The banks in Cyprus will reopen tomorrow and let account holders pull up to 300 Euros out a day. I don't know about you, but I'm pretty certain that if I lived in Cyprus I would want to get all on my money out of the bank as soon as I could. We thought we would ask our readers.....
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Just wait till NOBAMA does this in the USA Good luck Its coming from 16t to 17trillion debt since election and spending is not a problem?????????????!!!!!!!!!!!!!!!!!!
The thing is, that you can't compare the economy in Cyprus with the economy in the USA. On what are the basical economical data in Cyprus based on? Right: they created an artifical, fast growing sector, a financial sector, without any regard of a traditional, well working, basic enonomical sectors of any sort. So the only important, not-indigenous sector in Cyprus was the one, which was created artifically (on the costs of taxpayers in Cyprus, because the taxpayers didn't earn much from that artifical financial industry).
And what is the economy in the USA based on? It is based on growth, on immigration (hopefully skilled ones), growth of consuming, etc. Financial sector in the US was not created artifical, is grew up with the growth of economy in the US. So the basics are very different. And even in the US, they did not prevent the bancrupty of banks, when it's time to shrink some of them. Just think back on Lehmann Brothers, that's not so unusual.
First thing is boot Joroen Dijsselbloem out of his position in the Eurogroup. He has totally cooked Cyprus with his double wammy. His example of Cyprus will ring the bell in every financial capital of the world.
There isn't a bank in the world that is safe now.. Great Job you idiot!!
It is not the fist time how they're reducing oversized banks like this. But it is the normal way, when other solutions failed, especially when the other solutions are not bringing advantages.
It's right, that initally that's not a failure of bank owners or even bank depositors. Both have to pay a high price. But all did know that before, that this might be the most normal sulution to shrink oversized banks. Failures have been made in the past by politics to create such an oversized banking industry for Cyprus. Should the people of Cyprus (taxpayers) pay for it or those who profited from it in past years?
US has been run by political and corporate gangsters since the day Nixon removed what little semblence remained of the gold backing, of which the Fed is frightened to death some day will have to be audited to discover there is 00 bars of gold in the storage vaults.
Sheeple, its over, the US is broke, as this is written Brazil and China have agreed to expand trade with each other boycotting the US dollar.
A few months ago China made a 30 (?) years deal with Russia, for oil, guess what were the payment terms...
I'm going to be a little more hesitant to even keep my money in a U. S. bank.
I would head for Cyprus as fast as I can. What a rare opportunity!
Above Poll and out come there off, is quite interesting, it reflects overall approach of common depositors, at the time of any such panic situation, and how will they react afterwards.
Bankers worldwide should and must try to understand meaning and message of this Poll.
The banks have been closed for 2 weeks. The Cypriot economy is frozen.
With 2 days before the Easter weekend. Every depositor will want to
withdraw money. The reason for a maximum daily withdrawal amount is
to keep it orderly. Trust has been broken. This is a bad precedent.
Lesson to all. Fiat currency is only worth its perception.
Given a chance, I would leave Cyprus for good.
I would take the maximum out every day and buy gold with it. I doubt that I would get all of my money before the criminals stop all withdrawals.
Where is the option " Pull all my money out and buy gold Maple Leafs and have them stored in Singapore" ??
I think I will change my mind about being first in line to get my 300 Euros and will opt for staying alive on a sand bank in the mediterranean.