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Or previews of coming attractions----wake up folks.
Cyprus to steal 10% of bank deposits?
The artist taxi driver
George Osborne says military personnel and civil servants in Cyprus facing levy on savings will be compensated
This post was edited by bigturtle 13 months ago
For such a time as this.
Should help the precious metals slide some..
I keep hoping a big fan will suck you into it.
Putin says it's not going to happen. Not on his watch.
I thought I read somewhere that 100% of deposits were supposed to be insured by the EU, but in a deal to protect the Russian oligarchs keeping money in offshore accounts, they distributed some of the financial burden to local citizens. If we reneged on FDIC insurance here in favor of bailing out depositors with more than that amount in a bank account, there would be blood in the streets.
Although, that would be an instance where it really sucks to be well off. Do you know how many different bank accounts you would need to be fully FDIC insured on $10MM? I don't know because that isn't going to be a problem I have, but it's definitely more than two.
I was once sucked in.
That was more than $1,200 per ounce ago.
This post was edited by ShortyPants 13 months ago
"Putin says it's not going to happen. Not on his watch."
Man that is spot on and exactly what I was thinking.
For those that dont know, there is a massive amount of russian kgb money that was exported to Cyprus during and after the soviet collapse.
In a bizarro bankster sort of way, this is an act of war by the IMF against the Russians.
Putin must be seriously pissed.
Just open a CDARS account at one bank, and they will take care of opening the necessary accounts elsewhere
The most convenient way for safety-conscious investors to earn interest and access FDIC insurance on multi-million-dollar CD deposits while working directly with just one financial institution.
Not to say anything about banks paying 1% interest. Cayman Islands anyone?
Sorry Putin dude. And 10% may just be a down payment on the whole fiasco
PM are greatly manipulated. JPMorgan the biggest player. Does this give yo lots of confidence?
Not a concern here though because we can just keep printing more $ and people wouldn't realize decline in their banks
1 account with Payable on Death to 39 people/entities. Its per depositor not per account.
Ann Barnhardt has been on this situation for years. I'm not going to link her piece today or from a few years ago; then I thought she was extreme but I understood her point, and now I think she was barking in the right direction. Her advise is that ALL assets not immediately tangible are subject to loss or confiscation as the house of cards comes down.
Banks still not open and may never open again.
All this should be a "canary in the coal mine" for savers and investors in the United States. Though there are currently no plans to do so, the urge to impose a one time "tax" on American savings accounts or 401(k) retirement accounts must have the liberals twitching in anticipation. The idea that so many people and so many corporations are sitting on so much money when the government doesn't have enough to function without record deficits and a $17 trillion debt is probably too much for them to bear.
Slowly but surely we have seen the walls that once limited what government could do pulled down. Retroactive tax increases are now permitted. U.S. residents can be taxed as punishment for private services they choose not to purchase. Can confiscation of assets with due process, in the name of the greater national good be far behind—even though such a move would violate the constitutional protections we all currently enjoy?
The urge to impose a one time on American savings accounts must have the liberals twitching in anticipation.
Bernanke chimes in
*BREAKING* At this afternoons FOMC Press Conference in response to a question posed as to whether the Fed would ever impose depositor haircuts as was a
Been enjoying seeing all these conservative experts on Cyprus this week.
Me too, all these folks that cant see the forest from the trees.
It's like one mind...
The Germans not looking out for the Russians! NO WAI!!!
he clock is ticking on Cyprus' fiscal cliff.
The European Central Bank has given the Mediterranean country just four days to come up with its own bailout plan, or a eurozone lifeline to its struggling banks will be severed.
The ultimatum comes after Cypriot lawmakers on Tuesday rejected a highly unpopular proposal put forward by the European Central bank, the European Commission and the International Monetary Fund to give the country's banks half of a $13 billion bailout package if they can raise the other half from a steep levy on the country's personal savings accounts.
Since then, the Cyprus government has been struggling to come up with a "Plan B" that will satisfy international lenders. If Cyprus can't do it by Monday, the ECB will pull the plug on Cypriot banks, which would likely precipitate a collapse of the island's financial institutions and send shock waves through European and world markets.
The damage has already been done. Confidence is the keystone element that allows fiat currency to work and now we can all see that paper/digital currency can be manipulated, twisted, and stolen with the press of a button. It is now merely a dying token of exchange that is totally dependent upon the desperation level of the banksters.
The tiny Cyprus bailout will pale in comparison to the funds withdrawn by angry mobs of people across the Euro who have woken up to the reality around them...that we, the people, are the surety for the banksters' failed wagers and bets.
It is coming here no doubt. I believe retirement accounts will eventually be forced into govt bonds as a start. Besides this, we forget about the stealth tax we call inflation. Since 1933, the dollar has lost approx 97% of it purchasing power. The remaining 3% is now being run into the ground through QE in a currency war to the bottom.
But wait, that is still not enough! Evidently, the banksters want to force even more liability on us and our children so they can stop syringing themselves with QE heroine! This is outrageous and cannot possibly be obeyed by any sane persons.
This is it folks. We have reached the final parabolic upleg at the end of the wealth distribution chart. At this point, having a financial bug-out plan ready is an intelligent idea. Plan for the worst, hope for the best as they say.
I agree Sugarmag, the tremors are already rippling.
Terrific blog btw bigturtle. I bet interviewing Eric Sprott and Jim SInclair must be fun!
If any measurable percentage of their banking sector or economy is dependent on the Russian Mob than I have no sympathy for them at all.
sugarmag, Jesus, man!
It's not about "having any sympathy for them". It's about fundamental flaws that exist in the global financial system that's been nearly drowning for half a decade.
Your short-sighted analysis of this issue for someone who obviously has spent some time reading about it, is truly shocking!
This post was edited by alexterp 13 months ago
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