Russian Leader Warns, “Get All Money Out Of Western Banks Now!”

hatrickpatrick

Chucky the tree wrote: »

When is this bank run going to happen? I haven't seen massive queues in banks around Dublin with people looking to empty their accounts. Maybe it's happening in your area?

It's happening in Cyprus right now, unless you're unaware of the continued lockdown of banks and the rapid emptying of ATMs by gigantic queues of people trying to get their cash?


It's only a matter of time before that spreads further than Cyprus if this ridiculous carry on continues and those who thought it up don't admit their mistake and backtrack.

handlemaster

hatrickpatrick wrote: »

It's happening in Cyprus right now, unless you're unaware of the continued lockdown of banks and the rapid emptying of ATMs by gigantic queues of people trying to get their cash?


It's only a matter of time before that spreads further than Cyprus if this ridiculous carry on continues and those who thought it up don't admit their mistake and backtrack.

its not going to spread.. most people dont care anymore this has be going on for five /six years now one thing after another. there will be no queues for banks in any country other than cyprius. look the writing was on the wall red alert they needed a bail out for months. cyprities didnt bother themselves to take out their money.

what did irish people do.before the bail out... by and large nothing.

G Power

handlemaster wrote: »

its not going to spread.. most people dont care anymore this has be going on for five /six years now one thing after another. there will be no queues for banks in any country other than cyprius. look the writing was on the wall red alert they needed a bail out for months. cyprities didnt bother themselves to take out their money.

what did irish people do.before the bail out... by and large nothing.

the Irish people are almost unique in regards the lack of fight back, this you are totally 100% correct and right

but don't dare try to paint every other country in our shameful light

a simple google of "European protests" completely disproves your brain farts

Pete_Cavan

chinwag wrote: »

That's a new one on me. Aren't they part of the eurozone? And perhaps worryingly, Ireland is too.

Depositor insurance only applies when a bank goes into liquidation and even then it is up to the member state to honour it. If the banks are allowed to fail then Cyprus doesnt have the money to pay out to depositors, that is why the plan is to save the banks. We took a different approach, nationalising bank debt. This allowed the banks, except Anglo, to continue trading and depositors were protected. We probably wouldnt find the money either to repay depositors so widespread bank failures wasnt really an option for us either.

G Power wrote: »

the Irish people are almost unique in regards the lack of fight back, this you are totally 100% correct and right

but don't dare try to paint every other country in our shameful light

a simple google of "European protests" completely disproves your brain farts

More bluster but you still havent told us where the money comes from to either save the Cypriot banks or pay depositors back. The total amount of money required to save the banks would make Cyprus' national debt unsustainable if loaned to them, therefore they need to find some of the money themselves without taking on debt. To do this the Cypriot government proposed a tax on deposits but then backed down. The reality is that Cyprus needs to find c.€6bn in order to get a bailout from the Troika or else they need to find the cash to repay depositors, so which are you putting the money up for?

G Power

Pete_Cavan wrote: »

More bluster but you still havent told us where the money comes from to either save the Cypriot banks or pay depositors back. The total amount of money required to save the banks would make Cyprus' national debt unsustainable if loaned to them, therefore they need to find some of the money themselves without taking on debt. To do this the Cypriot government proposed a tax on deposits but then backed down. The reality is that Cyprus needs to find c.€6bn in order to get a bailout from the Troika or else they need to find the cash to repay depositors, so which are you putting the money up for?

the sad reality is that there's astronomically more debt out there than there's money or even possibly 1's and 0's on computer screens to pay it all back so a mass reset is what's needed.

Maudi

G Power wrote: »

we'd be better off in the medium to long run if we changed the system for the better though or am i mental??

what I'm talking about is probably utopian to some people but I firmly believe if we can have such a complicated banking and financial system and be so advanced as a species with our inventions, discoveries, scientific knowledge etc etc we could force the real people, banking institutions at the very top to change to our way within weeks.

why can't people see we may have to make things a little worse before we ever have a chance of a fairer system for as long as we're willing to fight for it if corruption creeps in again. There are 7,000,000,000+ people ruled by a banking system exclusive to a few families/institutions. how the hell did we let them get such control over us that we sit back and watch them practically destroy the system??

are we really going to put up with this forever?? I for one am sick of their $hit!! Am I really alone here like????????????

you arent alone.

hatrickpatrick

G Power wrote: »

the sad reality is that there's astronomically more debt out there than there's money or even possibly 1's and 0's on computer screens to pay it all back so a mass reset is what's needed.

I've been saying this for years, it's not even a reset that's needed but a total redesign of the concept of currency.
The fact that how much we can eat, produce etc is no longer governed by physical factors such as climate, raw material, crops etc but by 1s and 0s on computer screens is just mind bogglingly ridiculous, and the sooner that system is replaced by something which actually makes sense, the better.

Jonny7

Let's take an example - what would you replace the financial system in Sweden with that would significantly improve the current standard of living?

It should be a relatively easy answer if the current system is so broken and terrible

G Power

Jonny7 wrote: »

Let's take an example - what would you replace the financial system in Sweden with that would significantly improve the current standard of living?

It should be a relatively easy answer if the current system is so broken and terrible

simply, if it ain't broke no point in trying to fix it but looking at something broken for forever and a day and expecting that doing the same thing over and over again just in a bigger sneakier scale next time guarantees we are back here again shouting at each other that it will be grand

three recessions are enough for me thank you very much!! I've honestly only seen the pattern since 2007 and since then I can't ignore the colossal damage the elected leaders of most countries are up to. What's so hard about admitting there's so much dirt, lies, spin, top secret corruption from the top to the bottom and not so top secret corruption surrounding banking, governments and everything connected to them.

Jonny7

G Power wrote: »

simply, if it ain't broke no point in trying to fix it but looking at something broken for forever and a day and expecting that doing the same thing over and over again just in a bigger sneakier scale next time guarantees we are back here again shouting at each other that it will be grand

three recessions are enough for me thank you very much!! I've honestly only seen the pattern since 2007 and since then I can't ignore the colossal damage the elected leaders of most countries are up to. What's so hard about admitting there's so much dirt, lies, spin, top secret corruption from the top to the bottom and not so top secret corruption surrounding banking, governments and everything connected to them.

Perhaps a little over the top.

Zimbabwe - now that's colossal damage.

You are generally living better than at any point in history, have more equality, rights, freedom, health and so on. It's all a question of perspective.

We're in a recession, caused mainly by greed - on every level. Unless you have an antidote to human nature I suggest you don't frustrate yourself with a system that will change but never be "torn down".

hatrickpatrick

Jonny7 wrote: »

Perhaps a little over the top.

Zimbabwe - now that's colossal damage.

You are generally living better than at any point in history, have more equality, rights, freedom, health and so on. It's all a question of perspective.

We're in a recession, caused mainly by greed - on every level. Unless you have an antidote to human nature I suggest you don't frustrate yourself with a system that will change but never be "torn down".

We don't have justice. Isn't that something worth fighting for?
Secondly, creating a new system would be very easy if we could drop the whole central bank issued interest bollocks. But too many people with far too much power gain far too much wealth from it for that to happen.

Guernsey did it and they haven't had a real recession in decades.

Chucky the tree

hatrickpatrick wrote: »

It's happening in Cyprus right now, unless you're unaware of the continued lockdown of banks and the rapid emptying of ATMs by gigantic queues of people trying to get their cash?


It's only a matter of time before that spreads further than Cyprus if this ridiculous carry on continues and those who thought it up don't admit their mistake and backtrack.

It hasn't started international though like you claimed. In your opinion it's only matter of time, when will this happen?

handlemaster

G Power wrote: »

the Irish people are almost unique in regards the lack of fight back, this you are totally 100% correct and right

but don't dare try to paint every other country in our shameful light

a simple google of "European protests" completely disproves your brain farts

im talking about peoples savings.. what have people done even in countries of protest largely nothing ..they havent turned up on mass to.banks and withdrawn their savings

Jonny7

hatrickpatrick wrote: »

We don't have justice. Isn't that something worth fighting for?
Secondly, creating a new system would be very easy if we could drop the whole central bank issued interest bollocks. But too many people with far too much power gain far too much wealth from it for that to happen.

Guernsey did it and they haven't had a real recession in decades.

I really don't think the situation on rich tax haven islands can be translated on a large macro scale like Europe

It's a bit like saying Bermuda isn't experiencing a recession why doesn't the US adopt that model

RATM

Seems like the Cypriots are going to go ahead and take 20% of any deposits over €100k.

If I was a Cypriot politician and I voted to take 20% of the Russian mafias money I'd be checking the underneath of my car every morning before getting into it. The Cypriots parliment are naive if they think there is not going to be a reaction to this. The first reaction will be for all Russians to clean out their accounts. The second will be more violent that that, Russia is a virtual mafia state with Putin as the head of it all, this is not going to end nicely.

Its a mess, a huge mess.

G Power

RATM wrote: »

Seems like the Cypriots are going to go ahead and take 20% of any deposits over €100k.

If I was a Cypriot politician and I voted to take 20% of the Russian mafias money I'd be checking the underneath of my car every morning before getting into it. The Cypriots parliment are naive if they think there is not going to be a reaction to this. The first reaction will be for all Russians to clean out their accounts. The second will be more violent that that, Russia is a virtual mafia state with Putin as the head of it all, this is not going to end nicely.

Its a mess, a huge mess.

ah no it's grand like

jmayo

Chucky the tree wrote: »

When is this bank run going to happen? I haven't seen massive queues in banks around Dublin with people looking to empty their accounts. Maybe it's happening in your area?

handlemaster wrote: »

the scare mongers will be disappointed. parliment has passed legislation for monetary control of capital also solidarity bond will be issued. all sort for tuesday. you can sleep easy ...

G Power wrote: »

ya that's it all fixed up alright, follow the yellow brick road follow the yellow brick road

Whilst I can see some may disagree with some of your sentiments, I do dispair when I read some posters who seem to be mocking anyone that thinks the whole system is a house of cards just one card away from collapsing.

Ah shure according to some there are no worries today or tomorrow, since it is only some poor Cypriots who are getting burnt or even better some dodgy Russian types.

Except the whole system is interlinked and we now have a banking system that in big chunks of the Eurozone, and indeed the world, that has now been propped up by the taxpayers.

And people still think eveything is hunky dory.
I don't know if is it stupidity or innocence, but God bless them.

Jonny7

jmayo wrote: »

And people still think eveything is hunky dory.
I don't know if is it stupidity or innocence, but God bless them.

Who are you referring to? I'm genuinely curious as I've yet to meet someone who thinks the current system is perfect or is unaware of the recession or it's effects.

I have however been hearing about how this "house of cards" is going to collapse.. since the eighties - yet that hasn't happened.

So it's neither one extreme nor the other.

jmayo

Jonny7 wrote: »

Who are you referring to? I'm genuinely curious as I've yet to meet someone who thinks the current system is perfect or is unaware of the recession or it's effects.

I have however been hearing about how this "house of cards" is going to collapse.. since the eighties - yet that hasn't happened.

So it's neither one extreme nor the other.

See the two posts I referenced ?

The recession isn't the point here or the fact that any system is perfect.

IMHO the point some are trying to make is that the financial system is now so fooked up that it is dependent on taxpayers to keep it afloat.

All these banks that either no longer exist or exist thanks to taxpayer funded/guaranteed bailouts not so long ago were making magical profits and paying their executives extraordinary salaries and bonuses.
Hell some banks still are doing the latter which makes an even bigger mockery of the taxpayers sacrifices.

G Power

the cat is amongst the pigeons and we're just sitting back thinking everything will be grand and rosy not a bother in the world :pac:

http://online.wsj.com/article/SB10001424127887324789504578382154064532558.html

Senior Bondholders Look Warily at Cyprus Rescue

Europe's crisis-fighting measures broke new ground in Cyprus, where for the first time holders of banks' supposedly safest bonds will be forced to take losses—a step that could unnerve investors in these types of bonds at weaker banks in the region, should stresses there worsen.

Up until now, senior bank bondholders have been protected in restructurings, with investors paid out in full in the case of Ireland, while taxpayers bore the brunt of the bailout. But now it is clear that holders of such debt in the euro zone are susceptible to losses.

The bank debt market Monday showed minimal signs of stress, tempered by relief that a deal between Cyprus and international creditors had been agreed to, removing the near-term risk of a Cypriot exit from the euro. Market participants also widely pointed to Cyprus as a unique case: it is a relatively small economy that has a disproportionately large banking sector.

Cyprus's rescue deal will raise €5.8 billion ($7.58 billion) from bank bondholders and depositors. The so-called bailing-in of the banks was a requirement to unlock an additional €10 billion of support from the European Central Bank and International Monetary Fund.

Most of Cyprus's contribution will come from a tax on deposits over €100,000 and junior bank bondholders. The total amount of senior Cypriot bank bondholders is small.

According to European Central Bank data, Cypriot banks have issued €1.7 billion of debt securities, with analysts estimating that only €200 million of that is senior debt.

But the forced losses on senior bondholders could return to haunt policy makers if stresses flare up in other fiscally-shaky euro states in the future.

"The very public debate that has taken place has made it clear to everyone that bank creditors, all the way down to depositors, should expect to pay in future bailouts," said Ben Bennett, credit strategist at Legal & General LGEN.LN +0.95% Investment Management, which oversees €391 billion of assets.

"Any sign of economic deterioration in the region could be seen as negatively impacting bank creditors, leading to "significant volatility spikes," Mr. Bennett added.

The most immediate risks center on Portugal and Italy, according to Micheal Symonds, a credit analyst at Daiwa Capital Markets Europe.

In Portugal, a further sovereign debt restructuring could see senior bank bondholders take losses, while Italy's banking sector is "the only peripheral banking sector that is yet to go through a program-linked restructuring and recapitalization."

Until now, senior bank bondholders have been protected in restructurings.

In Ireland's bailout, the troika—the IMF, the European Commission and the ECB—obliged the government to pay back senior bank bondholders. In all, Ireland pumped in €64 billion, equivalent to 40% of its economic output, to keep a broken banking system from collapse over the past five years. A significant part of those sums helped pay back international bank bondholders across six Irish banks.

Whether the example set by Cyprus will have a lasting impact on the market remains to be seen, especially given the small size of bank debt that could absorb losses.

"The Cypriot banks are small, as is the amount of their senior debt outstanding, so the impact on the wider markets might not be very significant in the longer term," said Simon Adamson, bank credit analyst at CreditSights.

Icepick

Primitive posturing by a bunch of oligarchs. Inflation in Russia is 7+%, which is the most classic sneaky tax of them all.