Take Your Money Out of the Bank, While You Still Can
Tuesday, April 2, 2013
It is now clear, the government of Cyprus was given two options by the IMF and the EU in which they were told that they could steal money from private bank accounts or they could leave the Eurozone all together and face total economic annihilation. This theft involves seizing the funds of all accounts over 100,000 euros, then stealing up to 40% of those funds sometime over the next few weeks, or whenever EU finance ministers decide exactly how much to steal.
However, no accounts containing less than 100,000 euros will be impacted. This amount was not arbitrarily chosen. The 100,000 mark was chosen because all EU bank accounts are insured up to 100,000 euros. Therefore, the criminal banksters believe that they can steal anything over 100,000 euros because it is not insured.
Except for the 132 preferred insiders who got their money out of Cyprus the day before the announcement of the grand banking theft, the Eurogroup finance ministers have subsequently announced that the large Bank of Cyprus depositors’ above the 100,000 level now have their accounts frozen. The 132 preferred insiders reminds me of Goldman Sachs doing a put option for preferred insiders in Transocean stock the morning of the Gulf oil explosion.
Lars Christensen, the CEO of Saxo Bank, in a recent blog post, chastised the thievery of the IMF and the EU with the following statement.
This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.