We, Nikos Anastasiades, President of the Republic of Cyprus, Benjamin Netanyahu, Prime Minister of the State of Israel, and Alexis Tsipras, Prime Minister of the Hellenic Republic, having met in Nicosia today, 28th January 2016, have agreed to strengthen the cooperation between our three countries in order to promote a trilateral partnership in different fields of common interest and to work together towards promoting peace, stability, security and prosperity in the Mediterranean and the wider region.
In light of the underlying challenges and opportunities, and given the fluid and unstable situation in the region, our three countries, which share common democratic values, principles, and interests, have, to this end, agreed on the importance for closer cooperation and a coordinated set of policies. Continue reading »
– Cypriot President Throws Greeks Under The Bus: “Planning To Deal With Grexit” (ZeroHedge, April 5, 2015):
“I want to believe that there is no such risk,” says Cypriot President Nikos Anastasiades, but in a shock to the Greeks, their close ‘ally’ in Cyprus, as KeepTalking Greece notes, openly joined the international Grexit propaganda club, as Anastasiades said his country had a backup plan to deal with the fallout of a possible Greek exit from the eurozone.
As ekathimerini reports, Cyprus President Nikos Anastasiades told a media conference in Nicosia on Friday that Nicosia has a backup plan to deal with the fallout of a possible Greek exit from the eurozone.
“I want to believe that there is no such risk,” Anastasiades said in response to a reporter’s question. But to be on the safe side, Nicosia has “prepared a plan to deal with whichever outcome may transpire,” Anastasiades said, citing a Cypriot saying according to which “forward-looking children cook before they get hungry.” Continue reading »
– Europe Fractures: France Pivots To Putin, Cyprus Offers Moscow Military Base, Germany-US Splinter On Ukraine (ZeroHedge, Feb 8, 2015):
Following yesterday’s summary of the utter farce that the Minsk Summit/Ukraine “peace” deal talks have become, the various parties involved appear to be fracturing even faster today. The headlines are coming thick and fast but most prescient appears to be: Despite John Kerry’s denial of any split between Germany and US over arms deliveries to Ukraine, German Foreign Minister Steinmeier slammed Washington’s strategy for being “not just risky but counterproductive.” But perhaps most significantly is France’s continued apparent pivot towards Russia… Following Francois Hollande’s calls for greater autonomy for Eastern Ukraine, former French President Nicolas Sarkozy has come out in apparent support of Russia (and specifically against the US), “we are part of a common civilization with Russia,” adding, “the interests of the Americans with the Russians are not the interests of Europe and Russia.” Even NATO appears to have given up hope of peace as Stoltenberg’s statements show little optimism and the decision by Cyprus to allow Russia to use its soil for military facilities suggests all is not at all well in the European ‘union’.
German Foreign Minister Frank-Walter Steinmeier doubled down on Germany’s rejection of weapons deliveries to Ukraine in a speech here Sunday… Continue reading »
– Cyprus: Despite 16 months of capital controls, banks still pitifully capitalized (Sovereign Man, July 15, 2014):
It’s been over a year since the banking system in Cyprus officially went bust.
On Friday, March 15, 2013, practically everyone in the country went to bed thinking that everything was just fine.
Many had probably gone to the bank that very day to do business, or logged on to an Internet banking platform.
Yet the very next morning, they woke to a completely new reality: the nation’s banks were broke, and the government was in no position to rescue them.
– 9 EU countries ready to block economic sanctions against Russia (RT, July 15, 2014):
France, Germany, and Italy are among EU members who don’t want to follow the US lead and impose trade sanctions on Russia. US sanctions are seen as a push to promote its own multibillion free-trade pact with Europe.
“France, Germany, Luxembourg, Austria, Bulgaria, Greece, Cyprus, Slovenia, and EU President Italy see no reason in the current environment for the introduction of sectorial trade and economic sanctions against Russia and at the summit, will block the measure,” a diplomatic source told ITAR-TASS. Continue reading »
– Germany Blesses “Bail-In” Deposit Confiscation Plan For Failing EU Banks (ZeroHedge, July 9, 2014):
One year earlier than required, the German government approved plans to force creditors into propping up struggling banks across Europe. As WSJ reports, Germany “leads the way” in Europe by implementing European rules quickly and “creates instruments that allow the winding-down of big systemically relevant institutions without putting the financial stability at risk.” What this means is that taxpayers (theoretically) will not be on the hook (though in reality we are sure the mutually assured destruction defense will be played – especially if Deutsche runs into problems) but as German authorities explain, “This ensures that in times of crisis mainly owners and creditors will contribute to solving the crisis, and not taxpayers.” As a gentle reminder – creditors includes depositors… remember Cyprus?
Germany’s cabinet Wednesday approved plans to force creditors into propping up struggling banks beginning in 2015, one year earlier than required under European-wide plans that set rules for failing financial institutions. Continue reading »
– NIRP Strikes: Spain To Create Tax On Bank Deposits (ZeroHedge, June 26, 2014):
It was a little over a year ago, just as the Cyprus deposit confiscation aka “bail in” was taking place, when we asked, rhetorically, if “Spain is preparing for its own deposit levy” when an announcement by Spain’s Finance Minister, Montoro, hinted at the imminent arrival of just that.
Specifically we said: Continue reading »
– Another Russian Oligarch Dumped All His Stocks Ahead Of The US Sanctions (ZeroHedge, March 20, 2014):
Last week we discovered that Gazprom’s Chairman Viktor Zubkov sold his entire stake in the company days before the Crimean invasion (and subsequent sanctions and asset freezes). Today, on the heels of the latest round of US sanctions against Russia’s so-called “Putin cronies”; Cyprus-based oil trader Gunvor Group announced that co-founder Gennady Timchenko (estimated wealth $8.5 billion) – who was named on today’s sanctions list – sold his entire 44% stake in the company yesterday. The question is – as we show below – did the US Treasury tip Timchenko off to what was coming?
Anticipating potential economic sanctions so to ensure with certainty the continued and uninterrupted operations of Gunvor Group Ltd’s activities, the shares of the company held by Mr. Gennady Timchenko were sold on March 19 from his personal holding vehicle to Mr. Torbjorn Törnqvist personally.
– Has The World Gone Mad (Again)? (ZeroHedge, March 18, 2014):
A few select headlines from the day that made us, well, wonder…
- OBAMA’S GOAL IS FOR RUSSIA TO STEP BACK IN CRIMEA, LEW SAYS (hope and change?)
- CHINA SHOULD LOOSEN RESTRICTIONS OVER HOME PURCHASES: SEC. NEWS (but, but, but the reforms?)
- DONETSK GOVERNOR (AND BROTHER) HAD MOAT DUG OUT ON RUSSIAN BORDER (and filled with crocodiles?)
- BEIJING TO SPEND 20M YUAN TO CHANGE WEATHER TO CUT SMOG: DAILY (winning the war on weather and hence the economy)
- PUTIN SPOKESMAN SAYS UKRAINE FORCES MUST CHOOSE SIDES: BBC (hhmm, tough decision)
- FLAHERTY SAYS DECISION TO LEAVE POLITICS WAS NOT RELATED IN ANY WAY TO HIS HEALTH (just being pissed off)
- CARNEY SAYS LOW RATE ENVIRONMENT IS CONDUCIVE TO COMPLACENCY (and water is wet and we’ll keep doing it)
- IRS INFORMS EMPLOYEES OF PERSONAL INFORMATION DATA BREACH (shame really)
- UKRAINE FAILS TO SELL DEBT AT DOMESTIC AUCTION: FIN MIN. (but TSLA did – shoulda sold stock)
- BANK OF CANADA’S POLOZ SAYS HARD TO BELIEVE THAT RECENT ECONOMIC SOFTNESS IN CANADA IS ALL DUE TO THE WEATHER. (wait what?)
- ESTONIA’S PRESIDENT ILVES SAYS EU RESPONSE “SHOULD NOT BE ABOUT THE PRICE OF GAS” (what else is there?)
- U.S. TREASURY CORRECTS TICS DATA RELEASED EARLIER TODAY (#Ref/0)
- KERRY SAYS PUTIN SPEECH “DIDN’T JIBE WITH REALITY” (YouTube reality?)
- UKRAINE MAY SEEK COMPENSATION FOR CRIMEA ASSETS: PETRENKO (we don’t recognize it unless you pay us?)
- MERKEL SAYS NO CHANGE IN RUSSIA G-8 STATUS FOR NOW (nope, they’d have to really cross the red line)
- RUSSIA FELT ROBBED BY BREAKUP OF SOVIET UNION, PUTIN SAYS (uh oh)
- CYPRUS OPPOSES MORE SANCTIONS ON RUSSIA: FOR’N MINISTER (RIK) (just capital controls is good)
- SUGA: WILL DEAL APPROPRIATELY WITH PUTIN’S PLANNED JAPAN VISIT (umm what?)
- PUTIN: RUSSIA WILL NEVER SEEK CONFRONTATIONS IN WEST, EAST (fingers crossed?)
- JAPAN HALTS TALKS WITH RUSSIA ON VISA ISSUANCE (and nobody cared)
- WHITE HOUSE CARNEY “I WOULDN’T IF I WERE YOU” INVEST IN RUSSIA (what do you think of TWTR?)
- JAPAN DISPLAY STARTS TRADING 15% BELOW IPO PRICE IN TOKYO (shoulda IPO’d in USA)
- VIETNAM DELAYS SOME BAD DEBT CLASSIFICATION UNTIL APRIL 2015 (will all be fixed by then)
- SUGA: ABENOMICS WILL WITHOUT DOUBT LEAD TO ECONOMIC REVIVAL (yep no dooubt about it)
Has the world gone totally mad?
And then there’s this:
- Fed Tightening May Begin Sooner Than Thought: Hildebrand in FT (not holding our breath) Continue reading »
Tags: Barack Obama, Bonds, China, Crimea, Cyprus, Debt, Economy, Estonia, Germany, Global News, Government, Japan, Jay Carney, John Kerry, Obama administration, Russia, Ukraine, Vietnam, Vladimir Putin
– When countries go broke (Sovereign Man, Oct 14, 2013):
It’s become almost cliche these days to point out how many governments are broke beyond belief.
In Japan, where the country’s debt level already exceeds 200% of GDP, the government has to finance 46% of its budget by issuing more debt.
“They have taken the bridge and the second hall. We have barred the gates but cannot hold them for long. The ground shakes, drums… drums in the deep. We cannot get out. A shadow lurks in the dark. We can not get out… they are coming.”
– Gandalf (reading)
– They’re Coming For Your Savings (Dollar Collapse, Oct 12, 2013):
Another of history’s many lessons is that governments under pressure become thieves. And today’s governments are under a lot of pressure.
Before we look at the coming wave of asset confiscations, let’s stroll through some notable episodes of the past, just to make the point that government theft of private wealth is actually pretty common. Continue reading »
– Cyprus-Style Wealth Confiscation Is Now Starting To Happen All Over The Globe (Economic Collapse, Sep 24, 2013):
Now that “bail-ins” have become accepted practice all over the planet, no bank account and no pension fund will ever be 100% safe again. In fact, Cyprus-style wealth confiscation is already starting to happen all around the world. As you will read about below, private pension funds were just raided by the government in Poland, and a “bail-in” is being organized for one of the largest banks in Italy. Unfortunately, this is just the beginning. The precedent that was set in Cyprus is being used as a template for establishing bail-in procedures in New Zealand, Canada and all over Europe. It is only a matter of time before we see this exact same type of thing happen in the United States as well. From now on, anyone that keeps a large amount of money in any single bank account or retirement fund is being incredibly foolish.
Let’s take a look at a few of the examples of how Cyprus-style wealth confiscation is now moving forward all over the globe: Continue reading »
Faber begins by noting that “a deflationary bust, whenever it may happen (tomorrow or 10 years), is inevitable; and is the opposite of an increase in prices from inflation.” Of course, it is the central banks’ response to even the fears of that bust (e.g. whether it washes around the world – from EM to DM) that will turn an asset-deflationary bust into a hyperinflationary collapse in fiat currencies; and focused on the long-term, ‘Gloom, Boom, & Doom Report’s’ Marc Faber looks at how to preserve wealth through this as he ranges from the obsolescence risk of equities to the political risk of real estate and banking risks of cash and deposits. Faber reflects on various lessons from the past (hyperinflations, wars, banking crises) and geographies as he moves from asset class to asset class highlighting the pros and cons of each. Preferring a mix of gold and diversified real estate (and not government bonds), Faber warns investors to be highly skeptical of anyone who believes they can forecast what is going to happen over the next 5-10 years.
Starting at around 3:35, Faber begins to focus on wealth preservation… (the preceding discussion of higher education’s failings are also worth the time).
And here’s a reminder on how humane our government really is:
– Former UK ambassador Craig Murray: CIA sent people to Uzbekistan for extreme torture, to be ‘raped with broken bottles,’ ‘boiled alive’ and ‘having their children tortured in front of them’ (The Raw Story)
– The Troodos Conundrum (Craig Murray, Aug 31, 2013):
The GCHQ listening post on Mount Troodos in Cyprus is arguably the most valued asset which the UK contributes to UK/US intelligence cooperation. The communications intercept agencies, GCHQ in the UK and NSA in the US, share all their intelligence reports (as do the CIA and MI6). Troodos is valued enormously by the NSA. It monitors all radio, satellite and microwave traffic across the Middle East, ranging from Egypt and Eastern Libya right through to the Caucasus. Even almost all landline telephone communication in this region is routed through microwave links at some stage, picked up on Troodos.Troodos is highly effective – the jewel in the crown of British intelligence. Its capacity and efficiency, as well as its reach, is staggering. The US do not have their own comparable facility for the Middle East. I should state that I have actually been inside all of this facility and been fully briefed on its operations and capabilities, while I was head of the FCO Cyprus Section in the early 1990s. This is fact, not speculation.
It is therefore very strange, to say the least, that John Kerry claims to have access to communications intercepts of Syrian military and officials organising chemical weapons attacks, which intercepts were not available to the British Joint Intelligence Committee.
– Russia Restructures Cyprus Debt; Cyprus Prohibits US Strikes On Syria (ZeroHedge, Aug 31, 2013):
Yesterday afternoon, Russia agreed to restructure Cyprus’ EUR 2.5 billion loan terms to a much more affordable 2.5% semi-annual coupon through 2016 and a principal re-payment over the following four years. While probably still out of reach for the desparate economy, it was a positive step. Of course, this ‘offer’ by Russia has its quid pro quo. This morning, Foreign Minister Ioannis Kasoulides has stated that Cyprus territory will not be used to launch military strikes against Syria, as “Cyprus wants to live up to its responsibility as a shelter if needed for nationals of friendly countries who evacuate from Middle East”. It would appear Obama’s influence is fading everywhere…
Cyprus is located ~183 nautical miles west of Syria and is the EU member nearest to Syria. Continue reading »
– Cyprus 37.5% Depositor Haircut Upgraded To 47.5% Brazilian Wax (ZeroHedge, July 29, 2013):
Once upon a time (in April), a few weeks after reversing its initial disastrous decision to haircut all deposits (including insured ones) the Troika slammed large Cypriot depositors (read evil Russian oligarchs) with a “bail-in” template, soon coming to all insolvent European nations, that included not only a forced assignment of equity in broke Cypriot banks, but far more importantly a haircut that amounted to 37.5% of deposits over €100,000. Since then a few things have happened in Cyprus, neither of them good, i.e., an a record collapse in bank deposits despite capital controls and a record crash in the local real estate market.The confluence of both these events meant that as bank liabilities shrank (deposits), asset fair values (home mortgages) collapsed even faster. Which, as we warned in March, would entail bigger and more aggressive deposit haircuts, and ultimately: another bailout of Cyprus (something the president floated but promptly denied upon rejection by Merkel ahead of her September elections). Today, we learn that while the inevitable next bailout of Cyprus is still on the table, the deposit “haircut” just upgraded to an aggravated Brazilian wax, as the 37.5% gentle trim initially proposed was revised to 47.5%.
The Finance Ministry and the Troika appeared to be converging on an agreement on the haircut of uninsured deposits over 100,000 euros in the Bank of Cyprus at 47.5%.
– The Cyprus Bail-In Blows Up: President Urges Complete Bailout Overhaul (Full Letter) (ZeroHedge, June 18, 2013):
Cyprus’ President Nicos Anastasiades has realized (as we warned), too late it seems for the thousands of domestic and foreign depositors who were sacrificed at the alter of monetary union, that the TROIKA’s terms are “too onerous.” Anastasiades has asked EU lenders to unwind the complex restructuring and partial merger of its two largest banks leaving EU officials “puzzled”, according to a letter the FT has uncovered, as “essentially, he is asking for a complete reversal of the program.” The EU officials claim that the failure to prepare for the bailout’s impact was partially the fault of Mr Anastasiades’ government, which voted down a first agreed rescue before succumbing to a similar deal nine days later.
The FT goes on to note that although the letter does not request it explicitly, Mr Anastasiades is in effect asking for further eurozone loans on top of the existing EUR10bn sovereign bailout – something specifically ruled out by a German-led group of countries at the time. The return of beggars-can-be-choosers we presume – or just token gestures to recover some populist support as the enemy of my enemy is my friend.
As we noted here (and on the chart below), it seemed pretty obvious where this was going to end – obvious that is to everyone except Europe’s victory-claiming politicians.
It seems the ongoing flood of capital (despite controls) and collapse of the economy that we discussed here is occurring at ever increasing pace – and demanding even more gold be sucked out of their vaults…
“Unless Cyprus implements some controls that truly work, at this pace its entire banking system will be completely deposit-free in under one year. And it will need to sell much more than all its gold to continue keeping the Troika happy and in compliance with all the future (because there will be many more) bailouts.”
– Europe’s EUR500 Billion Quasi-Quantitative Easing (ZeroHedge, June 12, 2013):
Submitted by Mark J. Grant, author of Out of the Box, Five Eurozone countries now have loans for half a trillion Euros.
These members of the Euro currency union are receiving loans from the one of two bailout funds which are financed by the other 12 Eurozone members. On top of that are the emergency loans from the International Monetary fund (IMF) and bilateral loans from the solvent countries to the bankrupt nations. Continue reading »
– 18 Signs That Massive Economic Problems Are Erupting All Over The Planet (Economic Collapse, June 2, 2013):
This is no time to be complacent. Massive economic problems are erupting all over the globe, but most people seem to believe that everything is going to be just fine. In fact, a whole bunch of recent polls and surveys show that the American people are starting to feel much better about how the U.S. economy is performing. Unfortunately, the false prosperity that we are currently enjoying is not going to last much longer. Just look at what is happening in Europe. The eurozone is now in the midst of the longest recession that it has ever experienced. Just look at what is happening over in Asia. Economic growth in India is the lowest that it has been in a decade and the Japanese financial system is beginning to spin wildly out of control. One of the only places on the entire planet where serious economic problems have not already erupted is in the United States, and that is only because we have “kicked the can down the road” by recklessly printing money and by borrowing money at an unprecedented rate. Unfortunately, the “sugar high” produced by those foolish measures is starting to wear off. We are going to experience a massive amount of economic pain along with the rest of the world – it is just a matter of time.
But for the moment, there are a lot of skeptics out there.
For the moment, there are a lot of people that are declaring that the problems of the past have been fixed and that we are heading for incredibly bright economic times ahead.
Unfortunately, those people appear to be purposely ignoring the economic horror that is breaking out all over the globe.
The following are 18 signs that massive economic problems are erupting all over the planet… Continue reading »
Tags: Australia, Ben Bernanke, Collapse, Cyprus, Economy, EU, Europe, Fed, Federal Reserve, France, Global News, Government, Greece, Italy, Japan, Marc Faber, NYSE, Portugal, Quantitative Easing, Riots, Spain, Stock Market, U.S., Unemployment, Wall Street
– Marc Faber: “People With Financial Assets Are All Doomed” (ZeroHedge, June 1, 2013):
As Barron’s notes in this recent interview, Marc Faber view the world with a skeptical eye, and never hesitates to speak his mind when things don’t look quite right. In other words, he would be the first in a crowd to tell you the emperor has no clothes, and has done so early, often, and aptly in the case of numerous investment bubbles. With even the world’s bankers now concerned at ‘unsustainable bubbles’, it is therefore unsurprising that in the discussion below, Faber explains, among other things, the fallacy of the Fed’s help “the problem is the money doesn’t flow into the system evenly, how with money-printing “the majority loses, and the minority wins,” and how, thanks to the further misallocation of capital, “people with assets are all doomed, because prices are grossly inflated globally for stocks and bonds.” Faber says he buys gold every month, adding that “I want to have some assets that aren’t in the banking system. When the asset bubble bursts, financial assets will be particularly vulnerable.”
On the error of the Fed’s ways:
– Russian Pacific Fleet Warships Enter Mediterranean For First Time In Decades, To Park In Cyprus (ZeroHedge, May 16, 2013):
Earlier we reported that the US has now officially landed a Marine force in Israel as well as an assault ship, in a visit that the US Navy promptly assured “is not associated with, nor a reaction to, any world events.” It seems we were not the only ones who read this justification somewhat skeptically: so did Russia. And in a historic event, the Russian Pacific fleet, for the first time in decades, crossed the Suez Canal and entered the Mediterranean, direction Cyprus’ port of Limasol (hi Cyprus – Russia will be arriving shortly) in what is now the loudest implied warning to the US and Israel amassing military units across Syria’s border that Russia will not stand idly by as Syria is used by the Israeli “Defense” Forces for target practice. “The task force has successfully passed through the Suez Channel and entered the Mediterranean. It is the first time in decades that Pacific Fleet warships enter this region,” Capt. First Rank Roman Martov said. This is what is also known as dropping hints, loud and clear.
The group, including the destroyer Admiral Panteleyev, the amphibious warfare ships Peresvet and Admiral Nevelskoi, the tanker Pechenga and the salvage/rescue tug Fotiy Krylov left the port of Vladivostok on March 19 to join Russia’s Mediterranean task force.
YouTube Added: 07.05.2013
If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post
When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News
There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal
A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist
Tags: Barack Obama, Boston, Cyprus, EU, Europe, Gerald Celente, Global News, Government, Hezbollah, Iran, Israel, Middle East, Military, NDAA, Obama administration, Politics, Syria, Taxpayers, U.S., War, WW III
– Godfrey Bloom of UKIP: Central Bankers Should be Arraigned as “War Criminals” (Liberty Blitzkrieg, May 7, 2013):
Coming off the heels of a fantastic performance in recent local elections, the UKIP under the leadership of Nigel Farage continues to make waves in both the UK and the Continent itself. In this case, I refer to a recent powerful performance at the European Parliament courtesy of Godfrey Bloom (UKIP), member of the European Parliament.
For many years, I have stated that Ben Bernanke was and is committing crimes against humanity, and would one day stand trial much like the war criminals at Nuremberg. It appears I am no longer alone in echoing such sentiments, as Mr. Bloom has just done so before the European Parliament.
I once said that Nigel Farage is Category 5 political hurricane. That hurricane has landed.
Tags: Bank of England, Banking, Central Bank, Cyprus, Economy, EU, Euro, Europe, Fed, Federal Reserve, Global News, Godfrey Bloom, Government, Mario Draghi, Neuroscience, Nigel Farage, Politics, Quantitative Easing, U.K., UKIP
– “My Savings Account Was Confiscated And All I Got Was This Cyprus Passport” (ZeroHedge, April 14, 2013):
While the supposedly-coercive decision to hand over most of the nation’s gold to the European Union was surprising to some, the latest policy decision from Cyprus’ President Anastasiades looks set to dilute the nation’s sovereignty also. Foreign depositors who lost at least EUR3 million will be given EU passports (and Cypriot citizenship), “in an effort to ‘mitigate’ to some extent the damage the Russian business community has suffered.” As France24 reports, these measures are expected to be enacted Monday “in a fast-track manner,” as Anastasiades readies himself for a ‘begging’ trip to meet Putin in Russia. Coincidentally, Cyprus issued the 8th decree on capital controls today (for seven more days) increasing the monthly transfer cap (for companies) to EUR50,000 and raising transfer caps outside the Republic to a huge EUR2,000. We suspect the ‘been there, got the passport’ messaging will do little to stave off the Russian retaliation.
Just a week or two back, Putin enacted his ‘amnesty’ that wealthy tax-evading Russians bring their money back from overseas within three months (or else) and we wonder if this move by Cyprus, however well intentioned from the outside, has a ‘catch’ in that if citizenship is applied for, are the applicants legally obligated to disclose all tax accounts. Yet another attempt at trapping wealth?
President Nicos Anastasiades said Sunday that foreigners with bank deposits in Cyprus who lost at least 3 million euros ($3.9 million) under an EU bailout for the island would be given passports.
“Non-resident investors who held deposits prior” to the bailout and lost “at least 3 million euros will be eligible to apply for Cypriot citizenship,” he told a Russian business conference in the coastal resort of Limassol.
“We believe that a number of measures to be adopted could on the one hand mitigate to some extent the damage the Russian business community has endured,” Anastasiades said.
Compare Ambrose Evans-Pritchard’s article to …
– Former Assistant Secretary of the Treasury Dr. Paul Craig Roberts: The Assault On Gold – Assault On Gold UPDATE
– Fed and Bank of Japan caused gold crash (Telegraph, Ambrose Evans-Pritchard April 17, 2013):
Commodity prices have been falling since September, culminating in a rout over the past two weeks. That is a classic warning for the global economy.
It is becoming ever clearer that the roaring boom in global equities since last summer has priced in an economic recovery that does not in fact exist. The International Monetary Fund has had to nurse down its global growth forecasts yet again. We are still stuck in an old-fashioned trade depression, with pervasive over-capacity in manufacturing plant and a record global savings rate of 25pc of GDP.
German car sales fell 17pc in March. That should puncture the last illusions that Germany is about to pull Europe out of a self-inflicted slump.
As you can see from the chart below, the divergence between stock markets and the Deutsche Bank index of raw materials is astonishing to behold, so like the pattern in early 1929. Continue reading »
Tags: Bank of Japan, Banking, Ben Bernanke, China, Collapse, Commodities, Cyprus, ECB, Economy, EU, Europe, Fed, Federal Reserve, GDP, Global News, Gold, Government, Great Depression, IMF, Japan, precious metals
– Farage Unleashed: “You Are Common Criminals” (ZeroHedge, April 17, 2013):
“Years ago, Mrs Thatcher recognized the truth behind the European Project,” UKIP’s Nigel Farage reminds his European Parliament ‘colleagues’, “she saw that it was about taking away democracy from nation states and handing that power to largely unaccountable people.” In one of his most wonderfully vitriolic remonstrations, the fiery Farage blasts Europe’s leadership, “this European Union is the new communism.” Slamming Olli Rehn and his Troika cohorts for “resorting to the level of common criminals and stealing people’s money”, Farage warns, rather chillingly, that, “it is power without limits. It is creating a tide of human misery and the sooner it is swept away the better.” Simply put, he concludes, the European Parliament is living out a federal fantasy which is no longer sustainable.
Years ago, Mrs Thatcher recognised the truth behind the European Project. She saw that it was about taking away democracy from nation states and handing that power to largely unaccountable people.
Knowing as she did that the euro would not work she saw that this was a very dangerous design. Now we in UKIP take that same view and I tried over the years in this parliament to predict what the next moves would be as the euro disaster unfolded.
But not even me, in my most pessimistic of speeches would have imagined, Mr Rehn, that you and others in the Troika would resort to the level of common criminals and steal money from peoples’ bank accounts in order to keep propped up this total failure that is the euro.
Continue reading »
Flashback: “Brown’s Bottom”
– Cyprus Finance Minister Sees Gold Sale Within Next Months (Bloomberg, April 17, 2013):
The Cypriot government plans to sell part of its gold reserves within the next months, a decision that needs to be approved by the country’s central bank, Finance Minister Haris Georgiades said.“The exact details of it will be formulated in due course primarily by the board of the central bank,” Georgiades, 41, told Bloomberg TV’s Ryan Chilcote in an interview in Nicosia. “Obviously it’s a big decision.”
Cypriot President Nicos Anastasiades is trying to unlock 10 billion euros ($13.2 billion) of loans from the euro area and the International Monetary Fund. To do so, he must come up with a further 11 billion euros through measures including a tax on bank deposits of more than 100,000 euros at the country’s two biggest banks, the sale of assets and gold and other tax measures.