The Dollar And The Real Inflation Story - By Toby Connor (25/3/13) PDF Print E-mail
Toby Connor   
Monday, 25 March 2013 08:30

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Now It's Getting Real In Cyprus - By Karl Denninger (22/3/13) PDF Print E-mail
Karl Denninger   
Friday, 22 March 2013 13:39

Market Ticker
 
The latest tidbit is that capital controls are tightening and withdrawl limits on ATMs are being cranked down materially.

One of their banks is reported to have just "hours" of liquidity left (how many hours, may I ask?)

There were demonstrations that looked a lot like a riot to me, with attempts to come after members of the Parliament (you're getting warmer folks.)

There are also rumors that they're going to try to "haircut" Russian (mobster) deposits by 40%.  How thick is the kevlar vest you're wearing, and do you have a food taster?  Another way to put this: Do your prefer your poisioning by high-speed lead or polonium?

Remember the original claim when Cyprus was admitted to the EU -- that it would "prevent" shocks to their economy due to various macro-level events.  How's that working out for 'ya?

Here's the reality behind all of this: The various arms of government and its regulatory apparatus, including the ECB, is directly, proximately and should be held civilly and criminally responsible for this.



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Bernanke Fails To Answer Concerns About A Cyprus-Style Seizure Of American Bank Deposits - By George Washington (22/3/13) PDF Print E-mail
George Washington   
Friday, 22 March 2013 13:35

The government of Cyprus wants to grab bank deposits, and the chief economist of the German Commerzbank has called for private savings accounts in Italy to be similarly plundered, and other nations may be moving in that direction as well.

The American government has seized private assets before, and President Obama authorized seizure of property again last year. (The Argentinian government grabbed 401k assets; and some in the American government have mulled the same thing. And the  U.S. government’s take-down of Megaupload was also an exercise of the power to seize all of the legal property held in a storage facility because a handful of crooks have illegal property in theirs.)

Zero Hedge has been warning for years that Western governments – including the U.S. – would eventually seize bank assets.

Bernanke was asked yesterday whether a Cyprus-style grab of bank deposits is possible in the U.S. :

Question: I was wondering if you can tell me how if a run on the banks happens in Cyprus, how that might affect U.S. markets. And also is it possible for the U.S. to levy a tax on regular deposits here? Or why not?

Bernanke: As someone mentioned Cyprus is a tiny economy. I don’t think these issues as worrisome as they are and as concerned as we would be for the Cyprus people, I don’t think that they have a direct implications for the U.S. economy.



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Dealing With QE-Wars And Fiat Currency Devaluations - By Gary Dorsch (22/3/13) PDF Print E-mail
Gary Dorsch   
Friday, 22 March 2013 13:34

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The Global Financial Pyramid Scheme By The Numbers - By Michael Snyder (22/3/13) PDF Print E-mail
Michael Snyder   
Friday, 22 March 2013 11:48

The Economic Collapse blog

Why is the global economy in so much trouble?  How can so many people be so absolutely certain that the world financial system is going to crash?  Well, the truth is that when you take a look at the cold, hard numbers it is not difficult to see why the global financial pyramid scheme is destined to fail.  In the United States today, there is approximately 56 trillion dollars of total debt in our financial system, but there is only about 9 trillion dollars in our bank accounts.  So you could take every single penny out of the banks, multiply it by six, and you still would not have enough money to pay off all of our debts.

Overall, there is about 190 trillion dollars of total debt on the planet.  But global GDP is only about 70 trillion dollars.  And the total notional value of all derivatives around the globe is somewhere between 600 trillion and 1500 trillion dollars.  So we have a gigantic problem on our hands.  The global financial system is a very shaky house of cards that has been constructed on a foundation of debt, leverage and incredibly risky derivatives.  We are living in the greatest financial bubble in world history, and it isn't going to take much to topple the entire thing.  And when it falls, it is going to be the largest financial disaster in the history of the planet.

The global financial system is more interconnected today than ever before, and a crisis at one major bank or in one area of the world can spread at lightning speed.  As I wrote about yesterday, the entire European banking system is leveraged 26 to 1 at this point.  A decline in asset values of just 4 percent would totally wipe out the equity of many of those banks, and once a financial panic begins we could potentially see major financial institutions start to go down like dominoes.



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