Financial Crisis

[Lopburi99]

Millions of us Americans not in the Obama trance are scared sh!tless where this will all lead.

Edited March 15, 2013 by Lopburi99

[siamamerican]

Millions of us Americans not in the Obama trance are scared sh!tless where this will all lead.

I agree, millions are scared shitless! This amounts to 1% of the population if millions(quite dramatic) are without shitting capabilities. The rest of America is just struggling through this long drawn out slow recovery. All my friends in the USA still have normal bowel movements.

Get a grip! The world went debt crazy and now it is unwinding. Will it take another 3 years or will the the global economy recover next year? Who the f'en knows.

My prediction; The USA will lead the recovery even more from this point forward and once the rest of the world realizes that we are back back on the road to recovery, the global markets will follow. Dow end of year 15,000 and global markets even higher respectively.

The doom and gloom crowd has been i wrong for years now which has been the case for the last century. only difference now is they have a fools audience on the internet.

[midas]

Millions of us Americans not in the Obama trance are scared sh!tless where this will all lead.

I agree, millions are scared shitless! This amounts to 1% of the population if millions(quite dramatic) are without shitting capabilities. The rest of America is just struggling through this long drawn out slow recovery. All my friends in the USA still have normal bowel movements.

Get a grip! The world went debt crazy and now it is unwinding. Will it take another 3 years or will the the global economy recover next year? Who the f'en knows.

My prediction; The USA will lead the recovery even more from this point forward and once the rest of the world realizes that we are back back on the road to recovery, the global markets will follow. Dow end of year 15,000 and global markets even higher respectively.

The doom and gloom crowd has been i wrong for years now which has been the case for the last century. only difference now is they have a fools audience on the internet.

Wouldn't it be wonderful if you are correct? But I would like to ask you how do they reconcile measuring the Dow at 15,000+ as being a sign that recovery is just over the horizon with this news below. Not from some obscure doom and gloom website, but from a source which some consider to be even the standardbearer of news? What is wrong with this picture?

Americans see biggest monthly income drop in 20 years

http://money.cnn.com/2013/03/01/news/economy/income-spending-saving/

[midas]

The United States is roughly $17 trillion in debt, but President Barack Obama says theres no reason to worry.

What Obama says & what Obama does is never the same

If there is no need to worry I wonder why he just bought 2,717

armored vehicles to patrol US streets?

Not to mention at a cost of $$$$$

But he did also purchase recently 1.6 BILLION Hollow point ammo for

the same Dept Of Homeland Security

Yeah no reason to worry

does make one wonder what the heck they are expecting?

I like in the video how they describe the awesome capabilities

then say you know in case we have to serve a warrant on a home !!

What ever became of the National Guard?

http://www.forbes.com/sites/ralphbenko/2013/03/11/1-6-billion-rounds-of-ammo-for-homeland-security-its-time-for-a-national-conversation/

http://www.youtube.com/watch?v=fyqch-KI5gI

He didn't earn this title for nothing

http://liar-in-chief.com/

[siamamerican]

Millions of us Americans not in the Obama trance are scared sh!tless where this will all lead.

I agree, millions are scared shitless! This amounts to 1% of the population if millions(quite dramatic) are without shitting capabilities. The rest of America is just struggling through this long drawn out slow recovery. All my friends in the USA still have normal bowel movements.

Get a grip! The world went debt crazy and now it is unwinding. Will it take another 3 years or will the the global economy recover next year? Who the f'en knows.

My prediction; The USA will lead the recovery even more from this point forward and once the rest of the world realizes that we are back back on the road to recovery, the global markets will follow. Dow end of year 15,000 and global markets even higher respectively.

The doom and gloom crowd has been i wrong for years now which has been the case for the last century. only difference now is they have a fools audience on the internet.

Wouldn't it be wonderful if you are correct? But I would like to ask you how do they reconcile measuring the Dow at 15,000+ as being a sign that recovery is just over the horizon with this news below. Not from some obscure doom and gloom website, but from a source which some consider to be even the standardbearer of news? What is wrong with this picture?

Americans see biggest monthly income drop in 20 years

http://money.cnn.com/2013/03/01/news/economy/income-spending-saving/

Not sure??? I thought you were concerned with the deficit. They cut spending when the sequester was enacted and incomes dropped. Seemed obvious to me but again the sky is falling.

I guess the USA is screwed if we cut the deficit or increase it.

[midas]

Millions of us Americans not in the Obama trance are scared sh!tless where this will all lead.

I agree, millions are scared shitless! This amounts to 1% of the population if millions(quite dramatic) are without shitting capabilities. The rest of America is just struggling through this long drawn out slow recovery. All my friends in the USA still have normal bowel movements.

Get a grip! The world went debt crazy and now it is unwinding. Will it take another 3 years or will the the global economy recover next year? Who the f'en knows.

My prediction; The USA will lead the recovery even more from this point forward and once the rest of the world realizes that we are back back on the road to recovery, the global markets will follow. Dow end of year 15,000 and global markets even higher respectively.

The doom and gloom crowd has been i wrong for years now which has been the case for the last century. only difference now is they have a fools audience on the internet.

Wouldn't it be wonderful if you are correct? But I would like to ask you how do they reconcile measuring the Dow at 15,000+ as being a sign that recovery is just over the horizon with this news below. Not from some obscure doom and gloom website, but from a source which some consider to be even the standardbearer of news? What is wrong with this picture?

Americans see biggest monthly income drop in 20 years

http://money.cnn.com/2013/03/01/news/economy/income-spending-saving/

Not sure??? I thought you were concerned with the deficit. They cut spending when the sequester was enacted and incomes dropped. Seemed obvious to me but again the sky is falling.

I guess the USA is screwed if we cut the deficit or increase it.

My previous concern about the USA debt has since morphed into a stunning amazement at the level of debt all around the world, particularly Japan and Europe. I just can't see how sooner or later they can avoid a day of reckoning?

Actually with regards to the sequester it is a gross exaggeration for them to say there have been any cuts. There was just a decrease in the planned increase. It's like getting a 3% raise from your boss, and then whining to everyone that you got a pay cut because you were expecting 5%.

They have no will whatsoever to make the necessary cuts just like drug addicts.

Edited March 16, 2013 by midas

[mccw]

For anyone who assumes money in the bank is safe:

"""EU ministers and the IMF have hammered out a bailout agreement with Cyprus, EU officials said. The pact includes a one-time tax of 9.9 percent on Cypriot bank deposits that exceed 100,000 euros, as well as a tax of 6.75 percent on smaller deposits.

After 10 hours of talks on Saturday, representatives from the eurozone, the IMF and the European Central Bank agreed to a $13-billion (10 billion euros) bailout package for Cyprus to save the country from bankruptcy.

Cyprus has been struggling to repay its debt following its exposure to the recent Greek financial crisis.

The main source of contention in the months-long negotiations was whether to make depositors pay a levy on their holdings in Cypriot banks. Cyprus is concerned that the plan to offset the cost of the bailout will prompt a massive withdrawal among bank clients, who have grown accustomed to generous conditions on their savings on the island.

Speaking after the meeting, Cypriot Finance Minister Michalis Sarris expressed reservations over the bailout, saying: "I wish I was not the minister to do this." However, "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country," he added.

IMF chief Christine Lagarde said the bailout package for Cyprus is "sustainable for the Cyprus economy." Nicosia is now working to ensure that the new conditions on bank depositors do not trigger capital flight from the country.""""

-RT

[PCA]

For anyone who assumes money in the bank is safe:

"""EU ministers and the IMF have hammered out a bailout agreement with Cyprus, EU officials said. The pact includes a one-time tax of 9.9 percent on Cypriot bank deposits that exceed 100,000 euros, as well as a tax of 6.75 percent on smaller deposits.

After 10 hours of talks on Saturday, representatives from the eurozone, the IMF and the European Central Bank agreed to a $13-billion (10 billion euros) bailout package for Cyprus to save the country from bankruptcy.

Cyprus has been struggling to repay its debt following its exposure to the recent Greek financial crisis.

The main source of contention in the months-long negotiations was whether to make depositors pay a levy on their holdings in Cypriot banks. Cyprus is concerned that the plan to offset the cost of the bailout will prompt a massive withdrawal among bank clients, who have grown accustomed to generous conditions on their savings on the island.

Speaking after the meeting, Cypriot Finance Minister Michalis Sarris expressed reservations over the bailout, saying: "I wish I was not the minister to do this." However, "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country," he added.

IMF chief Christine Lagarde said the bailout package for Cyprus is "sustainable for the Cyprus economy." Nicosia is now working to ensure that the new conditions on bank depositors do not trigger capital flight from the country.""""

-RT

This is robbery, I wonder when we'll get the first assasinations of decision makers holding key positions

[MJP]

For anyone who assumes money in the bank is safe:

"""EU ministers and the IMF have hammered out a bailout agreement with Cyprus, EU officials said. The pact includes a one-time tax of 9.9 percent on Cypriot bank deposits that exceed 100,000 euros, as well as a tax of 6.75 percent on smaller deposits.

After 10 hours of talks on Saturday, representatives from the eurozone, the IMF and the European Central Bank agreed to a $13-billion (10 billion euros) bailout package for Cyprus to save the country from bankruptcy.

Cyprus has been struggling to repay its debt following its exposure to the recent Greek financial crisis.

The main source of contention in the months-long negotiations was whether to make depositors pay a levy on their holdings in Cypriot banks. Cyprus is concerned that the plan to offset the cost of the bailout will prompt a massive withdrawal among bank clients, who have grown accustomed to generous conditions on their savings on the island.

Speaking after the meeting, Cypriot Finance Minister Michalis Sarris expressed reservations over the bailout, saying: "I wish I was not the minister to do this." However, "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country," he added.

IMF chief Christine Lagarde said the bailout package for Cyprus is "sustainable for the Cyprus economy." Nicosia is now working to ensure that the new conditions on bank depositors do not trigger capital flight from the country.""""

-RT

Gold and pitchforks.

Safest investments.

[mania]

This is robbery, I wonder when we'll get the first assasinations of decision makers holding key positions

Here is the original link

http://www.bloomberg.com/news/2013-03-16/euro-area-takes-aim-at-depositors-in-cyprus-bailout.html

I think it would be better to cut their hands off than

assassinate them

[Naam]

Jedi master Yoda addressing Cyprus creditors:

[MJP]

This is robbery, I wonder when we'll get the first assasinations of decision makers holding key positions

Here is the original link

http://www.bloomberg.com/news/2013-03-16/euro-area-takes-aim-at-depositors-in-cyprus-bailout.html

I think it would be better to cut their hands off than

assassinate them

Thinking about it, it's no different to QE. Just ever so slightly more direct.

[mccw]

Seems in return for the "tax" the depositors are given shares in banks :

http://bbc.co.uk/news/world-europe-21818598

It's funny the British guy saying "we must get the EU to stop this" as if they will help him against the evil Cypriot government. Obviously its the EU who are demanding these measures in return for thier money. Or maybe I'm reading his meaning wrong and he's actually blaming the EU. But how can such actions be stopped?

[waza]

Detroit Emergency Manager: Gov. Rick Snyder Announces State Financial Takeover

Gov. Rick Snyder will appoint an emergency financial manager to take over control of Michigan’s largest city, he said Thursday in Detroit. The announcement follows his declaration of a fiscal emergency in the city. "I'm confirming my determination of a financial emergency," Snyder said. "I'm going to ask the Emergency Loan Board to move forward with the plan of appointing an emergency manager for the city of Detroit."

With over 700,000 residents, Detroit is the largest city in American history to be directly taken over by state government.............."Governor Rick Snyder and Lansing Republicans have deliberately starved our communities of billions in revenue, while giving corporate special interests a huge tax break,” said Michigan Democratic Party Chair Lon Johnson in the statement. “Snyder and Lansing Republicans are forcing an unnecessary, hostile takeover as a solution to the problem that they themselves created. Meanwhile the democratic rights of Detroit’s citizens are being trampled to protect the interests of Snyder’s wealthy CEO friends and their lobbyists."...............Under a new law, Public Act 436, which goes into effect on March 27, an emergency manager has the power to dismiss elected officials, abrogate labor contracts, sell off public assets and impose new taxes on residents without a vote. For the next two weeks, the emergency financial manager’s powers will be limited in scope by an older law, PA 72. http://www.huffingtonpost.com/2013/03/14/detroit-emergency-manager_n_2871371.html

[ronz28]

Kyle Bass 03/14/2013 update on the financial crisis facing Japan, the expected outcome, impact on others, etc.

[OZEMADE]

Aussie stock market had a crash today, not looking good. So if you are living in Thailand off you stock/shares Interest

But Gold on the rise.
European fears have raised their head again and wiped more than $25 billion from the market as the ASX plummeted today. The benchmark S&P ASX 200 index (^AXJO) (XJO.AX) lost 2%, while the broader All Ordinaries also fell 2%.

http://au.finance.yahoo.com/news/25-billion-wiped-off-market-053809850.html

Edited March 18, 2013 by OZEMADE

[waza]

Aussie stock market had a crash today, not looking good. So if you are living in Thailand off you stock/shares Interest

But Gold on the rise.

European fears have raised their head again and wiped more than $25 billion from the market as the ASX plummeted today. The benchmark S&P ASX 200 index (^AXJO) (XJO.AX) lost 2%, while the broader All Ordinaries also fell 2%.

http://au.finance.yahoo.com/news/25-billion-wiped-off-market-053809850.html

actually this shouldnt effect dividends just share prices, But it will make the PE ratio more attractive

[midas]

How is one supposed to have any faith, or worse, any hope that there is something more than mere criminality pushing the US capital markets to "new highs", and why is anyone surprised the retail investor has given up on the Fed-backstopped US "wealth creation mechanism" long ago.

Jury indicts former Calpers CEO for fraud scheme

http://www.reuters.com/article/2013/03/18/us-calpers-indictment-idUSBRE92H0YG20130318?feedType=RSS&feedName=businessNews&utm_source=dlvr.it&utm_medium=twitter&dlvrit=56943

[midas]

Millions of us Americans not in the Obama trance are scared sh!tless where this will all lead.

I agree, millions are scared shitless! This amounts to 1% of the population if millions(quite dramatic) are without shitting capabilities. The rest of America is just struggling through this long drawn out slow recovery. All my friends in the USA still have normal bowel movements.

Get a grip! The world went debt crazy and now it is unwinding. Will it take another 3 years or will the the global economy recover next year? Who the f'en knows.

My prediction; The USA will lead the recovery even more from this point forward and once the rest of the world realizes that we are back back on the road to recovery, the global markets will follow. Dow end of year 15,000 and global markets even higher respectively.

The doom and gloom crowd has been i wrong for years now which has been the case for the last century. only difference now is they have a fools audience on the internet.

Wouldn't it be wonderful if you are correct? But I would like to ask you how do they reconcile measuring the Dow at 15,000+ as being a sign that recovery is just over the horizon with this news below. Not from some obscure doom and gloom website, but from a source which some consider to be even the standardbearer of news? What is wrong with this picture?

Americans see biggest monthly income drop in 20 years

http://money.cnn.com/2013/03/01/news/economy/income-spending-saving/

Not sure??? I thought you were concerned with the deficit. They cut spending when the sequester was enacted and incomes dropped. Seemed obvious to me but again the sky is falling.

I guess the USA is screwed if we cut the deficit or increase it.

Here is yet another ominous indicator that things are still deteriorating.

According to a report by the Employee Benefit Research Institute in 2008 49% reported having less than $25,000 in total household savings and investments excluding their homes. Today, this figure has increased to 57% !

http://ebri.org/publications/ib/index.cfm?fa=ibDisp&content_id=5175

[Lopburi99]

Unfortunately I don't have the background to analyze this to the depth you guys can. What are your reactions to Grannis claiming: The Fed is not "printing money"?

http://scottgrannis.blogspot.com/2013/03/the-fed-is-not-printing-money.html

[midas]

Unfortunately I don't have the background to analyze this to the depth you guys can. What are your reactions to Grannis claiming: The Fed is not "printing money"?

http://scottgrannis.blogspot.com/2013/03/the-fed-is-not-printing-money.html

I would wonder if he is just a stooge for Ben Shalom Bernanke …….?

Why does "Economist" Scott Grannis HATE the facts????

https://caps.fool.com/Blogs/why-does-quoteconomistquot/231257

Edited March 21, 2013 by midas

[cheeryble]

I would wonder if he is just a stooge for Ben Shalom Bernanke …….?

Scott Grannis is retired.

Talking about which I noticed the prison governor who got shot had "come out of retirement" to run the prison.....yet he was only 56, not when he retired but when he "came out of retirement".

No wonder the US states are going broke, and wonder if taxpayers noticed this gravy train they're pulling.

Edited March 22, 2013 by cheeryble

[midas]

I would wonder if he is just a stooge for Ben Shalom Bernanke …….?

Scott Grannis is retired.

Talking about which I noticed the prison governor who got shot had "come out of retirement" to run the prison.....yet he was only 56, not when he retired but when he "came out of retirement".

No wonder the US states are going broke, and wonder if taxpayers noticed this gravy train they're pulling.

I wonder how many there are, like this couple who retired at 40 years old?

http://money.cnn.com/magazines/moneymag/moneymag_archive/2008/02/01/102902034/index.htm

[mccw]

According to Nigel Farage, leader of the UK Independence Party, northern EU leaders realize they risk vast losses if they allow Cyprus, Greece or any other southern member to fail. To prevent this, they have resorted to extreme measures - even theft.

RT: Every bailout comes with strings attached. But can Cyprus afford the price the EU has set?

Nigel Farage: What is really happening here is we are having a reconcilable split between the North and the South of Europe. In the North of Europe Germany, the Netherlands, and Finland there are very strong political voices saying We do not want to go on bailing out southern European countries. And bear in mind that Cyprus is now the fifth country out of 17 that has needed to be bailed out. And that is why the Germans extracted the terms that they did. But I must say that even in my direst predictions in this parliament over the years about the way the EU bosses were behaving, never did I think that they would in a completely unprecedented manner resort to stealing money from peoples bank accounts.

RT: But is that because Europe cant afford Cyprus to fail?

NF: Well, It cant afford Cyprus to fail, it cant afford Greece, Portugal, Spain or Ireland to fail. They know that once one country goes the whole deck of cards will come tumbling down. And countries like Germany will realize absolutely vast losses possibly as much as one trillion euro.

So, they are prepared now to do literally anything to try to keep the Euro afloat. And that is why they have now resorted to what can only be described as theft.

Now theyve done it in one country, they are quite capable of doing it in Italy, Spain, Portugal, or anywhere else.

And the message that sends to people who have got savings in banks in those countries certainly if I was them is get your money out while you can.

RT: In 2010, almost twice as much British money went to Cyprus as transfers from Russia - according to the country's official website. Haven't you got a responsibility to safeguard your constituents interests there?

NF: The government has had nothing to say on that subject whatsoever. And what the government ought to do is to help the British people living down there mostly pensioners.

But what the British government needs to do is to say to the hundreds of thousands Brits that are living Southern Spain, that For goodness sake, get your money out of that country and have a monthly transfer to pay your bills. And that is what Id like to see [britain's Chancellor of the Exchequer] George Osborne do in budget statement in the House of Commons tomorrow.

RT: And what sort of message is this sending to foreign investors? Essentially, are not they being taxed to cure a crisis they had no part in causing?

NF: Dont invest in the Eurozone! Do not invest anywhere in Eurozone. Youve got to be mad to do so, because its now run by people who dont respect democracy, who dont respect the rule of law, who dont respect the basic principles upon which western civilization is supposed to be based.

I think that this German-dominated and led decision is the worst decision weve seen so far in this whole Eurozone crisis.

RT: Various EU leaders have said recently that they are not happy with the way tax havens work. Is something being done about that now?

NF: The EU has been unhappy about so-called tax havens for a very long time. Ironically, whilst continuing to turn a blind-eye to many activities that go on in Luxemburg. I mean Cyprus finds itself right now in a very difficult, desperate position. But I would say that it is better to officially go bankrupt, to default on international bond obligations. And to do that best to keep a banking industry and to keep some confidence in that country.

RT

[mccw]

Something on the shale gas Hype fromRT app

Kinda what I expected

Some say Americas shale energy revolution will provide gas for a century and create millions of new jobs. The only problem with this picture - its built on myths, lies and Wall Street hype.

Much has been said about the proven environmental costs of injecting millions of gallons of ultra-toxic chemicals into shale and fracturing the gas free, how it often contaminates underground water aquifers and can induce earthquakes. Little however has been said of the fact that the costs and economics of shale gas in the USA are actually negative.

In reality it is becoming increasingly clear that the shale revolution is a new Ponzi fraud, carefully built with the aid of the same Wall Street banks and their market analyst friends, who brought us the 2002-2007 US real estate securitization bubble.

The USA shale gas boom took off after Dick Cheney and friends managed to win a major loophole in new energy legislation in 2005 exempting the oil and gas industry from the Clean Water Act, the only exempt industry. With soaring US gas prices, and no environmental restraint, shale gas extraction ballooned fourfold from 2007, the first year data was tracked, to 2011, to comprise almost 40% of total dry natural gas extraction in the USA that year. In 2002 shale gas was a mere 3% of total gas.

What few outside the industry knew was that the dynamics of the complex shale formations led to dramatic initial gas volumes followed by even more dramatic declines. Shale Gas, unlike conventional gas, depletes dramatically faster owing to its specific geological location. It diffuses and becomes impossible to extract without the drilling of costly new wells.

The key shale gas players and the Wall Street bankers backing the shale boom have grossly inflated the volumes of recoverable shale gas reserves and hence its expected duration. Independent conservative estimates are that recoverable shale gas is about half what the industry claims on its financial statements. In brief, the gas producers have built the illusion that their unconventional and increasingly costly shale gas will last for decades.

Real well extraction data are now available that show shale gas wells decline at an exponential rate, and will run out far faster than being hyped. This has already led to a fire sale of newly-bought shale gas leases by the major players to Chinese, Japanese, French and other gullible foreign energy investors to buy their future reserves, a sure sign of trouble. In 2012, USA shale gas operators poured $40 billion into drilling 7,000 shale gas wells. But the value of all shale gas produced that year was a mere $32.5 billion. Oops

A sign of the end of the short-lived shale gas bubble is Chesapeake Energy the premier shale gas exploiter. Its stock shares fell from $80 in 2008 to just above $20. Its selling shale assets to pay down debt and its debt is rated junk. As one industry analyst puts it, having Americas second largest natural gas producer almost completely walk away from the shale gas business is a great indication that todays natural gas price bubble is on the verge of popping. Aubrey McClendon, Chesapeake founder has been forced to resign on April 1 under heat of an SEC investigation.

[Naam]

According to Nigel Farage, leader of the UK Independence Party, northern
EU leaders realize they risk vast losses if they allow Cyprus, Greece
or any other southern member to fail. To prevent this, they have
resorted to extreme measures - even theft.

RT: Every bailout comes with strings attached. But can Cyprus afford the price the EU has set?

The Right Honourable Insane Nigel Farage keeps on beating his anti-EU drum and the resident armchair politicians/economists applaud. but...

Sky News - 15% Tax On Big Savers Mulled

The Bank of Cyprus, the island's largest, has urged politicians to accept a tax on bank deposits in order to prevent collapse.

"It should be understood by everyone ... especially from the 56 members of parliament ... there should not be any further delay in the adoption of the eurogroup proposal to impose a levy on deposits more than 100,000 to save our banking system," bank chairman Andreas Artemis said in a statement.

The chief of ailing Cyprus Popular Bank, the island's second largest, also criticised attempts to find another solution.

"Although we knew the gravity of the situation, and the initial proposal of the eurogroup was painful, it ensured the future of the banking sector," Takis Phidias told state radio.

http://news.sky.com/story/1068577/cyprus-bailout-15-percent-tax-on-big-savers-mulled

[mccw]

According to Nigel Farage, leader of the UK Independence Party, northern

EU leaders realize they risk vast losses if they allow Cyprus, Greece

or any other southern member to fail. To prevent this, they have

resorted to extreme measures - even theft.

RT: Every bailout comes with strings attached. But can Cyprus afford the price the EU has set?

The Right Honourable Insane Nigel Farage keeps on beating his anti-EU drum and the resident armchair politicians/economists applaud. but...

Sky News - 15% Tax On Big Savers Mulled

The Bank of Cyprus, the island's largest, has urged politicians to accept a tax on bank deposits in order to prevent collapse.

"It should be understood by everyone ... especially from the 56 members of parliament ... there should not be any further delay in the adoption of the eurogroup proposal to impose a levy on deposits more than 100,000 to save our banking system," bank chairman Andreas Artemis said in a statement.

The chief of ailing Cyprus Popular Bank, the island's second largest, also criticised attempts to find another solution.

"Although we knew the gravity of the situation, and the initial proposal of the eurogroup was painful, it ensured the future of the banking sector," Takis Phidias told state radio.

http://news.sky.com/story/1068577/cyprus-bailout-15-percent-tax-on-big-savers-mulled

Of course a bank would urge for anything that would see the continuation of the banking sector.

If I was the Cypriot on the street I'd call for the government garrantee of 100k euros to be honoured for all; these be deposited in a new government savings bank and allow all the broke banks to go broke as they should by the rules of the game. A gov garrantee should mean just that and everything outside of that is fair game as its accepted and known when getting involved. Instead the want to break thier word and snatch the little mans money and state assets so as to bail out the casino bankers, bond holders and stop any waves lapping at the shores of the main land. If I were Cypriot I'd say give me my own currency back- but even if they wanted to remain with the euro I'd wager the funds to be raise to cover just the deposits under 100k = way less than current £8bill plan and could easily be met with gas sale and a little help from the church maybe. So clean bank, no debt for anyone, start again- blatantly bedt for the country and people But no - they are slave to the Troiker.

[mccw]

Can see in these uk budge figures how quickly the national debt can ballon up over just a few years. What appears to be manageable a 50% of GDP suddenly starts approaching that dangerous 100% and once its on the way its very difficult / painful to bring it back down again. I don't think uk numbers will play out how they hope at all. They are only talking different degrees of narrowing deficit yet expect to reduce the national debt in x number of years; impossible with out total change in policy.

http://guardian.co.uk/uk/2013/mar/20/budget-2013-key-points-live

Could same happen to Thailand? Ofcourse; but here I think the spending is largely on infrastructure and corruption projects like the rice scam so perhapse easier to bring back some balance than the western unwinding of social entitlements and services.

[cheeryble]

If I was the Cypriot on the street I'd call for the government garrantee of 100k euros to be honoured for all;

So, Mccw...You're suggesting that those highly prudent and intelligent Cypriots who took their money out of the bank and bought gold with all the risk involved should have their moment of glory snatched away and have to bail out those who didn't? No doubt you will be willing to do the same when the inevitable Armageddon arrives at your doorstep?

. So clean bank, no debt for anyone, start again- blatantly bedt for the country and people But no - they are slave to the Troiker.

Slave to the troika?Hmm....If you get a mortgage and merely fulfil the conditions you agreed to for your benefit....are you a slave to the building society.If you borrow £5000 from Mum and Dad and they say you've got to contribute yourself you gonna disown them? Edited March 23, 2013 by cheeryble

[midas]

According to Nigel Farage, leader of the UK Independence Party, northern

EU leaders realize they risk vast losses if they allow Cyprus, Greece

or any other southern member to fail. To prevent this, they have

resorted to extreme measures - even theft.

RT: Every bailout comes with strings attached. But can Cyprus afford the price the EU has set?

The Right Honourable Insane Nigel Farage keeps on beating his anti-EU drum and the resident armchair politicians/economists applaud. but...

Sky News - 15% Tax On Big Savers Mulled

The Bank of Cyprus, the island's largest, has urged politicians to accept a tax on bank deposits in order to prevent collapse.

"It should be understood by everyone ... especially from the 56 members of parliament ... there should not be any further delay in the adoption of the eurogroup proposal to impose a levy on deposits more than 100,000 to save our banking system," bank chairman Andreas Artemis said in a statement.

The chief of ailing Cyprus Popular Bank, the island's second largest, also criticised attempts to find another solution.

"Although we knew the gravity of the situation, and the initial proposal of the eurogroup was painful, it ensured the future of the banking sector," Takis Phidias told state radio.

http://news.sky.com/story/1068577/cyprus-bailout-15-percent-tax-on-big-savers-mulled

So Naam wants to keep taking the Blue Pill ?

But postponing the inevitable reset serves the interests of only a handful of people

Edited March 23, 2013 by midas