Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

[giovonni]

One can almost sense this was a premeditated (exploratory) 'testing of the waters' (via TPTB), upon this contained and isolated island state. i would image all the worlds governments and financial institutions are fixed upon (the possibilities attached too) this very blatant and illegal feast.

[RMorgan]

Posted by Violet (here)

Posted by RMorgan (here)
Listen to me.

Next step is to freeze all saving accounts, to prevent people from taking their money out of the banks, which would cause massive inflation.

It´s happened in Brazil before; The same thing. Hundreds of thousands of people went bankrupt because their accounts were frozen by the government.

This thing is going to spread all over Europe; Take your money out of the bank before it´s too late.

Italy is already planning to do the same thing:

http://www.prisonplanet.com/banking-...s-savings.html

Raf.

Raf, this is not the next step, it's already happened. I saw it on the news today. Nobody can get to their savings accounts anymore. PC banking has also (temporarily) been inactivated.

Unseen.

I didn´t know about that, mate. Thanks for the info.

Of course, this is the logical thing to do, otherwise, everyone would immediately withdraw their money and total financial chaos would be unleashed.

So, my advice is still the same to anyone who lives in the more financially unstable Euro countries; Withdraw your money asap before it´s too late. I´m serious about that, really. This thing can grow out of control in just a few days.

You have no idea of the mess caused when the Brazilian government froze all savings accounts for 18 months, in 1990.

Raf.

Posted by giovonni (here)
One can almost sense this was a premeditated (exploratory) 'testing of the waters' (via TPTB), upon this contained and isolated island state. i would image all the worlds governments and financial institutions are fixed upon (the possibilities attached too) this very blatant and illegal feast.

This is very possible indeed. You can expect this to spread all over Europe.

[Flash]

Posted by RMorgan (here)
Listen to me.

Next step is to freeze all saving accounts, to prevent people from taking their money out of the banks, which would cause massive inflation.

It´s happened in Brazil before; The same thing. Hundreds of thousands of people went bankrupt because their accounts were frozen by the government.

This thing is going to spread all over Europe; Take your money out of the bank before it´s too late.

Italy is already planning to do the same thing:

http://www.prisonplanet.com/banking-...s-savings.html

Raf.

Very good article from Prison Planet RMorgan. Thanks.
THey mention that Cyprus should do like Iceland. I totally agree. Why aren't they?

part of the article:

“A bank account is not a bond or a stock or any sort of investment. This seems to be lost on many people. A bank account is the private property of a citizen or a corporation and does not belong to the government or at least that was the supposition up until now in Europe.”

Secondly, the doomsday proclamation about Cyprus collapsing if the government is not allowed to loot private bank accounts is merely a cover story to justify what represents a brazen act of mass financial rape.

Instead of protecting the bankers responsible for the crisis while pillaging the people who bear no responsibility whatsoever for the debt, Cyprus should be following in the footsteps of Iceland.

Instead of bailing out bankers, Iceland arrested them. Instead of targeting its population with brutal austerity measures, Iceland paid off people’s underwater mortgages. Iceland also allowed people to pay off debts in foreign currency, which were declared illegal, with the devalued krona.

The result was that Icelanders had more money in their pocket, reinvested it into the economy and now the country has enjoyed a miracle financial turnaround.

The Cypriot government has seemingly chosen a different option – selling out its people to the gaping jaws of the European Union and the IMF and setting the stage for years of economic turmoil, civil unrest and dependency on a financial dictatorship which benefits not from stability but from sustained chaos.

[giovonni]

will share this here...

Crossing The Line

Published on Mar 18, 2013

The Russian leadership has lashed out at Cyprus' plan to tax bank deposits. President Vladimir Putin called the initiative 'unfair', while Prime Minister Dmitry Medvedev drew comparisons with illegal forfeit - READ MORE http://on.rt.com/96zepx

Source: https://youtube.com/watch?v=4i8Nyb5MDRA

[SilentFeathers]

This is coming out of the Bank of England today...

"We now believe that the economy is set for a recovery over the course of the next year or so."
http://www.chicagotribune.com/busine...,5040368.story

I suppose this is suppose to make every one feel better huh?

[conk]

Plans such as this are in play in the USA. Don't think for a second it isn't being considered and may be implemented at the later stages of collapse.

[Violet]

I couldn't immediately find any English articles confirming what I saw on the news, but here are some Dutch articles that you can run through Translate:

http://www.demorgen.be/dm/nl/3324/Fi...bank-run.dhtml

http://www.powned.tv/nieuws/buitenla...na_beslui.html

Apparently everything was frozen on command of the president because people were massively transferring their money. All transactions, also the programmed ones have been frozen.

[SilentFeathers]

Russia's already t'd off about being forced in to a proxy war concerning Syria, now they are being ripped off by the billions?

Russian oligarchs stepped in to condemn the move. Writing in the Kommersant daily newspaper, Mikhail Prokhorov, a metals magnate turned politician, warned that Europe "has opened a Pandora's box, creating a dangerous precedent in deciding the problem of the capitalisation of the banking system in problem countries".

"It's dangerous if only because it encroaches upon the foundation of Western civilisation: the sanctity of private property," Prokhorov said, noting that he held no money in Cypriot banks. "We lived through something similar many times in Soviet days, when the authorities carried out confiscatory monetary reforms. Everyone knows how that ended."
http://www.guardian.co.uk/world/2013...prus-bank-levy

Probably would be wise to keep an eye on Russia.....it's not safe to corner a rattlesnake and start poking it with a stick...

[Flash]

You are right Silentfeather about cornering any animal, however I am not sure at all that the rattlesnake is Russia in these times - sounds more like Europe and America are.

The russian magnate who became politician compares it to communist policies under the communist regimes, and he is right.

[sheme]

I can remember when Russia banned the 50 and 100 Ruble , It is a bit rich for them to protest about this.

http://www.themoscowtimes.com/opinio...le/471793.html

[SilentFeathers]

Posted by Flash (here)
You are right Silentfeather about cornering any animal, however I am not sure at all that the rattlesnake is Russia in these times - sounds more like Europe and America are.

Change "rattlesnake" to "Grizzly Bear" and mix a Grizzly Bear with a Dragon

Chinese leader Xi Jinping will pay a state visit to Russia on March 22-24 at President Vladimir Putin's invitation, the Kremlin press service reported on Monday.
http://rbth.ru/news/2013/03/18/chine...lin_23961.html

[yiolas]

Thanks Flash, yes I agree. The Islandic model would have been perfect for Cyprus. Infact I've been talking about this for months with friends and family only to be responded with a blank stare or out right ridicule. Unfortunatley, Cypriots have wanted to be part of Europe for so long and so badly, they cannot comprehend striking out on their own like the Islandic people did. So here we are just waiting for the inevitable, without a definate opening date for banks, available funds in credit cards and current accounts dwindling and no way of transfering funds. My daughter is already saying that she doesn't have cash for this week. People here usually get their paychecks wired into savings accounts which they transfer funds as needed into debit card accounts. The trust in the system is gone. People are going to withdraw their money as soon as they are able to.

Posted by Flash (here)

Posted by RMorgan (here)
Listen to me.

Next step is to freeze all saving accounts, to prevent people from taking their money out of the banks, which would cause massive inflation.

It´s happened in Brazil before; The same thing. Hundreds of thousands of people went bankrupt because their accounts were frozen by the government.

This thing is going to spread all over Europe; Take your money out of the bank before it´s too late.

Italy is already planning to do the same thing:

http://www.prisonplanet.com/banking-...s-savings.html

Raf.

Very good article from Prison Planet RMorgan. Thanks.
THey mention that Cyprus should do like Iceland. I totally agree. Why aren't they?

part of the article:

“A bank account is not a bond or a stock or any sort of investment. This seems to be lost on many people. A bank account is the private property of a citizen or a corporation and does not belong to the government or at least that was the supposition up until now in Europe.”

Secondly, the doomsday proclamation about Cyprus collapsing if the government is not allowed to loot private bank accounts is merely a cover story to justify what represents a brazen act of mass financial rape.

Instead of protecting the bankers responsible for the crisis while pillaging the people who bear no responsibility whatsoever for the debt, Cyprus should be following in the footsteps of Iceland.

Instead of bailing out bankers, Iceland arrested them. Instead of targeting its population with brutal austerity measures, Iceland paid off people’s underwater mortgages. Iceland also allowed people to pay off debts in foreign currency, which were declared illegal, with the devalued krona.

The result was that Icelanders had more money in their pocket, reinvested it into the economy and now the country has enjoyed a miracle financial turnaround.

The Cypriot government has seemingly chosen a different option – selling out its people to the gaping jaws of the European Union and the IMF and setting the stage for years of economic turmoil, civil unrest and dependency on a financial dictatorship which benefits not from stability but from sustained chaos.

[SilentFeathers]

If they do open the banks back up this week no one will probably be allowed to withdraw any large amounts of money.....I have a feeling Cyprus is going to get a bit more chaotic in the VERY near future...

[RMorgan]

Posted by yiolas (here)
Thanks Flash, yes I agree. The Islandic model would have been perfect for Cyprus. Infact I've been talking about this for months with friends and family only to be responded with a blank stare or out right ridicule. Unfortunatley, Cypriots have wanted to be part of Europe for so long and so badly, they cannot comprehend striking out on their own like the Islandic people did. So here we are just waiting for the inevitable, without a definate opening date for banks, available funds in credit cards and current accounts dwindling and no way of transfering funds. My daughter is already saying that she doesn't have cash for this week. People here usually get their paychecks wired into savings accounts which they transfer funds as needed into debit card accounts. The trust in the system is gone. People are going to withdraw their money as soon as they are able to.

The government knows that people will withdraw their savings at the moment they allow it, causing massive chaos. So believe me, my friend; People wont be able to withdraw their money anytime soon.

When they froze the savings accounts here in Brazil, my father had just sold his company; All his money was in his saving account and he almost went bankrupt.

My uncle almost became homeless, because he had sold his house a few months before and while he was looking for another one, they froze his money. In the meantime, he lost his job.

The worse thing came later, when they finally liberated the accounts; Inflation was so bad during those 18 months, that if one had $100 in savings, it became the equivalent of $30 because of currency devaluation.

( I suspect that what really happened is that the bankers just stole the money and blamed it on inflation/currency devaluation. They may do the same thing to you.)

This is a recipe for chaos; There are thousands of financial horror stories regarding this sad period of Brazilian history.

Companies will go bankrupt; People will become jobless...This is just the begining.

No one can benefit from such measure except for the government and the banks, really.

The best you can do right now is go to the streets and protest; Burn the banks if necessary.

Raf.

[Flash]

Yiolas, tell me, does this baking theft effect the Greek side of the Island only or both, the Greek and Turkish side?

[Muzz]

Looking into the recent economic past you come across this in FT -

Hopes of an economic recovery this year were dashed by a deadly explosion of munitions stored at a naval base that wrecked the island’s biggest power station, causing damage estimated at around €1bn.

A convenient "accident" for the global bankers. A tragedy for the island.

Of Cyprus' US$24.66bn economy, the EU estimates that the cost of explosion to the island could amount to US$2.83bn, with cost of the power plant itself coming to US$992m. This was weeks before the Bank of Cyprus and other business leaders said "deep spending cuts are needed fast."

Evangelos Florakis Naval Base explosion

Iran explosives at centre of Cypriot intrigue

I suspect they may have been secretly in the crosshairs for some time.

Thanks to all our members on the ground keeping us updated from Cyprus.

[Corncrake]

Posted by Tesseract (here)
When interest rates are suppressed to below the rate of inflation savers are essentially robbed of money from their accounts - even those with less than 100K. The theft is just surreptitious enough that people don't get mad about it.

I have just been listening to an economist on BBC Radio 4 explaining the very same thing. All those living off living off capital (savings) have already been robbed. Their money will not have the same buying power it had a few years ago.

[giovonni]

This might of slip under the radar from most Americans ... from October 2012 ...

Perhaps laying the groundwork towards setting new and future precedent possibilities...

The all to elusive presidential executive order power act... or as i call it ~ 'marshal law.'

***********
Another Obama Executive Order Allows Seizure of Americans’ Bank Accounts

The latest executive order (EO) emanating from the White House October 9 now claims the power to freeze all bank accounts and stop any related financial transactions that a “sanctioned person” may own or try to perform — all in the name of “Iran Sanctions.”

Titled an “Executive Order from the President regarding Authorizing the Implementation of Certain Sanctions…” the order says that if an individual is declared by the president, the secretary of state, or the secretary of the treasury to be a “sanctioned person,” he (or she) will be unable to obtain access to his accounts, will be unable to process any loans (or make them), or move them to any other financial institution inside or outside the United States. In other words, his financial resources will have successfully been completely frozen. The EO expands its authority by making him unable to use any third party such as “a partnership, association, trust, joint venture, corporation, subgroup or other organization” that might wish to help him or allow him to obtain access to his funds...

Read more - http://thenewamerican.com/usnews/con...-bank-accounts

[Watching from Cyprus]

Posted by Flash (here)
Yiolas, tell me, does this baking theft effect the Greek side of the Island only or both, the Greek and Turkish side?

Only the Greek side Flash

[yiolas]

Posted by Flash (here)
Yiolas, tell me, does this baking theft effect the Greek side of the Island only or both, the Greek and Turkish side?

Cyprus, unfortunately has been divided into two areas since the Turkish invasion of 1974 which forcibly removed all Greeks from the northern part of the country. People with roots of thousands of years in their towns and villages became refugees in their own country. A cease fire agreement at the time allowed for a population exchange where Turkish Cypriots from the southern were bussed over to the north where the Turkish troops were. Since then, the Greeks have remained in the south and the Turks remained in the north. The Turkish Cypriots have their own quasi-government but their monetary system is run out of Turkey. They use the Turkish Lira as their currency. The non occupied part of Cyprus is a full member of the United Nations and the European Union. So to answer your question, "no" this does not affect the Turkish Cypriot side as they are defacto protectorate of Turkey. Thousands of Turkish Cypriots though, are allowed to commute to our side to work and are paid in euros, so theoretically they will be affected if their employers don't have access to their accounts.

What has happened in Cyprus now is equivalent to what happened during the Turkish invasion of 1974. The Cypriot people are resourceful and resilient and Cyprus itself is bountiful, the people will again find a way to rebuild their economy.