Cyprus Bank Deposits Seized

[domainoid]

Any Cypriot domainers here on dnf? Wonder how they're coping.

 

[katherine]

In view of the global meltdown domains name now look more attractive (and stealth) than ever as investment schemes.

 

[Gerry]

What prosperity ?
Under Reagan the US debt soared to record levels.
Borrowing is just an illusion.

ditto.

 

[Gerry]

Personally, I miss the 80s.

Ah, yes. Were you a member of the DEVO fan club? or the Talking Heads.

Speaking of heads, do you remember Max Headroom? Wow, that was heavy special effects and computer graphics, eh?

 

[katherine]

I'm a child of the 80s too Crazy times. It was another world then.

Cyprus has a big problem: the banking sector is roughly eight times the size GDP. It has suffered a lot of its exposure to Greece.
So when the banking system is shaken, the state is powerless and unable to intervene.
We have seen that happen in Iceland. But Iceland had an approach of its own and has the flexibility of its own currency. Cyprus doesn't have that kind of leverage.

As a long time offshore banking jurisdiction, Cyprus has benefited a lot from foreign money (especially Russian money), some of which dirty.
The actual share of dirty money is debatable of course but that's one reason why there is not a lot of sympathy within the EU toward Cyprus right now.

I predict that war(s) will tear down Europe once again. The climate is already too reminiscent of the 1930s :undecided:

 

[Gerry]

Cyprus has a big problem: the banking sector is roughly eight times the size GDP.

I was just reading an article about that. Huge and lopsided equation. Yes, banks have a right to be profitable. But if their banks are anything like the US banks, they don't pay their fair share in levies, taxation, or tariffs. They find loopholes, stash cash in other accounts/ventures...and then when handed a huge bailout (that they don't need) they park that cash and sit on it making even more money on interest vs. lending it out.

 

[Gerry]

As a long time offshore banking jurisdiction, Cyprus has benefited a lot from foreign money (especially Russian money), some of which dirty.
The actual share of dirty money is debatable of course but that's one reason why there is not a lot of sympathy within the EU toward Cyprus right now.

I predict that war(s) will tear down Europe once again. The climate is already too reminiscent of the 1930s :undecided:

Actual war? Who knows, especially if Russia gets involved in the cash crisis. Perhaps another one to watch would be China. China controls so much global wealth that any wave of default would send big ripples to mainland. It is a matter of how much China is willing to lose in terms of cash that would be the catalyst.

Many money experts here in the US have also voiced concern. The Chinese owns so much US dollar and are carrying so much US debt and covering bad loans that China may be all smiles on TV but within their closed door meetings would be another matter. China's biggest concern is how the US handles the money that China poured into our debt.

Cyberwarfare. Gas and mineral rights. Debt. Water.

Believe it or not, that is what the trigger will be in future warfare. Amazing to think that the US and Pentagon already have contingency plans for each.


As for the 80's, rock on :hippie:eace::rockon::drum:

Off to catch a flight to Houston.

Later, peeps O' dnf.

 

[Raider]

What prosperity ?
Under Reagan the US debt soared to record levels.
Borrowing is just an illusion.

Yeah, and the debt we have now is not a record at all right?

In a matter of 4 years we went from $10.5 Trillion to $16.738 (as of today), we should be at $20 Trillion easy before Obama's leaves office, not that he gives a damn.

As for Reagan adding $2.7, Money well spent, Look at the years of prosperity and peace that it bought us.. Not making excuses for Reagan adding the debt, but you have to admit the US got lot more bang for its buck under Reagan than we got for our $6 Trillion in 4 years.

 

[lordbyroniv]

Reagan, Bush, Clinton, Bush 2, Obozo....all puppets of the banking cartel

Debt. by its very nature MUST expand or a depression is the inevitable result. Read some Ludwig Mises.

In the United States today, there is approximately 56 trillion dollars of total debt in our financial system, but there is only about 9 trillion dollars in our bank accounts. So you could take every single penny out of the banks, multiply it by six, and you still would not have enough money to pay off all of our debts. Overall, there is about 190 trillion dollars of total debt on the planet. But global GDP is only about 70 trillion dollars. And the total notional value of all derivatives around the globe is somewhere between 600 trillion and 1500 trillion dollars.

 

[lordbyroniv]

http://market-ticker.org/akcs-www?post=219086

 

[katherine]

we should be at $20 Trillion easy before Obama's leaves office, not that he gives a damn.

Frankly, this is a staggering amount and I don't think it will ever be repaid.
That begs the question: what is going to happen ?

 

[lordbyroniv]

Frankly, this is a staggering amount and I don't think it will ever be repaid.
That begs the question: what is going to happen ?

Devaluation/Repudiation

Got Hard Assets?

 

[Gerry]

Frankly, this is a staggering amount and I don't think it will ever be repaid.
That begs the question: what is going to happen ?

The GOP insiders, mainly Cheney and Karl Rove, stated that Reagan proved that the debt don't matter. In other words, running up the debt was a way of doing business and one can still gbt et re-elected.

Now, for a democrat to use that play from the Reagan bible is blasphemy...how dare ye pull a GOP play out your arse.

And, since it has been brought up...it took George W. Bush FAR LESS TIME in office to double the debt that the current arse in office. That fact is not even debatable since it is all a matter of public record.

Katherine, it is really quite simple...your credit card bill is due and we are now going to collect on the deferred interest and start billing you for two wars unfunded and unpaid for, a Medicare class D prescription act that was passed to provide medicine for seniors but was never funded. Your bill is due (past due actually) and we have had deferred funding for a decade and we would now like for you to pay your balance in full.

Essentially, that is the situation here on the home front.

Elsewhere, ala Cyprus...I heard on the news today at the Atlanta airport that the Cyprus banks have frozen ALL accounts and the MOST anyone can withdraw PER DAY is 100eu. That is insane and tragic for the Cypriots.

Frankly, I see a total collapse of the euro within 2 years. The stable countries like Germany can not be the bank to all nations. Nothing has been done about Italy, Spain, and Portugal yet which are on the brink of failure. Spain is worrisome from my perspective. Not only are we witnessing a collapse of their nation, the call for Barcelona and the Barca region to secede and institute statehood is really picking up steam. We could literally be watching Spain split in half.

The euro is toast, imo, simply because a couple of nations that are prosperous and stable can not bear the weight of an entire continent.

The real test, as you mentioned earlier, is if warfare comes into play. NATO itself would be in a perilous situation doing battle among its own members.

You know, Russia just might make out like a thief in the night when all is said and done. Russia will not jeopardize any of its oil and gas pipelines and will do everything in its power to keep those flowing through some of the troubled countries. Russia could intervene in places that it is not welcomed. In the end, Russia could also parlay its vast oil and gas reserves as a means to entice former Soviet states back into the Russian territories.

Beware of Putin and his play in all of this.

Stay tuned.

 

[urlurl]

Future wars wont be fought with weapons. They will be fought with resources and making them accessible to allies.

 

[domainoid]

Decision by Britain not to join the euro might as well go down in history as just about the smartest ever made by a British government.-

 

[DomainsInc]

Yeah, and the debt we have now is not a record at all right?

In a matter of 4 years we went from $10.5 Trillion to $16.738 (as of today), we should be at $20 Trillion easy before Obama's leaves office, not that he gives a damn.

As for Reagan adding $2.7, Money well spent, Look at the years of prosperity and peace that it bought us.. Not making excuses for Reagan adding the debt, but you have to admit the US got lot more bang for its buck under Reagan than we got for our $6 Trillion in 4 years.

That's a pretty short sighted view of what Reagan did. It bought time back then but everyone knew it couldn't last forever and now we're feeling the effects of it. Reagan paved the way for soaring debt that was never planned on how to ever pay it back.

 

[DomainsInc]

Decision by Britain not to join the euro might as well go down in history as the smartest ever made by a government.-

many experts predicted what is happening with the EU before it formed. some even said this was purposely being done to 'crush' certain countries who played with their money to prevent what would otherwise be their downfall and now its happening.

 

[domainoid]

many experts predicted what is happening with the EU before it formed. some even said this was purposely being done to 'crush' certain countries who played with their money to prevent what would otherwise be their downfall and now its happening.

Great mistake made for a EU with one single currency was that trying to coordinate monetary policy alone would never be enough.- Fiscal policy would've needed coordination as well and now it's way too late to attempt something like that.-


If France starts being seriously mentioned by all experts as the next member of the PIIGS+Cyprus group then real panic will set in.- Germany alone could not handle what would be coming and the Eurozone as we know it will end and the euro will be gone soon after .

 

[urlurl]

they are assuming inflation will eat away at the debt. But at the rate its increasing I don't see that happening.

 

[katherine]

How Government Steals Your Savings