Et Tu Cyprus?

2013 March 18
by drdog09

All from live feed here.

Here’s more details of the sell-off in Europe’s banks this morning:

Barclays: – 3.1%
Lloyds Banking Group: – 2.8%

Standard Chartered: -2.1%

BNP Paribas: -4%
Credit Agricole: -3.2%
Credit Suisse: -4.2%
Julius Baer: -2.04%
UBS -2.75%
Deutsche Bank: -3.3%
Unicredit -4.8%

I highlighted particular banks. Credit Suisse for example. Down 4.2%? For what? As it is they are turning depositors away and have a solid balance sheet. The reaction is sector driven.

Cannot see a smooth transition period without some form of capital controls.

By the time the dust settles, the Cypriot economy will sink and PIMCO’s adverse scenario [see here] will materialise. Many people did their best to make this a reality.

PIIGS taking the biggest hits. Presumably due to an belief that they would be targeted next.

Spain and Italy remain the biggest fallers:

FTSE 100: down 44 points at 6447, -0.66%

German DAX: down 83 points at 7959, -1%

French CAC: down 50 points at 3793, -1.3%

Spanish IBEX: down 168 points at 8450, -1.9%

Italian FTSE MIB: down 325 points at 15736, -2%

The reality is this move has only a minor reality about banking. What the Eurocrats have telegraphed is that they will at their choosing steal anything they want to prop up the Euro and not just bank accounts. Follow on point. Cyprus is a parliamentary system. I don’t see how the current government can realisticly continue if opposition develops in parliament.

Now the question you have to ask yourself — would you classify this as the SHTF event in your life or not? Don’t assume that just because you are sitting here in the USofA that you are immune. This country is fiscally in deeper than Cyprus is today. The time to define your line in the sand is drawing near.

45 Responses leave one →
  1. 2013 March 18 10:04 am
    [1]

    http://www.zerohedge.com/news/2013-03-18/worst-case-big-depositors-cyprus-1526-haircut

    Sooooo… nice plan get the people enraged over 6-9% then dial it back down to like 3% for the non wealthy and 15.25% for the “rich”… doesn’t matter either way any banking credibility left (and there wasn’t much left) is shot now.

  2. 2013 March 18 10:35 am
    [3]
    MI Conservative permalink

    As ip would say— this is going to lead to a clusterf…!

  3. 2013 March 18 10:48 am
    [4]
    justrand permalink

    I do think it was very sporting of the Cypriot government to announce the money grab in advance!

    Kinda like Bonnie & Clyde announcing: “We’re gonna knock over the Greensville Bank & Trust on Thursday!

  4. 2013 March 18 11:04 am
    [5]

    4 – Probably way in advance (for some) if you look at January’s deposit figures, first month of negative numbers, I heard the February numbers aren’t out yet but I suspect they show the same.

  5. 2013 March 18 11:44 am
    [6]
    drdog09 permalink

    I would think at this point, invest in mattress companies. They are going to do a booming business in the years ahead.

  6. 2013 March 18 11:49 am
    [7]
    drdog09 permalink

    By the way, the WH will not comment on the Cyprus Debacle. The silence alone ought to tell you that Obama would grab your bank account in a heart beat if he thougth he could get away with it. He wants your guns so he can.

  7. 2013 March 18 1:11 pm
    [8]
    bc3b permalink

    Anyone who believes stocks aren’t artifically inflated is a fool.

  8. 2013 March 18 1:22 pm
    [9]
    bc3b permalink

    Kongratulations Kalifornia!

    You are tied with Rhode Ialand for last place in unemployment. And, Rhode Island is the state that most resembles Detroit:

    http://discussions.latimes.com/20/lanews/la-fi-mo-state-jobless-rates-20130318/10

    Way to go!!!

  9. 2013 March 18 1:22 pm
    [10]
    drdog09 permalink

    Evidently the bank run has the Eurocrats a little troubled. http://www.zerohedge.com/news/2013-03-18/eurogroup-folds-telld-cyprus-safeguard-depositors-under-%E2%82%AC100k-euros Accounts less than 100k possibly not touched.

  10. 2013 March 18 1:27 pm
    [11]
    drdog09 permalink

    BitCoin against the Euro —

  11. 2013 March 18 1:35 pm
    [12]
    bc3b permalink

    But, Kalifornians (and their lawmakers) are interested in passing laws so that guys who think they are girls can shower with girls.

    http://www.sfgate.com/news/article/New-state-bill-on-transgender-students-4359276.php

    When is Kim going to nuk Kalifornia any way?

  12. 2013 March 18 1:41 pm
    [13]
    justrand permalink

    bc3b…in re. the NCAA tournament…YES!! We can use ESPN’s thingee, and just have a BJG Group!

    in re. Kalifornia Un-Employment…we call it FUN-Employment! 🙂

  13. 2013 March 18 1:45 pm
    [14]

    BC,

    I just spent a week at Disneyland. Nothing but Mexicans and fags left in Southern KA.

    Amazing how things have changed there over the last 25 years.

  14. 2013 March 18 1:46 pm
    [15]

    “As ip would say— this is going to lead to a clusterf…!”

    Just dumped 50% of my mutual funds today.

    The market “corrections” are going to be rough folks.

    I say DOW 12,000 … if we’re lucky

  15. 2013 March 18 1:50 pm
    [16]
    justrand permalink

    the people of Cypress are getting a HOLIDAY!!! Yippee!!

    http://www.reuters.com/article/2013/03/18/us-eurozone-cyprus-banks-idUSBRE92H0M120130318

    Coming to America, folks…and sooner than anyone thinks. And Obama and his media monkeys will sell it as: “FAIRNESS!!!”

  16. 2013 March 18 1:51 pm
    [17]
    drdog09 permalink

    Keep dumping Eph. The Fed will keep propping up the equities for a little while longer. But they can’t do it forever.

  17. 2013 March 18 1:52 pm
    [18]

    17. The dumping will begin when and if the GOP ever wins the WH

  18. 2013 March 18 2:01 pm
    [19]

    http://hotair.com/archives/2013/03/18/colorado-sheriffs-sorry-but-these-new-gun-laws-would-be-kind-of-unenforceable/

    Pretty sure the gov’s response will be to sign the turds anyway, I mean “what difference at this point does it make”?

    10 – Yeah it never made any sense (not that it makes sense anyway) that they would go after account 100kE and below accounts since those were supposedly ‘insured’.

  19. 2013 March 18 2:19 pm
    [20]

    http://dailycaller.com/2013/03/18/rnc-wants-role-in-picking-2016-primary-debate-moderators/#ixzz2NunXvOkC
    —–
    Why are the overly concerned about them being aired on tv? I mean I get that it’s always nice to have a wider audience but particularly in the primaries the only people paying attention are primary voters and for the most part they will seek out the debates if they are even interested. Stream them live, and make them available for replay there after, it’s relatively cheap, allows you far more flexibility in time and format choices and if the network(s) don’t want to cover a particular one (or any) because you snubbed who they wanted to moderate, fine who really cares?

  20. 2013 March 18 2:22 pm
    [21]
    bc3b permalink

    Eph –

    Kalifornia has 14 million Hispanics. 22% of all children under 18 and 26% of all Children under 5 are Hispanic.

    When you went to Disneyland, you were in Tomorrowland.

    But, the RNC says the GOP should be at the forefront of amnesty.

  21. 2013 March 18 2:24 pm
    [22]
    bc3b permalink

    ESPN’s thingee worked pretty well (until Eph beat me). I suggest we use it again. I know from football how much time this can consume.

  22. 2013 March 18 2:41 pm
    [23]

    “When you went to Disneyland, you were in Tomorrowland.”

    You should have seen the look on my face when I saw the “Welcomeo Arizona” sign on the way home!

  23. 2013 March 18 2:41 pm
    [24]

    “Welcome to Arizona”

    HEH

  24. 2013 March 18 2:42 pm
    [25]

    21 BC,

    I’m guesing maybe 50% of KA’s population is white-heterosexual

  25. 2013 March 18 2:56 pm
    [26]
    bc3b permalink

    USDA to furlough meat inspectors while Dems extend US-Mexico Food Stamp Program:

    http://www.foxnews.com/politics/2013/03/18/dems-preserve-us-mexico-food-stamp-partnership-while-usda-prepares-for-meat/

  26. 2013 March 18 2:59 pm
    [27]

    OT – I see that idiot Portman is now for pickle puffers getting married…only b/c is son is now one.

    So does that mean if my kid smokes crack I am for legalizing drugs ?????

    W-B-F !!!!

  27. 2013 March 18 3:01 pm
    [28]
    bc3b permalink

    Eph #25 –

    If you take “White Hispanics” into account, your 50% estimate is way high:

    “According to 2011 US Census Bureau estimates, California’s population was 39.7% Non-Hispanic White, 6.6% Black or African American, 13.6% Asian, 1.0% American Indian, 0.4% Pacific Islander and 3.6% from two or more races. White Americans make up 74.0% of the total population. By ethnicity, 38.1% of the total population is Hispanic/Latinos (of any race) and 61.9% Non-Hispanic (of any race).”

  28. 2013 March 18 3:36 pm
    [29]
    drdog09 permalink

    Paul had the right idea, get rid of any marriage related items in the tax code. Then raise the standard deduction as an offset.

  29. 2013 March 18 3:38 pm
    [30]
    drdog09 permalink

    I didn’t leave my country. My country left me.

    Think I will put that on my tombstone.

  30. 2013 March 18 3:49 pm
    [31]
    bc3b permalink

    Eph –

    In 1970 the Hispanic population of California was about 2 million. Today the Hispanic population of Kalifornia is approximately 15 million.

  31. 2013 March 18 4:44 pm
    [32]
    drdog09 permalink

  32. 2013 March 18 4:48 pm
    [33]
    drdog09 permalink

    NSFW!!

    HT: ZeroHedge

  33. 2013 March 18 5:20 pm
    [34]
    gnqanq permalink

    Well drdog, there is a lot of f#ck in #33.

  34. 2013 March 18 5:23 pm
    [35]
    drdog09 permalink

    Uh, yeah. Take that out and the vid is shortened by half….

  35. 2013 March 18 5:25 pm
    [36]
    bc3b permalink

    drdog09 #32

    Kalifornians have so much to be proud of. I so envy them.

  36. 2013 March 18 5:34 pm
    [37]
    drdog09 permalink

    36, Yep.

    I hate beating up on CA (sorry). But that state has signalled trends for 60 years. Their down spiral is yet another leading indicator for the rest of the nation. Sigh.

  37. 2013 March 18 5:34 pm
    [38]
    justrand permalink

  38. 2013 March 18 5:48 pm
    [39]
    drdog09 permalink

    38,

    Saw that. But its the old saying — No photos, didn’t happen. In this case — No emails, who cares?

  39. 2013 March 18 6:08 pm
    [40]
    mulletover permalink

    Hillary will be the 2016 dem nominee, and with 68% approval, will be unbeatable if obama hasn’t destroyed the country by then. Using the dem playbook, the stupid party should start knocking down the 68% little by little.

    Romney can show them how. He should have learned something being taken to the cleaners.

  40. 2013 March 18 6:22 pm
    [41]
    gnqanq permalink

    Did any one see this.

    http://www.foxnews.com/us/2013/03/18/university-oregon-teacher-fired-after-threatening-student-protesters-in-bizarre/

    The left is becoming more and more unhinged. This nut is in the face of his own people, could you imagine what he would do to a conservative.

    Given what is happening economically, we don’t have years. The rest is going to be unimportant, it is going to be the economic unwind that is going to drive the world to war.

    Money (Cyprus & Europe) is worthless. The world will catch on that money is just paper. It is assets, whether they be gold, silver, beans, bullets or any other tangible asset. They can be bartered, money you can use to wipe your ass with.

    With the world going to grab money and funds, the wise people will start to invest in tangible assets. They have value and will retain it. Money will degrade due to inflation.

  41. 2013 March 18 6:25 pm
    [42]
    mulletover permalink

    I was in Kalifornia 67-69. I saw more hippies than Mexicans, but then I was up north. Maybe Hillary was there weaving flowers through her nether regions.

    Ugh. Take that thought to bed, drdog.

  42. 2013 March 18 7:14 pm
    [43]
    justrand permalink

    good for them!!!

    https://www.facebook.com/magpul/posts/574891122523241

    Folks, it is lonnnnng past time for people and companies to vote with their pocketbooks and their feet!

  43. 2013 March 19 3:14 am
    [44]
    drdog09 permalink

  44. 2013 March 19 3:20 am
    [45]
    drdog09 permalink

    43,

    The South’s plan to disarm the North as preprep for civil war is proceeding apace. Now if we could just get S&W to move….

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