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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 1:58:37 PM   
GoddessManko


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From: Dante's Inferno
Status: offline 		LOL I'm not sure what to say to private investment portfolios being seized by the government. Will that be before or after the aliens attack? :)

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 1:59:40 PM   
Yachtie


Posts: 3593
Joined: 1/18/2012
Status: offline 		Nigel Farage Message To Europeans: "Get Your Money Out While You Can"

"They are propping up a Eurozone that, in the end, will collapse in disastrous failure and they are prepared to do anything to do so."

Link has a 5 min vid

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“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:00:34 PM   
mnottertail


Posts: 60698
Joined: 11/3/2004
Status: offline 		Two edged sword, the confidence has to be there to run the country (nevermind that is not deserved or well placed) you need full faith and credit backing to prevent runs, borrow money and trade in the world.

The banks certainly misuse and outright abuse the sacred trust.

< Message edited by mnottertail -- 3/19/2013 2:04:57 PM >

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:14:43 PM   
Yachtie


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First they were for it. Then they were against it. The only people to say anything about it who would be listened to (reasons way to obvious) were the Russians.

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:19:19 PM   
mnottertail


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Status: offline 		Why is that way too obvious?

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:24:04 PM   
Yachtie


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quote:

ORIGINAL: mnottertail

Why is that way too obvious?



Seems to me all was going just hunky-dory for the ECB's little confiscation scheme till Russian "voices" got heard. Not like anyone else got their attention.


edit:

36 MPs voted to reject the plan while 19 abstained. Cyprus has a total of 56 members of Parliament.

< Message edited by Yachtie -- 3/19/2013 2:37:57 PM >

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:34:57 PM   
mnottertail


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Status: offline 		Well, Russians do have the biggest deposits there, and werent the confiscations going to be for those over 100k euros?

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:40:07 PM   
Yachtie


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quote:

ORIGINAL: mnottertail

Well, Russians do have the biggest deposits there, and werent the confiscations going to be for those over 100k euros?



That they were, as it last stood before the ECB blinked. Many Brits also have funds there too, but I doubt people fear a Brit the same way as a Ruskie.


This all seems so much like a John LeCarre novel.

< Message edited by Yachtie -- 3/19/2013 2:43:14 PM >

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

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Profile   Post #: 28
RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:44:04 PM   
mnottertail


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Status: offline 		The Russkies were simply rude and Die Anglischers taken aback for the moment.

Its the Brits they should fear, they are the force behind the ECB (they're proper like that)

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Have they not divided the prey; to every man a damsel or two? Judges 5:30


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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:49:00 PM   
Yachtie


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quote:

ORIGINAL: mnottertail

The Russkies were simply rude and Die Anglischers taken aback for the moment.

Its the Brits they should fear, they are the force behind the ECB (they're proper like that)



Perhaps. 007 may be more like it and not LeCarre. No matter, the ECB knows the Germans are getting tired of it all. Merkel's problems, and Brussels, just got a bit more tenuous. If they couldn't bully Cyprus, how much luck will they have on Spain?

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:50:01 PM   
mnottertail


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Status: offline 		Well, cyprus hasnt made the final book yet, and spain hasnt a choice, it is Britians Florida.

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 2:56:30 PM   
Yachtie


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quote:

ORIGINAL: mnottertail

Well, cyprus hasnt made the final book yet, and spain hasnt a choice, it is Britians Florida.



The government might not. Not so sure about the people though. I wonder just how deadly a bunch of pissed off Basque's would be?

_____________________________

“We all know it’s going to end badly, but in the meantime we can make some money.” - Jim Cramer, CNBC

“Those who ‘abjure’ violence can only do so because others are committing violence on their behalf.” - George Orwell

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 3:07:12 PM   
muhly22222


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quote:

ORIGINAL: DesideriScuri

quote:

ORIGINAL: Yachtie
That is currently the role FDIC plays. All it would take might be a banking holiday and executive order, or quick Act of Congress, whereby FDIC is bypassed in favor of Lawful Seizure. It could be done.


Bigger question would be whether savings or other monetary accounts (401k's, IRA's, investment portfolio's, etc.) can be defined as "property" for the purpose of takings law, aka Eminent Domain. If bailing out a bank is accepted as a public benefit, then couldn't taking private property ($$) for that public benefit fall under the purview of eminent domain?

Wouldn't that be one helluva Government fuckjob!



That's an interesting idea. Although the law also requires government to provide reasonable compensation when they take property, which is generally considered Fair Market Value (which isn't really fair, but that's another issue). The FMV of monetary accounts would seem to be the dollar value of those accounts, and should be pretty easy to quantify, and would be a 1-for-1 exchange, dollar-wise.

I can't begin to fathom how that would be a good idea, but I'm not the smartest person in the room, especially when it comes to economics. Maybe if they were confiscating the accounts now in exchange for bonds that would be paid at a later date? Although if the government needed to confiscate my bank account funds, I certainly wouldn't trust them to honor their bonds.

Can you imagine a better way to start a run on banks, too? Because that worked so well in 1929...

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 4:37:52 PM   
LookieNoNookie


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quote:

ORIGINAL: Yachtie

Smoking lamp is lit... a/k/a, the light is green


The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.

Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.

“Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand – a solution that will see small depositors lose some of their savings to fund big bank bailouts,” said Green Party Co-leader Dr Russel Norman.

“The Reserve Bank is in the final stages of implementing a system of managing bank failure called Open Bank Resolution. The scheme will put all bank depositors on the hook for bailing out their bank.

“Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat.



Like was said in another thread... ~"It'll blow over". But of course, if they want a bail out...



Genius move if the plan is to cause everyone to transfer everything into mattresses.

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 4:40:53 PM   
Real0ne


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quote:

ORIGINAL: JeffBC

quote:

ORIGINAL: Yachtie
“Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat.

What I don't fully understand is this focus on keeping the bank afloat. So what? You have a bunch of idiots who shouldn't be trusted with managing money... self-evidently since their bank is going under. Why not simply let it go under and figure out how and in which order to help the depositors?

I don't understand how anyone fell for this shit in the US and I don't really understand how anyone else falls for it either. Why isn't "too big to fail" synonymous with "too fucked up to allow to continue"?







one word


OWNED!

< Message edited by Real0ne -- 3/19/2013 4:44:43 PM >

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 5:08:31 PM   
deathtothepixies


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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 5:21:36 PM   
Real0ne


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Status: offline 		yeh they are a bit slow arent they.

Just sovereign citizen shit, ask vince LOLOLOL




< Message edited by Real0ne -- 3/19/2013 5:22:24 PM >

_____________________________

"We the Borg" of the us imperialists....resistance is futile

Democracy; The 'People' voted on 'which' amendment?

Yesterdays tinfoil is today's reality!

"No man's life, liberty, or property is safe while the legislature is in session

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Profile   Post #: 37
RE: New Zealand is thinking of going all Cyprus - 3/19/2013 5:23:46 PM   
deathtothepixies


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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 5:32:51 PM   
Politesub53


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quote:

ORIGINAL: WantsOfTheFlesh

quote:

ORIGINAL: JeffBC
I don't understand how anyone fell for this shit in the US and I don't really understand how anyone else falls for it either. Why isn't "too big to fail" synonymous with "too fucked up to allow to continue"?

thing is tha banks will cause damage no matter if the state props 'em up or they fail. its about picking the lesser of 2 evils. "too big to fail" could be an excuse but maybe sometimes it really would drag economies down or even destroy 'em.


The domino effect in the US would have been catastophic if banks had been allowed to fail, even cursory reading of the situation in 2008 tells you that.

Whats laughable here is those who were pissing and moaning about not letting banks go to the wall, are also pissing and moaning about taking money from depositors.

Does anyone on the good ship Clueless have any notion what would have happened to depositors savings if banks had been allowed to fail ?

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RE: New Zealand is thinking of going all Cyprus - 3/19/2013 5:41:11 PM   
Politesub53


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quote:

ORIGINAL: Yachtie

Nigel Farage Message To Europeans: "Get Your Money Out While You Can"

"They are propping up a Eurozone that, in the end, will collapse in disastrous failure and they are prepared to do anything to do so."

Link has a 5 min vid


Zerohedge quoting Nigel Farage (excuse the sniggering) ......... You really are clutching at straws now.

(in reply to Yachtie)
Profile   Post #: 40
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