EU should cut them loose, then instead of 6.X% it may be almost 100% in bankruptcy.
Coming to a bank near you!
- Thread starter KarGo
- Start date
imkruzen
Well-known member
Dr. Paul Craig Roberts: Former Assistant Secretary of the US Treasury
They (the Cypriot government officials) are being told all sorts of dire things will happen if they don’t vote for this. You may remember that the Secretary of the Treasury of the United States went to Congress and said, ‘If you don’t give us $750 billion to bailout the banks there will be Martial Law.’
Well, they are pulling all of that kind of stuff now in Cyprus. Whether or not they will succeed in buffaloing the Parliament, or whether the Parliament will stand with the people remains to be seen. Now if the Parliament stands with the people it will give more courage to the Parliaments in Greece, Italy, Spain, Portugal, and elsewhere, where efforts will be made to force the public to pay for the mistakes of the banks.
If they don’t stand with the people, there will be more political and social unrest and more discrediting of governments. What’s happening is governments are revealing that, even if they are democratically elected governments, they do not represent the people. They only represent a very few, very powerful folks. This of course destroys any confidence in democracy. That’s really what we are seeing. That’s the biggest crisis.”
They (the Cypriot government officials) are being told all sorts of dire things will happen if they don’t vote for this. You may remember that the Secretary of the Treasury of the United States went to Congress and said, ‘If you don’t give us $750 billion to bailout the banks there will be Martial Law.’
Well, they are pulling all of that kind of stuff now in Cyprus. Whether or not they will succeed in buffaloing the Parliament, or whether the Parliament will stand with the people remains to be seen. Now if the Parliament stands with the people it will give more courage to the Parliaments in Greece, Italy, Spain, Portugal, and elsewhere, where efforts will be made to force the public to pay for the mistakes of the banks.
If they don’t stand with the people, there will be more political and social unrest and more discrediting of governments. What’s happening is governments are revealing that, even if they are democratically elected governments, they do not represent the people. They only represent a very few, very powerful folks. This of course destroys any confidence in democracy. That’s really what we are seeing. That’s the biggest crisis.”
imkruzen
Well-known member
Egon von Greyerz: is founder of Matterhorn Asset Management
“The IMF is financed by the US and Japan, and they have no money either. So wherever the money is going to come from, it isn’t there. It has to be printed, and we know this will impact world currencies and gold.
The Cyprus banking system was too big, it was about 7 times their GDP. But we have the same situation in Switzerland, the UK, and Singapore. If banks lose even 5% of their capital, they have lost all of their capital and they are bankrupt. And most banks in the world already have unrealized losses in excess of 5%.
My view is that banks will have losses of 25% or more in coming years that they will have to recognize. This means the world financial system will fail as central banks will be forced to print unlimited amounts of money. Now the US banks are slightly smaller in terms of GDP, but of course the US has more derivative exposure than any other country. I strongly believe the derivative exposure is more than a staggering $300 trillion, and US banks have no reserves whatsoever to cover the losses on these derivatives.
The other problem is that whatever happens in Europe will also impact the US because the global banking system is totally interconnected. What is happening in Cyprus will absolutely spread to Spain, Italy, Greece, France, the UK, and eventually to the US.
At some point there will be panic, and this is when the central banks will flood the markets with unlimited amounts of money. Japan is totally committed to money printing and so is the Bank of England. Cameron has given the green light to the incoming Bank of England leader, Carney, and of course the ECB must print money because of all of the problems they have with the member countries.
What’s happening in the European economy is absolutely disastrous. Countries are suffering tremendously. If you just look at Italy, there are 1,000 companies going bust every day. There is a similar pattern in Spain and Greece. So Europe will print. They will have to print with all of these companies going bust.
Bernanke will also continue to print, and with the US economy turning down he will print even more. So as the governments print money, they will have to eventually recover it by grabbing the money from the people. So they will, as in Cyprus, tax deposits. That will happen worldwide.
They will also nationalize pension funds. We’ve seen the nationalization of pension funds happen in several countries already and it will happen in Europe and the US. They will also force depositors to buy government bonds. It is also guaranteed that taxes will go up in all countries as deficits continue to soar. So this will be a year of incredible turmoil. This will be the year in which we see a major change in the world because the 100-year Ponzi scheme will really start to collapse in 2013.
The most important point I want to make today is how absolutely critical it is for investors to preserve their wealth. The crisis in Cyprus is yet another sign of the massive destruction of wealth that we will see in the financial system in coming years.
Investors must heed this warning and get their assets out of the banks now. The reality is the financial system could fail at any time and this is why investors must act today. See what’s happening in Cyprus: Banks are closed and whether people have cash, stocks, or gold in the bank, they won’t get it out of there.
This is why back in 2002 we told our investors to put up to 50% of their assets into physical gold and silver, and also advised them to store it outside of the banking system. The bottom line is that gold is guaranteed to reflect the massive money printing we will continue to see worldwide.”
“The IMF is financed by the US and Japan, and they have no money either. So wherever the money is going to come from, it isn’t there. It has to be printed, and we know this will impact world currencies and gold.
The Cyprus banking system was too big, it was about 7 times their GDP. But we have the same situation in Switzerland, the UK, and Singapore. If banks lose even 5% of their capital, they have lost all of their capital and they are bankrupt. And most banks in the world already have unrealized losses in excess of 5%.
My view is that banks will have losses of 25% or more in coming years that they will have to recognize. This means the world financial system will fail as central banks will be forced to print unlimited amounts of money. Now the US banks are slightly smaller in terms of GDP, but of course the US has more derivative exposure than any other country. I strongly believe the derivative exposure is more than a staggering $300 trillion, and US banks have no reserves whatsoever to cover the losses on these derivatives.
The other problem is that whatever happens in Europe will also impact the US because the global banking system is totally interconnected. What is happening in Cyprus will absolutely spread to Spain, Italy, Greece, France, the UK, and eventually to the US.
At some point there will be panic, and this is when the central banks will flood the markets with unlimited amounts of money. Japan is totally committed to money printing and so is the Bank of England. Cameron has given the green light to the incoming Bank of England leader, Carney, and of course the ECB must print money because of all of the problems they have with the member countries.
What’s happening in the European economy is absolutely disastrous. Countries are suffering tremendously. If you just look at Italy, there are 1,000 companies going bust every day. There is a similar pattern in Spain and Greece. So Europe will print. They will have to print with all of these companies going bust.
Bernanke will also continue to print, and with the US economy turning down he will print even more. So as the governments print money, they will have to eventually recover it by grabbing the money from the people. So they will, as in Cyprus, tax deposits. That will happen worldwide.
They will also nationalize pension funds. We’ve seen the nationalization of pension funds happen in several countries already and it will happen in Europe and the US. They will also force depositors to buy government bonds. It is also guaranteed that taxes will go up in all countries as deficits continue to soar. So this will be a year of incredible turmoil. This will be the year in which we see a major change in the world because the 100-year Ponzi scheme will really start to collapse in 2013.
The most important point I want to make today is how absolutely critical it is for investors to preserve their wealth. The crisis in Cyprus is yet another sign of the massive destruction of wealth that we will see in the financial system in coming years.
Investors must heed this warning and get their assets out of the banks now. The reality is the financial system could fail at any time and this is why investors must act today. See what’s happening in Cyprus: Banks are closed and whether people have cash, stocks, or gold in the bank, they won’t get it out of there.
This is why back in 2002 we told our investors to put up to 50% of their assets into physical gold and silver, and also advised them to store it outside of the banking system. The bottom line is that gold is guaranteed to reflect the massive money printing we will continue to see worldwide.”
His twitter handle is @GoldSwitzerland, ya think he has some bias?
imkruzen
Well-known member
Egon von Greyerz (EvG) – Founder and Managing Partner of Matterhorn Asset Management AG (MAM) and GoldSwitzerland based in Zurich, Switzerland. EvG forecasted the current present problems in the world economy well over 10 years ago. In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. Egon von Greyerz started his working life in Geneva as a banker and thereafter spent 17 years as Finance Director and Executive Vice-Chairman of a FTSE 100 company in the UK, Dixons Group Plc. Since the 1990s EvG has been actively involved with financial investment activities including Mergers and Acquisitions and Asset allocation consultancy for private family funds. This led to the creation of Matterhorn Asset Management in 1998, an asset management company based on wealth preservation principles. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds. EvG makes regular media appearances such as on, CNBC, BBC and King World News and speaks at investment conferences around the world. He also publishes articles on precious metals, the world economy and wealth preservation. For the ignorant
imkruzen
Well-known member
Conspiracy theories arise from evidence. After the government releases an explanation of a particular event, a conspiracy theory is only born because evidence exists to disprove their explanation, or at least call it into question. There's nothing insane about it, unless you define sanity as believing whatever the government tells you. In light of the fact that our government lies to us regularly, I would define believing everything they tell you as utter stupidity.
So you basically copied his info from his own website...
Google his name, what do you see? I couldn't find one reputable news source that mentioned his name in the first four pages of his google results.
imkruzen
Well-known member
What is your point?
I'm the king of Spain and have a 12" dong, says so on my website...
imkruzen
Well-known member
Ignorant is the one who does not know about something while not having access to the knowledge that will lift his ignorance Stupid is the one who does not know about something while having access to the knowledge that will lift his ignorance, but he does not care enough to do so or is too arrogant to learn
What I find interesting that people don't stop to ask who got us here, again?
People are sheep, they don't like to think. They like to be coddled and told everything will be just fine of course that is after they are told the sky is falling.
We have access to all sorts of information with 1 click yet we seem dumber today in general.
People are sheep, they don't like to think. They like to be coddled and told everything will be just fine of course that is after they are told the sky is falling.
We have access to all sorts of information with 1 click yet we seem dumber today in general.
imkruzen
Well-known member
ECONOMIC ACTION PLAN 2013 and tabled in the House of Commons by Minster of Finance James Flaherty on March 21st, the official 2013 Canadian budget contains an explicit provision that Canada will pursue the bail-in model for systemically important banks for future bank failures. Quote pg.144-5: The Government proposes to implement a bail-in regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants. Systemically important banks will continue to be subject to existing risk management requirements, including enhanced supervision and recovery and resolution plans.
Having worked at a bank and dealt with executives on a regular basis. They really don't care about long term. It's short term profits so they can get their bonus. Banks have insane targets they set for all their employees. They keep setting higher and higher standards and crap on those who don't hit them. That's why they only care about the short term profits they can get now and hit their quota. They don't care what will happen 3-5 years from now. It's not in their primary strategy.
Russians who have been dodging their part of The State's tax burden, by getting their money out of the country. How much of that money is tied to illegal activities? When a country profits from that sort of thing, it's eventually going to come back and bite it in the butt.
Red_Liner740
Well-known member
ROFL, i love the innuendos and blatant baseless accusations. You sir, drank the coolaid that the general media has given to you. I dont see you calling for Cayman Islands to fall and steal all of wealth in that bank. Its the exact same thing, except North American corporations are hiding money there.
In the end, Russians putting the money into the banks didnt cause the banks to be in the situation they are in, they helped it. I guess its easy to steal money from a faceless, nameless guy who invested in offshore banking.
Let it happen to any country that provides a shelter for illegal money, whether it be product of crime or simply a tax dodge. I didn't comment about the Cayman Islands because we aren't talking about the Cayman Islands.
Red_Liner740
Well-known member
Again...Its not like Russia is on the brink of economic collapse and urging Cyprus to skim some money to help them out.
Money, Illegal or not, at this point, we have to assume innocent until proven guilty, flowed into Cyprus from Russia, helped it become the financial powerhouse that it was. Those banks failed, and now to continue the ponzi scheme they will "appropriate", i read "steal" the money from those bank accounts. They then sell it to us by mentioning that possibly, maybe, some of the money was illegaly obtained or are dodging taxes in ANOTHER COUNTRY!
Give me a break...that sort of reaching conclusions is why gun owners, sport bike riders, etc etc are labeled the way they are.
Dont worry, soon, even every day joe blow who saved some money for a rainy day will be seen as a cash cow to squeeze to "stimulate the economy"
Money, Illegal or not, at this point, we have to assume innocent until proven guilty, flowed into Cyprus from Russia, helped it become the financial powerhouse that it was. Those banks failed, and now to continue the ponzi scheme they will "appropriate", i read "steal" the money from those bank accounts. They then sell it to us by mentioning that possibly, maybe, some of the money was illegaly obtained or are dodging taxes in ANOTHER COUNTRY!
Give me a break...that sort of reaching conclusions is why gun owners, sport bike riders, etc etc are labeled the way they are.
Dont worry, soon, even every day joe blow who saved some money for a rainy day will be seen as a cash cow to squeeze to "stimulate the economy"
ROFL over this:
The need to save the world by clamping interest rates at zero also provides another convenient mechanism for transferring the wealth of the middle and lower classes to the elites. The big banks, as we know, can borrow newly created money for nothing or almost nothing, but when the little guy wants to borrow money for whatever reason he has to pay the banks 4 or 5% interest, so the banks pocket an instant 4 to 5% profit for a little paperwork– not bad work if you can get it. On the other hand, if the little guy actually succeeds in saving some money, and makes the mistake of letting it accumulate in a bank account, what will the banks pay him in interest? – nothing, or next to nothing. This is why the little guy, frustrated at getting no return on his savings in the bank, is encouraged to venture into more risky areas like the stockmarket – which is then cyclically flushed to strip him of his holdings at low prices. To add insult to injury the little guy is then advised that “for the greater good” he should tighten his belt and endure austerity measures. As if all this isn’t enough the size of bars of chocolate is being slyly reduced. The trick for the elites is squeeze the little guy as much as possible so that he is simmering with anger and frustration, but not so much that his anger boils over and he goes on the rampage, which could result in unfortunate consequences, such as bank windows being smashed and bonuses being reduced. Now and then a “trial balloon” such as Cyprus is floated to see what the little guy’s limits are, so that they know what they can get away with later in places like Italy and Spain.
Now, as you know, we are quite above ranting on this site – the point of the above discussion was to make clear that the global elites have charted a course for robust global inflation. Deflation could lead to things quickly getting out of control and a descent into a state of anarchy, which could lead to them losing power and possibly even their lives. Inflation on the other hand, means that they can keep things limping along, maintain the status quo, which benefits them hugely, and engage in the steady transfer of wealth from the poorest sections of society to the richest. This for them is the perfect outcome, and – now we are getting to the point – it means that hard assets with intrinsic value can be expected to remain in uptrends as far as the eye can see – as investors struggle to maintain the value of their assets in the face of the relentless ravages of inflation. Thus there is no reason to fear an end to the ongoing major bullmarkets in gold and silver, and various other hard assets, and that means that the recent trading ranges in gold and silver are not top areas but zones of consolidation ahead of the resumption of the major uptrend.
