Page 1 of 2 12 LastLast
Results 1 to 10 of 13

Thread: Cyprus banks

  1. #1
    Team Owner
    Join Date
    Dec 2007
    San Francisco, CA

    Cyprus banks

    €100,000 will be taxed at 6.7 percent.
    Above €100,000, taxed at 9.9 percent.
    Above €500,000, you’re taxed at 15 percent.
    This wholesale robbery has caused the citizen to rush to get their money out. The response: The banks close.

    And you wonder why Homeland Security is buying up rounds of ammo by the billions. Yeah, surely that will never happen in the US with 17 trillion dollars in debt and a marxist dictator in the white house who thinks that's not a problem at all.

  2. #2
    Don't forget the over $100 trillion dollars in unfunded liabilities! There has been talk about value added taxes and seizing 401K accounts.

    This is reason behind talks of shared sacrifice, "you didn't build that", no one goes it alone, etc. It's the left trying to spread the meme of collectivism, so when they confiscate your stuff, you won't believe it's yours to begin with.

  3. #3
    Quote Originally Posted by SOF.Gator View Post
    Don't forget the over $100 trillion dollars in unfunded liabilities! There has been talk about value added taxes and seizing 401K accounts.

    This is reason behind talks of shared sacrifice, "you didn't build that", no one goes it alone, etc. It's the left trying to spread the meme of collectivism, so when they confiscate your stuff, you won't believe it's yours to begin with.
    Exactly. Michael Moore was hinting at this a while back too--insinuating that there is no real crisis since all they have to do is confiscate people's wealth! Levin thinks it's almost inevitable now. This is why my wife and I are considering dumping her 401K and investing elsewhere. And just wait till the Stock Market/QE bubble bursts. Harder times are not far off. We have a slight window if a true Conservative could somehow get elected in 2016 and clean house..

  4. #4

    Invest Here Detroit City Bonds

    Notorious IBG will jump at this advice,

    The emergency financial manager chosen by Governor Snyder is Kevyn Orr, a lead attorney for Chrysler during the company’s restructuring in 2009. Orr made $700 an hour during the bankruptcy, 50 times as much as the $14 an hour poverty wage that the Obama administration was demanding of newly-hired auto workers.

    Orr played the leading role in in convincing the bankruptcy court to allow the automaker to shut 789 of its 3,200 auto dealerships—one quarter of its total—wiping out an estimated 37,000 jobs in cities and small towns across the US. The Detroit News reported Orr gave the dealerships less than a month to transfer unsold inventory to other dealers and close their doors. Orr told the court in June 2009, The company is trying to be compassionate toward its dealers!

    Unlike GM which gave 1,300 closing dealers nearly $600 million in wind-down payments and 18 months to sell unsold inventory, Chrysler took a much tougher line.

    Orr, who will take over on March 25, will be paid $275,000 to be the hatchet man in Detroit. Even though MI voters repealed the EFM law, a rewritten law will give him dictatorial powers to tear up union contracts, dump pensions and sell off public assets, from the water department, transit system and municipal zoo, to streetlights, garbage collection and the art museum.

    Financial analysts have already floated the idea that Detroit could follow the pattern established by the bankruptcy court, which it split up GM into a New GM where profitable assets remained and an Old GM, where the automaker dumped its unwanted factories, brands and other financial liabilities. A New Detroit, free of unwanted obligations, including

    • the wages and benefits of its workforce, and
    • forcing citizens to pay higher taxes and fees for privatized services,

    would channel the bulk of its revenues to billionaire hedge fund operators who control the city’s municipal bonds and other debt. Detroit Free Press columnist Tom Walsh gloated,

    Would there be pain in a massive restructuring of the City of Detroit managed by outsiders, either an emergency manager or bankruptcy judge? Of course -- just as there was at GM and Chrysler. Jobs lost, wages cut, bondholders stiffed, credit ratings mangled for a while. There’s nothing pleasant about those things when they are happening, but once all the surgery is done and the tough medicine is swallowed—or forced, if necessary, into body cavities—there is hope for both survival and revival in Detroit.

    The question is, survival for whom? Since the 2009 restructuring, the auto companies have been raking in record profits—$11 billion last year alone—enabling Wall Street investors and auto execs to make a killing, including Ford’s Alan Mulally, who pocketed $21 million last year.

    This was paid for by

    • auto workers forced to accept a 50% wage cut for new-hires,
    • continuation of a decade-long wage freeze and
    • elimination of cost of living adjustment raises,
    • 10-hour work days and
    • a new schedule that destroys the health and family lives of employees.
    • a ban on strikes,

    as was agreed to by the United Auto Workers union, which in turn was given billions in corporate shares of Chrysler and GM.

    City unions are reportedly seeking the establishment of a retiree health care trust fund just like the Voluntary Employees’ Beneficiary Association or VEBA operated by the UAW. Such a payoff to the unions—in exchange for imposing the dictates of the banks on their members—is the type of consensual agreement both Orr and the union bureaucracy can live with.

    The revival of Detroit has nothing to do with improving conditions for ordinary workers any more than the revival of the auto industry did. On the contrary, it means securing the profits of the corporate financial elite through the pauperization of the working class. Every section of the political establishment—from Obama and Snyder to Orr, Mayor Bing and the Democrats on the City Council—functions as nothing more than debt collectors for Wall Street.

  5. #5
    Packers Moderator
    Join Date
    Jul 2005
    I think the day it happens in America is the day the liberals should fear guns the most. It is the line where it becomes obvious to many that the government needs to be thrown off. That said, I doubt it will happen. Our goverment can print money while cyprus has no authority to print euros. Printing money causes inflation which in turn taxes wealth. It's the quiet way of stealing money.
    2008 NFLFans Fantasy Football League Champion

  6. #6
    Assistant Coach
    Join Date
    Nov 2005
    Farmington Mn
    Question? Is there enough real patriots left(right)

  7. #7
    Quote Originally Posted by MnJetFan View Post
    Question? Is there enough real patriots left(right)
    I'm sure there are. Even if there isn't, there are plenty of people who would resist a tyrannical government just based on principle.

  8. #8


    Is Pope a Russian?

    Cyprus officials made clear that they wanted the lines of communication with Moscow open. Soon after the vote in Parliament, Mr. Anastasiades called Putin to inform him of the results.

    Putin’s spokesman, Peskov, said that the Russian president had expressed concern about the possibility of any measures being adopted that could harm the interests of Russian citizens or businesses, according to Interfax. The two leaders agreed to stay in contact, and Putin invited Mr. Anastasiades to visit Moscow at any time.

  9. #9

    The New Russian Pope Emerges

    Gotta take a haircut

    A new vote on whether to impose a haircut on depositors was delayed until today. The EU and European Central Bank (ECB) dismissed proposals by Cypriot politicians -- themselves wholly reactionary -- to create a solidarity fund to raise the six billion demanded.

    Cyprus’s aim was to preserve its financial relations with Russia and force workers to pay the price by nationalising pension funds to pay the debts of the super-rich.
    Other proposals included seeking contributions from the church and selling gold reserves -- all in order to avoid levying a significant one-off levy on major depositors.

    German Chancellor Angela Merkel declared baldly after a parliamentary meeting of the Christian Democratic Union (CDU), We want Cyprus to remain in the euro zone, but its current business model is dead.

    ECB insisted that the levy on investors should be re-imposed with a widely-anticipated penalty of 15% on depositors with balances over €100,000 [$130k], as initially rejected by Nicosia. If not, it was made clear that proposals had been discussed to prepare for and limit the impact of a Cypriot exit from the euro zone.

    With Cyprus unable to offer Moscow any guarantees in return for an appeal for additional funds towards the bailout shortfall, the island’s ruling elite has been thrown back on the tender mercies of the EU. After travelling to Moscow Tuesday, Finance Minister Michalis Sarris left on Thursday without any further funding from Russia and only an agreement to extend terms on the €2.5 billion loan first agreed in 2011 and due for repayment in 2016.

    Medvedev said the door had not been closed to possible future support after the EU and Cyprus had concluded an agreement. But the EU has done all it can to slam the door on Russia. In the process it intends to seal the fate of Cyprus’s inflated banking sector to the benefit of Europe’s major banks.

    The troika of the EU, ECB and the IMF are determined to put Cyprus on rations. On Thursday, reports had already begun to emerge of the crippling impact of the shutdown of the country’s financial sector. Medication was beginning to run out in hospitals, and many businesses were demanding payment in cash for fear that credit cards would never be charged, should the banks fail to re-open.

    The Central Bank of Cyprus will be granted powers to determine whether or not transfers outside of Cyprus will be allowed. This measure is necessary from the point of view of Europe’s ruling class to protect against contagion from the crisis in Cyprus, which could trigger massive losses on the markets globally and the outflow of capital from other crisis-ridden countries of the euro zone.

    While power over the flow of money in and out of the island is formally held by Cyprus, Germany’s leading financial publication Handelsblatt noted that, in reality, the ECB will exercise control. This will include controlling the payment of pensions and other state benefits. Handelsblatt remarked, chillingly, that Cypriot citizens would receive the necessary funds to live.

    Other proposals for Cyprus’ banks are targeted against the country’s own citizens. They include

    • restrictions on daily withdrawals,
    • a ban on premature termination and compulsory renewal of all time savings deposits upon maturity,
    • the conversion of current accounts to time deposits and
    • restrictions on use of debit, credit or prepaid debit cards and on cashing in checks.

    Additional legislation provides for the implementation of any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety. This is a recipe for a de facto financial dictatorship. And this must find its corollary in repressive police measures to quell social and political opposition in the working class.

    The focus may now be on Cyprus, but similar prospects across Europe:

    • an ever escalating and devastating decline in living standards,
    • attacks on basic services, and
    • the creation of mass poverty.

    The EU and ECB are putting Greece,

    • Spain,
    • Portugal,
    • Italy and
    • Ireland

    on notice that their economies, too, will face destruction if there is any let up in the imposition of austerity.

    A poll published by Der Spiegel on Friday showed that one in two Germans feared for their bank savings and a survey of business confidence showed an unexpected fall after four months of growth, with industrial orders to German firms declining in January by 1.9% mainly due to a drop in orders from Europe’s crisis-hit periphery.

    The spur for the downfall of Cyprus came initially from the collapse of Greece. The Greek-Cypriot-controlled south lost more than €4 billion when President Demetris Christofias agreed to a haircut of Greek sovereign bondholders without exempting Cyprus—increasing debts by 25% at a stroke.

    Still could cut more I think

  10. #10

    Sean Hannity & the TEA Crusaders to the Rescue!

    There is a clear danger of this area becoming a platform for confrontation between East and West
    -PRIO Cyprus Centre

    Andreas Marangos, a Porsche-driving lawyer here, had just woken up when he heard the news that threatened to destroy his and Cyprus’s most lucrative business: setting up shell companies and providing financial services for wealthy Russians. His firm has set up 6,000 companies in Cyprus so that they can avoid taxes. Marangos said,

    There is a geopolitical game going on behind all this... Since last Saturday, we are just answering calls from angry clients, [who] thought we had betrayed them.
    The crisis involves more than financial considerations.

    With just 860,000 people and a gross domestic product of only $23 billion, the Republic of Cyprus makes an unlikely strategic prize. But it sits atop a web of overlapping and potentially volatile fault lines — between East and West, the EU and Russia, and Greece and Turkey, whose troops occupy the northern part of the island. It also has natural gas in the waters off its coast toward Israel. Nobody knows for sure yet how much: that may become clearer later this year when Houston-based Noble Energy carries out a new round of exploratory drilling.

    Just the possibility of significant reserves has raised hope in Brussels, and fear in Moscow, that Cyprus could help break the EU’s dependence on Russian-supplied gas.

    Cyprus has until now frozen Russian interests from offshore gas concessions, snubbing a low bid by Novatek, whose directors include Gennady Timchenko, a wealthy oil trader and judo club acquaintance of President Vladimir V. Putin’s.

    In talks last week in Moscow over a possible loan to Cyprus, Russia made clear that it expected a piece of the gas pie for its own companies, according to Cypriot officials and politicians. Russia’s view is Cyprus [would] be an ideal place to set up a small naval installation should the Kremlin lose access to Tartus, a Syrian port that risks being swamped by that nation’s civil war.

    With Cyprus’s banks closed for more than a week now, fear-driven rumors of secret deals and big power politics have become the main coin of the realm.

    A Russian-language radio station here led its news bulletins with reports of a direct strike against Russia’s position in the Mediterranean by Secretary of State John Kerry.

    The report, on Russian Wave radio, said that Mr. Kerry had telephoned Cyprus’s finance minister and told him Washington was ready to help out, as long as Cyprus guaranteed a bigger role for the US in gas concessions and raised the levy on large foreign depositors, many of them Russians, to 15%.

    There are more than 50,000 Russian speakers from across the former Soviet Union living in Cyprus, according to the Association of Russian Businessmen in Cyprus. Many live in Limassolgrad, as some now call it. The city has two Russian-language newspapers, dozens of shops selling Russian products and a memorial to Russia’s national poet, Alexander Pushkin. Fumed Yuri Pianykh of the Russian business association, This is all a dirty game to create a banking collapse, aimed, he contends, at luring Russian money out of Cyprus to other European countries. He insisted the country had better safeguards to combat money laundering than many other European states and had been the victim of a German smear campaign.

    David Officer, a sociologist at the University of Nicosia, said Cyprus had indeed enacted tough legislation to fight dirty money, but the problem is implementation. He said that a culture of secrecy allows billions of dollars from abroad to slosh through the financial services and real estate industries with little supervision.

    A host of Russian plutocrats have registered shell companies here and some have bought villas, but most fly in for short trips to consult with lawyers and bankers.

    A few have even invested in real businesses. Dmitry Rybolovlev, a fertilizer billionaire, is one of the largest shareholders in the troubled Bank of Cyprus. One proposal said to have been under consideration last week in Moscow would have involved Mr. Rybolovlev’s increasing his stake and other Russian investors taking over the Popular Bank of Cyprus, an institution that the Cypriot government has since decided to effectively shut down.

    The majority of the Russians who live here full time are of modest means, and they resent a widespread view of Cyprus as a haven for Russian crooks and dirty rubles. This view, encouraged by a leaked report from Germany’s foreign intelligence agency,

    underpins much of the resistance in Berlin and other European capitals to any bailout for Cyprus that does not squeeze wealthy foreigners.

    Others have already decided to call it quits, including Alexey Voloboev, who owns Russian Wave radio as well as a Russian restaurant and stakes in other Cypriot businesses.

    The dangers this creates are illustrated by the case of Sergei Magnitsky, a Moscow lawyer who was arrested after he helped expose how corrupt Russian officials had stolen $230 million in taxes paid by Hermitage Capital, an investment company formerly based in Moscow. After Mr. Magnitsky died in prison in 2009 Bill Browder, Hermitage’s American-born founder, tracked $31 million of the stolen money to various bank accounts in Cyprus.

    Any dirty money flowing through Cyprus, however, is dwarfed by funds generated by legitimate businesses looking for easy and legal ways to avoid taxes. There are so many Russian companies registered in Cyprus for tax reasons that the tiny country now ranks as Russia’s biggest source of direct foreign investment, most of it from Russian nationals through vehicles registered in Cyprus.

    [May I remind the readers that Russia has just a 13% flat tax?]

    Wealthier European countries object to practices that allow companies to sell their goods in one nation and book their profits in low-tax havens like Cyprus.
    -David M. Herszenhorn contributed reporting from Moscow, and Dimitris Bounias from Nicosia, Cyprus.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Single Sign On provided by vBSSO