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Savers Be Warned - Your Money's Not Safe

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Offline the leveller

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Savers Be Warned - Your Money's Not Safe
« on: March 25, 2013, 08:31:47 PM »
« Last Edit: March 25, 2013, 08:33:52 PM by the leveller »


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Offline the leveller

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Re: Savers Be Warned - Your Money's Not Safe
« Reply #1 on: March 25, 2013, 09:27:52 PM »







State of play Posted on 19 March, 2013 by Klein Verzet Just coming out of my hole in the ground to point out a quote that should be obvious now, but nevertheless needs spreading far and wide. This is what the Euro-Cyprus brouhaha is telling us:
 
The EU has managed to make it quite clear to every European that the ?technocrats? are quite willing to seize people?s money whenever they think it ?best?. Best for whom of course is another question.

 They have made it clear there is no law that restrains them. Technocrats rule. Not govern, rule
 Remember this: No matter what the MSM is trying to tell you, this is not about Russian ?dirty? money. This is not about banks. This is about your government, the one in Brussels, signalling to you it considers your money their money, to be used as they see fit. The mask has finally dropped on the totalitarian scum that presume to lord over us.
 As of this week the deposit guarantee so touted by the EUnion and local governments, is dead. Just dead. All good advice about putting your money in a mattress being ill-considered not-withstanding, I?ve made arrangements to get my money out of the system. Shame about the interest, but that doesn?t even cover inflation anyways. I?m done. I?m not playing along anymore.
 
https://smallresistance.wordpress.com/2013/03/19/state-of-play/
 


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Offline the leveller

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How The Common Cypriot Got Raped
« Reply #2 on: March 26, 2013, 09:34:24 PM »




How The Common Cypriot Got Raped


Ok folks, if you live in Cyprus and are one of the common people there, perhaps a ?wealthy? person such as a business owner but not one of the ?connected few?, now it has come out how you were screwed.


Laiki Bank customers in the UK face no restrictions on access to their cash and have been told it is ?business as usual? at the firm?s four British branches, despite an overnight decision to close its Cyprus parent.

?.

Ruth Harvey of Laiki Bank in the UK said that although not all of the details of the impact of the agreement were known, there was no need for the 13,000 UK customers to panic. ?We are open, it?s business as usual, and there are no restrictions on our client?s accounts,? she said. ?The message we want to get over to our customers is to keep calm and carry on.?

So if you knew this and had the capability, you apparently could have moved all your money out of this Cyprus bank during the freeze.

I am willing to bet that if you are a Russian oligarch with a lot of money (formerly) in Cyprus you did exactly that.

I?m also willing to bet that if you?re a Cypriot citizen you probably didn?t know this and as a result you got screwed since you could only get a couple hundred ? or even ?100 ? at a time from an ATM.

And before you scream ?but those rich people deserved it!? let me point out that business people with payroll accounts in these banks are utterly screwed and so are their workers, who worked in good faith and now there is no money to pay them with.

The details of this ?program? are as yet not entirely certain, but history is that there is always a way by which the common man gets rooked and the privileged few do not.  This time it was blatantly ?in your face?; along with the ECB and TARGET2 pledges of which there is no evidence that they will be zeroed along with common holders of bonds or stock it also appears that if you happened to be one of the ?privileged few? you were also able to escape being ?bailed in.?

Rule of law?

What?s that?

Incidentally, as a former ?largish? small-business CEO of a few dozen employees, there is not a snowball?s chance in Hell that I will ever consider setting up another such enterprise until and unless the people who have gotten this unfair advantage are clawed back from and jailed and the rule of law is restored.

Since I do not expect that to happen my response to those who would like me to deploy capital and set up another employment-producing business is best-expressed by this:




 


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Offline the leveller

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THE EAGLE HAS LANDED--fLYING PIGS
« Reply #3 on: March 27, 2013, 09:12:11 PM »
Submitted by Mark J. Grant, author of Out of the Box,
 
Flying Pigs
 
After the Dutch Finance Minister indicated that Cyprus would be a template for future European bail-outs there was a lot of consternation. Senior debt was hit and bank accounts were confiscated in Cyprus and the plan just seems lovely for future problems. The notion that the second largest bank in Cyprus went belly up on its own is just not the truth and so the argument that depositors are responsible for where they put their money is not even applicable!
 
The nation of Cyprus was in trouble, Germany and the rest did not want to pick up the whole tab to bail them out, they had the ECB threaten to pull the funding and forced the bank closure so that they could use the depositor's money to help pay off the loan to the country. There was no "due process," no judicial review and the bank's actual creditors will get zero so let's at least deal with the reality of what happened and not try to paint it as something else.
 
Then this morning (3-27-13)the 20%-40% seizure of the depositor's money, which was the range that had been discussed, was now admitted by the Finance Minister in Cyprus today to be more like an 80% expropriation and a timeline to get any money back of six to eight years. This is, I suspect, because while the banks were closed in Cyprus that they were still open in Greece and Britain so that certain monies crept out during the night, and probably big money, so that the banks in Cyprus are in far worse condition than previously thought or admitted.
 
Then, of course, because the EU Finance Ministers were not going to meet again and re-open this fiasco; more money had to be seized from the depositors. Now the Dutch Finance Minister chaired the meeting on Cyprus. He was the one that directed the entire affair on Cyprus and the template that he revealed was fist denied then admitted, then denied by the ECB and confusion reigned supreme. Now here comes the first pig; the representatives of the Eurozone finance ministries released a document this morning stating that Cyprus was not the template for future bail-outs. I suppose it was initially written in German and translated into English however they must have forgotten to translate it into Dutch. This is because when the Dutch Finance Minister was asked about this document, and he is the Chairman of the Finance Minister group remember; he said he knew nothing about the document.
 
I am not making this up. My imagination is good but not this good.
 
It has finally happened; the pigs are flying!
 
The good news this morning is that we already know which country is going down next. That country is Luxembourg. We know this because the Foreign Minister of Luxembourg, Jean Asselborn, told Reuters yesterday that "Germany does not have the right to decide on the business model for other countries in the EU. It must not be the case that under the cover of financially technical issues other countries are choked." Now Luxembourg is not so far different than Cyprus. They have a large financial sector, a lenient tax structure and a lot of foreign money. They have just also spoken out again the ubermeisters in Berlin which is not permitted under the EU treaty somewhere I am sure.
 
Next up---Luxembourg.
 
It was then reported this morning that the Cyprus Central Bank Governor, Panicos Demetriades, summoned the Bank of Cyprus CEO this morning and asked him to resign. Let me guess; the new Administrator will be Franz Stupenmeister or some name of that ilk. Then the European Parliament President just said that the way "the Cyprus case was handled is no way to do business in the EU." I don't know; the Press must have gotten it wrong. It must not have been the EU that handled the Cyprus fiasco, it must have been Mongolia and no one has told us yet.
 
The pigs are flying I tell you; the pigs are flying.
 
To top all of this off, the cherry on the whipped cream, the banks of Cyprus just re-opened in Greece this morning. I don't know, the flights from Moscow to Athens must be jammed. There are no capital controls in Greece so you can take out what money you like while the banks in Cyprus are still closed and now subject to capital controls. "Sense" and her brethren "logical," "rational" and "coherent" must have all departed from Europe in a huff. No one could make this up; no one.
 
"Mother of God! Flying Pigs!"
 
                  -The Eagle Has Landed


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Offline the leveller

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Re: Savers Be Warned - Your Money's Not Safe
« Reply #4 on: March 27, 2013, 10:20:55 PM »

Bank run?


I spoke with the brother-in-law of one of our committee members this morning who has been living in Spain for the past 11 years. He bought a villa for GBP750,000 in Spain 10 years ago and it is now on the market for GBP395,000 but no takers He banks with Cam Bank which was sold for one euro two years ago to the much bigger Sabadell Bank with 7 billion in bad loans. He has substantial funds tied up in euro-bonds but these have been frozen since the buy out and the bank won't give him access or let him draw upon them. So he is stuck with no meaningful cash flow and he has had to sell his beloved Rolls Royce for a peppercorn figure (ah the heart bleeds) He can't pay the property taxes which are due in October and if he doesn't pay they will fine him and charge interest. Within a year the fines and interest will almost treble the debt and if it remains unpaid for another year the Valencian authorities will confiscate the property and will sell it for whatever they can get. This is apparently against federal law but the Valencian authorities say that local law takes precedence. So much for the protection of mighty EU law.

One thing is for sure, Europe isn't working and the grand panjandrums of the EU haven't a clue as to what they do to sort out the mess. At this rate it will end in tears if not war!

Regards.

John
! ! ! :







I don?t want to start a bank run, but I received this from a correspondent of mine today:



I spoke to my banker in Jersey yesterday and they are being inundated by people transfering deposits from Eurozone banks to Jersey. Also, interestingly, one of his clients is the top credit risk guy at HSBC and he is transferring his account out of the UK to RBC in Jersey. He thinks that the UK could get desperate enough to do the same grab on deposits

SOURCE-EUROREALIST


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