Monday, March 25, 2013

Cyprus Bank Bailout: Pure Theft - 40% Of Private Deposits To Be Looted

40% To Be Looted From Bank Accounts

A brand new looting arrangement has been reached concerning Cypriot banks. It involves seizing the funds of all accounts over 100,000 euros, then stealing up to 40% of those funds sometime over the next few weeks, or whenever EU bureaucrats get around to deciding exactly how much to steal.

So instead of 10% being stolen from most accounts, as was originally proposed, the new deal is that 40% will be stolen from selected accounts, but not from accounts holding less than 100,000 euros. Why the 100,000 threshold for having your money stolen by the banking system? Because all EU bank accounts are insured up to 100,000 euros. So the banksters figured they could just steal anything over 100,000 and say, "Heh, it wasn't insured, your loss!"

IMF chief Christine Lagarde characterized the theft as "a lasting, durable and fully financed solution." And if that's not enough of a solution, they can always loot more private accounts to reach a new solut

It's actually worse than just the 40% being stolen from private accounts: all accounts over 100,000 euros are now indefinitely frozen (seized) until the banksters figure out exactly how much to steal. "Large deposits with Bank of Cyprus above the insured level will be frozen until it becomes clear whether or to what extent they will also be forced to take losses, the Eurogroup of finance ministers said in a statement." (USA Today)

Cyprus dodged a disorderly default and unprecedented exit from the euro by bowing to demands from creditors to shrink its banking system in exchange for 10 billion euros ($13 billion) of aid.
Cypriot President Nicos Anastasiades agreed to shut the country’s second-largest bank under pressure from a German-led bloc in a night-time negotiating melodrama that threatened to rekindle the debt crisis and rattle markets.

Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro ($13 billion) bailout.
The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund.

You see this crisis is being used by the EU bureaucracy in Brussels to destroy the financial sovereignty of the individual countries....  

“That’s what this is all about.  They are saying, ‘We can’t trust you with the euro because you create too much debt.  So we’re going to decide your budget, your tax policies, and your spending policies.’

Trichet, the (former) head of the European Central Bank, he made this clear in all of his public speeches that this is where it was going.  So what you see is the whole bailout, at the expense of the public, the purpose is to destroy the sovereignty of the individual members, and to concentrate the power in Brussels and in the private banks.

It’s the same here (in the US).  Who runs the Treasury?  Who runs the financial regulatory agencies?  Who runs the Fed?  It’s all of the executives of the banks that are ‘too big to fail.’  That’s exactly who they are.  So the various CEO’s who got the banks in trouble are now running economic policy in the United States.  That’s essentially where it is headed in Europe.”

Eric King:  “What are your thoughts when you see this kind of government theft?”

Dr. Roberts:  “Well, if they get away with it, if the people accept it, they are being reenserfed (or enslaved).  People are becoming serfs again.  They exist for the purposes of that state.

So I’m all in favor of the Cypriots to take to the streets, and to whatever level of violence they need take it to.  Democracy is a human achievement.  It took centuries.  So why should we just let it go away because there is a banking crisis?” 

Dr. Roberts also added:  “The Russians may simply say, ‘It’s our money that they are after.  Back off.’  You can’t predict how the Russians may respond.”

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