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As we have been noting, the “collapse/ bail-in” formula first implemented
by Cyprus in dealing with bank crises has been embraced as a template by
global elites.
For those of you who are new to this, the timeline in Cyprus is as
follows:
· June 25, 2012: Cyprus formally requests a
bailout from the EU.
· November 24, 2012: Cyprus announces it has
reached an agreement with the EU the bailout process once Cyprus banks are
examined by EU officials (ballpark estimate of capital needed is €17.5
billion).
· February 25, 2013: Democratic Rally
candidate Nicos Anastasiades wins Cypriot election defeating his opponent, an
anti-austerity Communist.
· March 16 2013: Cyprus announces the terms
of its bail-in: a 6.75% confiscation of accounts under €100,000 and 9.9% for
accounts larger than €100,000… a bank holiday is announced.
· March 17 2013: emergency session of
Parliament to vote on bailout/bail-in is postponed.
· March 18 2013: Bank holiday extended until
March 21 2013.
· March 19 2013: Cyprus parliament rejects
bail-in bill.
· March 20 2013: Bank holiday extended until
March 26 2013.
· March 24 2013: Cash limits of €100 in
withdrawals begin for largest banks in Cyprus.
· March 25 2013: Bail-in deal agreed upon.
Those depositors with over €100,000 either lose 40% of their money (Bank of
Cyprus) or lose 60% (Laiki).
The most important thing we want you to focus on is how lies and
propaganda were spread for months leading up to the collapse. Then in
the space of a single weekend, the whole mess came unhinged and accounts were
frozen.
One weekend. The process was not gradual. It was sudden and it was total:
once it began in earnest, the banks were closed and you couldn’t get your
money out (more on this in a moment).
The latest example of this template being used occurred in the Honduras
last month.
Honduran bank caught up in a U.S. money laundering investigation
will remain closed until Wednesday and will eventually be liquidated,
government officials said Monday.
The Banco Continental is Honduras' eighth largest. Its owner, Jaime
Rosenthal, has been charged along with a son, a nephew and a company lawyer
with money laundering in a federal court in New York. The nephew, Yankel
Rosenthal, was arrested last week in Miami.
U.S. prosecutors allege the Rosenthals used their network of
businesses, including the bank, to launder money for Central American drug
traffickers. The family has denied the allegations.
"All savings are going to be returned," said Roberto Carlos
Salinas, commissioner of the National Banking and Insurance Commission…
The president said the more than 220,000 clients of Banco Continental
will soon be able to withdraw at least $10,000 of their
deposits and the remainder would be returned gradually.
http://www.usnews.com/news/business/articles/...-remains-closed
The money laundering that lead to the bank being closed began in 2004 and
lasted until September 2015. Throughout this period there were no
warnings to the over 220,000 clients of the bank.
Then in a single day, the bank was closed and the money couldn’t
be withdrawn.
Officials claim there is plenty of money lying around to insure everyone
gets their full deposits back, but that is just an attempt to calm the
public. There is no way anyone knows the banks liabilities that quickly.
Again, when banking collapses occur (whether due to insolvency of illegal
activity) there are no warnings. It happens suddenly. And by the time it hits
it’s impossible to get your money out.
This template will be used more and more in the coming months. Anyone with
a functioning brain understands that the global banking system is just as if
not more fragile than it was in 2008.
Heck, just last week, it was announced that US Banks are sitting
on $10 trillion worth of “risky” trades. Do you really think they have the
adequate capital to manage this mess if it goes wrong?
Another crisis is coming. And this time around the Central Banks will
implement even more severe policies in dealing with it.
These policies will include Negative Interest Rates, carry taxes on cash,
and possible even a full-scale cash ban.
Indeed, we've uncovered a secret document outlining how the Feds plan to
take hold of savings during the next round of the crisis to stop individuals
from getting their money out.
We detail this paper and outline three investment strategies you
can implement right now to protect your capital from this sinister plan in
our Special Report Survive the Fed's War on Cash.
We are making 1,000 copies available for FREE the general public.
As we write this, there are approximately 100 left.
To pick up yours, swing by….
http://www.phoenixcapitalmarketing.com/cash.html
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