"So the banks will never lose. Always the population."
This seems to be the case.
Either way the citizen is screwed. You lose your money if the bank fails
or the bank takes your money to keep from failing.
Whoever said "Kill the lawyers" should rethink and consider "Kill the
bankers."
J
-
N
So the banks will never lose. Always the population.
smh.
http://www.ey.com/Publication/vwLUAssets/Recovery_and_resolution_planning/$FILE/Recovery_and_resolution_planning.pdf
~|
Order the Adobe Coldfusion Anthology now!
http:/
"*raises invisible hand..."
Who raised the invisible hand?
Adam Smith or the government to prevent Adam from raising his hand.
J
-
A program whose basic thesis is, not that the system of free enterprise for
profit has failed in this generation, but that is has not yet been tried. -
FDR
As the EU feasts on the Cypriot depositors money, one has to wonder if
this could happen elsewhere in Europe (probably) or in the US. Surely not
the US.
Not so fast.
The Confiscation Scheme Planned for U.S. and U.K. Depositors
Confiscating the customer deposits in Cyprus banks, it seems, was
*raises invisible hand...
On Tue, Mar 26, 2013 at 1:37 AM, Vivec wrote:
>
> And all engineered by whom? :-)
>
> On 25 March 2013 21:57, Jerry Barnes wrote:
>
>>
>> "Wow, that's totally insane."
>>
>> The President of Cyprus said it was for the people's own good.
>>
>> I am completely amazed
And all engineered by whom? :-)
On 25 March 2013 21:57, Jerry Barnes wrote:
>
> "Wow, that's totally insane."
>
> The President of Cyprus said it was for the people's own good.
>
> I am completely amazed that the EU has not collapsed yet. The EU has used
> every trick it could to keep Greece,
Gonna be ugly.
On Mar 25, 2013 9:57 PM, "Jerry Barnes" wrote:
>
> "Wow, that's totally insane."
>
> The President of Cyprus said it was for the people's own good.
>
> I am completely amazed that the EU has not collapsed yet. The EU has used
> every trick it could to keep Greece, Italy, Portugal
"Wow, that's totally insane."
The President of Cyprus said it was for the people's own good.
I am completely amazed that the EU has not collapsed yet. The EU has used
every trick it could to keep Greece, Italy, Portugal, Spain, Ireland, and
so on afloat. I can't believe that their bag of trick
Wow, that's totally insane.
On Mon, Mar 25, 2013 at 9:48 PM, Jerry Barnes wrote:
>
> Well, the Cypriot government went through with the haircut.
>
> They have kept the banks closed so clients can't access their money (except
> for a small ATM withdrawal).
>
> The haircut is supposed to be 40%
Well, the Cypriot government went through with the haircut.
They have kept the banks closed so clients can't access their money (except
for a small ATM withdrawal).
The haircut is supposed to be 40% for those with over 100K Euros in the
bank.
I can see some dead Cypriot legislators in the near
"Perhaps this is a case of creating intentional backlash against
Ridiculous Choice
A, so that when Ridiculous Choice B is announced, it's more acceptable.
Prepping the masses for a false choice?"
I agree with you in the sense that only the most uninformed economist could
not see the effect of suc
I was under the impression that the plan was Germany's plan (which is the
country that has had to continually bail out its neighbors for bad banking
practice.)
Although the Germans did not suggest details, they did want the Cyprecians
to have some skin in the game.
And the banks knew well enough
its called desperation. the banks screwed everyone.
On Fri, Mar 22, 2013 at 12:14 PM, Cameron Childress wrote:
>
> On Fri, Mar 22, 2013 at 11:46 AM, Larry C. Lyons wrote:
>
>> then again these banks owe more money than the government can cover.
>
>
> It does. But in no scenario does taking the s
On Fri, Mar 22, 2013 at 11:46 AM, Larry C. Lyons wrote:
> then again these banks owe more money than the government can cover.
It does. But in no scenario does taking the savings from individuals make
any sort of sense. Not politically, not fiscally. The only way it makes
sense if in a straight
then again these banks owe more money than the government can cover.
Cyprus is a small country, something like a half million. When I was
in Nicosia it felt more like a small town than a nation's capital.
(actually given the hostility between the Greeks and Turks in places
Nicosia felt like a war
On Thu, Mar 21, 2013 at 10:00 PM, Jerry Barnes wrote:
> Cyprus is embarking on emergency efforts to restructure its second largest
> bank and considering new rules to stop money flooding out of the country's
> banks when they reopen next week after being shut for ten days.
There is really very
Here's a nice quote from this month:
Just putting that aside for a minute though, the concern that you have
raised is one that I, frankly, share. I'm not talking about HSBC here, that
would be inappropriate. But I am concerned that the size of some of these
institutions becomes so large that it d
"They put Martha Stewart in jail."
Last night, I was reminded of why Martha Stewart was sent to jail and some
others are not. The classic counter point to Martha Stewart is Jon
Corzine. A little comparison
Corzine:
Former Senator, Governor
Bundler for President Obama.
Goldman Sachs CEO
Male
The Cyprus stuff is entertaining.
Cyprus makes frantic effort to prevent run on its banks (
http://www.guardian.co.uk/world/2013/mar/21/cyprus-prevent-run-banks-crisis
)
Cyprus is embarking on emergency efforts to restructure its second largest
bank and considering new rules to stop money flood
"The wealthiest 1/3 of lawmakers are well into the wealthiest 10% of
Americans And for the most part the wealthiest 10%'s wealth increased at
well above 5%."
Are you saying that the wealthiest 1/3 of lawmakers are in the top 10% of
the wealthy or top 10% of Americans?
Depending on what numbers y
"They put Martha Stewart in jail."
Martha Stewart? Is that the best you got?
Is Martha Stewart a DC insider? One of the ruling elites? Connected to
any of the elites? Would her imprisonment lead to the downfall of any
elites?
I'd say no to all, which makes her the perfect candidate to be us
The wealthiest 1/3 of lawmakers are well into the wealthiest 10% of
Americans
And for the most part the wealthiest 10%'s wealth increased at well above
5%.
So it is not a "legislator" thing, but a "rich people" thing.
On Wed, Mar 20, 2013 at 5:15 PM, Vivec wrote:
>
> They put Martha Stewart
They put Martha Stewart in jail.
On 20 March 2013 15:59, Jerry Barnes wrote:
>
> "The only thing that has changed regarding corruption in the financial
> sector
> is that it now gets reported in the media. "
>
> Please.
>
> The only reason either of these were reported is because they couldn'
"The only thing that has changed regarding corruption in the financial sector
is that it now gets reported in the media. "
Please.
The only reason either of these were reported is because they couldn't be
hidden.
The media networks are not going to investigate bankers since bankers have
all of
Greed is Good
--Gordon Gekko
On Wed, Mar 20, 2013 at 2:16 PM, Jerry Milo Johnson wrote:
>
> I don't know about that.
>
> It seems that those in on the steal have lost all respect for the sheep,
> and are not even trying to hide it any longer.
>
> They also dont seem to care if they keep the shee
I don't know about that.
It seems that those in on the steal have lost all respect for the sheep,
and are not even trying to hide it any longer.
They also dont seem to care if they keep the sheep alive, as long as they
get theirs, right now.
On Wed, Mar 20, 2013 at 1:47 PM, Maureen wrote:
>
The only thing that has changed regarding corruption in the financial
sector is that it now gets reported in the media. The corruption has
always been there.
On Wed, Mar 20, 2013 at 10:40 AM, Vivec wrote:
>
> Good grief. Is there any end to the corruption in this financial sector?
> The tragedy
Good grief. Is there any end to the corruption in this financial sector?
The tragedy and grief that the actions of a few people have caused is
staggering.
Realise that entire COUNTRIES are floundering because of the fraud
committed by these institutions.
Back onto European finances, I just saw this:
IMF head Lagarde's flat searched in Bernard Tapie probe (
http://www.bbc.co.uk/news/world-europe-21858531 )
French police have searched the Paris apartment of IMF chief Christine
Lagarde, as they investigate her role in awarding financial compensatio
Priorities?
He said the Marines spent roughly $47 million from the program last
year -- comparing that to the $12.7 million spent on higher education
in Pakistan.
"And that's not all," Poe said. "Since the sequester, the
administration has approved $37 million in foreign aid to Pakistan."
Read
It looks like the Cypriot Congress voted down the deal.
Looks like this was beta testing see how the citizens would react before
the "tax" was sprung on other countries. It needs some more tweaking.
Russia also offered to help bailout Cyprus for rights to it's natural gas
fields. Interesting s
On Mon, Mar 18, 2013 at 10:16 AM, Jerry Barnes wrote:
>
> It's fortunate you stopped. You could have ended up like Paul Krugman.
>
A respected economist, a fine writer, and a nobel prize winner?
The horror.
Judah
~|
Order
"Do people still HAVE a trust in banks and banking institutions?"
No.
Read "Griftopia" and the lack of trust will become open scorn.
J
-
Ninety percent of politicians give the other ten percent a bad reputation.
- Henry Kissinger
Politicians are people who, when they see light at the end of t
"It was my undergrad minor, if I'd taken it all the way to PhD, who knows what
I'd be thinking right now."
It's fortunate you stopped. You could have ended up like Paul Krugman.
J
-
Ninety percent of politicians give the other ten percent a bad reputation.
- Henry Kissinger
Politicians are p
LOL.
Do people still HAVE a trust in banks and banking institutions?
I assume most people are expecting the banks to screw them whenever
possible.
And not everyone has a safe mattress at home.
It's always a balancing act for the "normal" person.
On Mon, Mar 18, 2013 at 9:57 AM, Vivec wrote:
Not just people in Cyprus, people everywhere.
You must recall the running joke that it's safer to keep your money under
your mattress than to put it in a bank.
Wouldn't this cause a complete loss of public confidence in banking
institutions worldwide?
On 18 March 2013 08:34, Cameron Childress
On Mon, Mar 18, 2013 at 9:48 AM, Jerry Barnes wrote:
> Cameron, it is obvious that you do not have a PhD in economics. You
> actually can see the effects of this and how bad an idea it is.
It was my undergrad minor, if I'd taken it all the way to PhD, who knows
what I'd be thinking right now.
Latest news shows that the Cyprus Parliament is voting to delay the
implementation of this:
http://www.reuters.com/article/2013/03/18/us-cyprus-parliament-idUSBRE92G03I20130318
I hope that this can be worked out. I spent 6 months in Cyprus when I
was 20 as part of the UN Peacekeeping Brigade. It
"1) People in Cyprus will be reluctant to put any money in savings because
now it could randomly and unexpectedly be taxed. "
Check.
"2) People in all of the EU may become more reluctant to save any money
because now it could randomly be taxed (this was the EU's idea right?)."
Check.
And it wa
On Mon, Mar 18, 2013 at 6:17 AM, Jerry Barnes wrote:
> But it seems to have been mandated from powers outside Cyprus."
>
> It was.
If this precedent gets set, the long term effects may be worse than the
immediate effects. the potentials include. 1) People in Cyprus will be
reluctant to put any
"But it seems to have been mandated from powers outside Cyprus."
It was.
Must be interesting to be sitting at home on a Sunday morning and hear that
the EU leaders have voted to take 10% of your savings.
All electronic transfers have been blocked.
Cyprus has closed banks today, tomorrow and We
Ouch.
Desperate times...
But it seems to have been mandated from powers outside Cyprus.
On 17 March 2013 20:40, Jerry Barnes wrote:
>
> This is how you roll. Just tell the citizens to shut up while we take 10%
> of your money to bailout the assholes who caused the problem.
>
> (
>
> http://w
This is how you roll. Just tell the citizens to shut up while we take 10%
of your money to bailout the assholes who caused the problem.
(
http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317)
In a radical departure from previous aid packages, euro zone finance
mi
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