Monday, March 18, 2013

The Cyprus Bank Robbery – It Will Only Get Worse From Here


There is a Cyprus bank holiday until Thursday. Their Parliament has delayed voting on the plan to involuntarily seize the personal property (i.e. bank accounts) of depositors. The plan will probably be revised, but the quest to steal depositor’s money will continue. Robbery is taking property by force. The European Union and the international bankers have given Cyprus no choice. That is robbery.

Questions are already being asked: Will there be a bank run in Cyprus when the banks finally open? How much money – if any – will citizens be allowed to withdraw? Will the bank run virus spread to Italy, Portugal, or other European Union countries? Why is it that the corporate EU banksters have the right to order Cyprus to take their citizen’s money?

Many experts are saying that now the line has been crossed. Cyprus financial ministers said only a few days ago that they would not allow seizure of bank accounts. Now this appears to be the only option on the table for Cyprus to get bailout assistance from the European Union.

People in other nations must now be terrified that their own bank accounts could be “seized” to pay for the overspending and management failures of banking institutions. The people have played by the rules; the international bankers have not. But the people are the ones being asked to pay the penalty.

The fear of bank account seizures may spread throughout Europe. If other nations experience bank runs, the European economy will soon implode. The ramifications for the rest of the world, including the United States, will be tragic.

Here are some of the stories from around the world:

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CYPRUS BUYS TIME, KEEPS BANKS CLOSED UNTIL THURSDAY
The Blaze
March 18, 2013

The Cypriot government has decided to extend its single-day banking holiday through Thursday, keeping banks closed and buying parliament a little more time to mull over a deal with European Union creditors that would impose a financial transaction tax as high as 9.9 percent on all depositors, according to reports from both the Associated Press and Reuters.

“Tuesday and Wednesday are bank holidays,” one source told Reuters.


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AFTER THE BANKSTERS STEAL MONEY FROM BANK ACCOUNTS IN CYPRUS THEY WILL START DOING IT EVERYWHERE
theeconomiccollapseblog.com
March 17, 2013

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a "wealth tax".


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RESIDENTS RUSH TO PULL MONEY FROM CYPRUS BANKS AS EU TAKES AIM AT RUSSIAN DEPOSITS
Fox News
March 18, 2013

Cypriots rushed to pull their money out of banks and ATMs before the tiny Mediterranean nation’s government could finalize a plan to seize depositors’ funds to satisfy euro zone leaders, sparking a run that prompted banks to be closed until at least Thursday.
The island nation’s leaders were huddling to come up with a way to soften the blow on average depositors, with one proposal targeting accounts with deposits above $130,000. The plan elicited an angry response from Russian President Vladimir Putin, whose nation’s oligarchs may have as much as $19 billion secretly deposited in Cyprus banks.


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CYPRUS: THE NEXT BLUNDER
voxeu.org
March 18, 2013

The decision to tax all Cypriot bank deposits has attracted massive attention (Spiegel 2013) – and rightly so. It is a huge blunder:

In the unlikely event that all goes well, the government will receive a bit of cash – but not enough to cover the loan generously offered by its European partners – and the Cypriot banking system will be history.
The alternative is a massive bank crisis in many Eurozone countries – a huge blow to the euro, maybe even a fatal one.


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The politicians and talking heads are saying that maybe this is just a one-time thing. Don’t believe it; if they do it once, they’ll do it again.

Think this couldn’t happen at some point in America?

Think again….

Posted by:
Charles M. Grist

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