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Jim C.
Member since May 2012
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EU’s Cyprus madness should be resisted

- Steve Keen - Debt Deflation

Confiscation just voted down. But whatever happens now in Cyprus the cat is out of the proverbial bag: anyone in any nation now not seeing the handwriting on the wall is beyond hope. The wolves are circling private accounts in whatever form; that they have been pushed back does not mean they won't return -- with a better, wider attack. They're hungry and won't be denied.

In any event, cash will flee banks like chickens discovering their previously secure henhouse has been breeched. Where to? To anything in one's personal control: gold, silver, collectibiles, ammo, food, or, if those needs have been satisfied, just the keeping of one's cash for emergencies. Whatever extra money one has, if not already done so, ought be put into a well made large safe anchored to concrete as well into a reliable home security system. Just purchase a Uniden g755 from COSTCO which allows remote viewing from my iphone and ipad of up to four cameras -- app download free and no monthy charge. I work neither for Uniden or COSTCO.

As a side note: what will happen when Cyprus banks re-open and they can't cover the run? Apparently rich Russian depositors, as well as bank friends and relatives, we're tipped to the plan and withdrew large sums.

Commented 4203 days ago

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Beginning of the headline :Of all the insane policies that politicians have crafted during this financial crisis, this decision to confiscate deposits is the worst. If it is proceeded with, then the trust the public must have to use the banking system for payments will evaporate–certainly in the Euro region itself, and especially in the states that are already suffering under the EU’s yoke of austerity. Though there are undoubtedly unique aspects to the Cypriot banking system (in scale only; I doubt that there is any Euro... Read More

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