You want to get a taste of what people across the world are saying about the Cyprus bailout plan?
Look no further. The handful of comments posted below are just a small sampling of what people are thinking when learning a government plans to raid saver’s money to bailout their banks. It’s an appalling idea no matter how any of the NWO brainiacs in the EU want to spin it. And sure there is some backpedaling going on BUT it is the very idea that a government would knowingly breach the trust of its people in such a deceptively dishonest manner that have people in an uproar.
One thing is certain the Cyprus people are having none of it!
A London Cab driver let’s it rip –
Below are some astute comments culled from a number of sites around the web –
Just 20 months ago Cyprus’s 3 big banks passed the EBA/ECB stress tests to much acclaim. In July 2011 the Cyprus Finance Ministry issued a statement saying: “The measures which the banks are taking or planning to take will further increase solvency.”
Flash forward to present day. Due to a prolonged downturn in Europe, these banks are now in need of 10-13 billion dollars. My question is, if these banks are in such sorry shape so soon after passing tha stress test, how many other European banks are insolvent and how soon until they also need bailouts.
IMO, The unraveling of Europe is beginning to accelerate and in the coming months wealth taxes and capital controls will become the norm.
What people is failing to realize, is this Cyprus Bank Run, is Germany or the ECB or Euro is attacking Russia. Why are they attacking Russia, that might be something to do with military or something else. Cyprus just got caught between the bullets firing from Germany and Russia. What me and you and mainstream know is only the surface of this boiling problem that spilled over. Two bully countries or a divorced couple fighting for custody, that’s my analogy.
“What happened at the weekend was a loss of trust”
No shit Sherlock! What are these politicians like? How could they not have expected this reaction? Are they thick or something or just too far up their own arses to use their brains?
Breathtaking – calling an unannounced government raid on your savings a TAX!! Its like calling an invasion of the Falkland Islands by the Argentinians in 1982 a Troop Deployment.
I used to say there was a ‘storm coming’ in the EU- well, it is HERE. You can never again trust a bank with your money. Where does that leave the European banking system? In utter chaos. Is this the beginning of the NEXT Great Depression?
The DOW is green. Maybe we need a different country in Europe each day to seize bank deposits, so stocks can keep going up!
The citizens of Iceland are the ones who have had the last laugh. Who will be the next Iceland?
some financial wisdom is very much needed. Some here would claim that cyprus is too much in debt to go back to pound, others say they want it back but it needs to be valued at the same level as major world currencies, others claim it would be disastrous to leave the euro. I’d like to first inform that all these statements are false.
I’d like to point out that contrary to popular belief, a lower valued currency can be a blessing. You see, what we have is an artificial financial system. The money isn’t backed by anything, and as a result, the banks can and do print as much as they want of it.
My recommendation would be for Cyprus to default on it’s debts, and exit the EU/euro. My belief is that if it was oh so easy for the banks to shift the nation from Cypriot pound to the Euro, why is a reverse process impossible? The truth is, they simply refuse to do so because they can’t profit like this. Since this route is impossible, let’s see what would happen if Cyprus were to leave the euro.
First off, the Cypriot pound would be valued lower, if not much lower, than other currencies (especially the three major currencies- euro, pound, dollar). Some falsly believe that that is a bad thing. Realistically it’s a blessing for an economy seeking revival. When a currency is devalued, that translates to said nations goods and services being cheaper. Some would argue that it would/should mean higher costs since currency is cheaper, but I’d like to point out that that only happens in an inflationary economy (which is what happens when you keep on printing more and more money). Cheaper goods and services equate to growing sales.
Ask yourselves, why does China continually try to artificially UNDERVALUE its currency? Because with lower valued currency, comes lower wages and lower cost of goods. As an example, lets say the euro is equal to 15 cypriot pounds. Would you rather buy an orange for 1 Cypriot pound or 1 euro? Of course the pound! You get 15 oranges now, instead of what you would have got is 1 orange, if buying with the euro. This means that now there’s an increasing demand for goods and services from Cyprus. Thus, more money coming into Cyprus now means the currency will slowly increase in value and the economy revives.
Remember that life won’t be that much more difficult!
The lower price translates to increased international demand, but doesn’t affect you because lets say you were earning 1 euro an hour but now recieve 1 Cyp pound an hour. You used to buy oranges at 1 euro but now they’re at 1 pound. Essentially, you’re still getting the same amound of goods for the same amound of work! You’re still working 1 hour for that same orange. The only visible difference is on the international arena.
Another thing, there is no such thing as being in “too much debt” to return to a national, natural currency. Quite the contrary, returning to a sound national currency is the only LOGICAL option!
A currency that naturally fluctuates based on real demand versus an artifically propped currency based off of artificial and unrealistic demand. Are the dollar, the pound, the euro truly worth what they’re worth? We are looking at the most heavily indebted nations and they’re worth more than countries with minimal debt, increasing growth with currencies based on real demand?? That’s ILLOGICAL. Some may say how can demand be artificial. I’ll provide you with a real life example.
Canada seeks to purchase oil, and oil is priced at $100/barrel. In order to buy that barrel of oil, Canada will need to buy $100 american, and then in turn go and buy that barrel of oil. In essense we see a monopoly. Instead of paying for oil with it’s own currency, it needs to essentially invest in another currency to buy that barrel of oil. Oil on the markets is sold strictly using american dollars.
So what happens is that the US continues to print more money, and then sells these dollars to other nations due to a demand they’ve artifically created (seeing as this demand for american dollars would be less prevalent if this one scheme were to be removed). This helps the US avoid inflation because as long as it maintains a constant amount of dollars in the nation, and none more, then inflation is offset. Once nations begin trying to cash in on the bonds they’ve purchased, this increases the dollars held within the nation and as such, increase inflation and devalue the currency.
This is why I long argue that countries need to default. Extending bond duration and increasing new bonds is merely prolonging the devastation that will ensue. Next time you hear that Italy or Greece are holding another bond sale, keep in mind what I’ve stated above.
Also on the note of oil, this would explain why when Ghadaffi said that he was going to start selling oil for gold and euro and other currencies or precious metals, he was overthrown and killed. And when Saddam Hussein also stated the same agenda, he too was overthrown and now Iraq maintains the status quo in trading oil only for dollars. This applies to Iran as well which is demonized not because of its nuclear program but because not only did it announce a similar plan, but it’s actually put it in action (which is what iraq and libya failed to do) and has already traded oil for gold.
In reality we are fighting wars in order to prop up americas petro-dollars scheme. (emphasis added)
Figured the above info would be great food for thought.
Also on the note of having a national currency thats sound and stable, going back to the Cypriot pound would also release Cyprus from having forced political unification and would be free from Brussels judgements. Brussels creates laws and Cyprus is forced to enact them due to its membership in the EU. With a sovereign currency, political union would be impossible to force down the peoples throats. Cyprus would become a truly independent and sovereign state if this were to occur (well.. except for the north). It would be free to create it’s own laws that cater to its populace and not the political and banking elite of europe.