerably lower (Nicholas Shaxson, author of Treasure Islands, would take issue with that reading, but he takes a more inclusive view of the boundaries of a financial services industry. For the UK, thus he not only includes the “state within a state” of the City of London, but also the UK’s secrecy jurisdictions, such as the Isle of Man, in his dim view of the UK as well as the US on secrecy). And even so, its greater volume of hidden activity gives it a much worse overall ranking. Of countries 21 tp 30, only 3 rank as less bad on secrecy: Canada, India, and South Korea.

snip

Nevertheless, Simon Johnson clearly described in his important 2009 Atlantic article, The Quiet Coup, that America was in the hands of oligarchs:

Quote:
Every crisis is different, of course….But I must tell you, to IMF officials, all of these crises looked depressingly similar….Typically, these countries are in a desperate economic situation for one simple reason—the powerful elites within them overreached in good times and took too many risks. Emerging-market governments and their private-sector allies commonly form a tight-knit—and, most of the time, genteel—oligarchy, running the country rather like a profit-seeking company in which they are the controlling shareholders. When a country like Indonesia or South Korea or Russia grows, so do the ambitions of its captains of industry. As masters of their mini-universe, these people make some investments that clearly benefit the broader economy, but they also start making bigger and riskier bets. They reckon—correctly, in most cases—that their political connections will allow them to push onto the government any substantial problems that arise…

In its depth and suddenness, the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again)….But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.


snip

Read more at http://www.nakedcapitalism.com/2013/03/why-does-no-one-speak-of-americas-oligarchs.html#oEQExicFIEhfhvSK.99

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Mon Mar 25, 2013 8:07 am
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Post Re: INTERNATIONAL ECONOMIES
Well now, from now on the bigwigs will see it as being acceptable to use the savings of ordinary people to bail out failing banks.

At least 'they' are open and honest about it. I hope the Irish, Spanish, Italians, Portuguese etc are watching... and if they are wealthy enough to be targeted are being very careful in how and where they store their cash reserves.

Edited highlights below, follow the links for the full article

Simon

http://www.independent.co.uk/news/world/europe/cyprus-deal-is-model-for-future-bailouts-says-top-european-official-as-banks-are-told-to-open-8548594.html

http://tinyurl.com/d28o46u


Cyprus deal is model for future bailouts says top European official.

The deal will see investors with more than €100,000 in the nation’s largest banks forfeit a large chunk of their deposits.


A top European official has said the Cyprus bailout, agreed in last-ditch negotiations over the weekend, should become the bloc's default approach for dealing with ailing lenders.

Jeroen Dijsselbloem, who chairs the Eurogroup gatherings of the 17 eurozone finance ministers, said in an interview today that banks' owners and investors must be held responsible "before looking at public money or any other instrument coming from the public side."

Dijsselbloem, who is also Dutch Finance minister, said the €10bn Cypriot rescue marked a watershed moment in how to deal with failing banks.


Mr Dijsselbloem's comments came ahead of an announcement by Cyprus' central bank that all the banks in the country except the two biggest will reopen for business on Tuesday, more than a week after they shut down to prevent a run.

Laiki and Bank of Cyprus will remain closed until Thursday, and a withdrawal limit from ATMs of 100 euros ($130) a day will also remain in place until then, the bank said.

Russia, however, responded furiously to the deal - condemning it as 'stealing'. "In my view, the stealing of what has already been stolen continues," Prime Minister Dmitry Medvedev was quoted by news agencies as telling a meeting of government officials.

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Mon Mar 25, 2013 3:14 pm
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Post Re: INTERNATIONAL ECONOMIES
Quote:
"In my view, the stealing of what has already been stolen continues," Prime Minister Dmitry Medvedev was quoted by news agencies as telling a meeting of government officials.


Did he REALLY say that?

:crylaugh :slap :roflmao

Oooh, I just might need to add that as my sig line - "...the stealing of what has already been stolen continues."

I love it! :spit

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Tue Mar 26, 2013 6:40 am
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Post Re: INTERNATIONAL ECONOMIES
So, how long do you think it will be before the US (or your country) goes into the barbershop business? Precedent has been set.

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Tue Mar 26, 2013 9:24 am
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Post Re: INTERNATIONAL ECONOMIES
60 days

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Tue Mar 26, 2013 1:10 pm
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Post Re: INTERNATIONAL ECONOMIES
Suspicious Transactions: Cypriot Parliament Investigating Capital Flight

By Stefan Schultz in Nicosia

Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank.

Panicos Demetriades looked dead tired as he opened the press conference on Tuesday afternoon on the fourth floor of the Cypriot central bank. The questions and answers flew back and forth for 90 minutes, with Finance Minister Michalis Sarris doing his best to back up the central bank head. Outside, the mountains slowly receded from view behind into a haze, while inside journalists became increasingly restive. When the session ended, many were left wondering why Demetriades had invited them in the first place. He had virtually nothing new to say.

Many interpreted the press conference as a symbolic exercise. Central bank head Demetriades, they felt, sought to stage a show of strength to counter the pressure that has been heaped on his shoulders in recent days. For one, he announced earlier this week, without consulting the Cypriot government first, that small banks in the country would open their doors again on Tuesday, in contrast to the island-nation's two largest financial institutions Laiki and Bank of Cyprus. The result was a massive protest from the smaller banks and a reversal. The banks stayed closed. For the moment, the opening date is set for Thursday, and many fear that a flood of angry customers could overwhelm the sector.

Then, on Monday, the central bank announced that it was installing financial manager Dinos Christofides as a special consultant to the Bank of Cyprus as it prepares to take on assets from Laiki, which is to be liquidated. The deployment of Christofides is legitimate, but it triggered widespread concerns that the Bank of Cyprus too may soon be broken up. Demetriades was accused of not doing enough to explain the steps he was taking, thus intensifying investor anxiety.

Most of all, though, the central bank head has been harshly criticized due to the suspicious capital flight from Laiki and the Bank of Cyprus, the two institutions that have been hit hardest by the Cypriot banking crisis. There are indications that large sums flowed out of the two banks just before the first bailout package was signed in the early morning hours of March 16. At the end of January, some 40 percent of all savings held in Cypriot accounts were on the books of those two banks. Since then, however, much of it has been transferred elsewhere, despite orders from the central bank that accounts at the two institutions be frozen.

snip

Read more here: http://www.spiegel.de/international/europe/cypriot-parliament-investigates-government-after-dubious-transactions-a-891168.html

And the stealing of what has already been stolen continues.

You just KNEW I was going there, right? :spit :crylaugh

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Wed Mar 27, 2013 7:07 am
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Post Re: INTERNATIONAL ECONOMIES
Cyprus-Style “Bail-Ins” Are Proposed In The New 2013 Canadian Government Budget!

.... Cyprus-style "bail-ins" are actually proposed in the new Canadian government budget. ... 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.

snip

In addition ... 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.

(One of the arguments used in this law is that banks should be saved without use of taxpayer money, i.e. the government will not give them capital; it will be taken from the depositors.)

"So if the banks take extreme risks with their money and lose, "certain bank liabilities" (i.e. deposits) will rapidly be converted into "regulatory capital" and the banks will be saved.

In other words, the banks will just be allowed to grab money directly out of your bank accounts to recapitalize themselves."

Full article here: http://theeconomiccollapseblog.com/arch ... ent-budget

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Fri Mar 29, 2013 8:27 am
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Post Re: INTERNATIONAL ECONOMIES
http://rendezvous.blogs.nytimes.com/2013/03/30/after-cyprus-euro-concerns-over-slovenia-a-former-euro-star/

:shtf :shtf :shtf

The article also talks about Malta!!!

More at link:

Simon

-------------------------------------

Quote:
Will Slovenia be the next Cyprus?

So intense has been the speculation that the small Alpine state will be the next euro zone member to need a bailout that its top officials have been prompted to put out statements saying everything is fine.

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Sat Mar 30, 2013 2:31 pm
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Post Re: INTERNATIONAL ECONOMIES
Winner Takes All: The Super-priority Status of Derivatives

http://www.informationclearinghouse.info/article34567.htm

<snip>

Why Derivatives Threaten Your Bank Account

The big risk behind all this is the massive $230 trillion derivatives boondoggle managed by US banks. Derivatives are sold as a kind of insurance for managing profits and risk; but as Satyajit Das points out in Extreme Money, they actually increase risk to the system as a whole.

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Thu Apr 11, 2013 12:07 pm
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Post Re: INTERNATIONAL ECONOMIES
Just when all seemed calm and it looked like the worst could be over...

http://money.cnn.com/2013/07/03/news/economy/europe-portugal-crisis/

Portugal may re-ignite Europe crisis:

Political turmoil in Portugal is threatening to re-ignite Europe's debt crisis after a year of relative calm.

Having won praise for taking tough measures to restore the financial health of the eurozone state, Portugal's government has been rocked this week by the resignation of two ministers who quit because of waning public support for its program of austerity.

<SNIP>

Simon

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Thu Jul 04, 2013 2:29 am
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 Re: INTERNATIONAL ECONOMIES
IMF Discusses Super Tax Of 10% On Savings In Eurozone

One of the latest reports from the IMF discusses a super taxation of 10% on savings in the Eurozone. That would solve the debt problem in most sovereign countries. It would be an alternative of higher taxes or spending cuts.

The economists who wrote the paper hasten to say that it is a theoretical proposal. Still, it appears to be “an efficient solution” for the debt problem. For a group of 15 European countries such a measure would bring the debt ratio to “acceptable” levels, i.e. comparable to levels before the 2008 crisis.

Read more at:

http://investmentwatchblog.com/imf-discusses-super-tax-of-10-on-savings-in-eurozone/

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Fri Oct 11, 2013 2:15 pm
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Post Re: INTERNATIONAL ECONOMIES
Thanks for that article simon.

It's not whether they will - it's when. Worldwide!

The laws have been implemented post the Cyprus sage, with one Balkan country already imposing a 60% scoop of private pension funds. I am waiting for the declaration of that bank holiday.

Was wondering if it is really worth it hoarding any cash? We have a little of everything - like spreading the risk - to barter with when this shit goes down.


:popcorn

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Sat Oct 12, 2013 1:25 am
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Post Re: INTERNATIONAL ECONOMIES
Sky, I'm keeping some cash but not a whole lot. There may be a couple of trial balloons before the whole system goes belly up, where plastic and checks don't work and only cash will. I too am focusing on enough food until the next planting season starts to come in and then stocking up on good barter items. Of course during the winter we are in an area where wild life is plentiful and there are a couple of good hunters in the family so we should be able to have meat. Stock up on salt! and make sure it is stored so it doesn't totally cake! Ooops! Lesson learned. :embarressed

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Sat Oct 12, 2013 7:36 am
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Post Re: INTERNATIONAL ECONOMIES
I know this is off topic - but Ruts, we practice on our stash stock.

We have set it up so we use it in the dated layers and replace with new where we have rotated into the food cupboard. :cool

We also had many mistakes. Mice eating the Apple Cider vinegar plastic bottle tops to get to the contents! So we learn as we go.

Well done for having the system in place though. Seeds, seeds, seeds.....

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Sat Oct 12, 2013 9:25 am
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Post Re: INTERNATIONAL ECONOMIES
You think Mice are bad Sky Try RATS! They eat everything! Make Huge messes! I saw one in my House that was as big as a large Cat! :shock:

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Sat Oct 12, 2013 2:36 pm
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Post Re: INTERNATIONAL ECONOMIES
Sky wrote:
Thanks for that article simon.

It's not whether they will - it's when. Worldwide!

The laws have been implemented post the Cyprus sage, with one Balkan country already imposing a 60% scoop of private pension funds. I am waiting for the declaration of that bank holiday.

Was wondering if it is really worth it hoarding any cash? We have a little of everything - like spreading the risk - to barter with when this shit goes down.


:popcorn


could be *this* week - today is Sunday 13th October 2013.

the comments here explain why I say this...

http://www.rumormillnews.com/cgi-bin/fo ... ead=289455

Some cash is always good, even if only because you can then buy goods at little local stores. Now might be a good time to buy silver, if you have funds to spare. The price recently fell a little but depending on the events of this week coming and especialy the US debt ceiling it might soon soar in value. There will be very very few stock market investments which will be of value. Maybe undertakers? Companies which make coffins?

Simon

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Sun Oct 13, 2013 4:04 am
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 Re: INTERNATIONAL ECONOMIES
http://www.ellenbrown.com/2015/01/06/eu-showdown-greece-takes-on-the-vampire-squid/


EU Showdown: Greece Takes on the Vampire Squid


Quote:
Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a “Cyprus-Style prolonged bank holiday” if they “vote wrong.” But they have been bullied for too long and are saying “no more.”

A return to the polls was triggered in December, when the Parliament rejected Prime Minister Antonis Samaras’ pro-austerity candidate for president. In a general election, now set for January 25th, the EU-skeptic, anti-austerity, leftist Syriza party is likely to prevail. Syriza captured a 3% lead in the polls following mass public discontent over the harsh austerity measures Athens was forced to accept in return for a €240 billion bailout.

Austerity has plunged the economy into conditions worse than in the Great Depression. As Professor Bill Black observes, the question is not why the Greek people are rising up to reject the barbarous measures but what took them so long.

Ireland was similarly forced into an EU bailout with painful austerity measures attached. A series of letters has recently come to light showing that the Irish government was effectively blackmailed into it, with the threat that the ECB would otherwise cut off liquidity funding to Ireland’s banks. The same sort of threat has been leveled at the Greeks, but this time they are not taking the bait.

The veiled threat to the Greek Parliament was in a December memo from investment bank Goldman Sachs – the same bank that was earlier blamed for inducing the Greek crisis.


The article then quotes someone who described Goldman Sachs as being the planet's most powerful investment bank and it is akin to a great vampire squid that is wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.

Much more at link.

Simon

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Fri Jan 09, 2015 4:13 pm
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Post Re: INTERNATIONAL ECONOMIES
I agree with that question -

"What took them so long??????"

The wrong people are in power and push this nasty sellout plan.

incredible.

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Fri Jan 09, 2015 11:55 pm
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Post Re: INTERNATIONAL ECONOMIES
on 15th Jan 2015 the Swiss National Bank discontinued its policy of supporting the Swiss Franc at an exchange rate of 1.20 against the Euro.

The result was that money markets went wild, the Franc temporarily sky-rocketed in value before coming down again, a little.

Clif High says that this is what precipitates a crisis for the US and other governments (in about 2 weeks) and will cause the value of Bitcoin to rise.

Although he did not say this, it seems that precious metal values are also rising.

http://www.zerohedge.com/news/2015-01-15/its-tsunami-swiss-franc-soars-most-ever-after-snb-abandons-eurchf-floor-macro-hedge-

:shtf :shtf

Simon

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Fri Jan 16, 2015 2:42 pm
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