Economy

JPMorgan Cleared Of Conspiracy ‘To Drive Down Silver Prices’

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– JP Morgan Cleared Of Conspiracy “To Drive Down Silver Prices” (ZeroHedge, March 19, 2013):

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JP Morgan Chase & Co won their case of a nationwide investors’ lawsuit accusing them of conspiring to drive down silver prices.

U.S. District Judge Robert Patterson in Manhattan said the investors, who bought and sold COMEX silver futures and options contracts, failed to show that JPMorgan manipulated prices, by creating long short positions that were not in synch with market events at the time period.

The judge acknowledged that the firm could influence prices, but said that it was not proven that the bank “intended to cause artificial prices to exist” and acted accordingly.

The plaintiffs had nearly 43 complaints filed from 2010-2011, which accused banks of profiteering in over $100,000,000 by illegally manipulating silver prices.

Read moreJPMorgan Cleared Of Conspiracy ‘To Drive Down Silver Prices’

Former Cyprus Central Bank Head Anthanasios Orphanides: ‘EU Is Blackmailing Cyprus Government’ (Bloomberg Video)

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MUST-SEE!

– EU Is Blackmailing Cyprus Government: Orphanides (Bloomberg, March 19, 2013):

March 19 (Bloomberg) — Anthanasios Orphanides, former Central Bank of Cyprus Governor, considers the proposed Cyprus bank depositor tax a form of blackmail against the government of Cyprus. He speaks on Bloomberg Television’s “Bloomberg Surveillance.”

Cyprus President Says Parliament Will Still Reject Bailout Plan, ‘Making Other Plans’

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– Cyprus President Says Parliament Will Still Reject Bailout Plan, “Making Other Plans” (ZeroHedge, March 19, 2013):

So much for the credibility of Reuters’ Greek FinMin “unnamed” source. After the newswire presented the latest Eurogroup statement as if it was one where all deposits under €100,000 will be tax exempt, which was not the case, CNA reported a little while ago that the government has submitted a revised bill according to which only deposits under €20,000 would be exempt, and everything between €20K and €100K would still see the previous 6.75% levy. The parliamentary economic committee would discuss the bill ahead of plenary a debate scheduled for 6 p.m. Cyprus time. However, now as MarketNews reports, that is likely moot.

  • CYPRUS PRESIDENT: PARLIAMENT BELIEVES BAILOUT PLAN UNJUST, GOVERNMENT MAKING OTHER PLANS.
  • CYPRUS PRESIDENT: PARLIAMENT WILL REJECT BAILOUT PLAN –MNI

Amusingly enough, this echoes what Russia’s former FinMin Alexei Kudrin just said, who added fuel to the fire:

  • KUDRIN SAYS CYPRIOT TAX WON’T PASS, GOVT COALITION IS CRUMBLING

Of course, as we said nearly a day ago, if there is no consensus on the term of the bail-in, it is assured that there will be no vote today either, and possibly none tomorrow, and so on, which means that with both banks and stock markets closed through Friday, Cyprus may end up in permanent stasis indefinitely.

Alternatively, parliament may just vote, reject the bailout, tipping the country into bankruptcy, forcing it to exit the Eurozone, and finally pushing Europe beyond the Rubicon. From a somewhat more credible Reuters:

Read moreCyprus President Says Parliament Will Still Reject Bailout Plan, ‘Making Other Plans’

Eurogroup Folds: Tells Cyprus To ‘Safeguard’ Depositors Under €100,000 Euros; Angry Russians To Get Even Angrier

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– Eurogroup Folds: Tells Cyprus To “Safeguard” Depositors Under €100,000 Euros; Angry Russians To Get Even Angrier (ZeroHedge, March 18, 2013):

Reuters headlines crossing the closing tape, supposedly out of a (very credible) Greek source, according to whom the Eurogroup will give Cyprus more flexibility on bank levy, and that Cyprus should safeguard depositors under €100,000. Well, at least they were not kidding with the whole plan. This was not unexpected – as we tweeted last night:

And while after all this, it is perfectly obvious that ordinary Cypriots just can’t wait to start depositing money again with their local friendly bank, there are two very key questions which remain woefully unanswered:

Read moreEurogroup Folds: Tells Cyprus To ‘Safeguard’ Depositors Under €100,000 Euros; Angry Russians To Get Even Angrier

Cyprus Bank Robbery Shows That No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe

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– The Great Cyprus Bank Robbery Shows That No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe (Economic Collapse, March 18, 2013):

The global elite have now proven that when the chips are down they are going to go after any big pile of money that they think they can get their hands on.  That means that no bank account, no retirement fund and no stock portfolio on earth is safe.  Up until now, most people assumed that private bank accounts were untouchable and that deposit insurance actually meant something.  Now we see that there is no pile of money that is considered “off limits” by the global elite and deposit insurance means absolutely nothing.  The number one thing that any financial system depends on is faith.  If people do not have faith in the safety and stability of a financial system, it will not work.  Well, the people that rule the world have just taken a sledgehammer to the trust that we all had in the global financial system.  They have broken the unwritten social contract that global banking depends on.  So now we will see a run on the banks, and this will not just be limited to a few countries in southern Europe.  Rather, this will be worldwide in scope.  Yoda may have put it this way: “Begun, the global bank run has.”  All over the world, frightened people are going to start pulling money out of the banks.  A lot of that money will go into gold, silver and other hard assets.  And as money starts coming out of the banks, this could cause many of the large banks that have been teetering on the edge of disaster to finally collapse.

Many of you may not believe that they would ever come after bank accounts, retirement funds or stock portfolios in the United States.

Many of you may be entirely convinced that the Great Cyprus Bank Robbery could never happen in America.

Well, where do you think this whole plan was dreamed up?

Read moreCyprus Bank Robbery Shows That No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe

Dr. Paul Craig Roberts: US Financial System To Collapse

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– Former US Treasury Official – US Financial System To Collapse (King World News, March 16, 2013):

Today a former Assistant Secretary of the US Treasury warned King World News, “This type of situation is extremely dangerous.  The world has never seen it before.”  Former Assistant of the US Treasury, Dr. Paul Craig Roberts, also told King World News that JP Morgan now threatens the stability of the entire global financial system.  And if the Fed loses control and we collapse, “Nothing and no one would be safe anywhere.”

…

 

Cyprus ‘Bank Holiday’ Gets Another Extension, Bank Reopening Now Set For Thursday

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First Cyprus has to make sure Putin’s ‘KGB Money’ has left the country, so that only the sheeple get screwed and not the Russian bear …

.. or have they finally realized what will happen AFTER the ‘haircut’?:

– Will Russia Kill The Cyprus Bailout?

– Cyprus “Bank Holiday” Gets Another Extension, Bank Reopening Now Set For Thursday (ZeroHedge, March 18, 2013):

What was initially a single-day Bank Holiday has now morphed into three days as the farce that is the wealth tax in Cyprus will now keep the citizenry from their money until Thursday according to the latest from the Central Bank…

  • *CYPRUS CENTRAL BANK SAYS BANKS TO BE CLOSED UNTIL THURSDAY: AP

Which begs the question “Which Thursday?”

Via AP,

Cypriot central bank: Banks will remain closed until Thursday amid talks on savings seizure.

Will Russia Kill The Cyprus Bailout?

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– Will Russia Kill The Cyprus Bailout? (ZeroHedge, March 18, 2013):

While hope appears to still be alive that the Cypriot government will hand over their natural resources to wealthy Russia (or Gazpromia) and all depositors (Russians and Cypriots alike will be saved), we suspect there is a much bigger threat from Russia that has not been discussed. As Monument Securities’ Marc Ostwald notes “there’s a 50/50 chance Cypriot bailout fails because of the ‘massive danger’ a large amount of Russian cash flees Cyprus following deposit tax plans.” Russia has ~$60 billion exposure to Cyprus, including loans to companies registered in the country and after the haircut 90% of Russian deposits will still be free to leave the country if the levy is approved.The critical point is that, should this occur (such a large outflow of Russian cash – dwarfing in fact the size of the bailout package itself) it is hard to see how the Cypriot banking system could survive (even with the assistance of the ECB’s ELA). Russia’s Finance Minister Siluanov expressed disappointment that Russia was not involved in the deal and it is clear that should those outflows leave Cyprus, they are unlikely to end up in other European nation banks.

It seems the pre-emptive contagion and anxiety of this ‘levy’ have only just begun.

‘All The Conditions For A Total Disaster Are In Place’ In Eurozone

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By Charles Wyplos
Professor of International Economics, Graduate Institute, Geneva; Director, International Centre for Money and Banking Studies; CEPR Research Fellow

– Cyprus: The next blunder (VOX, March 18, 2013):

The Cyprus bailout package contains a tax on bank deposits. This column argues that the tax is a deeply dangerous policy that creates a new situation, more perilous than ever. It is a radical change that potentially undermines a perfectly reasonable deposit guarantee and the euro itself. Historians will one day explore the dark political motives behind this move. Meanwhile, we can only hope that the bad equilibrium that has just been created will not be chosen by anguished depositors in Spain and Italy.

The decision to tax all Cypriot bank deposits has attracted massive attention (Spiegel 2013) – and rightly so. It is a huge blunder:

Read more‘All The Conditions For A Total Disaster Are In Place’ In Eurozone

Sprott: China’s Gold Reserves: Watch What They Do, Not What They Say

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Sprott had its origins in Sprott Securities Ltd., a brokerage firm founded in 1981 by Eric Sprott. Today, Sprott manages approximately $10 billion in assets and operates through four businesses:

  • Asset Management
  • Physical Bullion
  • Private Equity and Debt
  • Wealth Management

– China’s Gold Reserves: Watch What They Do, Not What They Say (ZeroHedge, March 18, 2013):

Yi Gang, Vice Governor of the People’s Bank of China (PBOC), recently made the headlines with his comments on Chinese gold reserves. On Wednesday, Mr. Yi stated that China’s gold reserves remain static at 1,054 tonnes, and suggested that a sizeable increase in those reserves would be unlikely in the future. “We need to take into account both the stability of the market and gold prices,” Mr. Yi stated, adding that as the world’s largest gold producer and importer, China produces about 400 tonnes of gold annually, and imports an additional 500 to 600 tonnes of gold every year. “Compared with China’s 3.3-trillion-U.S.-dollar foreign exchange reserves, the size of the gold market is too small,” Yi said, rejecting speculation that China would further diversify its foreign reserve investments into the precious metal. “If the Chinese government were to buy too much gold, gold prices would surge, a scenario that will hurt Chinese consumers … We can only invest about 1-2 percent of the foreign exchange reserves into gold because the market is too small,” Yi stated.

If Yi’s comments are to be believed, he is implying that the Chinese government has not added a single gold bar to its reserves since 2009 – which was the year the Chinese government officially announced its gold reserve increase to 1,054 tonnes. Given the production and import numbers stated above, we find that extremely hard to believe.

Mr. Yi’s comments stand in stark contrast to earlier comments made by Chinese government officials regarding the need to increase China’s gold reserves to ensure economic and financial safety, promote yuan globalization and act as a hedge against foreign-reserve depreciation. In 2009, a State Council advisor known as “Ji” said that a team of experts from Shanghai and Beijing had set up a task force to consider expanding China’s gold reserves. Ji was quoted as saying “we suggested that China’s gold reserves should reach 6,000 tons in the next 3-5 years and perhaps 10,000 tons in 8-10 years”.

Read moreSprott: China’s Gold Reserves: Watch What They Do, Not What They Say

Cyprus Government Raids Private Checking And Savings Accounts As Citizens Panic … Now It’s Clear Why DHS Needs 1.6 Billion Bullets And Armored Assault Vehicles

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– Cyprus government raids private checking and savings accounts as citizens panic (Natural News, March 17, 2013):

The day is coming when the U.S. government will claim it “owns” a portion of all our bank accounts, and it will electronically drain our accounts of money in a grand theft scheme designed to pay off the banksters while decimating private savings.

Don’t believe it? That day has already arrived in the European nation of Cyprus, where the government made a secret deal with the IMF to loot private bank accounts of up to 10% of current deposits. Banks went along with the theft, sealing off the funds from account holders. The government now plans to initiate millions of funds transfers as early as Tuesday, draining private accounts of the money the government now claims it owns.

Read moreCyprus Government Raids Private Checking And Savings Accounts As Citizens Panic … Now It’s Clear Why DHS Needs 1.6 Billion Bullets And Armored Assault Vehicles

President Putin Brands Cyprus Saving Levy As ‘Unfair’ – Russian ‘Black Money’ In Cyprus Is KGB Money, Now In Business.

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– Putin brands Cyprus saving levy as ‘unfair’ (RT, March 18, 2018):

Russian President Vladimir Putin expressed his opinion that Cyprus’ plan to tax bank deposits is “unfair.”

If Cypriot authorities go ahead with the tax plan and levy every deposit placed in the country’s banks, it would be “unfair, unprofessional and dangerous,” Putin said, according to presidential spokesperson Dmitry Peskov.

Read morePresident Putin Brands Cyprus Saving Levy As ‘Unfair’ – Russian ‘Black Money’ In Cyprus Is KGB Money, Now In Business.

Cyprus Bailout Could Be The Start Of The Next Financial Crisis (Washington Post)

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Nice test run to determine how dumb, mind-controlled and brainwashed the sheeple really are.

(Also a great way to check out any future resistance to the NWO, straight from their handbook ‘the art of war’.)

– Why today’s Cyprus bailout could be the start of the next financial crisis (Washington Post, March 16, 2013):

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“The challenges we were facing in Cyprus were of an exceptional nature,” said Jeroen Dijsselbloem, the Dutch finance minister who helped engineer the plan, according to the Financial Times. “Therefore, unique measures were determined to be necessary.”

The European Central Bank will now be on high alert, monitoring activity in Greece, Spain and beyond for evidence that the Cyprus precedent will result in new runs on those nations’ banks. Expect a flood of central bank liquidity into those nations if there is any hint that depositors across Europe seem to be thinking that Cyprus is the new normal and that their seemingly safe bank deposits could be reduced 10 percent without warning.

The best the rest of the world can hope for is that Cyprus’s case is sufficiently unique that it won’t spark panic in Athens and Madrid (or in Lisbon, Dublin and Rome).

For the past six months, the global financial markets have become increasingly complacent, convinced that the euro-zone crisis is, for practical purposes, over. Cyprus is the test of whether that is correct, or whether the complacency was instead misplaced.

In other words, if there is going to be a new wave of crisis in Europe, historians will be able to trace its starting point back to today’s Cyprus bank bailout.

After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

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Don’t miss:

– Reuters, March 6, 2013: Cyprus Finance Minister Says Bank Deposits Sacrosanct, Will Be Protected

 

– After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE (Economic Collapse, March 17, 2013):

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a “wealth tax”.  The government of Cyprus was given two options by the IMF and the EU – either they could confiscate money from private bank accounts or they could leave the eurozone.  Apparently this was presented as a “take it or leave it” proposition, and many are using the world “blackmail” to describe what has happened.  Sadly, this decision is going to set a very ominous precedent for the future and it is going to have ripple effects far beyond Cyprus.  After the banksters steal money from bank accounts in Cyprus they will start doing it everywhere.  If this “bank robbery” goes well, it will only be a matter of time before depositors in nations such as Greece, Italy, Spain and Portugal are asked to take “haircuts” as well.  And what will happen one day when the U.S. financial system collapses?  Will U.S. bank accounts also be hit with a “one time” wealth tax?  That is very frightening to think about.

Cyprus is a very small nation, so it is not the amount of money involved that is such a big deal.  Rather, the reason why this is all so troubling is that this “wealth tax” is shattering confidence in the European banking system.  Never before have the banksters come directly after bank accounts.

If everything goes according to plan, every bank account in Cyprus will be hit with a “one time fee” this week.  Accounts with less than 100,000 euros will be hit with a 6.75% tax, and accounts with more than 100,000 euros will be hit with a 9.9% tax.

How would you feel if something like this happened where you live?

Read moreAfter The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

Reuters, March 6, 2013: Cyprus Finance Minister Says Bank Deposits Sacrosanct, Will Be Protected

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From the article:

“The cornerstone of confidence in the banking system is the integrity of deposits.”
– Finance minister Michael Sarris

Trust us!

Aaaaand it’s gone …

– BREAKING NEWS: Cyprus Haircut ‘Bailout’ Is Directly STEALING Money From Depositors, Turns Into Saver ‘Panic’, Frozen Assets, Bank Runs, Broken ATMs

– Cyprus ‘Haircut’: Germany And IMF Initially Demanded Stunning 40% Of Total Deposits!!!

You can’t make this stuff up!!!

– UPDATE 2-Cyprus Finance Minister says bank deposits will be protected (Reuters, March 6, 2013):

* Cyprus says bank deposits sacrosanct

* Lenders start new contacts to craft bailout deal

* Government wary on central banker’s deposit levy idea

NICOSIA, March 6 (Reuters) – Cyprus insisted on Wednesday that people holding money in its banks – many of them Russian and British – must not take a hit in efforts to repair the island’s shattered finances.

Attempts by Cyprus to secure aid have been complicated by concerns about how the island could afford to pay back a debt burden which could potentially reach 17 billion euros ($22 billion) – almost the size of its economy, one of the euro zone’s smallest.

Read moreReuters, March 6, 2013: Cyprus Finance Minister Says Bank Deposits Sacrosanct, Will Be Protected

Cyprus: Bank Holiday Extended Through Tuesday As Confusion Spreads

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– Cyprus Bank Holiday Extended Through Tuesday As Confusion Spreads (ZeroHedge, March 17, 2013):

For those who read the previous article on the topic of last minute chaos and confusion in Cyprus, and Europe, it will come as no surprise that the previously scheduled Monday bank holiday (aka Green Monday) has been extended into Tuesday. So prepare to not be surprised.

From Kathimerini:

The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

Read moreCyprus: Bank Holiday Extended Through Tuesday As Confusion Spreads

One In Three U.S. Counties Is Dying Off

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-? One in three U.S. counties is dying off as aging populations and weak local economies drive away young people (Daily Mail, March 14, 2013):

  • Census data show that 1,135 of the nation’s 3,143 counties are now experiencing ‘natural decrease,’ where deaths exceed births
  • That’s up from roughly 880 U.S. counties, or 1 in 4, in 2009
  • Maine and West Virginia were the only two states where deaths exceed births, which have dropped precipitously after the recent recession
  • New York ranks at the top in new immigrants among large metro areas, but also ranks at the top for young residents moving away
  • The Texas metropolitan areas of Dallas, Houston and Austin continued to be big draws for young adults, ranking first, second and fourth among large metro areas in domestic migration

???A record number of U.S. counties – more than 1 in 3 – are now dying off, hit by an aging population and weakened local economies that are spurring young adults to seek jobs and build families elsewhere.

New 2012 census estimates released Thursday highlight the population shifts as the U.S. encounters its most sluggish growth levels since the Great Depression.

Read moreOne In Three U.S. Counties Is Dying Off

Greece’s Economy Is Falling Apart: Unemployment Reaches Record 26 Percent, Youth Unemployment At 57.8 Percent

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– Greek unemployment reaches record 26 percent (AP, March 14, 2013):

ATHENS, Greece — Unemployment in debt-crippled Greece rose to a record of 26 percent in the last quarter of 2012, as austerity measures combined with a deep recession took a harsh toll on the workforce.

The figures were worse than the previous quarter’s 24.8 percent, and 20.7 percent a year earlier.

The national statistical authority said Thursday that 1.29 million people were out of a job in October-December 2012. In the under 25 age group, unemployment was 57.8 percent.

The rate for women was 29.7 percent, compared with 23.3 percent for men.

Greece’s economy has been falling apart over the past three years, savaged by its financial crisis. The country is surviving on international rescue loans, released on condition it keeps up a tough program of spending cuts and tax hikes.

17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe

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– 17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe – Is The U.S. Next? (Economic Collapse, March 14, 2013):

When you get into too much debt, eventually really bad things start to happen.  This is a very painful lesson that southern Europe is learning right now, and it is a lesson that the United States will soon learn as well.  It simply is not possible to live way beyond your means forever.  You can do it for a while though, and politicians in the U.S. and in Europe keep trying to kick the can down the road and extend the party, but the truth is that debt is a very cruel master and at some point it inevitably catches up with you.  And when it catches up with you, the results can be absolutely devastating.  Greece, Italy, Spain and Portugal all tried to just slow down the rate at which their government debts were increasing, and look at what happened to their economies.  In each case, GDP is shrinking, unemployment is skyrocketing, credit is freezing up and manufacturing is declining.  And you know what?  None of those countries has even gotten close to a balanced budget yet.  They are all still going into even more debt.  Just imagine what would happen if they actually tried to only spend the money that they brought in?

I have always said that the next wave of the economic collapse would start in Europe and that is exactly what is happening.  So keep watching Europe.  What is happening to them will eventually happen to us.

The following are 17 signs that a full-blown economic depression is raging in southern Europe…

Read more17 Signs That A Full-Blown Economic Depression Is Raging In Southern Europe

Cyprus ‘Haircut’: Germany And IMF Initially Demanded Stunning 40% Of Total Deposits!!!

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… BUT …

– Cyprus Government Thieves To The People: ‘The Situation Is Serious But Not Tragic, There Is No Reason To Panic’

Don’t miss:

– BREAKING NEWS: Cyprus Haircut ‘Bailout’ Is Directly STEALING Money From Depositors, Turns Into Saver ‘Panic’, Frozen Assets, Bank Runs, Broken ATMs

– Germany And IMF’s Initial Deposit Haircut Demand: 40% Of Total (Zerohedge, March 16, 2013):

As the President of Cyprus proclaims  to his people that “we’ should all take responsibility as his historic decision will “lead to the permanent rescue of the economy,” it appears that the settled-upon 9.9% haircut is a ‘good deal’ compared to the stunning 40% of total deposits that Germany’s FinMin Schaeuble and the IMF demanded. This action, his statement notes, enables the rescue of 8,000 banking sector jobs and ensuring the liquidity of the banks, “allowing the economy to proceed decisively to a new beginning.” Ekathimerini reports,” this is the first time in the eurozone that a levy has been imposed not on the interest of bank accounts but on the capital itself,” and was the only way to bridge most of the the gap between the EUR17bn Nicosia needed and the EUR10bn the ESM was offering, though tax on interest in Cypriot banks will also rise to 20-25%. It is the 40% haircut requirement that concerns us the most as clearly going forward that means other nations, starting Monday (or Tuesday given national holidays) see deposit outflows surge, as the willingness to take such steps is now painfully clear.

Statement by the President of the Republic of Cyprus,

It is well known that the deep economic crisis and the state of emergency in which the country has found itself did not come about in the last fortnight since we have undertaken the administration of the country.

The state of emergency and critical nature of the times do not allow me, as they do not allow anyone, to embark on a blame game.

Read moreCyprus ‘Haircut’: Germany And IMF Initially Demanded Stunning 40% Of Total Deposits!!!

Saxo Bank CEO On Cyprus: ‘This Is Full-Blown Socialism And I Still Can’t Believe It Happened’

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From the article:

“This is full-blown socialism and I still cannot believe this really happened.”

– Cyprus bailout a major game changer (Trading Floor, By Saxo bank CEO Lars Seier Christensen, March 16, 2013):

It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors’ money and 9.9 percent of big depositors’ funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?

I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.

This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

Read moreSaxo Bank CEO On Cyprus: ‘This Is Full-Blown Socialism And I Still Can’t Believe It Happened’

Jaw-Dropping Crimes Of The Banksters

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– Jaw-Dropping Crimes of the Big Banks (ZeroHedge, March 16, 2013):

Preface: Not all banks are criminal enterprises. The wrongdoing of a particular bank cannot be attributed to other banks without proof. But – as documented below – many of the biggest banks have engaged in unimaginably bad behavior.

You Won’t Believe What They’ve Done …

Here are just some of the improprieties by big banks:

Read moreJaw-Dropping Crimes Of The Banksters