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Cyprus Bank Holiday spurs run on ATM's British ex-pats will be hit for Millions
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OR, "The Cyprus Situation for Dummies
For Fair Use from Zerohedge
Submitted by Charles Hugh-Smith of OfTwoMinds blog,
The deposit-confiscation "bailout" of Cyprus reveals much about the Eurozone's fundamental neocolonial, neofeudal structure.
At long last, Europe's flimsy facades of State sovereignty, democracy and free-market capitalism have collapsed, and we see the real machinery laid bare: the Eurozone's political-financial Aristocracy will stripmine every nation's citizenry to preserve their power and protect the banks and bondholders from absorbing losses.
The deposit-confiscation "bailout" of Cyprus confirms the Eurozone's fundamental neocolonial, neofeudal structure and the region's political surrender to financialization.
The E.U., Neofeudalism and the Neocolonial-Financialization Model (May 24, 2012)
Let's list what Cyprus reveals about the true state of financial-political power in Europe:
1. The Core-Periphery terminology masks the real structure: the E.U. operates on a neocolonial model. In the old Colonialism 1.0 model, the colonizing power conquered or co-opted the Power Elites of the periphery regions, and proceeded to exploit the new colonies' resources and labor to enrich the Imperial core.
In Neocolonialism, the forces of financialization (debt and leverage controlled by State-enforced banking cartels) are used to indenture the local Elites and populace to the financial core: the peripheral "colonials" borrow money to buy the finished goods manufactured in the core economies, enriching the Imperial Elites with A) the profits made selling goods to the debtors B) interest on credit extended to the peripheral colonies to buy the core economies' goods and "live large", and C) the transactional skim of financializing peripheral assets such as real estate and State debt.
In essence, the core banks of the E.U. colonized the peripheral nations via the financializing euro, which enabled a massive expansion of debt and consumption in the periphery. The banks and exporters of the core exacted enormous profits from this expansion of debt and consumption.
Now that the financialization scheme of the euro has run its course, the periphery's neocolonial standing is starkly revealed: the assets and income of the periphery are flowing to the core as interest on the private and sovereign debts that are owed to the core's central bank and its crony money-center private banks.
This is not just the perfection of neocolonialism but of neofeudalism as well. The peripheral nations of the E.U. are effectively neocolonial debtors of the core (quasi-Imperial) banks, and the taxpayers of the core nations (now reduced to Germany and The Netherlands) are now feudal serfs whose labor is devoted to making good on any bank loans to the periphery that go bad.
Though we can term the E.U. a plutocracy or oligarchy, the neofeudal structure compels us to distinguish a class of those holding wealth and political power that is not limited to national border: this is an Aristocracy.
Serving the Aristocracy is a well-paid technocrat class of factotums, lackeys, toadies and enforcers. Below this well-compensated caste of technocrats is the larger class of debt-serfs, enslaved to interest payments on either their own debts or the debts of others, and bound by their class powerlessness to protecting banks and bondholders from losses.
Cyprus merely adds an expropriation twist to this well-oiled plunder: deposits will be expropriated directly to insure no Imperial (core) banks or bond holders lose money on their absurdly risky loans to periphery nations and serfs.
2. This is a supranational plunder. While commentators can wile away years debating how much Germany benefited from the euro, the real core is not national, it is supranational banks and the political machinery of the E.U. the banks have effectively captured.
The citizenry of Germany may approve or disapprove of the Cyprus expropriation, but it doesn't matter either way: their own serfdom to banks and bondholders is simply being masked: the bailouts of periphery nations are transparently bailouts of core banks and bondholders.
The nation-states of the neocolonial periphery are simply convenient propaganda placeholders, useful misdirections aimed at the naive and sentimental, hollowed-out national structures propped up to mask the ugly neocolonial reality of servitude and plunder.
3. Democracy is a fiction when no matter who you vote for, the banks and bondholders win control of the national income stream and private wealth. Democracy in Europe is a travesty of a mockery of a sham, an absurd play which is acted out as a form of blood-sport circus to distract the masses from their powerlessness and debt-serfdom.
Democracy is a fiction when the policies protecting banks and bondholders from losses remain in place regardless of which political party, coalition or politico is nominally in power.
The German taxpayers' private wealth is being expropriated via taxes to bail out core banks and bondholders; how is this any different from the blatant expropriation of private assets in Cyprus?
It is only a difference in technique; the result is the same: the forced transfer of wealth from those who earned it from their labor to banks and bondholders which in a truly capitalist economy would be immediately forced to absorb the losses of their leveraged, highly risky bets.
4. The ideological fiction of capitalism is dead in Europe. Capitalism is a fiction if capital that is placed at risk for a return cannot be lost.
5. Cyprus is a test to see how blatant the expropriation of private assets can become without triggering overthrow and revolution. If the furor dies down soon enough, then the same technique of expropriation will be imposed elsewhere. If the reaction is sustained and threatening to the Aristocracy, other less blatant expropriations will be tested in other neocolonies.
6. Divide and conquer is the propaganda order of the day. The Power Elites are attempting to set the serfs of the periphery against the serfs of the core, the goal being to keep both sets of serfs from realizing they are equally indentured to the core's pathological political-financial Aristocracy.
OR, "The Cyprus Situation for Dummies
For Fair Use from Zerohedge
Submitted by Charles Hugh-Smith of OfTwoMinds blog,
The deposit-confiscation "bailout" of Cyprus reveals much about the Eurozone's fundamental neocolonial, neofeudal structure.
At long last, Europe's flimsy facades of State sovereignty, democracy and free-market capitalism have collapsed, and we see the real machinery laid bare: the Eurozone's political-financial Aristocracy will stripmine every nation's citizenry to preserve their power and protect the banks and bondholders from absorbing losses.
The deposit-confiscation "bailout" of Cyprus confirms the Eurozone's fundamental neocolonial, neofeudal structure and the region's political surrender to financialization.
The E.U., Neofeudalism and the Neocolonial-Financialization Model (May 24, 2012)
Let's list what Cyprus reveals about the true state of financial-political power in Europe:
1. The Core-Periphery terminology masks the real structure: the E.U. operates on a neocolonial model. In the old Colonialism 1.0 model, the colonizing power conquered or co-opted the Power Elites of the periphery regions, and proceeded to exploit the new colonies' resources and labor to enrich the Imperial core.
In Neocolonialism, the forces of financialization (debt and leverage controlled by State-enforced banking cartels) are used to indenture the local Elites and populace to the financial core: the peripheral "colonials" borrow money to buy the finished goods manufactured in the core economies, enriching the Imperial Elites with A) the profits made selling goods to the debtors B) interest on credit extended to the peripheral colonies to buy the core economies' goods and "live large", and C) the transactional skim of financializing peripheral assets such as real estate and State debt.
In essence, the core banks of the E.U. colonized the peripheral nations via the financializing euro, which enabled a massive expansion of debt and consumption in the periphery. The banks and exporters of the core exacted enormous profits from this expansion of debt and consumption.
Now that the financialization scheme of the euro has run its course, the periphery's neocolonial standing is starkly revealed: the assets and income of the periphery are flowing to the core as interest on the private and sovereign debts that are owed to the core's central bank and its crony money-center private banks.
This is not just the perfection of neocolonialism but of neofeudalism as well. The peripheral nations of the E.U. are effectively neocolonial debtors of the core (quasi-Imperial) banks, and the taxpayers of the core nations (now reduced to Germany and The Netherlands) are now feudal serfs whose labor is devoted to making good on any bank loans to the periphery that go bad.
Though we can term the E.U. a plutocracy or oligarchy, the neofeudal structure compels us to distinguish a class of those holding wealth and political power that is not limited to national border: this is an Aristocracy.
Serving the Aristocracy is a well-paid technocrat class of factotums, lackeys, toadies and enforcers. Below this well-compensated caste of technocrats is the larger class of debt-serfs, enslaved to interest payments on either their own debts or the debts of others, and bound by their class powerlessness to protecting banks and bondholders from losses.
Cyprus merely adds an expropriation twist to this well-oiled plunder: deposits will be expropriated directly to insure no Imperial (core) banks or bond holders lose money on their absurdly risky loans to periphery nations and serfs.
2. This is a supranational plunder. While commentators can wile away years debating how much Germany benefited from the euro, the real core is not national, it is supranational banks and the political machinery of the E.U. the banks have effectively captured.
The citizenry of Germany may approve or disapprove of the Cyprus expropriation, but it doesn't matter either way: their own serfdom to banks and bondholders is simply being masked: the bailouts of periphery nations are transparently bailouts of core banks and bondholders.
The nation-states of the neocolonial periphery are simply convenient propaganda placeholders, useful misdirections aimed at the naive and sentimental, hollowed-out national structures propped up to mask the ugly neocolonial reality of servitude and plunder.
3. Democracy is a fiction when no matter who you vote for, the banks and bondholders win control of the national income stream and private wealth. Democracy in Europe is a travesty of a mockery of a sham, an absurd play which is acted out as a form of blood-sport circus to distract the masses from their powerlessness and debt-serfdom.
Democracy is a fiction when the policies protecting banks and bondholders from losses remain in place regardless of which political party, coalition or politico is nominally in power.
The German taxpayers' private wealth is being expropriated via taxes to bail out core banks and bondholders; how is this any different from the blatant expropriation of private assets in Cyprus?
It is only a difference in technique; the result is the same: the forced transfer of wealth from those who earned it from their labor to banks and bondholders which in a truly capitalist economy would be immediately forced to absorb the losses of their leveraged, highly risky bets.
4. The ideological fiction of capitalism is dead in Europe. Capitalism is a fiction if capital that is placed at risk for a return cannot be lost.
5. Cyprus is a test to see how blatant the expropriation of private assets can become without triggering overthrow and revolution. If the furor dies down soon enough, then the same technique of expropriation will be imposed elsewhere. If the reaction is sustained and threatening to the Aristocracy, other less blatant expropriations will be tested in other neocolonies.
6. Divide and conquer is the propaganda order of the day. The Power Elites are attempting to set the serfs of the periphery against the serfs of the core, the goal being to keep both sets of serfs from realizing they are equally indentured to the core's pathological political-financial Aristocracy.
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All Too True; Cyprus is a test run the IMF and the EU Central Bank are determining which individuals will have their life savings LOOTED BY FORCE
Italy is next, eventualy National Parks, Art Works and Tresuries will taken By Force
America is the final target, just as Soros has said it is.
All ATMs will be locked out, your account frozen. Recall that Federal Reserve Notes are issued by a private bank and can be annulled by the TPTB
Do not be shocked when the looting takes place on an individual basis, house to house
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You know, this brings up one of those interesting side-effects from having some stored food, some money (or valuables) socked away, if the whole world is being looted by the people you think are looting it... all you have to do to bring their whole plan to a grinding halt: nothing. Stop going to work, stop buying things, stop watching tv. The fact of the matter is money is worthless if no one is willing to take it. If you really think there's some massive conspiracy that's out to take a bunch of paper, or worse still, digits away from you when they can simply create their own out of thin air....
Money is just money, it's only valuable as a means of exchange, yea someone taking all your money might be a big deal, but if someone took all my money they wouldn't get a lot, because I just bought a jeep for the wife, and a new lathe. I have plenty of food in the pantry, car insurance is paid up for the next year, would be nice to have some excess cash to do some cruising and maybe buy a burger, but I got food to eat and stuff to do. Sure, take 10% of my cash, better off robbing a kid's piggy bank.
Oh, you want to take my stuff? good luck carrying it off, seeing as how you destroyed the currency... see what it's worth, perhaps you could put all my stuff in that national park on top of that artwork and all that gold you looted from ft knox. Oh, you want me to help you move it? Nah, I'm good, you can just move it all by your lonesome... oh you want some friends? Yea, I'm not really taking applications for new friends at the moment...
The thing that keeps getting lost in all these tales of doom and gloom... you cannot enslave an entire population put them in camps and under the jackboot of DHS, the new world order, the UN whatever... there may be enough bullets, problem is, there won't be enough people left to bury all the bodies. There won't be enough people left to grow all the food, there won't be enough people left to maintain the electrical grid, there won't be enough people left to drive the trucks.
The interesting thing here... now that everyone has taken a 10% haircut on their cypriat savings account. Chances are, that country just sunk itself, no one likes being raped, as a consequence they usually try to avoid being raped, one solid way to do that is to stay away from known rapists.
Money is just money, it's only valuable as a means of exchange, yea someone taking all your money might be a big deal, but if someone took all my money they wouldn't get a lot, because I just bought a jeep for the wife, and a new lathe. I have plenty of food in the pantry, car insurance is paid up for the next year, would be nice to have some excess cash to do some cruising and maybe buy a burger, but I got food to eat and stuff to do. Sure, take 10% of my cash, better off robbing a kid's piggy bank.
Oh, you want to take my stuff? good luck carrying it off, seeing as how you destroyed the currency... see what it's worth, perhaps you could put all my stuff in that national park on top of that artwork and all that gold you looted from ft knox. Oh, you want me to help you move it? Nah, I'm good, you can just move it all by your lonesome... oh you want some friends? Yea, I'm not really taking applications for new friends at the moment...
The thing that keeps getting lost in all these tales of doom and gloom... you cannot enslave an entire population put them in camps and under the jackboot of DHS, the new world order, the UN whatever... there may be enough bullets, problem is, there won't be enough people left to bury all the bodies. There won't be enough people left to grow all the food, there won't be enough people left to maintain the electrical grid, there won't be enough people left to drive the trucks.
The interesting thing here... now that everyone has taken a 10% haircut on their cypriat savings account. Chances are, that country just sunk itself, no one likes being raped, as a consequence they usually try to avoid being raped, one solid way to do that is to stay away from known rapists.
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I can't imagine putting my hard won resources into a bank account except at the last minute for a debit card purchase, on line..
food
ammo
guns
survival gear
gold and silver
food
ammo
guns
survival gear
gold and silver
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Then ... "Everyone give up their guns everywhere in the world and trust the [Oligarch Ran] Government everywhere to be benevolent and serve the people."
Those in charge don't plan on putting people in cages or exterminating them pronto.
Why should you kill or cage a good slave who can produce?
Better yet ... if they don't know they are slave and they happily produce and feed standardized pablum to their children ... you have generations of happy slaves.
The utopian society of the Oligarchs wants to reduce the population to 500 Million and plans to trim them back over time.
(over 90% cut is the long term goal ... written down affirmed and documented over and over again.)
Had the plans of doom and Gloom been so obvious; revolt would have happened long ago.
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+ stored fresh water & nearby locations of fresh water or a well & you're set
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It's not really a holiday since they just now decided to call it that to keep people from obtaining their own savings. Emergency holidays are a governments term, theft is natures term.
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Don't really know how to feel on this.
A bunch of people who flee to Cyprus to seek out a tax haven with "flexible" banking regulations are now forced to pay 10% of their account values so that other countires will dump a whole lot more money to keep you from loosing more than 10%. Seems like a deal to me.
A bunch of people who flee to Cyprus to seek out a tax haven with "flexible" banking regulations are now forced to pay 10% of their account values so that other countires will dump a whole lot more money to keep you from loosing more than 10%. Seems like a deal to me.
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Many people overlooked the 30% EXTRA tax for Americans on assets and holdings.
<broken link removed>
<broken link removed>
I think Jim Sinclair's observations on the subject are worth noting (emphasis mine):
"The most important take away from the Cyprus situation is the following sentence from my interview with King World News; "Because of that, any attempt to shift the weight of bank solvency to depositors has failed. This was the grand experiment which was to be the defining event where the financial shift from the onus of insolvency was to be placed on the shoulders of depositors rather than on quantitative easing. ... Information was given to this financial clique that QE would be reduced as bailouts turned to bail-ins, shifting the pressure of holding the Western world financial system together to the depositors and away from central banks..."
Link to full commentary:
The Most Important Take Away From The Cyprus Situation « Jim Sinclair's Mineset
Jim Sinclair's Mineset
--------------------------------------------
I can't imagine it won't be tried again, though in a different form that tries to disguise it perhaps? It could be tried anywhere - built into a new currency scheme possibly? I love the part about "Information was given to this financial clique...". Efing insiders.
"The most important take away from the Cyprus situation is the following sentence from my interview with King World News; "Because of that, any attempt to shift the weight of bank solvency to depositors has failed. This was the grand experiment which was to be the defining event where the financial shift from the onus of insolvency was to be placed on the shoulders of depositors rather than on quantitative easing. ... Information was given to this financial clique that QE would be reduced as bailouts turned to bail-ins, shifting the pressure of holding the Western world financial system together to the depositors and away from central banks..."
Link to full commentary:
The Most Important Take Away From The Cyprus Situation « Jim Sinclair's Mineset
Jim Sinclair's Mineset
--------------------------------------------
I can't imagine it won't be tried again, though in a different form that tries to disguise it perhaps? It could be tried anywhere - built into a new currency scheme possibly? I love the part about "Information was given to this financial clique...". Efing insiders.
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.
Open Bank Resolution (OBR) is Finance Minister Bill English's favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank's bail out.
National planning Cyprus-style solution for New Zealand | Scoop News
Open Bank Resolution (OBR) is Finance Minister Bill English's favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank's bail out.
National planning Cyprus-style solution for New Zealand | Scoop News
"In Nigel Farage's first TV appearance since the Cypriot wealth tax was announced, the Englishman pulls no punches. In all his years and all his experience of the desperation of the European Union's leadership "never did [he] think they would resort to stealing money from people's savings accounts." The simple fact is that they know they cannot let any country leave, no matter how small, for "once one country goes, the whole deck of cards will come tumbling down." There is now "clear irreconcilable differences" between the North and the South of Europe and now that they have done this in one country, "they are quite capable of doing it in Italy, Spain and anywhere." The message that sends to people is "get your money out while you can." As far as his British constituents, he strongly recommends George Osborne (UK Chancellor) urge ex-pats to remove all their money and do monthly transfers from home. "Do Not Invest In The Euro-Zone," he concludes, "you have to be mad to do so - as it is now run by people who do not respect democracy, the rule of law, or the basic principles upon which Western civilization is based"
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Soros's Plans laid bare; The largest theft in the history of the planet that will impoverish the world for decades, if not forever, and so very few willing to raise their heads or even bleet
While Spain's economy minister Luis De Guindos proclaimed in the Senate today that bank deposits under EUR100,000 are "sacred"and that "Spanish savers should stay calm," Spain, it would appear, has changed constitutional rules to enable a so-called 'moderate' levy on deposits - as under previous Spanish law this was prohibited. For now, they claim the 'levy' will be "not much higher than 0%" and is mainly aimed at regions in Spain that have "made no effort to collect taxes" based on new revenue expectations. As El Pais reports, the minister of finance and public administration, Cristobal Montoro, defends the need for such a 'levy' in their constitution on the basis of standardizing taxes across regions (and is preparing a proposal on the amounts to be paid) and although it would appear that while the European Commission could previously argue that such a 'tax' would violate the free movement of capital in Europe, it now leaves the door open to eventually effectively taxing the deposits. We can't help but remember the Tequila crisis and the constant reassurances from Zedillo up until even the night before Mexico devalued...
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