What?!......"Cyprus?"

[neilgin1]

unless i'm dreamng...or on some new bizarre medicine, just reading of bad breaking news from Cyprus.....

there's a rush to withdraw funds, based on a new 9.9% tax on Cypriot deposits over 100K EUR.....6.75% below 100k

THIS is hitting the Euro BAD, and the implied opening of the SnP will be 30 pts lower! (?)

here's the zh article http://www.zerohedge.com/news/2013-03-17/fx-market-opens-eur-hammered-chf-bid-sp-open-30pts

now wt heck is this?

are they just blowing this out of proportion?........y'know a 30 point lower SnP opening isnt just some minor "sell off".....and since it involves the USD (presumably trading significantly HIGHER) is this raison det tray, these humps are going to use to sit on PM's?

[OneBiteAtATime]

This is extremely bad. Precedent setting. Anyone in the world with money in the bank can be robbed, with no warning. Bad.

Edited for spelling, college-dropout.

[doug]

I read that yesterday. Sure makes you want to clean out all of your accounts, doesn't it?

Doug

[henrysmedford]

I know in am safe after watching this.

[Engineer]

Higher dollar equals cheaper PMs to stack.

[OneBiteAtATime]

Higher dollar equals cheaper PMs to stack.

OR European Meltdown equals higher PM's due to uncertainty.

Which way did he go, George? Which way did he go?

[Z00]

neil...
We have been commenting on this in another post:

viewtopic.php?f=17&t=22452

Do the politicians really think that people are going to buy the fact that this was "suddenly" agreed to just before what is a 3 day weekend in their country?

BS!!

THIS WAS PLANNED TO BE ANNOUNCED AT THIS TIME!

[neilgin1]

i dont know what the heck i was doing this weekend...i do remember FRIDAY talking to my brother, saying "i got this feeling, since everything and everybody is, including us, doom and gloom, the contrary move is that we move higher, a period of wealth"....i was actually frigging sayin that....Friday.....i'm the ultimate fade, an idiot.

i fancy myself staying on top of stuff...wrong! i just saw this an hour ago, and check this out; Cypriot banks are notorious for being "parking lots" for Russian hot money, oliogarchs, right?....this is JUST the kind of bolt of the blue thing, that could start WW3.

to wit, the EU, eurozone wants to test case, such a "bail IN", and they dont think twice about rogering a bunch of russian oliogarchs, coz who gives a shite about them OR Cypriots...ok?....well, i dont know about you, but the last people's group i would ever want to mess with, or THEIR money are Russian oliogarchs...i mean these guys play rough, remember what they did to that git who turned traitor?....feed him a radioactive polonium cocktail...or remember that Ukrainian presidential candidate?...the one who started the race kind of good looking fellow....remember what happened to him?...his face looked like he had drano facial...lemme find the before and after.....coz these guys still have a boatload of nukes, and only God knows who ACTUALLY has the launch codes.

Here's Viktor Yushchenko, the before and after the russians did this: Yushchenko was confirmed to have ingested hazardous amounts of TCDD,[1] the most potent dioxin and a contaminant in Agent Orange.



here's the article where i read that Cyprus is russia hot money banking center:
http://www.zerohedge.com/contributed/20 ... des-cyprus

could be a bumpy ride, coz now EVERYBODY on the planet is wondering, "is MY money safe?" Reason number 95 to keep stacking.

[neilgin1]

neil...
We have been commenting on this in another post:

viewtopic.php?f=17&t=22452

Do the politicians really think that people are going to buy the fact that this was "suddenly" agreed to just before what is a 3 day weekend in their country?

BS!!

THIS WAS PLANNED TO BE ANNOUNCED AT THIS TIME!

amen! you're right.....man! son of a b#tches the lot of 'em!....like i said, this is JUST the kind of thing with the potential to tip, or trigger WW3, God forbid....coz you think......what actually started ww1?....its kind of murky......nobody REALLY knows....but start messing with russian hot money?

maybe thats how these sons of the devil want the whole thing to play out....they DONT CARE who dies.

damn! i REALLY thought it was going to be a good summer, a good growing season...maybe a good baseball year, etc...and now it might be a Mad Max winter come 4th quarter 2013!

[Diggin4copper]

No worries.. I read that the monies taken will be given back as stock in the banks that have taken the money... what could go wrong with that?

[blackrabbit]

Well precious metals seem to like the news, been blasting off since the overnight market opened!

[Z00]

"The government also extended a bank holiday that was put in place to try to stop a run on the banks. The holiday was supposed to end Monday night. Now, banks will not be opening their doors Tuesday, as planned. There was talk that they might not open Wednesday, either. "

RIGHT ... I thought so.

[agmoose]

This is gonna get ugly.

[neilgin1]

Because of the Russian money angle, the step to seize deposits might be glossed over. On the other hand, there is a great risk that what has happened is a turning point in modern finance. I’m not aware of any precedent for what has occurred. I say again, if this had happened in any other country in Europe – the monetary union would be dead within months. That possibility still exists, even though it was just crooked Russian money that was stolen. We shall see the market’s reaction in a matter of hours – I can’t wait.

http://www.zerohedge.com/contributed/20 ... des-cyprus

[neilgin1]

This is gonna get ugly.

whoa....indeed it is, the alt financial press is just lighting up. When i first heard of all this, several hours ago and felt that shiver of fear, i thought i might be making too big a deal out the whole thing.

not so, check this out:

It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors' money and 9.9 percent of big depositors' funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?

I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.

This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

If you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive


http://www.zerohedge.com/news/2013-03-1 ... t-happened

[agmoose]

I was out on the Harley all day, so I'm just catching upon this news. This is far worse than the US news outlets will let on.

[OneBiteAtATime]

Do you have a few hundred dollars in cash? If not, you might want to get some cash this week and stick it in a lockbox somewhere safe.

[neilgin1]

:shh: Do you have a few hundred dollars in cash? If not, you might want to get some cash this week and stick it in a lockbox somewhere safe.

ALWAYS sound advice my brother.....thats the default settng...i just thought we MIGHT get a rather uneventful, non drought growing season this summer...now?...all i can say is, at least the snow pack is still intact, and God willing we wont drought up this year.

[beauanderos]

:shh: Do you have a few hundred dollars in cash? If not, you might want to get some cash this week and stick it in a lockbox somewhere safe.

Just drained the ATM for $500. Will do so again tomorrow.

[Country]

I was thinking what might be the Russian response. Perhaps, a PALLADIUM shortage soon. Perhaps, some troubles with the pipeline to Europe.

$USD very strong tonight - up 70 basis points.

[Morsecode]

I've never been happier about having 80 cents in my checking account.

Look for a US Bailout in the days to come. Sure makes that pending gun legislation look less of a priority.

[shinnosuke]

Look, guys. Jon Corzine still walks around, a free man. If they're not going to arrest that son-of-a-bisquit eater, it's a clear indication that the bankstas are totally emboldened and have no fear of arrest. There will be no jail time for major figures in the lofty world of finance. There will be no trials of these blood-sucking animals until a majority of the citizens have lost everything. Then the guillotines will be sharpened. But before then, the Rothschilds will cheerfully start another world war and rape the citizens of the world of even more wealth, cause even more death of innocents, break even more hearts. The super-wealthy are pathological.

It's not us versus the Russians, or us vs. the Chinese, or us vs. the Iranians! It's us versus the 0.01% in a death match.

[beauanderos]

There's some heated debate on this subject over on BS. Interesting to hear some additional viewpoints by other "members" of our stacking communities.

http://www.bullionstacker.com/viewtopic.php?f=30&t=13686

[neilgin1]

I was thinking what might be the Russian response. Perhaps, a PALLADIUM shortage soon. Perhaps, some troubles with the pipeline to Europe.

$USD very strong tonight - up 70 basis points.

the russian response IS what i worry about, tell you what, any and all EU functionaries should beef up their details....what i worry about is, i hope the russians dont go REALLY mental....

this thing could go so bad, so i wanna try, in my depraved way to lift morale...here's a VERY funny Trailer Park Boys show, "Say Good Night to the Bad Guys"

(its funny if you share my sick sense of humor)

[BamaJoe]

Anyone who keeps cash in the bank above the min. needed for short term expenses they will be paying out in the next week or so has a screw loose. The government can not take what it can not find.