Plenty of hoHAR on Cyprus Nom and little evidence as far as I can see. The cover story is Russian mafia, banks pumping money into high yield Greko-Zimbabwean rocking horse dropping futures (who would buy them - especially with Russian mafia money?) and hence big hole in bank balance sheets when the fictitious assets turn out to be - er - fictional. At least three major EU banks are involved to my knowledge. I suspect the Cyprus banks were made into a dead donkey graveyard by them. On the other side Cyprus government spending and debt is low against the EU average (80 odd v 93%). What sort of excuse is it that they invested unwisely in Greek bonds? You and I knew this was a piss poor certain loser even in a three-legged donkey race. It's the sort of bet we might have made with other people's money along with very large sacks of cash and new passports for us truly along with plane tickets out on the day we posted such. There must be trillions in rocking horse droppings around the world being dumped into unwitting banks - no one with half a brain would touch same - so it must be packaged like the AAA rated sub-primed securitised dead donkey futures of the past. So who has been doing the packaging? The old form favourites are the rating agencies and the likes of Godforsaken Sachs, HongBong Shanghai Clusterfuck, Narcoleys and Deutsche Jackboot - though maybe the Russian mafia deposited some sacks of the rocking horse droppings themselves via offers not to be refused, insisting on cash at notional value?
My suggestion to Cyprus is to default, re-establish the pound and give their cops carte-blanche for a criminal investigation. We have almost no facts about this despite and probably because of the media fenzy. The thing about rocking horse droppings (apart from not being caught with one when the music stops) is that we can trace the origins. Evidence from a criminal enquiry could show us points of origination and lead to claims on the real assets of those who have profited from selling them. These could be used to pay down private household and some company and pension debt. hoHAR (patent pending)! I suspect the villains who really pulled off the scam that might have tempted us are now in Northern Cyprus or Londonistan - somewhere bags of cash get you good treatment. On Mar 19, 8:27 pm, nominal9 <nomin...@yahoo.com> wrote: > more eurozone bank news..... > > http://www.reuters.com/article/2013/03/19/us-eu-bankingunion-idUSBRE9... > > By John O'Donnell and Claire Davenport > > BRUSSELS | Tue Mar 19, 2013 2:53pm EDT > > (Reuters) - The European Union agreed on Tuesday to let the ECB police euro > zone <http://www.reuters.com/subjects/euro-zone> banks, taking its first > step towards a banking union just as a levy imposed on Cypriot savers > showed that the bloc will struggle to respond in a united way to bank > problems. > > The European Parliament and member states' representatives sealed an accord > reached late last year to give the European Central Bank (ECB) powers to > supervise euro zone banks from the middle of next year. > > That agreement had initially been applauded as a step towards integration. > But the surprise levy on Cypriot bank deposits agreed as part of the > country's bailout deal at the weekend has dented confidence that Europe > will be united in tackling bank problems rather than leaving countries to > struggle alone. > > "The deeply distressing problems faced by Cyprus show how insufficient this > step is in itself," said Martin Schulz, the German president of the > European Parliament, calling for an EU-wide scheme to close failing banks > and guarantee deposits. > > Under the deal, banks that have assets of 30 billion euros or more than > one-fifth of their country's economic output will be overseen by the ECB > rather than national supervisors. > > The ECB will also be allowed to intervene if it sees problems in smaller > banks as well, giving it the clout to trigger the closure of struggling > banks. > > Although designed chiefly for the 17 countries in the euro zone, non-euro > countries that sign up for ECB monitoring will be given equal rights of > representation in the system. > > Countries that wish to stay out such as Britain will also be given > protection from interference from the ECB through a special voting scheme > to be used when supervisors across the entire 27-member European Union meet. > > The agreement, which will later be rubber-stamped by all EU countries, will > also allow the European Banking Authority to conduct and publish annual > stress tests on banks, one EU official said. > > "This is a fundamental step towards a real banking union which must restore > confidence in the euro zone's banks," said Michel Barnier, the European > commissioner in charge of regulation. > > The next pillar of the banking union will be the creation of a central > system to close troubled banks and a fund to cover the costs, ensuring that > individual countries such as Cyprus or > Ireland<http://www.reuters.com/places/ireland>are not left to shoulder these > burdens alone. > > But the reluctance of Germany <http://www.reuters.com/places/germany> and > other economically strong countries to underpin such a fund will make it > hard to set up. > > Paul De Grauwe, an economist with the London School of Economics, said that > the levy to be imposed on Cypriot savers illustrated the lack of support > for pooling national resources. > > "This is almost a fatal blow to banking union," he said. "The one key > element of banking union is a system to help each other out and share the > cost when there is a banking crisis in one country. There is no willingness > to do that." > > LESSONS LEARNED > > Nicolas Veron of the Peterson Institute for International Economics think > tank in Washington said the Cypriot "default on insured deposits" > undermined efforts to establish a common euro zone approach to dealing with > failing banks. > > "Clearly we don't have a banking union yet, even if we will have single > supervision," he said. "Deposit guarantee is a central plank of that. I > hope that lessons will be learned from this episode." > > Without a fund or backstop to tackle problem banks wherever they arise, > there is little chance of breaking the "doom loop" that can drag banks and > governments down together. > > A separate pledge by euro zone leaders to enable the bloc's rescue > mechanism to directly recapitalize struggling banks once the ECB has taken > on supervision also appears to be unraveling. > > Again, euro zone paymaster Germany is worried it could be forced to foot > the bill for struggling banks across the region. > > Finland, the Netherlands and Germany want any banking problems that arise > before the ECB takes over as supervisor to be disqualified when it comes to > applying for assistance from the European Stability Mechanism. > > The new role of bank supervisor for the ECB has worried some at the central > bank, who fear it will interfere in its work as guardian of monetary policy. > > Such a conflict of interest would arise if the ECB were to keep interest > rates low in order to help struggling banks that it is also responsible for > supervising. > > Dutch ECB policymaker Klaas Knot expressed his reservations on Tuesday. > > "Quite frankly, if we have arrived in the European Union in quieter waters, > let's say 10 years down the road or so, I would clearly be open to > re-evaluating this decision, because there continues to be a fundamental > tension between monetary policy responsibilities and supervisory > responsibilities." > > (Additional reporting by Robin Emmott in Brussels and Paul Carrel in > Frankfurt; editing by Ron Askew and Rex Merrifield) > > > > > > > > On Tuesday, March 19, 2013 4:18:44 PM UTC-4, nominal9 wrote: > > > Here's a follow-up on the Cyprus bank situation.... it appears to have > > been staunched..... W/O levies on accounts.... > > >http://www.ft.com/cms/s/0/b790219a-909b-11e2-a456-00144feabdc0.html#a... > > > On Monday, March 18, 2013 11:18:48 AM UTC-4, nominal9 wrote: > > >> Enormous political import... and such.....here's a link to some more > >> skulduggery in the U.S. financial system.... > > >>http://www.bloomberg.com/news/2013-03-17/sac-s-plotkin-said-to-have-b... > >> The more of these "criminals" they catch and put away, the better, I > >> think.... > >> Also heard a breaking story about a run on Cyprus Banks.... > > >>http://www.reuters.com/article/2013/03/18/us-cyprus-parliament-idUSBR... > >> Taxing bank accounts..... I mean... it isn't all that novel, is it > >> Archytas?... happens all the time in the U.S., right?.... maybe you can > >> explain the actual issue....was a time when folks put their money in > >> Switzerland to evade taxes, but I thought those days were over for the > >> "Euro-zone"... due to new regulations... maybe not? > > >> On Sunday, March 17, 2013 5:31:44 PM UTC-4, stephenk wrote: > > >>> Skype is good for me too... Microsoft's pathetic version of Hangout... > >>> ;-) > > >>> On 3/17/2013 3:49 PM, archytas wrote: > >>> > Suspected you meant something similar Stephen - I use Skype to do this > >>> > - though mostly for work purposes. I wouldn't be averse. > >>> > On matters of enormous political import like whether the UK should be > >>> > in the EU I note the net cost per capita for being in is �74 - about > >>> > the same as a decent meal with wine for me and Sue. Nearly all this > >>> > is spent on farming or 'growth initiatives' (previous area of personal > >>> > expertise and I know to be entirely useless). I find it impossible to > >>> > get too excited about the equivalent of one night out. If the > >>> > Eurocrats can kick up all the bother some allege at this price they > >>> > may have a model for world revolution! I should no doubt hangout > >>> > more. > > >>> > On 17 Mar, 06:22, "Stephen P. King" <stephe...@charter.net> wrote: > >>> >> Ummm FYI:http://www.google.com/+/learnmore/hangouts/ > > >>> >> On 3/16/2013 2:37 PM, nominal9 wrote: > > >>> >>> I'm probably not much younger than Archytas.... I may be > >>> >>> older....."Hangout".... I remember the term from my youth in the > >>> >>> sixties/seventies.....I take it you mean a face to face meeting.... > >>> >>> kind of hard for me.... I rarely get to London....I may have been > >>> >>> there once at an airport awaiting a connecting flight.... and then I > >>> >>> was still a kid.... in the sixties (like I said)....besides, > >>> >>> personally, I am not much of a social person, myself.... Archytas > >>> (as > >>> >>> a British person).... is probably much more "gregarious"...(HAR).... > >>> >>> good for him... > >>> >> -- > >>> >> Onward! > > >>> >> Stephen > > >>> -- > >>> Onward! > > >>> Stephen -- You received this message because you are subscribed to the Google Groups "Epistemology" group. To unsubscribe from this group and stop receiving emails from it, send an email to epistemology+unsubscr...@googlegroups.com. To post to this group, send email to epistemology@googlegroups.com. Visit this group at http://groups.google.com/group/epistemology?hl=en. For more options, visit https://groups.google.com/groups/opt_out.
