The recent rally of the financial markets, including the NYSE, might have brought blissful smiles to day traders; but those that trade with skepticism know that what goes up, must come down.
Right this minute, the nation of Cyprus is being pillaged financially, with the Germany-guided “troika” demanding the locking of 6 billion euro in bank deposits, in order to sustain its financial aid to the banking system.
Cypriots went to bed last night while their newly elected government negotiated a bailout, with everyone’s bank account holdings being taxed up to 10%, effective immediately. The decision took advantage of an extended holiday weekend that keeps banks closed on Monday, and Cypriot citizens rushed in panic to ATMs in order to withdraw money; many unsuccessfully so.
For many, that’s the savings of a lifetime, and for the numerous foreign investors in Cyprus, such as British and Russian, that’s an immediate reason to take out billions of euro in bank deposits. The very act that was designed to save the banks from defaulting, will now save the face of European officials, bank managers and other globalists.
Come Monday, the international economy will go through yet another display of how the butterfly effect is able to generate waves from the slightest ripple. Economies are so interconnected, that this prime display of Eurofascism by the banksters is going to become both a wake-up call and a paradigm to avoid.
May god save Cyprus.
[QUOTE]…May god save Cyprus…[/QUOTE]
Isn’t this the same god that was looking over Greece as well? Or did you really think that the bankers would let this prime real estate slip through the cracks?
yanni – I’m echoing the exasperation of the average Greek-Cypriot, who worked hard all their lives, only to be betrayed by politicians offering ‘earth and water’ to German banksters. It’s the 4th Reich in full bloom.
This sets a dangerous precedent across Europe; bank savings are now at the mercy of governments, in the name of bankster survival.
People need to wake up.
Bad winds are a blowing Acro. Stay safe. Domains, god, guns and gold is all we have to get us through to the other side of this global statist crony capitalist madness.
lordbyroniv – Humanity needs a reboot.
This is mental, contagionmonday.com surely? Every other saver in weaker euro economies are going to leg it to the bank in the morning.
This guy had the right idea:
http://www.bbc.co.uk/news/world-europe-21814325
The euro currency is done.
No offense Acro but this will have no effect on the US market. It’s listed 10 articles down from the importance of the Shamrock Shake on McDonald’s bottom line 🙂
An interesting (and creative) video on the subject. Although veiled with humour, it inadvertently(?) exposes severe underlying consequences that could result from this Eurozone-imposed ‘tax’ on Cypriots.
https://www.youtube.com/watch?v=K5R2JyU_MKg
Lest we forget that many wars start as revolts against (usually financially-based) systems/decisions/laws made by (perceived) illegitimate, non-representative, and often non-resident administrators. Examples that spring to mind include the American, Russian & French revolutions, and WWII (due to the disastrous effect WWI reparations had on the German economy). In consideration of the latter, it seems a cruel irony that the European Union & the common Euro currency were established largely as institutions/instruments to prevent future intra-Europe outbreaks of war; and yet, they might just have the opposite effect.
Jim – An act that would not garner any results. BTW, a weaker euro means more exports. A weak opening would normally be bridged, hence more buying opportunities for those that tap the forex market.
Shane – Happy St. Patricks, I have blood in my beerstream. There’s blood at NIKKEI also, 200+ points down since opening. Let’s see how the European markets react in the am. The Greek stock market is closed, Tuesday will be a butcher house there.
Steve – Thanks, that video is overdone. The issues in Europe are related to the imposed guidelines of an overly powerful Germany. Unemployment is 20%+ in the south. A strong euro makes goods and services expensive. Cyprus was better off keeping the pound and they might have to exit the Eurozone. More news tomorrow as their parliament casts a vote.
Current news from NIKKEI/Japan:
“Japanese shares slid, with the Nikkei 225 Stock Average falling from its highest in four years, as the yen strengthened after an unprecedented levy on bank deposits in Cyprus threatened to plunge Europe back into crisis. ”
“The Nikkei 225 fell 2 percent to 12,314.12 as of 10:37 a.m. in Tokyo, its biggest drop since Feb. 26. The measure reached its highest level since Sept. 8, 2008, on March 15. The Topix Index (TPX) lost 1.5 percent to 1,035.43, with all but one of its 33 industry groups retreating.”
“The first reaction is there Europe goes again, and there’s a contagion risk,” said Shane Oliver, Sydney-based head of investment strategy at AMP Capital Investors Ltd., which has $126 billion under management. “We could go through a little rough patch today until we get more clarity on what’s happening in Europe.”
Big games being played on the backs of southern Europe by Germany:
http://www.reuters.com/article/2013/03/18/us-markets-forex-idUSBRE92E11120130318