Page 3 wants blood!!!!

I shoot thieves.

Past time to decorate the trees with the bankers..

And gold/silver can't go up a dollar.  Kind of amazing.  I think BTC has some of its own fuel besides cyprus.

+1



Theft is theft.



 

Lots of tough talk around here.  What's the tax rate in California?





 

Bah, legally they could probably confiscate 100% of the money over the insured amount.

What I didn't understand was when they were talking about taking 6.75% of the amount under 100K.  Fiat money is a dangerous thing.  It's a contract, with terms that are not necessarily favorable to the uninformed user of said currency.

if someone took 84 percent of my post tax money like that I would be finding a rifle and unblocking peoples brains on their path to the pavement.



 

with savings accounts paying almost no interest it's safer to keep your cash in a safe IMO.   You aren't beating inflation with a savings account anyways might as well actually have your money.





 

Mason jars in the backyard?

Won't happen here, idea of it is silly.

There's a reason why Bitcoins went from $10 to $100 recently.  People are throwing their money where it ought to be.  Away from the gov't in an entirely anonymous account.

Our government is essentially doing the same thing as Cyprus but instead of seizing our bank accounts they are just devaluing the currency.

Our government is essentially doing the same thing as Cyprus but instead of seizing our bank accounts they are just devaluing the currency.

Financial repression.  We're already seeing something like that here. It will be worse when we have our own declared bank holiday.

Presently none of us can leave the country with more than $10k in gold. It will be even tighter.

Coming here, full speed no drag.  


They will never get enough of your money.

Funny part about the whole Cyprus thing is that since Cyprus is in the EU, when the countries like Greece sell bonds, all the other EU members are forced to buy the junk bonds.... one of the largest reasons Cyprus' banks are in such trouble is because they took a, "voluntary" haircut on Greek bonds.  LOL  Because the bankers changed the rules regarding credit default swap derivitives, anyone with an insurance contract on defaulting Greek bonds were shit out of luck.

When MF Global went tits up, it is because it was buying Spanish bonds from Italy ( who needed cash at the moment ).....   Why would Italy have junk Spanish bonds????  Because they're contractually obligated to buy them at the bond sales.  LOL  The EU is such a clusterfuck, I'm surprised it didn't die a long time ago.

Credit default swaps are a big casino.....

Since our own FED has been holding interest rates down, investors have to find higher risk investments to return a good rate.... so many funds can not make investments that are not AAA rated.  ( enter the credit default swap )... So, pension fund, "A" wants to invest in junk Greek bonds because of the high rate of return on them... but, they can't because they're rated CCC....  So, AIG, or JP Morgan or Goldman Sachs write a contract ( credit default swap ) on the bonds that say that if Greece ever defaults, they will make the investor whole again and pension fund, "A" pays a premium for this contract.  Pension fund, "A" can do this because AIG or JP Morgan or Goldman Sachs all have AAA ratings so the investment becomes an AAA investment.

Now we get to the part that you seriously can't make up.... The board that decides what a, "credit event" is are a board of folks that sit at the head of all the banks writing the contracts.  I saw the list of folks on the board and, I forget the name of the group that does it but, you seriously can't make this shit up.

If you want to shit your pants... look at the largest bank's derivitive exposure....  If things get out of control, the whole world banking system shuts down:  http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html



So, in our last fiasco in 2008 AIG was the big corp writing all the credit default swaps on the mortgage backed securities with no collateral to back any of the contracts....When Lehman was allowed to fail, all hell broke loose in the derivative markets then they held a gun to our heads to fork over the money to make all these contracts good because of how fucked over the whole thing was set up.  Think of it this way.   JP Morgan was buying up these MBSs and having Goldman write the credit default swaps... Goldman was buying the MBSs and having JP Morgan write the credit default swaps.  How do you think this ends with the MBS market going tits up?  You simply can not let any credit default swaps be activated because the whole system goes up in flames.  You can't let any of these banks go tits up without taking the whole system down.  So, all the contracts AIG held for goldman were paid out and they all got big bonuses.

We almost didn't get out of it in 2008.... the problem was systemic but, the FED was able to get all the big banks in a room to stop the contagion.... The EU has what 17 countries that all have to vote on rule changes...... it won't be as easy to move quickly to plug the holes during the next event.... we'll just have to see how it unfolds.

From what I am told, it is legal to do here so long as the confiscation is promoting the general welfare.

The Liberty Dollar is why I doubt bitcoin.  Sure it's a couple of billion.  I'd worry when it's a couple of hundred billion, or a trillion, that suddenly one would become an enemy of the state, a terrorist.  Poof. No more bitcoin.  I'd rather tuck it in Silver and Gold if I were so inclined.

Sorry to take it off topic, I may throw a few hundred into it, and just see if it's worth 1000x the value in ten years.  Very possible.  Would I dump 50k into bitcoins? I'm not that rich to use it as an investment vehicle.  I think it's cool. It'll probably be the basis of a one world currency.  Do I think it'll get shut down?  Yes.

I think the idea is great... what I don't like about it is that it's no different than any other bank that holds your money.  It's held in digital form and it's only as good as the institution that it represents.  In principal, I love it.... I just don't trust anyone with my money anymore.  That's my issue.

Given the distributed (and international) nature of BTC, I don't see how the SS or FBI could raid them and shut them down. As long as someone will host them (and there always will be), it's safe in that regard.

This.  Stealing or preventing me from accessing my money would cause me to do non-COC compliant things.


Assemble the KILLDOZER!

+5.56

I'm not rich, but i've been converting cash to rifles and ammo... seems a much safer place to store my equity...

Coming soon to a 401k near you.

yup.

No fucking way did somebody with 850k euros in their account NOT get creative in draining that account in the last two weeks.  I call bullshit.

This is so corrupt... If you see all of this and do nothing with your money then, you really have nobody to blame but yourself.

It hasn't happened here in the U.S. yet but, you have to know they'll do anything they need to here as well.... the only losers are taxpayers... the bankers will alway win in these events.  ( well they win until the public figures it out then, they'd better stay well in front of the mob of pitchforks )

Anyone who has a million bucks in cash in a savings account deserves to have it taken away.

Unless you have a small business and have to use it to make payroll.   Maybe you just forgot the "/sarc"  ?

I think what we're going to see is most medium sized businesses there will go out of business overnight.

Look, A 13'r.

I'll nominate this for "dumbest post of the week"



Stupid '13ers



 

Your point being?

damn they took the hope and all the change

I bet its only a matter of time before we see that occurring here in the US...not with savings accounts though (unless they are over the insured amount), but with all those 401k plans that smart people have been stashing their money into.

700k is enough to kill people over.

Proper cash management is not stupid. In the US FDIC insures deposits up to $250k so why would you have more than that in any single account/institution? I'm not familiar with Cypriot banking laws but I don't imagine they have that sort of protection. I was being facetious in my comment. Obviously no one deserves to have anything taken from them but stupid is leaving that kind of money unprotected. Unless that amount means nothing to you because you are mega rich.

Dear Mr Corrupt Banker Man,

  Don't run, you'll just die tired.

Sincerely yours,
Mr .308

Yep.. .the dems have already been bringing that up.

They'll go after them and raid the money and put in IOUs... just like SS.

The thing in Cyprus has solved the problem today.  We don't know for sure how it will affect banking in the rest of southern europe yet.  We'll see but, even if they don't have a run on the banks, the Cyprus thing is only a bandaid.  they're trying to solve a debt issue with more debt.  So, if they had trouble paying interest on the debt before, how is even more debt going to solve it???  How is putting almost all small and medium sized businesses out of business going to solve the issue???  AND.... what will they go after next time???

We need to pay attention to what is happening over there... don't think we can't have similar problems here.  It won't be a confiscation of our bank accounts directly but, they'll get the money either way.  The FED will just print what they need to paper over any problems we're having... we've already seen them do it over and over and, they're printing 85B every fucking month now..... that's over 1Trillion per year that's going to end up circulation eventually.  It's not yet but, you bet your ass it will be.

While you're correct that FDIC is insurance on your deposits under 250k, what most don't realize is that there's not enough money in the FDIC to come close to fixing even one bank failure.  Ben Bernake would have to print the rest.  ( he'd probably do that but, putting your faith in the FDIC is naive in my opinion based on the outright, in your face theft we face today by the bankers and their puppets in office )

In Europe they have something similar to FDIC insurance and, it covers anything over 100k euros but, if you remember,  they initially were going after EVERYONE's deposits... not just the ones over 100k.  

What we're witnessing is outright theft.... you can not assume any rule of law will apply to these thieves that hide behind the politicians they've already bought and paid for.

The US can just print more money where Cyprus doesn't have that option. That's not saying pensions can't be raided as history has shown but this particular issue is unique to the EU.

Absolutely correct. Even more reason to diversify assets hence my comments.

This 13'r is a special kind of stupid.

<--------------------------------DU is that way!

That's ok 09'r. You go ahead and leave all your million dollars in one account at one bank. Good luck with that and Happy Easter to you my brother.

we write it the logical way ...

;-)

Most businesses in Cyprus will fail in 2 weeks. No payroll, no ability to pay bills. I read where one pig Farmer has resorted to feeding his pigs with pigs (cannibalism) because he is limited to the purchase of 1 ton of grain a day.

Posted Via AR15.Com Mobile

The U.S. can and is printing money and, you're right, that isn't an option for Cyprus... But, it also wasn't an option for Cyprus to not buy those junk Greek bonds that went tits up and left the banks in a bad spot.  The EU is an incestuous (sp?) pos where all the countries are obligated to buy all the other countries junk bonds....    The small  players don't stand a chance against the large players and, they're all obligated to Germany now.  Look at how they're dictating terms...

Tell me, how much money do you personally manage at your company?

Posted Via AR15.Com Mobile