Taxi Driver Online :: View topic - Cyprus bailout: big implications in a small-scale rescue

taking money out of people's bank accounts has to be a new low - however - who will benefit? Banks in Cyprus will fold - the Western banks will prosper.

I wonder what would happen if Cyprus went bankrupt - what are the banks going to repo, a country?

captain cab wrote:

I would guess they wouldn't be very popular and political dummies would be thrown from their rather large Silver Cross prams. If you are that interested try reading the Confessions of an Economic Hit Man by John Perkins :wink:

will add it to the list - ive got a few on the go at the moment :lol:

It makes you wonder as to what would happen if they all said f%^k you!!! Apparently Argentina defaulted years ago and may do so again! What if ....Greece,Portugal,Italy,Ireland,Spain, France Cyprus.......yes the list is growing, all said the "F" off word and decided not to settle their debts, but to trade with one another - where would that leave Europe and capitalism in general?

Bankruptcy happens to individuals and they move on, so I am sure that this rule will apply to Nations, and might eventually bring some sense to the EXTREME capitalism/robbery that we live under. This is at the top end of "Recessions" ( not that I believe that it is a recession as in the past, but contrived by EEC nations/governments), as to this being very much the way that we will live/do live. The result being, is that it may be possibly like this for many many years to come.

If it is not resolved...then watch London tumble ( yep London), just like Japan/Tokyo. Before anyone snigger's or laughs, just remember the Tokyo property prices that plummeted ( at the time one of the dearest places on this planet to live), and the Tokyo stock market that eventually lost over 20,000 points/Billions of Yen, costing the the Japanese people all their hard earned money that was lost along the way. Basically the Japanese were conned,because of the Japanese government indoctrination of telling people to invest, and you will have jobs for life!!!!!!!!!!!!!! Was it not Thatcher who said words to the effect of " Work hard and share in the profits" - it was almost certainly something similar. The bottom line being, is that it is all a con from various governments designed to rip people off via extortionate price hikes i.e Motor fuel, Gas,Electric, plus whatever else they can dream up, with the penultimate extortion being - to then blatantly steal their/your money like Cyprus/Europe.

It will require new vibrant thinking to overcome this massive problem. failure will result in the domino effect, with the end result being a "Glass half full" scenario of, every one being equal - unfortunately, some more than others.

With all the uncertainty that has been caused by events in Cyprus, If I had any money invested in a bank account and interest rates being so low, I would be seriously considering withdrawing everything and buying gold coins. They are legal tender so they are VAT free and capital gains tax free.

cabby john wrote:

Yer getting there dope but the eternal question WHAT are you going to do about it , oops i know vote INDEPENDENT :lol:

SHEEP DIP ANYONE

Author:	captain cab [ Mon Mar 18, 2013 8:43 am ]
Post subject:	Cyprus bailout: big implications in a small-scale rescue
Cyprus bailout: big implications in a small-scale rescue With its bank spending and Greek links it was inevitable Cyprus would need help, but this package may be a game-changer It was always a case of when, not if, Cyprus would join the list of eurozone countries requiring a bailout to rescue them from financial crisis. But the peculiarities of the support package coupled with the economic weakness across the rest of the 17-nation single currency area suggest that this could be a game-changing moment. Cyprus has faced two big problems. The first is that its banks went on a lending spree during the good times – by 2011, they had made loans worth more than eight times the country's national output. Even Britain, the most spectacular example of a big developed country that allowed an overblown banking sector to threaten the entire economy, did not go quite that far. The second problem was the close links between Cyprus and Greece, a country gripped by a brutal slump that has seen the size of the economy shrink by 20% in four years. Cypriot banks had made loans to Greece worth 160% of GDP and the losses on that high level of exposure have been rising rapidly. Greece is also a key trading partner for Cyprus, so there has also been a direct impact on the Cypriot economy from the austerity imposed on Athens. But while there was never a doubt that Cyprus would need help from the so-called troika of the International Monetary Fund, the European Union and the European Central Bank, the dealannounced at the weekend differed in one significant way from the ones that have gone before it: bank deposit holders in Cyprus will have to foot part of the bill themselves. The reason for this is simple. There is a lot of Russian money in Cyprus, much of it from somewhat dubious sources. With the richer countries of the eurozone suffering from bail-out fatigue, there was resistance – particularly in Germany – to the idea that ordinary European taxpayers should be writing blank cheques to Russian oligarchs who might have been using Cyprus as a money laundering destination. As a result, there will be a "stability levy" of 6.75% on all bank deposits of less than €100,000 (£87,000) and 9.9% for those above €100,000. In addition, there will be the now familiar strings attached to the financial help: austerity and structural reform. By the standards of previous rescues, the €10bn handed to Cyprus is chickenfeed. But even before the ink was dry on the agreement, financial markets were fearing that the deal could have wider ramifications than the troika expects. One issue is whether the "stability levy" is unique to Cyprus or will be applied to other – much bigger – eurozone countries that might require help. Telling Spanish bank depositors, for example, that they would have to follow the Cypriot precedent would risk inflaming a country already experiencing widespread social unrest. The assumption in Brussels, Frankfurt and Washington seems to be that Cyprus is the coda to the eurozone crisis – a last echo of problems that are now all but resolved. Yet that view may not be shared in the markets, where many analysts have seen the calm that has descended on the single currency since last summer as a phoney peace. Ever since Greece precipitated the crisis in late 2010, events in the eurozone have been marked by periods of extreme tension punctuated by periods of stability. The one since last July when Mario Draghi, the president of the ECB, said he would do "whatever it takes" to safeguard the euro has been the longest so far. Yet, the economic news from the eurozone has remained grim. In 2012, there was not a single quarter of positive growth and activity is still weakening. Italy's political impasse has added to fears that it may just take the disturbance of one small rock to set off another avalanche of selling in the bond markets. Cyprus could be it. http://www.guardian.co.uk/world/2013/ma ... all-rescue

Author:	captain cab [ Mon Mar 18, 2013 8:45 am ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
So what will happen? Cypriot banks will fold - Western Banks will move in - like vultures circling.

Author:	captain cab [ Mon Mar 18, 2013 11:25 am ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue

Author:	trotskys twin [ Mon Mar 18, 2013 2:29 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
I was told many years ago "CAPITALISM WILL EVENTUALLY CRAWL UP ITS OWN ANUS" looks like its nearly made it

Author:	captain cab [ Mon Mar 18, 2013 10:34 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
taking money out of people's bank accounts has to be a new low - however - who will benefit? Banks in Cyprus will fold - the Western banks will prosper. I wonder what would happen if Cyprus went bankrupt - what are the banks going to repo, a country?

Taxi Driver Online http://www.taxi-driver.co.uk/phpBB2/

Cyprus bailout: big implications in a small-scale rescue http://www.taxi-driver.co.uk/phpBB2/viewtopic.php?f=22&t=21618	Page 1 of 3

Author:	toots [ Mon Mar 18, 2013 10:55 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
captain cab wrote: taking money out of people's bank accounts has to be a new low - however - who will benefit? Banks in Cyprus will fold - the Western banks will prosper. I wonder what would happen if Cyprus went bankrupt - what are the banks going to repo, a country? I would guess they wouldn't be very popular and political dummies would be thrown from their rather large Silver Cross prams. If you are that interested try reading the Confessions of an Economic Hit Man by John Perkins

Author:	captain cab [ Mon Mar 18, 2013 11:00 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
toots wrote: captain cab wrote: taking money out of people's bank accounts has to be a new low - however - who will benefit? Banks in Cyprus will fold - the Western banks will prosper. I wonder what would happen if Cyprus went bankrupt - what are the banks going to repo, a country? I would guess they wouldn't be very popular and political dummies would be thrown from their rather large Silver Cross prams. If you are that interested try reading the Confessions of an Economic Hit Man by John Perkins will add it to the list - ive got a few on the go at the moment

Author:	toots [ Mon Mar 18, 2013 11:03 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
Captain Cab wrote: will add it to the list - ive got a few on the go at the moment I have one and one is enough

Author:	cabby john [ Tue Mar 19, 2013 2:27 am ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
It makes you wonder as to what would happen if they all said f%^k you!!! Apparently Argentina defaulted years ago and may do so again! What if ....Greece,Portugal,Italy,Ireland,Spain, France Cyprus.......yes the list is growing, all said the "F" off word and decided not to settle their debts, but to trade with one another - where would that leave Europe and capitalism in general? Bankruptcy happens to individuals and they move on, so I am sure that this rule will apply to Nations, and might eventually bring some sense to the EXTREME capitalism/robbery that we live under. This is at the top end of "Recessions" ( not that I believe that it is a recession as in the past, but contrived by EEC nations/governments), as to this being very much the way that we will live/do live. The result being, is that it may be possibly like this for many many years to come. If it is not resolved...then watch London tumble ( yep London), just like Japan/Tokyo. Before anyone snigger's or laughs, just remember the Tokyo property prices that plummeted ( at the time one of the dearest places on this planet to live), and the Tokyo stock market that eventually lost over 20,000 points/Billions of Yen, costing the the Japanese people all their hard earned money that was lost along the way. Basically the Japanese were conned,because of the Japanese government indoctrination of telling people to invest, and you will have jobs for life!!!!!!!!!!!!!! Was it not Thatcher who said words to the effect of " Work hard and share in the profits" - it was almost certainly something similar. The bottom line being, is that it is all a con from various governments designed to rip people off via extortionate price hikes i.e Motor fuel, Gas,Electric, plus whatever else they can dream up, with the penultimate extortion being - to then blatantly steal their/your money like Cyprus/Europe. It will require new vibrant thinking to overcome this massive problem. failure will result in the domino effect, with the end result being a "Glass half full" scenario of, every one being equal - unfortunately, some more than others.

Author:	Nidge2 [ Tue Mar 19, 2013 6:28 am ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
captain cab wrote: taking money out of people's bank accounts has to be a new low - however - who will benefit? Banks in Cyprus will fold - the Western banks will prosper. I wonder what would happen if Cyprus went bankrupt - what are the banks going to repo, a country? The Russians will love it with all their billions banked over in Cyprus.

Author:	grandad [ Tue Mar 19, 2013 7:33 am ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
With all the uncertainty that has been caused by events in Cyprus, If I had any money invested in a bank account and interest rates being so low, I would be seriously considering withdrawing everything and buying gold coins. They are legal tender so they are VAT free and capital gains tax free.

Author:	trotskys twin [ Tue Mar 19, 2013 12:37 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
cabby john wrote: It makes you wonder as to what would happen if they all said f%^k you!!! Apparently Argentina defaulted years ago and may do so again! What if ....Greece,Portugal,Italy,Ireland,Spain, France Cyprus.......yes the list is growing, all said the "F" off word and decided not to settle their debts, but to trade with one another - where would that leave Europe and capitalism in general? Bankruptcy happens to individuals and they move on, so I am sure that this rule will apply to Nations, and might eventually bring some sense to the EXTREME capitalism/robbery that we live under. This is at the top end of "Recessions" ( not that I believe that it is a recession as in the past, but contrived by EEC nations/governments), as to this being very much the way that we will live/do live. The result being, is that it may be possibly like this for many many years to come. If it is not resolved...then watch London tumble ( yep London), just like Japan/Tokyo. Before anyone snigger's or laughs, just remember the Tokyo property prices that plummeted ( at the time one of the dearest places on this planet to live), and the Tokyo stock market that eventually lost over 20,000 points/Billions of Yen, costing the the Japanese people all their hard earned money that was lost along the way. Basically the Japanese were conned,because of the Japanese government indoctrination of telling people to invest, and you will have jobs for life!!!!!!!!!!!!!! Was it not Thatcher who said words to the effect of " Work hard and share in the profits" - it was almost certainly something similar. The bottom line being, is that it is all a con from various governments designed to rip people off via extortionate price hikes i.e Motor fuel, Gas,Electric, plus whatever else they can dream up, with the penultimate extortion being - to then blatantly steal their/your money like Cyprus/Europe. It will require new vibrant thinking to overcome this massive problem. failure will result in the domino effect, with the end result being a "Glass half full" scenario of, every one being equal - unfortunately, some more than others. Yer getting there dope but the eternal question WHAT are you going to do about it , oops i know vote INDEPENDENT SHEEP DIP ANYONE

Author:	edders23 [ Tue Mar 19, 2013 4:42 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
grandad wrote: With all the uncertainty that has been caused by events in Cyprus, If I had any money invested in a bank account and interest rates being so low, I would be seriously considering withdrawing everything and buying gold coins. They are legal tender so they are VAT free and capital gains tax free. I think that is going to happen now in the whole of Europe I can see millions of people desperately trying to empty their bank accounts and plough their money into Bonds,Gold stocks and shares etc. mind you perhaps that will be a good incentive to the banks to pay better interest rates

Author:	cabby john [ Tue Mar 19, 2013 5:14 pm ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
trotskys twin wrote: cabby john wrote: It makes you wonder as to what would happen if they all said f%^k you!!! Apparently Argentina defaulted years ago and may do so again! What if ....Greece,Portugal,Italy,Ireland,Spain, France Cyprus.......yes the list is growing, all said the "F" off word and decided not to settle their debts, but to trade with one another - where would that leave Europe and capitalism in general? Bankruptcy happens to individuals and they move on, so I am sure that this rule will apply to Nations, and might eventually bring some sense to the EXTREME capitalism/robbery that we live under. This is at the top end of "Recessions" ( not that I believe that it is a recession as in the past, but contrived by EEC nations/governments), as to this being very much the way that we will live/do live. The result being, is that it may be possibly like this for many many years to come. If it is not resolved...then watch London tumble ( yep London), just like Japan/Tokyo. Before anyone snigger's or laughs, just remember the Tokyo property prices that plummeted ( at the time one of the dearest places on this planet to live), and the Tokyo stock market that eventually lost over 20,000 points/Billions of Yen, costing the the Japanese people all their hard earned money that was lost along the way. Basically the Japanese were conned,because of the Japanese government indoctrination of telling people to invest, and you will have jobs for life!!!!!!!!!!!!!! Was it not Thatcher who said words to the effect of " Work hard and share in the profits" - it was almost certainly something similar. The bottom line being, is that it is all a con from various governments designed to rip people off via extortionate price hikes i.e Motor fuel, Gas,Electric, plus whatever else they can dream up, with the penultimate extortion being - to then blatantly steal their/your money like Cyprus/Europe. It will require new vibrant thinking to overcome this massive problem. failure will result in the domino effect, with the end result being a "Glass half full" scenario of, every one being equal - unfortunately, some more than others. Yer getting there dope but the eternal question WHAT are you going to do about it , oops i know vote INDEPENDENT SHEEP DIP ANYONE I see as usual you are "Cherry Picking" your posts that you care to answer............leaving the embarrassing ones, sort of like.............forgotten. Try changing the record of forever asking the questions! It would be nice if you could come up with some originality of your own, instead of forever just coming across as the "Anarchist" with no answers of your own. Mr No answers, as a matter of interest do you have to return to a government institution at week ends? Your absence indicates something similar to the naughty boys who are let out during the week to work, only to have to return at week ends to do some time! Now, do not forget, leaders have the answers - they do not ask the questions! So where does that leave our industrious trade unionist, Oh I know.......he's the one that "Talks the talk! plenty of those around I guess in the corrupt Union movement.

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Author:	toots [ Wed Mar 20, 2013 12:31 am ]
Post subject:	Re: Cyprus bailout: big implications in a small-scale rescue
Well it appears that Cyprus has rejected the bailout agreement, things could get interesting now