Cyprus: Big Depositors Could Lose Up To 60 Percent

[driedmango]

Most western countries just passed laws to do this.. Canada just added a bail in program to its list.

At the same time the news of tens of trillions in offshore accounts http://www.cbc.ca/m/touch/news/story/2013/04/04/ctl-magnitsky.html

[Steely Dan]

Question for those dismissing the stolen money as dirty money belonging to the Russian mafia, does that money miraculously become clean money when transferred to banks in Germany?

[Naam]

Question for those dismissing the stolen money as dirty money belonging to the Russian mafia, does that money miraculously become clean money when transferred to banks in Germany?

money was transferred from Germany to Cyprus, not the other way round!

[midas]

The USA, UK and EU are Planning to take your Savings: A Whiff of Desperation in the Air?

" A recent paper by the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) demonstrates that both governments have a plan to take your savings money in a financial crisis. Scarily enough, the paper was published in December 2012."

http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html

Edited April 9, 2013 by midas

[F430murci]

The USA, UK and EU are Planning to take your Savings: A Whiff of Desperation in the Air?

" A recent paper by the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) demonstrates that both governments have a plan to take your savings money in a financial crisis. Scarily enough, the paper was published in December 2012."

http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html

Put down the crack pipe. Its making you paranoid. Nobody is going to take your money. Cyprus proposals are actually very transparent and good alternatives to other solutions.

[midas]

The USA, UK and EU are Planning to take your Savings: A Whiff of Desperation in the Air?

" A recent paper by the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) demonstrates that both governments have a plan to take your savings money in a financial crisis. Scarily enough, the paper was published in December 2012."

http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html

Put down the crack pipe. Its making you paranoid. Nobody is going to take your money. Cyprus proposals are actually very transparent and good alternatives to other solutions.

Firstly, I don't have a crack pipe. Secondly, are you denying the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) prepared a joint paper regarding this subject?

As for Cyprus that is far from over . Because there are going to be enormous legal challenges.

And your statement “Nobody is going to take your money.” gives me as much assurance as a real estate broker asking me to trust him?

As for the governments and banksters around the world regarding this specific issue, I wouldn't trust them to give me the right time of day. I can only say we should all be hoping for the best but preparing for the worst.

[midas]

The USA, UK and EU are Planning to take your Savings: A Whiff of Desperation in the Air?

" A recent paper by the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) demonstrates that both governments have a plan to take your savings money in a financial crisis. Scarily enough, the paper was published in December 2012."

http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html

Put down the crack pipe. Its making you paranoid. Nobody is going to take your money. Cyprus proposals are actually very transparent and good alternatives to other solutions.

you were saying....................?

EU's Rehn- Big depositors could suffer in future bank bailouts under new law

http://uk.reuters.com/article/2013/04/06/uk-eu-rehn-idUKBRE93502O20130406

[F430murci]

The USA, UK and EU are Planning to take your Savings: A Whiff of Desperation in the Air?

" A recent paper by the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) demonstrates that both governments have a plan to take your savings money in a financial crisis. Scarily enough, the paper was published in December 2012."

http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html

Put down the crack pipe. Its making you paranoid. Nobody is going to take your money. Cyprus proposals are actually very transparent and good alternatives to other solutions.

you were saying....................?

EU's Rehn- Big depositors could suffer in future bank bailouts under new law

http://uk.reuters.com/article/2013/04/06/uk-eu-rehn-idUKBRE93502O20130406

It's what happens when banks fail. It's not stealing your money. Not a difficult concept.

[midas]

No doubt many countries are in and have been in big monetary trouble for some time, especially in the Euro zone. To suggest, however, that the US and UK banking system are conspiring to convert deposits to equity or debt holdings and take our money is ridiculous. I can think of multiple FTC/SEC/FDIC or banking regs this would violate in the US. Don't know about UK, but I would suprised if they did not have similar regulaitons.

Look, if you feel safer not using banks and putting money into tin cans and burying it in your yard, more power to you. Do what you think is best for you. The moral of the story here is you cannot get good returns with zero risk and if you lay with dogs, your gonna get flees. Unfortunately, many innocent people just using the bank for legitimate purposes got burned.

I have lost count of the number of arbitrations and securities lawsuits I have handled since 2008 because people reallocated most if not all of their portfolios to funds heavily weighted in CMOs, CDOs, and junk bonds. Yeah, these funds were providing 18% annual returns and etc., but they were extremely risky investments. People got greedy and took a big hit.

" To suggest, however, that the US and UK banking system are conspiring to convert deposits to equity or debt holdings and take our money is ridiculous "

Yeah well I am sure many Americans in February or

March 1933 would have also considered the possibility of their personal gold holdings

being confiscated by the US government as being equally ridiculous.........only

to find in April of that year it became a reality..

A lot has changed since 1933 and government and Fed did the miraculous and bailed banks out in 2008. I represented 2 large banks and was involved in rerating and TARP process. I saw government trying to help people save not just US, but world banking system. US could have easily done what you are or that article suggests in 2008 and 2009, but it didn't and banks paid every cent back. Some small bank could not absorb losses, but those were handled appropriately.

Perhapsi chose to place my faith in certain things, but we pretty much have to function as a society. If BofA and the big 5 go down, trust me . . . We all have very serious problems then. Just not going to happen.

Europe is lagging behind in recovery and we will ultimately see failures. Cannot be avoided. Perhaps need those failures to occur to get recovery in full swing. Too much bad debt on the books. Cyprus though had many compacting factors.

Just in case people would like to be reminded of how things played out on April 5th 1933 …. I mean for God’s sake 10 years in jail !!!!

The Day the Government Seized Americans' Gold - April 5th 1933

“April 5th, 1933, FDR confiscated every gold coin, bar, or certificate and people had to turn in their gold to the Federal Government or else they would face a fine of $10,000 or 10 years in jail. That is about $179,000 in today’s money. You were able to keep a small amount or some rare coins and those that did give up their gold received about $20/oz”

http://www.goldcore.com/goldcore_blog/day-government-seized-americans-gold-april-5th-1933

Edited April 9, 2013 by midas

[F430murci]

No doubt many countries are in and have been in big monetary trouble for some time, especially in the Euro zone. To suggest, however, that the US and UK banking system are conspiring to convert deposits to equity or debt holdings and take our money is ridiculous. I can think of multiple FTC/SEC/FDIC or banking regs this would violate in the US. Don't know about UK, but I would suprised if they did not have similar regulaitons.

Look, if you feel safer not using banks and putting money into tin cans and burying it in your yard, more power to you. Do what you think is best for you. The moral of the story here is you cannot get good returns with zero risk and if you lay with dogs, your gonna get flees. Unfortunately, many innocent people just using the bank for legitimate purposes got burned.

I have lost count of the number of arbitrations and securities lawsuits I have handled since 2008 because people reallocated most if not all of their portfolios to funds heavily weighted in CMOs, CDOs, and junk bonds. Yeah, these funds were providing 18% annual returns and etc., but they were extremely risky investments. People got greedy and took a big hit.

" To suggest, however, that the US and UK banking system are conspiring to convert deposits to equity or debt holdings and take our money is ridiculous "

Yeah well I am sure many Americans in February or

March 1933 would have also considered the possibility of their personal gold holdings

being confiscated by the US government as being equally ridiculous.........only

to find in April of that year it became a reality..

A lot has changed since 1933 and government and Fed did the miraculous and bailed banks out in 2008. I represented 2 large banks and was involved in rerating and TARP process. I saw government trying to help people save not just US, but world banking system. US could have easily done what you are or that article suggests in 2008 and 2009, but it didn't and banks paid every cent back. Some small bank could not absorb losses, but those were handled appropriately.

Perhapsi chose to place my faith in certain things, but we pretty much have to function as a society. If BofA and the big 5 go down, trust me . . . We all have very serious problems then. Just not going to happen.

Europe is lagging behind in recovery and we will ultimately see failures. Cannot be avoided. Perhaps need those failures to occur to get recovery in full swing. Too much bad debt on the books. Cyprus though had many compacting factors.

Just in case people would like to be reminded of how things played out on April 5th 1933 . I mean for Gods sake 10 years in jail !!!!

The Day the Government Seized Americans' Gold - April 5th 1933

April 5th, 1933, FDR confiscated every gold coin, bar, or certificate and people had to turn in their gold to the Federal Government or else they would face a fine of $10,000 or 10 years in jail. That is about $179,000 in todays money. You were able to keep a small amount or some rare coins and those that did give up their gold received about $20/oz

http://www.goldcore.com/goldcore_blog/day-government-seized-americans-gold-april-5th-1933

Haha, okay bury your money in tin cans or keep it under mattress. Okay by me. Just don't understand why you feel the need to spread hysteria and convince others to do same.

My career is representing banks, I have a series 7 and 66 in addition to law license, my wife is an investment banker and we both feel completely comfortable have our money in banks.

I work with Fed and FDIC as well as State regulators for clients and I don't see any of what you are talking about, what you think you know or what yo have apparently read on the Net.

QE is landing on foreign balance sheets in an effort to shore up reserves and capital requirements, but may not be in time to stop failures in some of these really troubled Euro zone areas and China has issues too. Large US banks, however, are healthy and solid now.

Haha, I swear the Net is dumbing down the world, not making it smarter. Who would have thunk it.

Edited April 9, 2013 by F430murci

[JDGRUEN]

The USA, UK and EU are Planning to take your Savings: A Whiff of Desperation in the Air?

" A recent paper by the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) demonstrates that both governments have a plan to take your savings money in a financial crisis. Scarily enough, the paper was published in December 2012."

http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html

Put down the crack pipe. Its making you paranoid. Nobody is going to take your money. Cyprus proposals are actually very transparent and good alternatives to other solutions.

you were saying....................?

EU's Rehn- Big depositors could suffer in future bank bailouts under new law

http://uk.reuters.com/article/2013/04/06/uk-eu-rehn-idUKBRE93502O20130406

Midas ... it is quite amazing that one can post relevant posts with links to credible sources with public statements made my important government officials and the know it all highly experienced bank experts dismiss it out of hand. Then one repeats the process and the bank-sperts dismiss it again. No matter that the Cyprus fiasco is not really resolved and heavy lawsuits are coming that could derail the Cyprus Solution. Nor can any reasonable person ignore the blatant statements that 'bail in' is going to be the policy in the EU and other places. But for those who point out caution with tempered alarm... the rose colored glasses set of bank-sperts just resort to name calling, and other silliness to deny it. Witnessing this denial of obvious fact causes me to see who is really smoking a crack pipe. When someone of authority says they are going to take my money - I tend to believe them. Bottom line money deposited

in EU banks is just not secure after Cyprus. One just has to read what the officials say to understand it. As for the banking experts here on TV - expert is actually two words -- Ex = 'has been' and a 'spurt (spert) is a drip under pressure... Good work Midas trying to educate the blindly stubborn.

Edited April 10, 2013 by JDGRUEN

[midas]

The USA, UK and EU are Planning to take your Savings: A Whiff of Desperation in the Air?

" A recent paper by the Bank of England and the American Federal Deposit Insurance Corporation (FDIC) demonstrates that both governments have a plan to take your savings money in a financial crisis. Scarily enough, the paper was published in December 2012."

http://www.economicsfortherestofus1.blogspot.ca/2013/03/the-usa-uk-and-eu-are-planning-to-take.html

Put down the crack pipe. Its making you paranoid. Nobody is going to take your money. Cyprus proposals are actually very transparent and good alternatives to other solutions.

you were saying....................?

EU's Rehn- Big depositors could suffer in future bank bailouts under new law

http://uk.reuters.com/article/2013/04/06/uk-eu-rehn-idUKBRE93502O20130406

Midas ... it is quite amazing that one can post relevant posts with links to credible sources with public statements made my important government officials and the know it all highly experienced bank experts dismiss it out of hand. Then one repeats the process and the bank-sperts dismiss it again. No matter that the Cyprus fiasco is not really resolved and heavy lawsuits are coming that could derail the Cyprus Solution. Nor can any reasonable person ignore the blatant statements that 'bail in' is going to be the policy in the EU and other places. But for those who point out caution with tempered alarm... the rose colored glasses set of bank-sperts just resort to name calling, and other silliness to deny it. Witnessing this denial of obvious fact causes me to see who is really smoking a crack pipe. When someone of authority says they are going to take my money - I tend to believe them. Bottom line money deposited

in EU banks is just not secure after Cyprus. One just has to read what the officials say to understand it. As for the banking experts here on TV - expert is actually two words -- Ex = 'has been' and a 'spurt (spert) is a drip under pressure... Good work Midas trying to educate the blindly stubborn.

Thanks JD .

Actually,whatever these apologists for the “ banksters “ say to me .....it goes in one ear and out the other because as far as I'm concerned they have zero credibility.

But someone who i do listen to is Jim Rogers. And when he says he is worried then I think it's time for us all to sit up and take real notice

Jim Rogers: “I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m

Taking Preparations”

“They took gold from people in the U.S. in the 1930′s…but I’ve never heard of them taking bank accounts. [Now] they’re doing it. So be careful [because], now they can take your bank account under this precedent.“

http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Edited April 10, 2013 by midas

[midas]

A lot has changed since 1933 and government and Fed did the miraculous and bailed banks out in 2008. I represented 2 large banks and was involved in rerating and TARP process. I saw government trying to help people save not just US, but world banking system. US could have easily done what you are or that article suggests in 2008 and 2009, but it didn't and banks paid every cent back. Some small bank could not absorb losses, but those were handled appropriately.

Perhapsi chose to place my faith in certain things, but we pretty much have to function as a society. If BofA and the big 5 go down, trust me . . . We all have very serious problems then. Just not going to happen.

Europe is lagging behind in recovery and we will ultimately see failures. Cannot be avoided. Perhaps need those failures to occur to get recovery in full swing. Too much bad debt on the books. Cyprus though had many compacting factors.

Just in case people would like to be reminded of how things played out on April 5th 1933 . I mean for Gods sake 10 years in jail !!!!

The Day the Government Seized Americans' Gold - April 5th 1933

April 5th, 1933, FDR confiscated every gold coin, bar, or certificate and people had to turn in their gold to the Federal Government or else they would face a fine of $10,000 or 10 years in jail. That is about $179,000 in todays money. You were able to keep a small amount or some rare coins and those that did give up their gold received about $20/oz

http://www.goldcore.com/goldcore_blog/day-government-seized-americans-gold-april-5th-1933

Haha, okay bury your money in tin cans or keep it under mattress. Okay by me. Just don't understand why you feel the need to spread hysteria and convince others to do same.

My career is representing banks, I have a series 7 and 66 in addition to law license, my wife is an investment banker and we both feel completely comfortable have our money in banks.

I work with Fed and FDIC as well as State regulators for clients and I don't see any of what you are talking about, what you think you know or what yo have apparently read on the Net.

QE is landing on foreign balance sheets in an effort to shore up reserves and capital requirements, but may not be in time to stop failures in some of these really troubled Euro zone areas and China has issues too. Large US banks, however, are healthy and solid now.

Haha, I swear the Net is dumbing down the world, not making it smarter. Who would have thunk it.

Yes, but with all due respect you receive remuneration from the “ banksters “ and you say your wife receives a salary from the “ banksters “ ?

So you are hardly able to give an impartial view of things are you….eh what ?

I can understand why you ( and your wife ) wouldn't want to see the gravy train dry up?

[F430murci]

Wife does mergers and acquisition and underwriting municipal bonds. I make more money when banks are in trouble. I also represent nursing homes and I would never put a loved one in a nursing home, buy I do keep money in banks. You guys cannot see forest for the trees and read and hear what you wish to hear as opposed the actual message conveyed by the articles.

[F430murci]

Thanks JD .

Actually,whatever these apologists for the banksters say to me .....it goes in one ear and out the other because as far as I'm concerned they have zero credibility.

But someone who i do listen to is Jim Rogers. And when he says he is worried then I think it's time for us all to sit up and take real notice

Jim Rogers: I Suspect Theyll Take The Pension Plans Next; I For One Am Worried, And Im

Taking Preparations

They took gold from people in the U.S. in the 1930′sbut Ive never heard of them taking bank accounts. [Now] theyre doing it. So be careful [because], now they can take your bank account under this precedent.

http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Can't take the crazy out of crazy. As to Jim Rogers, he is a commodities guy that has huge short positions in financials. Haha, what do you expect him to say.

Edited April 10, 2013 by F430murci

[midas]

Thanks JD .

Actually,whatever these apologists for the banksters say to me .....it goes in one ear and out the other because as far as I'm concerned they have zero credibility.

But someone who i do listen to is Jim Rogers. And when he says he is worried then I think it's time for us all to sit up and take real notice

Jim Rogers: I Suspect Theyll Take The Pension Plans Next; I For One Am Worried, And Im

Taking Preparations

They took gold from people in the U.S. in the 1930′sbut Ive never heard of them taking bank accounts. [Now] theyre doing it. So be careful [because], now they can take your bank account under this precedent.

http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Can't take the crazy out of crazy. As to Jim Rogers, he is a commodities guy that has huge short positions in financials. Haha, what do you expect him to say.

And what about this lady? I remember reading about her back in 2011.... Is she crazy also? She says " “All Legal Bank Deposit Protections Are Now Officially Gone”!!!

“ Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing “systemic” problems within the entire financial industry, has issued a new warning about the stability of US banks and the safety of individual deposit accounts.”

and

" all customer funds in the United States are now the legal property of JP Morgan, Goldman Sachs, BNYM, or whichever megabank is the counterparty on the loans the FCM or depository institution takes out in order to fund its mega-levered proprietary in-house trading desks."

http://www.shtfplan.com/headline-news/warning-get-your-money-out-all-customer-deposits-in-the-united-states-are-now-the-legal-property-of-jp-morgan-goldman-sachs-megabanks_08122012

Edited April 10, 2013 by midas

[F430murci]

Thanks JD .

Actually,whatever these apologists for the banksters say to me .....it goes in one ear and out the other because as far as I'm concerned they have zero credibility.

But someone who i do listen to is Jim Rogers. And when he says he is worried then I think it's time for us all to sit up and take real notice

Jim Rogers: I Suspect Theyll Take The Pension Plans Next; I For One Am Worried, And Im

Taking Preparations

They took gold from people in the U.S. in the 1930′sbut Ive never heard of them taking bank accounts. [Now] theyre doing it. So be careful [because], now they can take your bank account under this precedent.

http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Can't take the crazy out of crazy. As to Jim Rogers, he is a commodities guy that has huge short positions in financials. Haha, what do you expect him to say.

And what about this lady? I remember reading about her back in 2011.... Is she crazy also? She says " All Legal Bank Deposit Protections Are Now Officially Gone!!!

Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing systemic problems within the entire financial industry, has issued a new warning about the stability of US banks and the safety of individual deposit accounts.

and

" all customer funds in the United States are now the legal property of JP Morgan, Goldman Sachs, BNYM, or whichever megabank is the counterparty on the loans the FCM or depository institution takes out in order to fund its mega-levered proprietary in-house trading desks."

http://www.shtfplan.com/headline-news/warning-get-your-money-out-all-customer-deposits-in-the-united-states-are-now-the-legal-property-of-jp-morgan-goldman-sachs-megabanks_08122012

Haha, another great source. Love the website title "When the <deleted> hits the fan, don't say we didn't warn you.". This is like a survivalist website warning if apocalyptic events, time to buy gold, the markets crashing, there will be a war in America and lots if crazy paranoid stuff including a Jim Rogers article.

http://www.SHTFplan.com/

Seriously, step away from the net doom and gloom conspiracy websites or you are going to drive yourself crazy.

[Publicus]

Cypriot Households Richer Than Germany's

Second Richest in Eurozone

http://www.businessinsider.com/total-fiasco-germans-are-the-poorest-cypriots-the-second-richest-in-the-eurozone-2013-4

In mid 2010 my pc anti-virus system went kaput and I suffered some Identity Theft. All kinds of sudden charges were coming in against my account (Bank of America) which the bank was cheerfully paying, which is how I found about the Identity Theft. I changed the settings online immediately so the bank would stop paying this sudden burst of charges from various and strange nothing countries, strangely named companies and strange charges that the BoA security systems completely missed..

One of the host places of the cyber theft was Cyprus. They're running a scam country over there and need to be dealt with appropriately and immediately. Today I heard the sleazebag corrupt Cyprus government is selling $400 million of its official gold reserves to cover their banks.

I'm looking forward to as much bad news as possible about that stinkhole country. I'm surprised Thaksin hasn't been there too. Or has he? The rathole Montenegro was another host site of the cyber thieves that attacked my pc. We know Thaksin holds a Montenegrin passport. No surprise there.

(Consequently BoA gave me a new, highly regarded security system Raport Trusteer. This is not a promotion of the system, just a statement about a very good system.)

[maidu]

I've had to deal with online rip-offs from England, and attempts from Ireland. England has been worst for me. Even so, I don't wish the islands get sucked back in to the sea - not too soon, anyway.

[NeverSure]

If that's what Jim Rogers actually said, and no more, it's misleading.

At the time the government required citizens to turn in gold, at least they bought it. Yes, with paper money, but at that time a $20 gold piece was worth $20 in either gold or a $20 bill. Gold and silver were the larger denomination coins.

People who liked gold might not have been happy with the trade, but they got paid the going price for the gold.

It was Nixon, around 1972 who took the US off the gold standard and began the destruction of the dollar with printing presses, so back in the '30's every dollar printed was (supposedly) back by gold.

[midas]

Thanks JD .

Actually,whatever these apologists for the banksters say to me .....it goes in one ear and out the other because as far as I'm concerned they have zero credibility.

But someone who i do listen to is Jim Rogers. And when he says he is worried then I think it's time for us all to sit up and take real notice

Jim Rogers: I Suspect Theyll Take The Pension Plans Next; I For One Am Worried, And Im

Taking Preparations

They took gold from people in the U.S. in the 1930′sbut Ive never heard of them taking bank accounts. [Now] theyre doing it. So be careful [because], now they can take your bank account under this precedent.

http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Can't take the crazy out of crazy. As to Jim Rogers, he is a commodities guy that has huge short positions in financials. Haha, what do you expect him to say.

And what about this lady? I remember reading about her back in 2011.... Is she crazy also? She says " All Legal Bank Deposit Protections Are Now Officially Gone!!!

Former money manager Ann Barnhardt, who in November of 2011 made the decision to cease operations of her brokerage firm and return funds to her customers citing systemic problems within the entire financial industry, has issued a new warning about the stability of US banks and the safety of individual deposit accounts.

and

" all customer funds in the United States are now the legal property of JP Morgan, Goldman Sachs, BNYM, or whichever megabank is the counterparty on the loans the FCM or depository institution takes out in order to fund its mega-levered proprietary in-house trading desks."

http://www.shtfplan.com/headline-news/warning-get-your-money-out-all-customer-deposits-in-the-united-states-are-now-the-legal-property-of-jp-morgan-goldman-sachs-megabanks_08122012

Haha, another great source. Love the website title "When the <deleted> hits the fan, don't say we didn't warn you.". This is like a survivalist website warning if apocalyptic events, time to buy gold, the markets crashing, there will be a war in America and lots if crazy paranoid stuff including a Jim Rogers article.

http://www.SHTFplan.com/

Seriously, step away from the net doom and gloom conspiracy websites or you are going to drive yourself crazy.

If you really are an attorney representing the banksters, I would have thought at least you would have had the skill to debate the SUBSTANCE of her argument ? Are you saying she is incorrect about her comments regarding the federal appeals court ruling - that using customer segregated funds as collateral is no longer a crime ? Was she wrong when she said that co-mingling customer segregated funds with proprietary funds is no longer considered fraud?

It says a lot about you and your message that all you are able to do is call everyone else crazy and criticize the website but not even attempt to address the subject itself .

Edited April 11, 2013 by midas

[midas]

If that's what Jim Rogers actually said, and no more, it's misleading.

At the time the government required citizens to turn in gold, at least they bought it. Yes, with paper money, but at that time a $20 gold piece was worth $20 in either gold or a $20 bill. Gold and silver were the larger denomination coins.

People who liked gold might not have been happy with the trade, but they got paid the going price for the gold.

It was Nixon, around 1972 who took the US off the gold standard and began the destruction of the dollar with printing presses, so back in the '30's every dollar printed was (supposedly) back by gold.

You're missing the entire point of why Jim Rogers is outraged. He and others like him are quite rightly saying why should any government have the right to tell you what to do with YOUR assets , whether it is gold, bank accounts or pensions ? Edited April 11, 2013 by midas

[midas]

And here are the same concerns that Ann Barnhardt expressed written in a different way by a different person……………………

“ In the US after the Glass-Steagall Act was implemented in 1933, a bank could not gamble with depositor funds for its own account; but in 1999, that barrier was removed.

Recent congressional investigations have revealed that in the biggest derivative banks, JPMorgan and Bank of America, massive commingling has occurred between their depository arms and their unregulated and highly vulnerable derivatives arms. Under both the Dodd Frank Act and the 2005 Bankruptcy Act, derivative claims have super-priority over all other claims, secured and unsecured, insured and uninsured. In a major derivatives fiasco, derivative claimants could well grab all the collateral, leaving other claimants, public and private, holding the bag.”

http://www.alternet.org/economy/wall-street-ticking-time-bomb-could-blow-your-bank-account

AND

When you consider the derivatives market is estimated at $600 trillion , which is 10 times the size of U.S. GDP and that just four banks hold a staggering 95.9% of U.S. derivatives -you get an idea of the potential size of the problem.

Edited April 11, 2013 by midas

[F430murci]

If you really are an attorney representing the banksters, I would have thought at least you would have had the skill to debate the SUBSTANCE of her argument ? Are you saying she is incorrect about her comments regarding the federal appeals court ruling - that using customer segregated funds as collateral is no longer a crime ? Was she wrong when she said that co-mingling customer segregated funds with proprietary funds is no longer considered fraud?

It says a lot about you and your message that all you are able to do is call everyone else crazy and criticize the website but not even attempt to address the subject itself .

I did page or so ago, but you ignored and starting citing articles from enact websites that have no other purpose than to incite fear or promote buying gold. I discussed both problem and varying solutions, as well as regions or areas that still have banking issues. I cited Fed stress results of 18 largest US banks and etc. You don't listen or cannot listen and some of these articles you cite say one thing, but you hear something completely different. Edited April 11, 2013 by F430murci

[Scott]

I think the current discussion should end. The thread is about the Cyprus situation.

[socrates28]

And the madness continues.....

http://www.bbc.co.uk/news/business-22106194

[thaibeachlovers]

Cypriot Households Richer Than Germany's

Second Richest in Eurozone

http://www.businessinsider.com/total-fiasco-germans-are-the-poorest-cypriots-the-second-richest-in-the-eurozone-2013-4

In mid 2010 my pc anti-virus system went kaput and I suffered some Identity Theft. All kinds of sudden charges were coming in against my account (Bank of America) which the bank was cheerfully paying, which is how I found about the Identity Theft. I changed the settings online immediately so the bank would stop paying this sudden burst of charges from various and strange nothing countries, strangely named companies and strange charges that the BoA security systems completely missed..

One of the host places of the cyber theft was Cyprus. They're running a scam country over there and need to be dealt with appropriately and immediately. Today I heard the sleazebag corrupt Cyprus government is selling $400 million of its official gold reserves to cover their banks.

I'm looking forward to as much bad news as possible about that stinkhole country. I'm surprised Thaksin hasn't been there too. Or has he? The rathole Montenegro was another host site of the cyber thieves that attacked my pc. We know Thaksin holds a Montenegrin passport. No surprise there.

(Consequently BoA gave me a new, highly regarded security system Raport Trusteer. This is not a promotion of the system, just a statement about a very good system.)

<I'm looking forward to as much bad news as possible about that stinkhole country>

You said what I've been thinking all along.

I couldn't write what I really think about them, or I'd probably be deleted.

[midas]

If you really are an attorney representing the banksters, I would have thought at least you would have had the skill to debate the SUBSTANCE of her argument ? Are you saying she is incorrect about her comments regarding the federal appeals court ruling - that using customer segregated funds as collateral is no longer a crime ? Was she wrong when she said that co-mingling customer segregated funds with proprietary funds is no longer considered fraud?

It says a lot about you and your message that all you are able to do is call everyone else crazy and criticize the website but not even attempt to address the subject itself .

I did page or so ago, but you ignored and starting citing articles from enact websites that have no other purpose than to incite fear or promote buying gold. I discussed both problem and varying solutions, as well as regions or areas that still have banking issues. I cited Fed stress results of 18 largest US banks and etc. You don't listen or cannot listen and some of these articles you cite say one thing, but you hear something completely different.

I cited Fed stress results of 18 largest US banks and etc.

ah yes .... those are so useful arent they?.. i mean you can bet the farm on those...

Cyprus banks pass EU stress test

http://www.cyprus-mail.com/cyprus/cyprus-banks-pass-eu-stress-test/20110716

Edited April 12, 2013 by midas

[F430murci]

If you really are an attorney representing the banksters, I would have thought at least you would have had the skill to debate the SUBSTANCE of her argument ? Are you saying she is incorrect about her comments regarding the federal appeals court ruling - that using customer segregated funds as collateral is no longer a crime ? Was she wrong when she said that co-mingling customer segregated funds with proprietary funds is no longer considered fraud?

It says a lot about you and your message that all you are able to do is call everyone else crazy and criticize the website but not even attempt to address the subject itself .

I did page or so ago, but you ignored and starting citing articles from enact websites that have no other purpose than to incite fear or promote buying gold. I discussed both problem and varying solutions, as well as regions or areas that still have banking issues. I cited Fed stress results of 18 largest US banks and etc. You don't listen or cannot listen and some of these articles you cite say one thing, but you hear something completely different.

I cited Fed stress results of 18 largest US banks and etc.

ah yes .... those are so useful arent they?.. i mean you can bet the farm on those...

Cyprus banks pass EU stress test

http://www.cyprus-mail.com/cyprus/cyprus-banks-pass-eu-stress-test/20110716

Stress testing has parameters and does not mean that a bank will never fail under any set of circumstances. BofC regulatory capital was depleted by write down in Greek bond holdings in early 2012. This was result of a deal brokered by EU leaders to make Greece's huge mountain of debt more manageable.

As I mentioned earlier in thread, this bank's holding were relegated to junk bonds and the bank had these risky positions to pay large interests on deposit only funds. Russians began exiting stage left in 2012 when BofC capital or reserve was devastated by Greece's defaults on binds and the EU's write down on Greece's bonds to try and save Greece.

Cyprus is a very complicated anomaly. There was a cascade of events greatly exceeding the stress test parameters. No big surprise here and BofC was looking for 10 billion from IMF after a PIMCO evaluation and stress test in 2012 showed BofC needed 10 bil Euros to recapitalize after Greece issue.

Edited April 12, 2013 by F430murci