Same thing has happened all over the EU.
First one bailout figure then another and another and more and more money gets poured down the proverbial black hole.
The first 'estimates' are always bullshit in each and every single instance.
It's rather like trying to answer the question: if you've got a bucket with a hole in, how much water do you need to pour into it until the bucket is full?
The bankers basically just don't want the politicians to know the true figure
“Fascists are not human. A snake is more human.” - Hugo Chávez
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Pay 10% of Your Savings to Save the Eurozone
12 Apr 2013 10:43 #682
Same thing has happened all over the EU.
First one bailout figure then another and another and more and more money gets poured down the proverbial black hole.
The first 'estimates' are always bullshit in each and every single instance.
It's rather like trying to answer the question: if you've got a bucket with a hole in, how much water do you need to pour into it until the bucket is full?
The bankers basically just don't want the politicians to know the true figure
Politicians probably wouldn't understand them even if they did.....their Budgets never seem to work out do they/
"love it better"
the more you sweat in peace, the less you bleed in war
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Pay 10% of Your Savings to Save the Eurozone
12 Apr 2013 11:18 #683
Same thing has happened all over the EU.
First one bailout figure then another and another and more and more money gets poured down the proverbial black hole.
The first 'estimates' are always bullshit in each and every single instance.
It's rather like trying to answer the question: if you've got a bucket with a hole in, how much water do you need to pour into it until the bucket is full?
The bankers basically just don't want the politicians to know the true figure
Politicians probably wouldn't understand them even if they did.....their Budgets never seem to work out do they/
Its probably true that you could convince a politician that its possible to run up a debt of several trillion quid and that it won't be a problem.
What we are seeing in Spain and Greece is coming here too btw, Ireland and the UK will both see much worse yet to come.
Ireland just borrowed another 40bn iirc.
“Fascists are not human. A snake is more human.” - Hugo Chávez
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Pay 10% of Your Savings to Save the Eurozone
12 Apr 2013 11:30 #684
Ireland...40bn!!! ffs!
Have you got a link to that please? Sick it in the Ireland thread maybe...is it going straight to the banks that are in trouble ....again?
"love it better"
the more you sweat in peace, the less you bleed in war
Ireland...40bn!!! ffs!
Have you got a link to that please? Sick it in the Ireland thread maybe...is it going straight to the banks that are in trouble ....again?
Its a 'replacement' with EU funds but it amounts to the same thing.
They will supposedly give this money back to taxpayers but I don't see any plans to change the austerity measures at all...if anything they're cutting back more and more.
Its a 'replacement' with EU funds but it amounts to the same thing.
They will supposedly give this money back to taxpayers but I don't see any plans to change the austerity measures at all...if anything they're cutting back more and more.
I love the way that the article describes it as a 'coup'! Yeah, it's a 'coup' that you're totally fucked!
I don't know how people can do these bullshit 'journalist' jobs that are just all about propping up the existing financial system in the eyes of their readers. I know a lot of them are ignorant regarding what's going on, but you would think maybe by now the reality of the situation would be dawning on them. How can they sit there and write that it's a 'coup' for Ireland to have received more bailout funds, as if this is a piece of promising news?!
The true measure of a man is not his intelligence or how high he rises in this freak establishment. The true measure of a man is this: how quickly he can respond to the needs of others and how much of himself he can give - Philip K. Dick.
'The creditor powers walked away from their fresh pledges for an EMU banking union by whipping up largely bogus allegations of Russian money-laundering in Nicosia. A Council of Europe by a British prosecutor has failed to validate the claims.'
'The EU authorities have gone to great lengths to insist that Cyprus is a “special case”, but I fail to see what is special about it. There is far more Russian money – laundered or otherwise – in the Netherlands. The banking centres of Ireland and Malta are just as large as a share of GDP. Luxembourg’s banking centre is at least four times more leveraged to the economy.'
“Fascists are not human. A snake is more human.” - Hugo Chávez
The big banks are breathlessly proclaiming that now is the time to sell your gold. They are warning that we have now entered a “bear market” for gold and that the price of gold will continue to decline for the rest of the year. So should we believe them? Well, their warnings might be more credible if the central banks of the world were not hoarding gold like crazy. During 2012, central bank gold buying was at the highest level that we have seen in almost 50 years. Meanwhile, insider buying of gold stocks has now reached multi-year highs and the U.S. Mint cannot even keep up with the insatiable demand for silver eagle coins. So what in the world is actually going on here? Right now, the central banks of the world are indulging in a money printing binge that reminds many of what happened during the early days of the Weimar Republic. When you flood the financial system with paper money, that is eventually going to cause the prices for hard assets to go up dramatically. Could it be possible that the banksters are trying to drive down the price of both gold and silver so that they can gobble it up cheaply? Do they want to be the ones sitting on all of the “real money” once the paper money bubble that we are living in finally bursts?
Over the past few weeks, nearly every major newspaper in the world has run at least one story telling people that it is time to sell their gold. For example, the following is from a recent Wall Street Journal article entitled “Goldman Sachs Turns Bearish on Gold“…
Central Banks Bought More Than $3B In Gold In 2013: UBS
Gold has been on a definite downtrend since last October, with bullion falling a dramatic 5.1% in February alone. As prices have dropped and investors lost faith, central banks have been on the opposite side of the trade, gobbling up bullion at a rate of 27-metric tons a month, according to UBS’ gold expert Edel Tully. Russia and South Korea are among the biggest buyers, while several smaller, first-time acquirers have emerged, suggesting global central banks aren’t snubbing the yellow metal in the same way the general market seems to have done, which, in the face of it, is definitely bullish for gold.
Meanwhile, if you look at the media today, all you're seeing is that gold is in a bear market. Meanwhile, it's reported that 500 tonnes of 'paper' gold was dumped today:
Just since the cross (today) of $1,550 into the (London) fix and the breach of $1,500, we are now looking at in excess of 500 tons of paper gold that’s been sold.
Which caused this to happen:
But they're still forcing Cyprus to sell off its physical reserves:
While Cyprus's gold sale in itself is small, heavily indebted eurozone nations such as Italy and Portugal could also find themselves under increasing pressure to put their bullion reserves to work.
Which brings you back to the video at the start of this post where Keiser says the goal of the Troika is to grab the gold. This is total fraud, theft and manipulation.
The true measure of a man is not his intelligence or how high he rises in this freak establishment. The true measure of a man is this: how quickly he can respond to the needs of others and how much of himself he can give - Philip K. Dick.
And right now, the dollar and U.S. equities have moved to the forefront. That will change, and commodities will move back to the forefront with gold leading the way higher …
But it’s not likely to happen until investors fully realize that Washington is just as broke as Cyprus, Italy, Spain, Greece, France, and others. And that’s a ways off.
Basically what he's saying is...you should invest in the dollar because no-one has realised how fucked it is yet. It's definitely fucked, and commodities are definitely the thing to invest in long-term, but you should do the opposite of that because no-one has realised this yet! But in the long-term, you should do the total opposite of what you're doing now, because in the long-term all of the indicators show that it would be a terrible decision!
The true measure of a man is not his intelligence or how high he rises in this freak establishment. The true measure of a man is this: how quickly he can respond to the needs of others and how much of himself he can give - Philip K. Dick.
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Pay 10% of Your Savings to Save the Eurozone
13 Apr 2013 11:51 #693
Russian depositors begin seizing property of Cypriot banks
A Russian depositor has filed suit for the seizure of all assets in Russia belonging to Laiki Bank of Cyprus, including its controlling stake in Russia’s Rosprombank, which may now hamper a Cypriot plan to sell off the shares.
Presnensky Court in Moscow has received a lawsuit from ‘Y. G. Borisov’ against Laiki Bank – which operates in Russia under the Cyprus Popular Bank brand – and Rosprombank, in which Cyprus owns a 50.4 percent stake.
Borisov has demanded the repayment of money that was seized from his account with the Cypriot bank; the exact sum was not disclosed. Laiki Bank’s shares in Rosprombank’s parent company RBP-Holding have been seized, along with all of Laiki Bank’s financial assets n Rosprombank, in order to secure the claim.
At the end of March, Cypriot authorities announced that Laiki Bank – the country’s second-largest – would be restructured and closed in as part of a €10-billion bailout deal with the European Union.
According to the deal, Laiki Bank account holders will see an undetermined amount of their deposits over €100,000 converted into bank shares; whether those sums will be returned depends on the results of a sale of the bank’s assets.
Laiki Bank’s share of Rosprombank must also be sold, and Cyprus is currently in talks with Mikhail Nikolaev, the owner of the remaining RBP-Holding stock. However, the asset seizure now puts the transaction in question.
The seizure of the Cypriot bank’s assets will remain in place until it is canceled by a higher judicial authority.
“We’re talking about a share of a foreign bank in the Russian bank, and if it’ll be levied there may be a conflict of jurisdictions, and nobody knows how it’s going to be settled,” Vladimir Pletnev, a partner at Justina law firm, told Vedomosti newspaper.
Pletnev also hinted that more suits against Cypriot banks will follow, the majority of which will be filed by individuals. It will ultimately be impossible to satisfy all of the depositors’ demands, so those who go to court first will get the “biggest piece of the pie,” he explained.
Borisov is not the first Russian to sue a Cypriot bank: Earlier, the Algebra firm from Novosibirsk launched legal action against the Bank of Cyprus, demanding a refund of 380 million rubles (about $12.3 million).
The EU bailout deal calls for a levy of up to 60 percent on deposits over €100,000 in the Bank of Cyprus, which holds 80 percent of shares in Russia’s Uniastrum Bank.
Russian citizens and multinational corporations have suffered the most from the financial crisis in Cyprus, as they have notoriously used the Mediterranean island as a tax haven over the last decade.
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