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

 
Anonymous Coward
User ID: 11333543
United States
03/25/2013 04:36 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
bankers will have their day of wreakoning
Anonymous Coward
User ID: 36607169
France
03/25/2013 04:36 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


In the US, you can print, print, print until a cheeseburger cost a half a quadrillion dollars.

What you have coming is a bank holiday with a devaluation of the $ purchasing power. They don't need your $$$

So yes, you will have your insured funds returned to you. Over what kind of a time period, I cannot say. Perhaps you will be allowed $100 per week of your newly devalued $?
Anonymous Coward
User ID: 35234733
United States
03/25/2013 04:37 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


And I heard on a radio talk show this weekend that in the "fine print" the FDIC has 100 YEARS to make good on that "guarantee." So, in essence, the money is NOT protected.
Anonymous Coward
User ID: 36827799
United States
03/25/2013 04:39 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Let the killing begin...
Brad Daylight

User ID: 34384416
United States
03/25/2013 04:39 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
They thought normal people would avoid taking the hit, and that the russian criminals would just say "oh darn, they got us this time, there goes our money oh well..."
"I have felt despair many times in my life, but I do not keep a chair for it."
~Dr. Clarissa Pinkola Estes

Today is a gift, that is why it is called "The Present"

“When an opponent declares, “I will not come over to your side,” I calmly say, “Your child belongs to us already… What are you? You will pass on. Your descendants, however, now stand in the new camp. In a short time they will know nothing else but this new community.”
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Have a nice day, may God bless you :D
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 04:40 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


In the US, you can print, print, print until a cheeseburger cost a half a quadrillion dollars.

What you have coming is a bank holiday with a devaluation of the $ purchasing power. They don't need your $$$

So yes, you will have your insured funds returned to you. Over what kind of a time period, I cannot say. Perhaps you will be allowed $100 per week of your newly devalued $?
 Quoting: Anonymous Coward 36607169


FED, by charter, has 99 years to pay back FDIC insured monies...
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 04:41 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


And I heard on a radio talk show this weekend that in the "fine print" the FDIC has 100 YEARS to make good on that "guarantee." So, in essence, the money is NOT protected.
 Quoting: Anonymous Coward 35234733


Right. 99 years... always thought 99 years was odd. Lots of contracts always say 99 years, whats wrong with 100 years? magical number or something?
Anonymous Coward
User ID: 36607169
France
03/25/2013 04:43 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


if they wanted taxes paid in carrots, we'd all be fighting over carrots
Anonymous
User ID: 29365483
United States
03/25/2013 04:45 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Say what you want but those Russians are simply brilliant. They get away with everything they want. Evily, stunningly brilliant moves.
Anonymous Coward
User ID: 36868023
United States
03/25/2013 04:46 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


THE TRUTH IS THEIR MONEY VAPORISED INTO THE POCKETS OF JEWS MANIPULATING THE EU MONETARY CRISIS.
Anonymous Coward
User ID: 36868023
United States
03/25/2013 04:48 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


TIME FOR REVOLUTION IN CYPRUS, HANG THE BASTARDS.
amachiavellian

User ID: 20940257
Canada
03/25/2013 04:48 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...

— read for knowledge, not answers.
gebahie

User ID: 10118097
United States
03/25/2013 04:52 PM

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

User ID: 20940257
Canada
03/25/2013 05:00 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


TIME FOR REVOLUTION IN CYPRUS, HANG THE BASTARDS.
 Quoting: Anonymous Coward 36868023


That's the thing — looks like the big boys have left this game for another while taking as many marbles possible along with them.
— read for knowledge, not answers.
Anonymous Coward
User ID: 23556561
United States
03/25/2013 05:23 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.
 Quoting: Anonymous Coward 10363614


I feel you. My wife has a nice fat retirement fund with the State of Arkansas. It can't be touched until she either retires or quits. I figure it'll get wiped out. That's 5% of her pretax income over the last 12 years.
Anonymous Coward
User ID: 36848861
United States
03/25/2013 05:26 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


They also have 99 years to pay you back so that insured up to $250,000 really means nothing.Most people dont realize they would be dead and not receive a penny as far as insurance covering their deposit.That solves the issue.
Anonymous Coward
User ID: 36871086
United Kingdom
03/25/2013 05:27 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
I still can't understand how they went from rejecting 9% to accepting 40%
Anonymous Coward
User ID: 36848861
United States
03/25/2013 05:30 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.
 Quoting: Anonymous Coward 36833261


Sure they have choice.They will drop the allowance if people start withdrawing to much and they will limit how many times you can withdraw monthly and probably start charging a fee for each transaction.With everything electronic they control it all.
Anonymous Coward
User ID: 16029306
United States
03/25/2013 05:31 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


Hmmm. my truck loan is with RBS. So I got that going for me, which is cool.
Anonymous Coward
User ID: 28389847
United States
03/25/2013 05:32 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
You mean governments cant sustain themselves by paying unions outrageous compensation.
Anonymous Coward
User ID: 36335373
Malaysia
03/25/2013 05:35 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


True with one caveat... and deposit them in Merchant banks like Courts, where the rich have their billions. These banks will NEVER go bankrupt because people like the Royal Family have theirs stashed there.
Anonymous Coward
User ID: 21963969
United States
03/25/2013 05:36 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
this was the spark
mark my words
and don't think an ocean barrier will keep you safe
Anonymous Coward
User ID: 36688023
United States
03/25/2013 05:36 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
The EU now owns this laundromat
Anonymous Coward
User ID: 225644
Switzerland
03/25/2013 05:38 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
I still can't understand how they went from rejecting 9% to accepting 40%
 Quoting: Anonymous Coward 36871086


rejecting 9% from everybody to accepting 40% from fat cats ...
TeamReaper

User ID: 36304111
United States
03/25/2013 05:43 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
This Cypriot mess is a signal something much much bigger is going on right now...
 Quoting: Saddletramp


Winner winner chicken dinner.

Something major is being played out "behind the curtain."

Think we may be entering the final act.
 Quoting: TeamReaper

In every operation, whether planning it or executing it, you can never count on luck; but you have to accept it, and recognize it when it’s there.
-Major ******, U-2 Pilot/Instructor/Flight Commander
Anonymous Coward
User ID: 34546739
Ukraine
03/25/2013 05:45 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
The EU now owns this laundromat
 Quoting: Anonymous Coward 36688023


lmao
Anonymous Coward
User ID: 36842439
Canada
03/25/2013 05:56 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
I still can't understand how they went from rejecting 9% to accepting 40%
 Quoting: Anonymous Coward 36871086


They were originally going to take from ALL banks, credit unions, and foreign bank subsidiaries operating in Cyprus when only one bank was actually close to bankrupt (Laiki) and another in trouble (Bank of Cyprus). Also, the original plan brazenly ignored the insurance on deposits under 100K with their grab from all savers. Remember, only cabinet is accepting this deal from the EU and IMF. Because they are now claiming this is just a new way of initiating bankruptcy proceedings on two banks, the Cyprus Parliament does not get a vote on this deal.
Anonymous Coward
User ID: 35737972
United States
03/25/2013 06:00 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
unbelievable, targeted bank seizures based on race of depositor.

Racist sons of bitches these bankers are sadistic freaks.

Please, just arrest them and their children. They don't deserve to spread on this earth.
Anonymous Coward
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United States
03/25/2013 06:02 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
[link to www.zerohedge.com]

"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."


Wow.
 Quoting: amachiavellian


So, the Russians are screwing the Cyprus citizens. Why?
Anonymous Coward
User ID: 7465905
United States
03/25/2013 06:03 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Reason #493726 to never live in or near a Muzzie Nation.
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