Well... it appears to have been decided..... the EU "sheriff" came to town,,,, and cleaned up......HAR
http://www.guardian.co.uk/world/2013/mar/25/cyprus-bailout-deal-eu-closes-bank On Sunday, March 24, 2013 4:32:15 AM UTC-4, archytas wrote: > > 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.
