Forum Post: Bailout, Austerity, Confiscation: Cyprus Reveals 3rd Phase of the Great Bank Robbery of the 99%
Posted 11 years ago on March 18, 2013, 11:25 a.m. EST by KMendoza
(6)
from New York, NY
This content is user submitted and not an official statement
7 Things to know.
http://www.alternet.org/economy/7-things-you-need-know-about-shocking-cyprus-bailout-crisis-has-everyone-freaked-out
International banks like Bank of America and JPMorgan Chase are part of global networks. But deposits in American banks up to $250,000 are insured by the Federal Deposit Insurance Corporation. While banks pay something for their ordinary participation in this program, ultimately it is Uncle Sam – meaning you and me – who are on the hook when the FDIC needs backstopping. So our too-big-to-fail banks look set to profit from the federal government they love to denounce, as anxious depositors around the world move money into insured US banks.
Oh, really?
And ................I sure as hell would pull my money.
Absolutely, you'd be right to. The EU has in place a guarantee on deposits of up to 100k Euros which this bill simply ignores. The neoliberals are determined that if a law suggests they can't steal money to propr up zombie banks....then it's the law that gets changed, not the policy.
This is insane.
Now that is a voice of logic. Devil takes the hindmost -- whoever gets to it last gets no goodies but the broken pinata of the American dream (no Fido in retirement and learn to savor the horse meat in the dog food). Cypriot banks' counting Greek debts as assets in reserve apparently no longer works although Basel III was amended to allow just that. It is truly magical, isn't it -- how 'assets' can disintegrate so fast?
Well, magical wasn't the first word that came to mind.
Maybe 'appalling' would have been a better choice of word than 'magical'.
The U.S. federal reserve's balance sheet has greatly expanded since the financial meltdown to trillions of dollars and is growing at never-ever-seen-before rate. It remains to be seen how all of this 'asset' can be served as a crow delicacy to investors or depositors somehow. Great financial chef will be needed. Cyprus may be a dry run for coping strategy.
I would say that we already have people pulling money out but it isn't reported.
As it should NOT be.
For the select few who can surmount gobbledygook, think deeply about what 'reality' means in here: Easing of Rules for Banks Acknowledges Reality.
Beware of what the poster boy there was pushing. Here we go again -- financial regulation now deferred to 2019.
You have it backwards. Do your brackets first [here we go] and then the parenthesis (http://blahblahblah)
Ain't this boogie a mess?
They'll never stop playing hide the money, and they always seem to find a way to make we the tax payer/consumer pay for it all.
It's horrific and mindblowing that these folks are really trying to push it.
You would think that the billionaires that vacation there could chip in what's needed and never blink an eye.
The selfish fucks would rather watch it bleed to death, and buy up the left over property on the cheap.
They aren't even trying to hide it. It's you're going to bend over an take it and the banks are going to walk away.
It turns into something of a bank war.
http://www.slate.com/blogs/moneybox/2013/03/19/cyprus_tries_to_renegotiate_bailout_terms.html
Most of the deposits belong to Cyprus nationals. The country attracts many wealthy retirees, drawn to the nation's warm weather and favorable tax code. But a big chunk of the stashed cash -- almost half -- is foreign.
Of that, some $31 billion belongs to Russian businesses, banks and individuals, according to ratings agency Moody's, which made its estimate in U.S. dollars.
Nice. -She said in jest.
And that's just what Moody's know about.
They just don't care who gets caught in their little war.
As long as they keep their money and someone else pays for the damage they do.
Private profits, public liabilities.
It's the way of the neolibe(R)tarian.
Get a room you two!
Hey, did you join so you could explain to me how we are on the same side? Or to fetishize guns?
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Cyprus - isolated test-bed of new financial mayhem?
This is an excellent idea for our leadership. Mr. president are you listening? Compulsive redistribution is the best way to fix this economy and maybe our president will just bypass the do nothing republicants and issue it done by EO.
The citizens should be happy to help out their own country in this time of need. We are all in this together.