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Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...

 
Anonymous Coward
User ID: 1546575
United Kingdom
03/25/2013 03:14 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Bank notes are simply receipts for your actual gold.

The bank is supposed to have the gold to back up all the money deposited with it.

The truth is it cant, so usually if there's a run on the bank, the larger central bank e.g. the ECB is supposed to supply the smaller bank with the gold it needs to give to the people that want their money back out of the bank.



Can someone enlighten me, what is the case with Cyprus??
 Quoting: Anonymous Coward 1546575



Western nations, and for that fact most every other nation, shit canned the gold standard back in 1970. Money today is only backed by the promise of said nation to pay on demand. Nothing more... banks do not have gold to back fiat.
 Quoting: Anonymous Coward 1003364


So really we are just going about with money made out of paper with nearly worthless intrinsic value.
But wait it must have value, who assigns its value, and why do currencies change in value...

I know if we turn the banknote printers on that it dilutes the money supply and makes each note less valuable, i think that's called quantitative easing.

So if we collect millions of bank notes and burn them,, does that purify the money supply and make the rest of the notes go up in value??
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 03:15 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
According to the Royal Institute for International Affairs RBS and HBOS nearly went bankrupt, which could lead to a chain reaction in which other banks had to close their doors. It would cause great social unrest and would have resulted in such a commotion that probably not only the police but also the British forces had to be deployed.

!!!
Anonymous Coward
User ID: 36833261
United Kingdom
03/25/2013 03:15 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
they will never accept a bank run NEVER! when it does they will close the banks and the army will guard it.
 Quoting: Anonymous Coward 36784441


They won't have a choice, all people will do is withdraw the money until they have nothing left, no matter what limits they impose.
If it takes 6 hours or 6 months, no one is going to ever trust those banks again.
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 03:15 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
According to the Royal Institute for International Affairs RBS and HBOS nearly went bankrupt, which could lead to a chain reaction in which other banks had to close their doors. It would cause great social unrest and would have resulted in such a commotion that probably not only the police but also the British forces had to be deployed.

!!!
 Quoting: Anonymous Coward 36784441


from 2008
Anonymous Coward
User ID: 23554071
United States
03/25/2013 03:17 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
"The stealth withdrawals by Russians of course means that the two megabanks are now utterly drained of capital, and that the haircuts on those who still have unsecured deposits with the two banks will be so big it will likely mean a complete wipeout of all deposits. As in 0% recovery on your deposits!

In other words, by now any big Russian funds in Cyprus are long gone, and the only damage accrues to the locals: for one reason because their money over the critical EUR100K threshold has been "vaporized", and for another because the marginal driving force and loan demand creator in Cyprus, the Russians, are gone and are never coming back again.

This is what passes for monetary real-politik in the New Normal - an entire nation becomes collateral when pursuing a wealthy group of people.

If we were Cypriots at this point we would be angry. Very, very angry."


[link to www.zerohedge.com]
 Quoting: Anonymous Coward 1003364


Also in that link:

While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.



No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.
Anonymous Coward
User ID: 34546739
Ukraine
03/25/2013 03:28 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Bank notes are simply receipts for your actual gold.

The bank is supposed to have the gold to back up all the money deposited with it.

The truth is it cant, so usually if there's a run on the bank, the larger central bank e.g. the ECB is supposed to supply the smaller bank with the gold it needs to give to the people that want their money back out of the bank.



Can someone enlighten me, what is the case with Cyprus??
 Quoting: Anonymous Coward 1546575



Western nations, and for that fact most every other nation, shit canned the gold standard back in 1970. Money today is only backed by the promise of said nation to pay on demand. Nothing more... banks do not have gold to back fiat.
 Quoting: Anonymous Coward 1003364


So really we are just going about with money made out of paper with nearly worthless intrinsic value.
But wait it must have value, who assigns its value, and why do currencies change in value...

I know if we turn the banknote printers on that it dilutes the money supply and makes each note less valuable, i think that's called quantitative easing.

So if we collect millions of bank notes and burn them,, does that purify the money supply and make the rest of the notes go up in value??
 Quoting: Anonymous Coward 1546575


welcome to the brave world post bretton woods

what do you mean who assigns value to the currency?? god and the american military;

now, now let's not get too greedy, the bankers gave you the mighty petrodollar and that ensured that you get a cheap mortgage to buy your house, a car lease every three years, and an ever extending line of credit in the form of a visa and master cards

you didn't expect that last forever now did you??
Weltsmertz

User ID: 32105718
United States
03/25/2013 03:29 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Now they have said that Cyprus is a template, just imagine what happens when Italy needs a bailout.

It will be game over for the Euro.

Its not a matter of if the Euro will go, but a matter of when.

It hasn't sunk in to the Eurocrats in Brussels yet.
 Quoting: Anonymous Coward 36833261


Let's hope it's the beginning of the end for the eurozone and the EU pipe dream. Let it all carsh.
 Quoting: Anonymous Coward 36849095


Lithuania still has the Lita :)
A casual stroll through the lunatic asylum shows that faith does not prove anything.
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if I did not feel so sad as I look at them. Sad because they do not know the truth and I do know it. Oh, how hard it is to be the only one who knows the truth! But they won't understand that. No, they won't understand it."
--from The Dream of a Ridiculous Man (1877)
Anonymous Coward
User ID: 34546739
Ukraine
03/25/2013 03:33 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
have to admit though, that whole narrative, we gonna take shit from the big bad wolf (the russian oligarchs) and leave the little folk be, had me a little confused...i mean why would the cabal take from one part of the syndicate and give it to the other; they work for the same master for christ's sake

well played motherfuckers, well played

clappa
amachiavellian

User ID: 20940257
Canada
03/25/2013 03:37 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
So what happens with the "insured deposits"?
— read for knowledge, not answers.
Anonymous Coward
User ID: 12722555
United States
03/25/2013 03:40 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
1000 Billionaires can Shut Down Porn & Prostitution

[link to y.ahoo.it]
Leejunss

User ID: 1267719
United States
03/25/2013 03:41 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
lolz cyprus will not break the euro group.

but the next in line spain or italy can...
 Quoting: Anonymous Coward 36784441


just wait till china halts all trade goods to the eu...

uk
KoFFee_

User ID: 1373078
United States
03/25/2013 03:41 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?

Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.

Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with.
Today, courtesy of a follow up by Reuters, we do.

The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.

As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

Read more:
[link to www.zerohedge.com]
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Anonymous Coward
User ID: 10263412
United States
03/25/2013 03:43 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Blow them up, Putin. Blow them the living fuck up.
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 03:45 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
he will blow you up to usa...

and remember all this shi* that is happening in europe is thx to the american Wall Street bankers...
Anonymous Coward
User ID: 34560225
Ukraine
03/25/2013 03:49 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
he will blow you up to usa...

and remember all this shi* that is happening in europe is thx to the american Wall Street bankers...
 Quoting: Anonymous Coward 36784441


oh siwwy wabbit

there's no such thing as american, european, asian bankers...unless you're referring to any particular geographical location they might be residing at the time
Anonymous Coward
User ID: 27972246
United States
03/25/2013 03:50 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
When do we start the 90% Taxation on the depositors of the Caymen Island Banks?
Anonymous Coward
User ID: 3543271
United States
03/25/2013 03:51 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
popcorn
Anonymous Coward
User ID: 33887329
United States
03/25/2013 03:52 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
That is flipping sweet! I wonder if it has been contained
A-pocalypseAnnie

User ID: 31781644
United States
03/25/2013 03:54 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
muthafkg thieves. a fkg heist. who's next??
howdy
Lucius

User ID: 34730086
United States
03/25/2013 03:57 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
I feel like they are changing the 'deals' and 'outcomes' every day, and each day it gets more absurd... like they are testing us. Trying to dissolve reality.

Like seriously wtf is going on ????

abduct
A-pocalypseAnnie

User ID: 31781644
United States
03/25/2013 03:57 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
he will blow you up to usa...

and remember all this shi* that is happening in europe is thx to the american Wall Street bankers...
 Quoting: Anonymous Coward 36784441
no doubt. they won't stop there, they been working this grand finale' for a long while, i seen em doing it. they gonna take ALL the money and run to the bunkers. they still think they gonna play their monopoly game down there.
howdy
Anonymous Coward
User ID: 36021878
United Kingdom
03/25/2013 03:58 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Now they have said that Cyprus is a template, just imagine what happens when Italy needs a bailout.

It will be game over for the Euro.

Its not a matter of if the Euro will go, but a matter of when.

It hasn't sunk in to the Eurocrats in Brussels yet.
 Quoting: Anonymous Coward 36833261


Let's hope it's the beginning of the end for the eurozone and the EU pipe dream. Let it all carsh.
 Quoting: Anonymous Coward 36849095


although I fear for the worst i hope for the best in this case the best may be let it die , from its inception it has been in trouble , just hope those caught up in it are prepared for what may prove to be the worst depression ever ....
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 04:04 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
[link to cdn1.spiegel.de]
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 04:05 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Together people of the WEST we can and we WILL defeat the bankers!!
Fire WatchModerator
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User ID: 33753048
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03/25/2013 04:05 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
he will blow you up to usa...

and remember all this shi* that is happening in europe is thx to the american Wall Street bankers...
 Quoting: Anonymous Coward 36784441


It is the fucking politicians! Who makes the rules?
When the people fear the government, there is tyranny. When the government fears the people, there is liberty. Thomas Jefferson
-------------------------------------
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.
Thomas Jefferson
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 04:07 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
he will blow you up to usa...

and remember all this shi* that is happening in europe is thx to the american Wall Street bankers...
 Quoting: Anonymous Coward 36784441


It is the fucking politicians! Who makes the rules?
 Quoting: Fire Watch


remember: "give me control of the money supply and i dont care who makes the laws"
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 04:07 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Headline: German savers must act after the Cyprus deal

subtitle: The Cypriot rescue [agreement] bears consequences for German savers: you must adapt to face the new reality - and adjust yourself (your views)
when dealing with savings, fixed interest and daily market accounts as well as when dealing with life insurance.

[link to www.welt.de]

2. Headline: Big depositors lose up to 90% on Cyprus

subtitle: New details on Cyprus rescue agreement: well-to-do depositors must be held liable with their money, the banking sector will be cut down to half. Now people dread the panic reaction when the banks open again.

[link to www.welt.de]
Anonymous Coward
User ID: 36760304
United States
03/25/2013 04:08 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
I have to tell you, those deposits were insured just like they are here in the states. You think Obama wouldn't do that here? Whoot!!! Think again.
 Quoting: Anonymous Coward 27921992


FDIC has less than 25 billion in insurance money to insure trillions in US deposits...
 Quoting: Anonymous Coward 1003364


Yep! ^this^
Anonymous Coward
User ID: 10363614
Canada
03/25/2013 04:24 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Any sane person would take all their money out of their banks ASAP.
 Quoting: Anonymous Coward 36466496


I'm going to start pulling out my funds soon (only about 3k), the problem is that I have retirement funds that is supposed to kick in when I turn 55 or 65 but this has been quite a shock to me.

I've completely lost all faith.

It's no longer a question of if, but when.
Anonymous Coward
User ID: 36828387
Germany
03/25/2013 04:27 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
breaking right now on fox news... all depositors over 100 thousand to loose 40% of their savings.
 Quoting: Anonymous Coward 5763636


a) as if 100k liquid on a bank account is a "saving" it's not
b) yes banks can go broke, everyone knew this might happend letting the acount holders loose it instead of the one who used another bak is taff luck bad normal, that is why trust in a bank is important
c) giving liquid cash t a bank is not because u trust it to be save, you trust it to gain value (gamble) yes they deserved to loose it, since I as a german dont want for this "gamle/fraud" with greek banks, they played as if they will be bailed out whatever the reason and gambeled now they lost

sick of this fuck, sick of seeing german flags burn, sick of my stupid goverment and the eu fucks.

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