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Thread: Cyprus. Robbing People.

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    Cyprus. Robbing People.

    This sets a precedent. I wonder if Europeans will be next. One thing is for sure Russians are pissed off about this, not that I care. Most Russian money there was stolen from the people of Russia, the account holders didn't earn it anyway.

    The everyday people though will suffer, money is going to fly out of those banks. It mat affect all of Europe. If I had a bank account in Europe and lived there, I would take every euro out. There's no trust left.

    Bailout terms shock Cypriots - YouTube

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    Re: Cyprus. Robbing People.

    Quote Originally Posted by Scrat View Post
    This sets a precedent. I wonder if Europeans will be next. One thing is for sure Russians are pissed off about this, not that I care. Most Russian money there was stolen from the people of Russia, the account holders didn't earn it anyway.

    The everyday people though will suffer, money is going to fly out of those banks. It mat affect all of Europe. If I had a bank account in Europe and lived there, I would take every euro out. There's no trust left.

    Bailout terms shock Cypriots - YouTube
    The cypriot parliament voted not to go ahead. I doubt very much any other european government is likely to try such a thing - apart from being voted out at the next election the rioting in the streets would be something to behold.

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    Re: Cyprus. Robbing People.

    I just heard that GMC, I thought it had already been done. Thankfully they pulled their heads out in time. I saw it all over the news today and the people looked highly worried and angry. There were bankers in front of the parliament and some guy had parked his bulldozer in front of a bank. There would have been hell to pay if they did it. I guess they're begging for money in Russia. Russia would be nuts to loan them or any country in the EU so much as a ruble.

    I think I just heard something about them trying to pass legislation to keep money from fleeing the country.

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    Re: Cyprus. Robbing People.

    Pity they can't adopt the Icelandic model of a national referendum that out the bankers on trial and told the corporate banking world to piss off because the people were not going to bail out private banks. It's the ones who loaned the money who should pay for their taking of such risks.

    Why Iceland Should Be in the News But Is Not |

    What happened next was extraordinary. The belief that citizens had to pay for the mistakes of a financial monopoly, that an entire nation must be taxed to pay off private debts was shattered, transforming the relationship between citizens and their political institutions and eventually driving Iceland’s leaders to the side of their constituents. The Head of State, Olafur Ragnar Grimsson, refused to ratify the law that would have made Iceland’s citizens responsible for its bankers’ debts, and accepted calls for a referendum.
    In both greece and cyprus there is pressure to sell off national assets like the acropolis to private companies. Why? Looks in some ways as an asset grab by the rich and powerful who in principle are hostile to the notion that the people are the rulers in their own country.

    There are two drivers in a capitalist economy that generate the wealth. What is grown to be sold as food and what is manufactured all else depends on that. We have an insane economic system imposed on us where financial institutions are what supposedly generate wealth. They don't they are like parasites that are essential to the health of the body but if they take over will kill it.

    mon·e·ta·rism (mn-t-rzm, mn-)
    n.
    1. A theory holding that economic variations within a given system, such as changing rates of inflation, are most often caused by increases or decreases in the money supply.
    2. A policy that seeks to regulate an economy by altering the domestic money supply, especially by increasing it in a moderate but steady manner.
    So inflation in fuel prices has nothing to do with increasing demand and a finite supply of the stuff? The rise in food prices has nothing to do with increasing demand and bad harvests in the main crop producing areas? You can put the economic troubles we are having down to governments adopting this insane theory like it is a religion. Or rather I think you can make a hell of a good case.

    This financial crisis was not unexpected you can find plenty of articles and pundits predicting it even with a most cursory look.

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    Re: Cyprus. Robbing People.

    It's still on the table? Also some legislation that prevents people from withdrawing large sums of money? This looks like redistribution of wealth to me, if it happens. Problem is it's not from top to bottom, it's bottom to top.

    Bailout Closing: Cyprus & lenders agree on taxing deposits - YouTube

    In both greece and cyprus there is pressure to sell off national assets like the acropolis to private companies. Why? Looks in some ways as an asset grab by the rich and powerful who in principle are hostile to the notion that the people are the rulers in their own country.
    An asset grab is exactly what it is. This whole EU mess is just out of this world. I have to ask, when are the people going to say enough?

    I hope the people go ape, I'm sure the government has used these last few days to call up whatever forces they need to deal with the rioting though.

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    Re: Cyprus. Robbing People.

    Quote Originally Posted by Scrat View Post
    It's still on the table? Also some legislation that prevents people from withdrawing large sums of money? This looks like redistribution of wealth to me, if it happens. Problem is it's not from top to bottom, it's bottom to top.

    Bailout Closing: Cyprus & lenders agree on taxing deposits - YouTube



    An asset grab is exactly what it is. This whole EU mess is just out of this world. I have to ask, when are the people going to say enough?

    I hope the people go ape, I'm sure the government has used these last few days to call up whatever forces they need to deal with the rioting though.
    I think they just might. If they try it in spain or greece then I think you really will see a bit of democracy in action.

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    Re: Cyprus. Robbing People.

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    They did it. I'm not clear on just who they're going to go after but either way they're screwed. Russians invested big time there, that's where the corrupt scum hide their money, not that I care if they get hosed. Maybe now they'll invest it where it should be invested. One thing though, there are a lot of powerful people in Russia very pissed off. Russians invest a LOT throughout the world, especially the EU.

    I think that there are provisions in the bill to prevent withdrawals also.

    Cyprus Clinches Last-Minute Bailout Deal | Fox Business

    If they try it in spain or greece then I think you really will see a bit of democracy in action.
    I think this is a test case, it certainly is a bad precedent. Maybe some rumors will fly and people all over the EU will start pulling their cash out. What would you do? I'd be digging a hole somewhere.

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