Realcent.org

Soon coming to a bank near you!

The EU sounds like they have figured it all out and HAVE A GREAT PLAN! WHAT COULD POSSIBLY GO WRONG?

I don't have ANY problem with shareholders & bondholders being wiped out...

What about the bank's management & workers? Shouldn't they have to pay a price for their incompetence?

How does taking $ from depositors square with accounts being insured?

I guess here in the USA, accounts are only insured up to $100k per account, per name.

The EU has to be very careful with this...if the banking system starts to go down, that will have a ripple effect. Did these jokers learn nothing from the Great Depression? Perhaps they think "this time things are different!".

We'll see.

What you don't understand is that the banks have classified account holders as shareholders. Thus your deposit is in fact a stake in the bank. There has been a court ruling to that effect already in this country. Also think about your insurance comment for a minute. The FDIC is the government, if the government is the one stealing your money, do you think they are going to give it back? Also FDIC right now has 25 billion in the fund..........insuring 9.2 trillion. Think about that for a minute.

A robber never says, "give me 90% of your money." Those poor people will probably get nothing back.

The longer I think about this, the more I think of it as a warning to the people/corporations holding cash to put it to work. The central bankers of the world have tried nearly everything else to force deposits out of the banks, and now they've given notice to either use it or lose it.

Engineer wrote:The longer I think about this, the more I think of it as a warning to the people/corporations holding cash to put it to work. The central bankers of the world have tried nearly everything else to force deposits out of the banks, and now they've given notice to either use it or lose it.

Even if they didn't mean to give us this notice, I think your analysis is right on.

Sure ... take your entire life savings out of the banking system and put it in the stock market ..... Then they will manipulate the markets and grab all your dough.

Has anyone else noticed Yahoo's newstream? It sure does contain a lot of nifty looking stock tips these days ..... and none of them say SELL.

Can you imagine the street price of gold in Cyprus these days?

http://www.reuters.com/article/2013/03/27/us-cyprus-parliament-idUSBRE92G03I20130327

Check this out. An earlier article/report by the BBC called the depositor haircut and noted the likely damage it would do. The date of the article? February 15th! Guess what? zerohedge.com has an article showing that there was a record amount of cash outflow from Cyprus in February. Many Brits with wealth go to Cyprus to retire in that Mediterranean climate after wearing a London Fog trenchcoat their entire bloody lives.

Here's a snippet:
So what might Mr Anastasiades have up his sleeve? One of his key policies is to raise capital by seeking strategic investors for the state-run electricity, telephone and ports authorities - if not opting for outright privatisation. There have also been suggestions that private depositors with investments of more than 100,000 euros should be obliged to endure a "haircut". But economists argue that this would inflict such damage on investor confidence across the EU that it should only be considered as a last resort, a "nuclear option".

Here are your links:
http://www.zerohedge.com/news/2013-03-2 ... -year-high

http://www.bbc.co.uk/news/world-europe-21455758

There are other news agencies that carried the same story in February. So now we know that those who were aware were pulling their money out early and that the London branches of the Bank of Cyprus and Laiki were open as usual during the several days the banks were closed on Cyprus allowing the well-heeled Russians to bolt with their funds that were the likely target of the proposed haircut. So who ends up paying? The average Joe's like you and me. It's getting very hard to continue praying, "Forgive them Father, for they know not what they do."

If you're not reading zerohedge.com at least once a day, you are ignoring that website at your own financial peril.