Sipsey Street Irregulars: Cypriots begin to pay the piper. Other countries nervously hear the tune.

Monday, March 18, 2013

Cypriots begin to pay the piper. Other countries nervously hear the tune.

Cyprus works on last-minute deal to soften bank levy

In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece.

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points, most of which were depleted within hours. Electronic transfers were stopped. . .

A default in Cyprus could unravel investor confidence in the euro zone, undoing the improvements fostered by the European Central Bank's promise last year to do whatever it takes to shore up the currency bloc. . .

Making bank depositors bear some of the costs of a bailout had been taboo in Europe, but euro zone officials said it was the only way to salvage Cyprus's financial sector.

European officials said it would not set a precedent.

Riiiight.

Also: "Turmoil in Cyprus Over a Bailout Rattles Europe."

Europe’s surprising decision early Saturday to force bank depositors in Cyprus to share in the cost of the latest euro zone bailout set off increasing outrage and turmoil in Cyprus on Sunday and fueled fears that the trouble will spread to countries like Spain and Italy.

6 comments:

Anonymous said...: Coming to country near you. America, are you ready?; March 18, 2013 at 11:00 AM
JudgementComes said...: I am assuming that Cyprus has no Second Amendment type rights , so the powers that be have no fear of retribution...?; March 18, 2013 at 11:36 AM
Anonymous said...: Saw the story yesterday. Unbelievable. The Central Bank Oligarchy has a bottomless pit of tricks they think they can pull out of the hat, and no one will pay attention. But this one is the Mother of Bullshit. I'd submit, if this crap starts to spread, we're gonna see a US bank-run that'll make the Wallstreet debacle in 29' look like a $5 ATM withdrawall..AND..knowing what the government will do to prevent it..well..did I mention "red flag" for civil war? Youbetcha.; March 18, 2013 at 11:53 AM
Happy D said...: "I am assuming that Cyprus has no Second Amendment type rights , so the powers that be have no fear of retribution...?"

No Government recognition of RKBA but it is a lot like Crete.
Lots of guns in private hands AK series guns being most popular now, Lots of NAZI built stuff still out there. U.S. and British hardware comes in third in popularity last I knew.; March 18, 2013 at 6:54 PM
Paul X said...: I don't see why this is surprising. Almost everyone has *already* given government a pass when it comes to theft (in the form of taxes and inflation). Isn't this just more of the same?

It's just the method is novel. Wouldn't even be newsworthy if they just raised taxes to get the money.

We can call this "Willie Sutton" financing. When asked why he robbed banks, Sutton replied, "That's where the money is."; March 18, 2013 at 8:22 PM
Anonymous said...: I would be MORE surprised if banking executives and politicians DIDN'T get hung in the village square. That would put a quick stop to the redistribution shit. The Immutable Law of Unintended Consequences in action.

B Woodman
III-PER; March 18, 2013 at 9:50 PM

"Progress made under the shadow of the policeman's club is false progress."

I believe that liberty is the only genuinely valuable thing that men have invented, at least in the field of government, in a thousand years. I believe that it is better to be free than to be not free, even when the former is dangerous and the latter safe. I believe that the finest qualities of man can flourish only in free air – that progress made under the shadow of the policeman's club is false progress, and of no permanent value. I believe that any man who takes the liberty of another into his keeping is bound to become a tyrant, and that any man who yields up his liberty, in however slight the measure, is bound to become a slave. -- H.L. Mencken

"The Fate of Unborn Millions. . ."

"The time is now near at hand which must probably determine, whether Americans are to be, Freemen, or Slaves; whether they are to have any property they can call their own; whether their Houses, and Farms, are to be pillaged and destroyed, and they consigned to a State of Wretchedness from which no human efforts will probably deliver them. The fate of unborn Millions will now depend, under God, on the Courage and Conduct of this army-Our cruel and unrelenting Enemy leaves us no choice but a brave resistance, or the most abject submission; that is all we can expect-We have therefore to resolve to conquer or die." -- George Washington to his troops before the Battle of Long Island.

"We will not go gently . . ."

This is no small thing, to restore a republic after it has fallen into corruption. I have studied history for years and I cannot recall it ever happening. It may be that our task is impossible. Yet, if we do not try then how will we know it can't be done? And if we do not try, it most certainly won't be done. The Founders' Republic, and the larger war for western civilization, will be lost.

But I tell you this: We will not go gently into that bloody collectivist good night. Indeed, we will make with our defiance such a sound as ALL history from that day forward will be forced to note, even if they despise us in the writing of it.

And when we are gone, the scattered, free survivors hiding in the ruins of our once-great republic will sing of our deeds in forbidden songs, tending the flickering flame of individual liberty until it bursts forth again, as it must, generations later. We will live forever, like the Spartans at Thermopylae, in sacred memory.

-- Mike Vanderboegh, The Lessons of Mumbai:Death Cults, the "Socialism of Imbeciles" and Refusing to Submit, 1 December 2008

"A common language of resistance . . ."

"Colonial rebellions throughout the modern world have been acts of shared political imagination. Unless unhappy people develop the capacity to trust other unhappy people, protest remains a local affair easily silenced by traditional authority. Usually, however, a moment arrives when large numbers of men and women realize for the first time that they enjoy the support of strangers, ordinary people much like themselves who happen to live in distant places and whom under normal circumstances they would never meet. It is an intoxicating discovery. A common language of resistance suddenly opens to those who are most vulnerable to painful retribution the possibility of creating a new community. As the conviction of solidarity grows, parochial issues and aspirations merge imperceptibly with a compelling national agenda which only a short time before may have been the dream of only a few. For many Americans colonists this moment occurred late in the spring of 1774." -- T.H. Breen, The Marketplace of Revolution: How Consumer Politics Shaped American Independence, Oxford University Press, 2004, p.1.

Sipsey Street Irregulars

Monday, March 18, 2013

Cypriots begin to pay the piper. Other countries nervously hear the tune.

6 comments:

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